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TransferWise
TransferWise
Overall Satisfaction Rating
4.86/5
  • 5 stars
    274
  • 4 stars
    12
  • 3 stars
    0
  • 2 stars
    2
  • 1 stars
    3
Based on 291 ratings submitted in the last yearSHOW RATING DISTRIBUTION

TransferWise

ConsumerAffairs Unaccredited Brand

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.

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Last updated: April 10, 2018

291 TransferWise Consumer Reviews and Complaints

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Verified Reviewer
Original review: April 10, 2018

I'm trying to transfer money to hold a bed and breakfast in the Netherlands. This process has been a complete nightmare, taken an incredible amount of time, and I wouldn't recommend their service to anyone! First, they didn't get the money there on time. I started the transfer on the 7th, they guaranteed delivery on the 9th, and on the 10th they were still asking security questions. Second, the security questions they asked were frightening! They wanted me to verify my dad's occupation. Then they wanted to know all my sources of wealth including inheritance and investments.

Third, their on-line interface is deceptive about how much the transfer actually costs. Depending on the type of transfer you pay a higher fee. However, they don't allow you to go easily go back and change amounts. The site is very cumbersome. Fourth, they only write back every 24 hours, and so if there is a problem you can't fix it in a timely fashion. Only use this service if you are desperate! They have some issues they haven't worked out. It will take a ton of time and you will be asked many personal questions!

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TransferWise response

Hi Hannah,

Thank you for your review. We appreciate feedback, both good and bad experiences. I'm sorry to see that you're not satisfied with TransferWise. We are a licensed financial institution, so based on certain criteria, we may ask for additional details. I am sorry you felt frightened and deceived, that's the exact opposite feeling we want customers to have. If we can do anything more, please let us know.

Kind regards,

Patrick

TransferWise Support

3 people found this review helpful
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Verified Reviewer
Original review: March 22, 2018

I had struggled so much with Azimo, Western Union and OFX, been disappointed so much then nearly lost my hope for money transfer technology until I read about TransferWise and decided to give a last try. The Apps is very easy to use, reasonable cost and speedy. I recommend TransferWise!

3 people found this review helpful
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Verified Reviewer Verified Buyer
Original review: March 22, 2018

They canceled my transfer without explaining why. Not a good customer service, I had to wait for 3 days to get a reply from that company. Later I got a respond: "Thank you for reaching out regarding your account deactivation. We are more than happy to consider reactivating your account however we first have to make sure your account is secure and your identity on TransferWise has been confirmed. You can confirm your identity by replying to this email with following: Photo or a good, colored scan of your photo ID. Photograph of yourself (selfie) while holding your photo ID up, close to your face. General guidelines about what we want to see on your photo ID and what type of ID’s are considered secure enough for confirming your identity, can be found here and instructions how to take the selfie photo and what needs to be visible on it can be found here.

Once we have seen your photo ID and your selfie photo, we can confirm your identity and be confident that your account is completely secure before you continue using it. In the meantime, please accept our apologies for the ongoing inconvenience that this may cause you." They must be crazy. I will send copy of my ID to some JOE BLOW. USE WIRECASH service, less expensive and money got transferred within 10 minutes!!! Just read other review, they had done it to many other customers.

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TransferWise response

Hello,

Thank you for the feedback. I'm sorry to hear about your experience. We are a licensed financial institution and verify ID's to be compliant. Account deactivation's can occur due to a number of reasons. Some of the reasons include but are not limited to security concerns, violation of our ToU agreement, attempts to buy banned or illegal goods, attempts to buy crypto currency and detection of multiple accounts being used by same individual.

Kind regards,

Patrick

TransferWise Support

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Verified Reviewer
Original review: March 9, 2018

I'm extremely disappointed with the customer service given to me on the past 2 weeks. I have been a faithful user of the system and indicated it to a lot of people and now I'm have the feeling of being left with no solution for my problems. I'm overseas and send money using the app last Friday and paid the boleto on the same day. Monday - I call customer service asking about the transaction and the person told me that it would be transferred as soon as they the money was received. By this time I asked if they need any document because I have urgency and need the money as soon as possible.

The TransferWise employee told clearly that it would not be needed any additional document and I would receive the money as soon as the money arrive. (Please check the phone recording) Tuesday - I receive the request via email from customer service, saying that I need to send my tax paying document OR my 3 months payslip, contrary to the employee has told me on the day before. I sent the 3 months payslip on the same day. Wednesday - I call customer service again, and it was confirmed to me that the document sent was enough and the money would be transferred. Thursday - I receive a email requesting my taxpayer report, even though on the previous email they requested one OR the other.

I sent the document. Friday - I receive an email asking for a copy of my document and proof of address. HOW COME NONE HAVE ASKED ME FOR THIS BEFORE? This is such a basic information. I feel like I'm being part of some joke, this is the only way I can make sense on this nonsense. Therefore, I tried to contact the company again, and talk to someone that is able to take a decision and actually tell me what is going on. I was unable to go any further and I felt like I was being served by a robot that kept repeating the same information.

