This company is not yet accredited. See reviews below to learn more or submit your own review.
TransferWise is disrupting the way the world transfers money. Move your money with no hidden charges and for up to eight times less than traditional banks. Our method is easy and fast without sacrificing security and has been trusted by over one million customers across the world.
A link has directed you to this review. Its location on this page may change next time you visit.
- 2,739,517 reviews on ConsumerAffairs are verified.
- We require contact information to ensure our reviewers are real.
- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
For more information about reviews on ConsumerAffairs.com please visit our FAQ.
From reviews I understood that this is a service mainly for smaller amounts (up to 7.000 euros). I wanted to give it a try for a larger sum. I started the transfer for € 15.000 from The Netherlands to Thailand. A rate was quoted right away, as was the expected time of arrival of the money in Thailand. It took 4 days, but with a fixed rate that is no problem. The money arrived on the arranged date and time and the rate was better than the best cash exchange facility would give. No more carrying cash around for me anymore, the way I used to transfer for the best rate.
I have carried out 18 transfers with this company now and I am very pleased with every single transaction. Their rates are very fair and I did a trail send with Transferwise and also XE. Transferwise had my funds from the United States in my Lloyd's account the same day. XE transfer was 6 days. If you want your funds sent securely and quick you won't get better.
Thank you, you have successfully subscribed to our newsletter! Enjoy reading our tips and recommendations.
As my summary suggests, it was easier than using an ATM and as a lot of forums say in their reviews, they are completely transparent. Unlike an ATM, there are definitely no hidden fees. I transferred $8,000 AUD from my Australian account to my account in Thailand. I deposited the money in their account on Monday morning and it was in my Thai account by 2pm the following day. In the process I was able to save $320. I too have also read the negative reviews before doing so, as it’s a lot of money to throw away if it was a dodgy company.
After my experience I can only say that these negative reviews may result from the incompetence of the principal bank, the receiving bank or the person operating the computer. I am 52 years old and have met a lot of “these” people and I sometimes wonder how in the world they were able to make money, never alone use a computer. You can tell by their use of the English language that goodness knows what they were typing in at the time of their transaction. (I sincerely apologize to the people who were genuinely ripped off). I’m not someone who shies away from “gilding the lily” (one who exaggerates), but I highly recommend this company. In my unsolicited opinion, it was a fantastic experience.
I have read a ton of poor reviews on this site about Transferwise and frankly am surprised. Of course, most people write reviews when they are very unhappy with a service. However, when people are happy, they do not spend the time to write. This, I believe, skews the results of online reviews, in favor of the disgruntled and gives a distorted picture of the service.
I started off with Transferwise on the wrong foot as one of my US Bank accounts could not be verified. This left me with a lot of bad taste, but I realized it was because of all the regulatory requirements that a service like this has to satisfy. To make sure my identification is 1st checked, I opened a Debit card account and put Euro 20 into it. This helped verify my ID. Then I realized that I was trying to set up the transfer from a Credit Union in the US and this could be the issue. Once I changed over to a normal commercial bank in the USA, things worked like a charm. Now I smoothly transfer money between my accounts in the USA and a few other countries, without a hitch. I love Transferwise for their exchange rate, speed and most importantly their transparency.
Definitely a very suspicious way of doing business. I do not trust them. That's why I asked them to prove their identity, by providing a company registration certificate and the first and last name of the employee that answered by email. But they have refused to identify themself. That's a very suspicious behavior. The company has a license in UK, their corporate offices in located in a tiny country called Estonia and their support team answers from a tiny city called Tallinn; Tallinn or not Tallinn, they hide their identities. I will definitely exclude them. Definitely a suspicious situation.
If you read this, stop joining TransferWise. Yes, like many other money transfer services, it used to be good. But unfortunately, their expiration date has come.
1. I have invited 5 people to the platform. I received multiple calls from them telling me that TW is holding their funds and halts their transfers with no reason. In a most recent case, a friend told me that she made a transfer from her TW account to her OWN bank account on 15th of December. She picked so called FAST TRANSFER because she was in an emergency. AFTER initiating the transfer, the app says they are holding the transfer for some security checks FOR 4 BUSINESS DAYS! Now is 29th of December and despite contacting them 3 times, the money is still in custody.
At this very special time of the year where everybody needs money, TransferWise HOLDS people's money. She just receives some corporate responses from their support and "we are sorry" stuff instead of her money. So, don't expect anything FAST anymore and be prepared for more surprises like this. Before initiating the transfer, they advertise super-fast transfer under 1 minute. When you initiate the transfer and the money is gone from your account, you will face this 4 business days which is in fact, WEEKS.
