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BackyardBullion

Transferwise Payments to EU Mint & GS.be not available...

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Hey guys - first off, sorry if it is in the wrong section - but I thought as most of us use Transferwise to make payments to these dealers for precious metals it was worth putting here...

It appears that Transferwise will not process a payment to either EU mint or GS.be at the moment...

Especially strange as I actually made a payment to the EU mint on Thursday last week and it was all fine!

I don't know why and when I rang up Transferwise to ask they simply said, "if that error message is coming up it means globally we cannot process payments to that recipient at this time". The tech I spoke with even added both of those businesses to her account and she got the same message. I also tried my Dad's transferwise account and got the same message!

So might be worth checking if you are a regular user of this service to either of these companies. 

As it relates to the group order I used a different transfer service - and across a nearly €4000 payment it only worked out €4 more for me to make the payment.

It would be a real shame if Transferwise cannot be the payment method of choice - by all accounts they are amongst the cheapest and best transfer service out there!

If anyone else has a similar error message let me know!

Transferwise Error 2.jpg

Transferwise Error.jpg

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24 minutes ago, Cornishfarmer said:

Paid with transferwise to gs.be a month or so ago.    Took an extra 24 hours to process than normal they gave me a free transfer in the future so could be worth asking 

I know - I paid the EU mint an invoice last Thursday and it is now not working

Very odd!

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i tend to use Currencyfair.com - This is b/c i was sending USD to Australia. i know Transferwise will not send USD to Australia. Maybe you would have more success with Currencyfair.com for these European transactions.

Transferwise is £1= 1.11579 EUR

Currencyfair is £1 = 1.1156 EUR

So Transferwise is a bit better but if they won't do the deal then they are no good at all.

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My payment to GS.be using Transferwise went through without a glitch only 10 days ago.
I do recall however instructions about a changed bank account so maybe you are using an account that they have recently closed.
Any other reason makes me jittery because when financial institutions block dealing then they may know something and my coins will not be shipped for another month.

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Two independent sellers "blocked", with the only common link being sale of perfectly legal product suggests some backend issue.  Typing "transferwise cannont accept..." auto-suggests the whole error message, so it not unusual. 

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I recalled from previous order GS.be have more than one details, so i tried a new recipient with those details - and it seems to be accepted by Transferwise.  Dont know if Europeanmint have an alternative.

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hmm ... Just had my monies refunded after my account was deactivated. Very poor, wasted a couple days on my delivery. No explanation given, just got boiler plate we reserve the right etc.

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9 minutes ago, vand said:

Hello.. this looks like its still a problem for GS.be.

Any advice?

Well, I was talking with the EU mint extensively about this and they opened up a number of investigations cases with Transferwise to get this resolved, which is now is. No indication from them as to what was the issue - but it is resolved now. 

So I guess that someone is going to have to raise this as an issue with GS.be and try to get them to investigate and resolve it....Knowing them though, they probably won't be bothered...

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GS.BE now have a GBP bank account, so you can do direct transfers from your bank.

However you can only do this if you order in GBP. If you order in EUR then you have to pay in EUR using Currencyfair or whatever. Currencyfair is a bit bad.. no guarantee of the exchange rate, you can only transfer money from your bank (no debit card) and takes ages to complete!

 

Edited by vand

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54 minutes ago, vand said:

GS.BE now have a GBP bank account, so you can do direct transfers from your bank.

This may explain why their GBP pricing has risen considerably.  Looks like a 3.5-3.8% exchange cost.  Transferwise may be preferable to direct bank transfer.

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I also had my Transferwise account deactivated when trying to make payment to GS.be. It appears that their (GS) account name is Electrum - which spookily enough is also the name of a major Cryptocurrency broker - so it's possible there is some confusion/misunderstanding as to which company as major efforts to bar money transfers to Crypto exchanges etc?

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