Not upheld: delay in returning funds / account closure procedures complaint against Wise Payments Limited

Decision detail

Summary

Miss B complained that Wise Payments Limited delayed returning her $5,660 following account closure on 16 April 2025. The refund process extended until 30 July 2025 due to multiple factors: mandatory due diligence requirements, a recalled payment to Bank D, a bounced payment to Bank B, and a second due diligence check. Miss B experienced a family bereavement during this period and faced urgent expenses. The ombudsman found that Wise acted fairly and complied with regulatory obligations at each stage, with delays caused by technical issues and Miss B's own actions rather than Wise's conduct. The complaint was not upheld and no compensation was awarded.

The Ombudsman's reasoning

The ombudsman examined each stage of the refund process and found that Wise complied with legal and regulatory obligations at each step. The initial delay until 5 May 2025 was necessary for due diligence compliance. The recall and bounced payments were not caused by Wise. The second due diligence check was within Wise's entitlement to conduct for regulatory compliance purposes. While the overall process was lengthy and frustrating, particularly given Miss B's personal circumstances, no unnecessary delays attributable to Wise were identified.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website