Transferwise requires my bank login username and password?????

[earthdome]

A number of forum members have recommended Transferwise to send money to the Philippines. Especially for larger sums, say more than $300 USD. Transferwise has much better remittance rates for larger sums because they transfer money from your local bank to a bank in the Philippines and they give you a good FX rate.

Today I tried to use Transferwise to send some money back home for my wife. Everything seemed normal. Entered my credentials and verified my ID, setup the recipients information and bank account info. Then I entered my bank's routing number and my bank account number to setup ACH transfer (thats a US banking automated checking withdrawal at no cost). To my utter surprise and shock Transferwise asked me to enter my bank online account login name and password as part of the verification process!!!! They use that to further verify your bank account. Having worked in IT and having had to be very security aware I would NEVER give ANYONE my online banking login account name and password. I then called Transferwise and they confirmed this. And that this was the only low cost way for them to get my money in order to send it to the Philippines.

I then called my bank to ask them. They confirmed that there are some other financial institutions that have this requirement to enter your online banking login name and password. Paypal was mentioned as an example. I have a Paypal account and was never required to do this.

I still can't believe this is a common practice.

Those of you who have used Transferwise, have you been required to do this? For those not from the USA did transferwise also ask for you bank login name and password?

 

 

[sonjack2847]

13 minutes ago, earthdome said:

A number of forum members have recommended Transferwise to send money to the Philippines. Especially for larger sums, say more than $300 USD. Transferwise has much better remittance rates for larger sums because they transfer money from your local bank to a bank in the Philippines and they give you a good FX rate.

Today I tried to use Transferwise to send some money back home for my wife. Everything seemed normal. Entered my credentials and verified my ID, setup the recipients information and bank account info. Then I entered my bank's routing number and my bank account number to setup ACH transfer (thats a US banking automated checking withdrawal at no cost). To my utter surprise and shock Transferwise asked me to enter my bank online account login name and password as part of the verification process!!!! They use that to further verify your bank account. Having worked in IT and having had to be very security aware I would NEVER give ANYONE my online banking login account name and password. I then called Transferwise and they confirmed this. And that this was the only low cost way for them to get my money in order to send it to the Philippines.

I then called my bank to ask them. They confirmed that there are some other financial institutions that have this requirement to enter your online banking login name and password. Paypal was mentioned as an example. I have a Paypal account and was never required to do this.

I still can't believe this is a common practice.

Those of you who have used Transferwise, have you been required to do this? For those not from the USA did transferwise also ask for you bank login name and password?

 

 

Short  answer don`t give that info full stop

[Jollygoodfellow]

No way in the world. Login and username means internet banking.  Paypal dont do that, all they need is account number, name and BSB. Often when signing up for services a small amount is placed into your account like 0.57 and once it's in your account you tell them the amount to verify the ownership of an account. Sounds like a phishing site to me. If it the way transferwise does things then say goodbye.

[earthdome]

50 minutes ago, Jollygoodfellow said:

No way in the world. Login and username means internet banking.  Paypal dont do that, all they need is account number, name and BSB. Often when signing up for services a small amount is placed into your account like 0.57 and once it's in your account you tell them the amount to verify the ownership of an account. Sounds like a phishing site to me. If it the way transferwise does things then say goodbye.

Exactly. I have seen that type of verification before. Where you confirm the amount for 2 small deposits.

 

Just to be clear. I would never enter my online banking login name and password on any website other than my verified bank's website.

 

I was reporting this to see if anyone else has seen this.

 

I agree. I do not recommend anyone do this.

[mogo51]

4 hours ago, earthdome said:

Exactly. I have seen that type of verification before. Where you confirm the amount for 2 small deposits.

 

Just to be clear. I would never enter my online banking login name and password on any website other than my verified bank's website.

 

I was reporting this to see if anyone else has seen this.

 

I agree. I do not recommend anyone do this.

Banks are always saying don't do this.  I would not do it, been asked a few times on the net, just give it a miss.

[Jack Peterson]

4 hours ago, earthdome said:

Just to be clear. I would never enter my online banking login name and password on any website other than my verified bank's website.

 Banks would never ask for a password In fact, if you are with a decent bank they will know more about you than you know yourself.

 

JMHO

[Dave Hounddriver]

I remember our member GregZ saying he has done it many times with no problems (giving his password to Transferwise I mean).  I wonder how they deal with the security questions?  I cannot log onto my bank account without answering a number of security questions that vary with each log on.

Anyway, for a $8000 transfer I would save about $200 using Transferwise over the Western Union affiliate I currently use.  For me that is not small change but not enough to risk handing over my passwords. Perhaps I will set up a separate account in another bank in Canada that is for the sole purpose of sending money with Transferwise.  I send $8,000 twice a year so thats a savings of 400 and may be worth the hassle.

Options?

 

Edit:  Here is the link to their faq page.  Perhaps other members can go through it (as I will be doing) and try to discover an alternative to giving out passwords to Transferwise.

https://transferwise.com/help

Edited March 30, 2016 by Dave Hounddriver

[mogo51]

1 hour ago, Jack Peterson said:

 Banks would never ask for a password In fact, if you are with a decent bank they will know more about you than you know yourself.

 

JMHO

You got that right Jack.

[mogo51]

15 minutes ago, Dave Hounddriver said:

I remember our member GregZ saying he has done it many times with no problems (giving his password to Transferwise I mean).  I wonder how they deal with the security questions?  I cannot log onto my bank account without answering a number of security questions that vary with each log on.

Anyway, for a $8000 transfer I would save about $200 using Transferwise over the Western Union affiliate I currently use.  For me that is not small change but not enough to risk handing over my passwords. Perhaps I will set up a separate account in another bank in Canada that is for the sole purpose of sending money with Transferwise.  I send $8,000 twice a year so thats a savings of 400 and may be worth the hassle.

Options?

 

Edit:  Here is the link to their faq page.  Perhaps other members can go through it (as I will be doing) and try to discover an alternative to giving out passwords to Transferwise.

https://transferwise.com/help

I think the separate account would be the ideal way to go Dave, takes the problem out of the equasion. the savings are not small change Dave, better in our pocket than a banks.

Edited March 30, 2016 by mogo51

[RBM]

 Sounds crazy, guess no more dealings with transfer wise.

For what it's worth I have been very satisfied with orbit remit. No hassle no drama and very quick. Have not checked to compare them as it's far more favourable than the banks rate and so easy.