I think I know the reason for this shameful unlawful custody of clients' funds. Just recently, their buggy software or money transfer service sent out wrong transfers and extra money (double payouts) to lots of accounts. They are now emailing and asking people to refund those extra amounts. By holding other people's money who are completely unaware of this disaster, they are trying to keep the necessary liquidation inside their system and compensate their loss. This is what I can perceive based on the information I receive from my friends and other TW users online. This is miserable, horrible, and unacceptable from a financial institute.
2. Using TW you cannot send money to Cryptocurrency exchanges like Binance, Coinbase, etc. Apparently they don't want to accept that Crypto is the next generation of money and the very fact that it is replacing traditional banks and money transfer services like TW. Avoiding money transfer to such services is the most ridiculous feature of TW, in my opinion. It is odd, old-school, weird, and unacceptable in 2021 where Crypto eats the world. Till when they want to do this?
3. The interface of their app and web is beautiful but lacks most basic features of a modern online banking. If you work with a bank like Sparkasse (Erste) for example, TW seems like a student project compared with it. Even the search doesn't work properly and you have to manually look for lots of transfers. No summary, extremely basic reports... Filters are just too basic. It is good for 2000 to 2005 but not for 2020 and 2021.
4. They gradually increased their fees. At first everything was really cheap (and of course fast). Little by little they increased lots of fees and just recently I realized I'm actually paying more compared with my local bank. Their only advantage is their exchange fee (for instance form USD to GBP) which seems lower compared with banks. I presume soon, they will lose this feature too like they lost the others.
Now my friends and I are looking for an alternative. TransferWise is expired for us and we won't trust it again. I don't want my money to be lost in Christmas times.
TransferWise closed our account without any expectations. We asked them to provide an account statement and refund the funds. No response after sending many emails. You cannot call them nor talk to a real person. Completely hopeless situation. Stick with real banks!
I wanted to make a transfer from my bank account in France to my bank account in Canada through TransferWise as they offered a better rate. In the end, the money left my account in France (verified I used correct RIB) but TransferWise never received my money. In response to my complaint and me sending proof of transfer that a standard French bank provides, the agent simply told me transaction was cancelled as 14 days has passed. Where is the 6000 Euros? No one knows and TransferWise will not assist you in any meaningful way. Had I used a bank to bank service, at least I would be able to investigate with my bank in Canada.
I have been using TransferWise for longer but not less than 2 years. They have been great so far, until 2 months ago they started to complicate everything. I live in Europe, I send money to my mother in India for all this time. They never asked me a transfer purpose. Now 2 months ago I sent my mother money like every other month, I got email from them "The money is in her bank account" which is a lie, we waited for days and days no money my mother got.
So I reached out to them, they asked to show purpose. I asked what purpose do you need to send money to your mother???? Are you kidding me?? So then they sent the money in my mother's account and transferwise requested me to select proper purpose in the app when sending which should be family maintenance. Exactly that category I selected to send some more money to my mother.... same thing, email “The money is in her bank account “. Which they can’t say it when they are aware that the money is not sent!!! I can literally sue them for lying this clearly. I am changing to some other app, it’s not 2018 anymore, there are plenty others.
I opened a borderless account and at first everything was fine. But now, transfers are being delayed for no apparent reason - I have been waiting over a week for just $100. Still waiting. Customer service is all, "Sorry, but sometimes there are delays." Not helpful at all. I will be closing my account.
TransferWise author review by ConsumerAffairs
TransferWise is a web-based money transferring company founded out of frustration due to the lack of a global currency. With a TransferWise personal or business account, you can send money around the world, paying real exchange rates and small fees.
Personal accounts: Transferring money with a bank costs more because banks set their own exchange rates so they can make money. TransferWise uses real exchange rates, known as mid-market rates. You can see real-time exchange rates on their website, as well as charts of exchange rates over the past 30 days. TransferWise boasts a savings of as much as 8 times more than when using a bank.
Multi-currency account: TransferWise has a new account called a multi-currency account. This account lets you send, spend and receive money in over 25 currencies. Also called a borderless account, these are great for businesses with employees around the world. You can easily switch between currencies and avoid high exchange rates.
Pricing: TransferWise does not charge monthly or receiving fees. They charge small converting fees when you convert across currencies, a small fixed fee when you send money to a bank account in the same currency and the normal conversion fee plus a small fixed fee when you send money to a bank account of a different currency. The normal conversion fee is $1.30.
Global impact: TransferWise is used in 59 countries covering 504 currency routes. It moves over 600 million dollars every month and saves people around 287 million dollars in hidden charges.
Mobile app: TransferWise has a mobile app for iOS and Android devices so you can track and transfer money on the go.
TransferWise Company Information
- Company Name:
- Year Founded:
You’re signed up
We’ll start sending you the news you need delivered straight to you. We value your privacy. Unsubscribe easily.