Expats in China, welcome to Wise!
We're excited to announce that Wise is launching a transfer service to help expats to send money from China.* Wise now supports Chinese Yuan (CNY) transfers...
TL;DR - It means our bank has sent out the money to your recipient. Unfortunately, it also means that while the money is out and moving along to your recipient’s account, we at Wise can’t ‘see’ where it is during this part of the journey. Most of the time, the money arrives at or before the time we’ve estimated it to but there are certainly cases where it doesn’t. Read on to find out more.
In many ways, this is not unlike how your Amazon package moves from one hub to another, reaching your local post office and then finally arriving at your doorstep. At Wise, we too have to move your package (digital money, in this case) to your recipient's bank account.
We have historically relied on Service Level Agreements (SLAs) with the banks where we have our accounts to tell you how long your transfer will take. For example, our bank in Brazil might tell us that it takes 2 hours for money that they’ve sent out to arrive at your recipient’s bank account.
However, this is not always the case as the route to the recipient’s bank account actually has multiple steps in between and can vary greatly depending on which partner bank or recipient bank is involved.
There are 3 different legs of the Last Mile with 3 different factors influencing speed:
We know it's a big, complicated problem. So how do we fix this?
Since we can’t fully rely on our banking partners, we decided to crowdsource the data from you instead
Your feedback has helped to provide better estimates to other users, who have sent more than 2 million transfers since we released this feature in January!
Consider these two scenarios:
Now it’s easy to understand why people in the first group contact us more often, even though most of the time everything is fine and the money is just still on its way.
In the chart above, we can see that despite more users receiving adjusted estimates, they consisted of a decreasing share of customers who contacted us at the Last Mile.
This means that we’ve covered less than 1% of recipient banks. That still leaves 99% more to go!
If you receive a notification from us asking for the delivery feedback, It would help us immensely if you filled it out so we can make worry-free and transparent estimates the norm for all Wise users.
Thank you from the Wise community!
Onwards!
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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