Now I still have no idea of when I will receive my money, I'm overseas with no money on my account for more than a week because I relied on TransferWise to take care of my money. There is no reasonable explanations on why the customer service is not able to answer simple questions for the requirements. The feeling I have right now is that the company is playing with my money while I spend 2 weeks without money. For a company that deal with your money, the police of contact only by email or with a helpless customer service is a pretty serious stuff.

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TransferWise response

Hello Rafael,

My apologies for the issues you dealt with regarding your transfer. Verification can come throughout a customer's relationship with us. I am sorry we didn't explain the verification better. This isn't satisfactory. We appreciate your feedback and take it very serious. Please let us know if we can help further.

Kind regards,

Patrick

TransferWise Support

3 people found this review helpful
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Verified Reviewer
Original review: Feb. 19, 2018

Just great! I use it every month to pay my rent in Brazil with no issues. The money comes quickly fast and they do it at a fair price. It is so easy and customer service has been great when I have had a problem! Highly recommend!!! Especially if you are doing individual payments on a regular basis from US accounts to another country.

2 people found this review helpful
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Verified Reviewer
Original review: Dec. 6, 2017

We use TransferWise every month to send money to our family in India. The mobile application as well as the online portal are very user-friendly. Especially love features, such as, saved recipients, daily exchange rate alerts, secure connections to bank accounts from within the app, guaranteed exchange rates and so much more! The exchange rates are always accurate and the fees seems minimal when compared to the ease and user experience. Also, they sometimes offer free transfers on special events. Thank you.

3 people found this review helpful
Verified Reviewer
Original review: Nov. 10, 2017

For a little less than what my bank would charge me and for a LOT less pain and annoyance, I can use TransferWise to send money abroad reliably and safely. Only thing I wish they had is a recurring transfer feature so I don't have to think about it!

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Verified Reviewer
Original review: Nov. 3, 2017

This service is not only competitive when compared to the fees that banks charge, which are often less transparent because the bank fees are included in the exchange rate, but has a high level of ease and convenience when sending the same amount on a periodic basis, such as monthly. The website interface is designed specifically to make repeated transfers easy and quick.

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Verified Reviewer
Original review: Oct. 30, 2017

I've recommended TransferWise to many friends, and I've started to use it regularly. It works well, and is much SAFER than carrying cash from one place to another. For me, Transferwise is one of the companies/services that represents the new, improved, more efficient world made possible by the internet.

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Verified Reviewer
Original review: Oct. 30, 2017

I retired after working 14 years in Europe and moved back to California. I continue to use my bank account in Spain and always count on TransferWise to move funds to me wherever I am. They are fast, efficient and reliable. Five Stars from me!

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Verified Reviewer
Original review: Oct. 28, 2017

I needed a way to transfer money from USA to France to pay bills at a low cost via my phone and laptop and this service is very well done. The cost is very low and the user interface for my phone and web are very simple and clean looking to use.

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Verified Reviewer
Original review: Oct. 24, 2017

There was quite a bit of paperwork required for the first transfer; they have to get it for banking regulations so give yourself some time for that first one. After that, fast, efficient and MUCH cheaper than the bank! Have used to send money from both personal and business accounts and highly recommend their service.

2 people found this review helpful
Verified Reviewer
Original review: Oct. 20, 2017

TransferWise is a very reliable, trustworthy, efficient, cost effective way to transfer funds internationally. We send money to relatives in S. America and the service has saved us time and money since we have been using it. Highly recommended for international transfers. Responsive customer service is a highlight of their service. Easy to use platform. Very reasonable fees. I have recommended it to friends and family.

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Verified Reviewer
Original review: Oct. 18, 2017

A financial system that really works without bleeding you out... or boring you to death while waiting. I've used it several times to exchange and transfer moneys between US and EU accounts. It works. It's fast (usually 24 hours or less). It's the least expensive (low commissions). And it is convenient, as one can initiate transfers anytime, anywhere... Recommended!

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Verified Reviewer
Original review: Oct. 18, 2017

I am looking forward for a border-less account. It has been taking too long. Also, I would like to be able to transfer faster. Is there more improvement on speed available? Sometimes the transfer takes up to 5 business days. A couple of times, the transfer was even cancelled because it took too long. Would love to see this go away! Overall, a great service and Thank You!

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Verified Reviewer
Original review: Oct. 18, 2017

TransferWise is a wonderful, easy and fast way to transfer money for a low price. I have always been satisfied with their fast service. I have never had any problems with their service. I am looking forward to using TransferWise in the future.

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Verified Reviewer
Original review: Oct. 17, 2017

TransferWise has been so useful. It is a simple process and sign up takes minutes to complete. I have been using them for just over a year now and they have always been very reliable. I have heard of other services but the simplicity and reliability of TransferWise has kept me around! Would definitely recommend to a friend.

