Trying to transfer payments or sending money internationally can be a daunting task. While PayPal has been largely successful in mitigating any issues with cross-border payments, it is still not perfect – primarily because of its limited currency support and higher conversion charges. Naturally, Wise (formerly Transfer Wise) saw a gap in the market and decided to tackle the aforementioned issues.
Incorporated in 2011, Wise typically uses a P2P (Peer-To-Peer) system for connecting people around the world to send and receive payments. As the company only acts as an intermediary between the sender and the receiver, it allows the company to charge much lower transfer fees compared to traditional banks and rival payment systems such as PayPal. In addition to that, Wise also offers real-time exchange rates (guaranteed for up to 40 hours from the time of initiation) so that customers can enjoy peace of mind, especially when it comes to fluctuating conversion rates.
The biggest advantage of using Wise is its overall convenience and simplicity. Users are only required to pay a pre-disclosed amount of fees without having to shell out any additional fees for currency conversion. This means that you do not have to deal with any exchange rate markups or hidden fees, ultimately promoting transparency. In addition to that, Wise is currently supported by the governments of more than 70 countries worldwide, allowing you to send payments anywhere across the globe. Also, the processing is super-fast, with your money getting deposited into the recipient’s bank account within 0-2 days.
Having said that, there are times when mistakes happen, and chances are that you would want to reverse such errors. So, if you have recently sent any payment via Wise and want the same to be cancelled without fail, then you can easily do so by following our step-by-step guide carefully. However, keep in mind that there are numerous cancellation terms that you have to abide by, which we have also included below for you to study.
What You Should Know of Payment Reversal
Wise’s payment cancellation policy depends on what step your current transfer is at. Such is the reason why it is always recommended to check the present status of your payment transfer and then take the corresponding action for the same.
To start things off, Wise only allows payment transfer cancellations when the status is in processing mode. Typically, a Wise payment transfer takes place with the customer first initiating the process, after which the money moves from the customer’s bank account to Wise’s account. The money will then be subjected to a currency conversion process (if the sender’s and receiver’s currencies are different), and finally, the payment will be sent to the recipient.
Once Wise sends the money to the recipient, there is no way to cancel the transfer. At this point, the company recommends getting in touch with the recipient and asking him/her to return the money. Wise will not get involved in disputes between the sender and receiver, which is why it is always suggested to know and trust the person or business before initiating a transfer.
Additionally, Wise states that in any case, if the recipient’s details are provided incorrectly, the receiving bank will automatically reject your payment and the money will be deposited in your bank account. If such a scenario takes place, you will be notified beforehand. Lastly, if you have made a mistake in sending a wrong amount transfer to the recipient, the recipient will need to contact his/her bank and ask for payment rejection, only after which you will get your refund.
Refunds are usually credited to the bank account or credit/debit card that was used to initiate the transfer. Bank transfer refunds take around 0-3 working days, while refunds to credit/debit cards can take up to 10 working days. To learn more about the supported payment methods on the platform, visit here.
With all the essential terms and conditions out of the way, let us focus on the steps that you need to undertake when cancelling a Wise transfer payment while it is still in processing mode.
Steps to Cancel Payment and Get Refund
- Start the cancellation process by first visiting the official website here.
- Proceed to log in to the account from which you initiated your transfer.
- Once signed in, head over to your past transactions in the activity list. From there, look for the pending transfer or transaction that you want to cancel.
- Click on “Cancel Transfer” and then select your option between “I Didn’t Pay” or “I Paid” based on your relevant situation.
- Once done, confirm your cancellation and complete the process. A confirmation message regarding the successful cancellation will be sent to your registered email address along with the refund details.
How to Contact Support?
The ideal way to get in touch with Wise’s customer support is by simply following the official “Contact Us” web link here. You will be required to log in to your account before you can ask for any assistance. Additionally, you can also contact Wise’s customer care via Twitter at @Wise.