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Verified Reviewer
Original review: Oct. 16, 2017

I use to rely on local banks to transfer money overseas but not anymore. I can now use TransferWise for the same service but for a fraction of the cost and consistent speed and accuracy. Consider this the Uber of money transfer. Just love it.

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Verified Reviewer
Original review: Oct. 15, 2017

Since I started using TransferWise, they have become my preferred method for transferring my own money between Australia and USA. It was easy to get my receiving account verified, and with that done, it is a very simple process to set up a transfer. I then use Internet banking to transfer the funds to TransferWise and the money is in my account within 2-3 days. As their advertising states, it is cheaper and faster than any other method that I know of.

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Verified Reviewer
Original review: Oct. 14, 2017

This application really made transferring money easy for our needs. It is easy and reliable. It makes transferring money an easy process and the procedure is fast and accurate. Especially for family members that in another country and need to make the transfer fast and easy. Thank you.

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Verified Reviewer
Original review: Oct. 13, 2017

Since a friend introduced TransferWise to me, I have been using them for all my foreign transfers. While my bank always skin me on the exchange rate, TransferWise offers open market rate. Yes they charge a percentage of the transfer as fee (close to 1%), but the profit my bank makes on the exchange rate is much bigger than that. Also both my bank and the receiving bank charge a fee for the wiring. Now there is no longer a wiring fee. All in all I save money in using TransferWise, and feel much better that the big banks can no longer rip me off when I transfer my own money. I am waiting for the day that I can walk into a foreign bank (or ATM) and withdraw money from my US account through TransferWise.

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Verified Reviewer
Original review: Oct. 13, 2017

I have been using TransferWise for 12 months now using it on a monthly basis. It provides excellent currency transfer rates, paying it directly into my bank account in a consistent timely manner with good email progress reports. I would totally recommend and plan to continue using their service.

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Verified Reviewer
Original review: Oct. 13, 2017

I've been transferring/wiring $$ overseas (Europe) for many years. TransferWise, using their apps for iOS, is the easiest, quickest, and least expensive option I've ever used. Their midmarket exchange rate was the real game changer, along with a simple 1% fee, made the choice to use TransferWise a no-brainer.

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Verified Reviewer
Original review: Oct. 12, 2017

My daughter is living in Europe and I have found this site to be the easiest, quickest, and least expensive way to transfer money to her! I highly recommend it for anyone needing to send money overseas!

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Verified Reviewer
Original review: Oct. 12, 2017

I have used TransferWise several times to transfer money from the US to Europe. The account was easy to set up, and transferring money is really easy, and the fee is very low compared to banks or such financial institutions, and also very competitive when compared with other on-line transfer services.

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Verified Reviewer
Original review: Oct. 12, 2017 This is a great service. Previously I would have to spend 30-40 minutes at a bank to wire money internationally (I run a business that imports goods for wholesale).

But the best part is the money, the banks would give you a fake exchange rate, essentially skimming money from every transaction. With TransferWise it's not only way easier, but you don't have to deal with the deceptive practices, and you save money!!!

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Verified Reviewer
Original review: Oct. 12, 2017

I discovered Transferwise on Facebook and my husband in Brazil was able to receive money I sent from Alaska easily, quickly and cheaply. TransferWise is an amazing company and I wish it were licensed in more states and countries.

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Verified Reviewer
Original review: Oct. 12, 2017

I strongly recommend transferring funds with TransferWise because their fees are so affordable. I recently sent funds to Indonesia from the USA, but before I did, the recipient warned me that the cost would be prohibitive, so I told them not to worry about that because I had found a great website for sending funds overseas. I paid a measly US$5.00 to send US$250. Had it not been for TransferWise low fees I would not have bothered to send funds.

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Verified Reviewer
Original review: Oct. 12, 2017

For sending modest amounts overseas, TransferWise is great! Good support, clean and obvious interface and app. However, for larger transfers where there may be daily limits in recipient currency, you must factor in that you will be required to do a domestic wire transfer into the TW account. My bank charges $15 for this plus the TW fee itself. So for multiple transfers x $15 and the time required to do 5 transfers inside TW plus manually push a wire from my bank to TW, it adds a ton of time and expense. This is not a TW fault per se, but be aware that it may apply to your destination currency.

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Verified Reviewer
Original review: Oct. 12, 2017

Definitely cheaper than standard bank transfers, so I would happily recommend it to anyone conducting international transfers. However, TransferWise has several times overestimated how quickly a transaction would be concluded, so that the actual date of receipt of the funds was several days after what Transferwise had initially forecast.

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TransferWise expert 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.

  • Best for: businesses with employees around the world who don’t want to pay high exchange rates.

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TransferWise Company Information

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Company Name:
TransferWise
Year Founded:
2011
Website:
transferwise.com

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