TransferWise
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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.
TransferWise Reviews
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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.
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I have been reading through all the negative reviews, but honestly I can't relate. I have been sending money back and forth between my US (USD) and Netherlands (EUR) bank accounts for a while now, including larger sums for rent deposits and the like. For me TransferWise has worked very well. Funds normally arrive the next day, sometimes the same day even.
Only the first time it took a bit longer. I got stressed because it was a large sum and it seemed to be in lingo for a while (taken from my EUR account but not yet arrived in the USD account). Reading these reviews I got even more stressed. Contacted customer support through email and got a reply the next day. Everything was fine but first time transfers require certain verifications which caused them to take somewhat longer. Eventually the funds arrived after three days which I think is still pretty quick. It all turned out to be a tempest in a teapot, fueled by these reviews here.. Overall I am very happy with the service. Would recommend!
After seeing the unreasonably high fees and poor exchange rates my bank was charging me, I started to research for a better method of moving money. TransferWise had lots of high ratings and reviews online so I decided to give it a try. It’s a smart idea - they use a digital account-to-account model meaning the money never actually has to move across borders and therefore they can pass the savings on to you.
My transfers been done fast and securely and saved me money. I would have otherwise lost – saving money is earning money! The app and customer service work well too, I’ve received quick and helpful responses after asking them questions. Also a nice bonus to get the first £500 of my transfer for free after joining using a friend's link. If you are thinking of joining and have found this helpful, please feel free to use mine and you will get your first £500 or equivalent for free too. **
I used this service to initiate a wire transfer to a hospital in Turkey for my surgery as a reservation fee. They were $30 cheaper wire fee than my bank. The total wire amount was $350. Everything was going well the first day, but the next day I was all of a sudden deactivated and my money was refunded. I assumed they thought it was fraud. I was upset that they didn't contact me to verify if it was fraud or not, but at least I received my money back. But the next day they took the money right out of my bank account without permission, $350. I tried to log in to my TransferWise account but I deactivated! I contacted customer support and was told I have to appeal on the website. I tried doing that but I used my Facebook to create an account so I can't log in traditionally with email and password.
I contact support again and they said to send an email to appeals. I did that but they came back to me saying they can't locate my account because the email doesn't match. That's because I used Facebook to sign up! This has caused a whole issue with surgery reservation because I needed it reserved a certain date to match with my flight dates! This is completely unprofessional and borderline fraud!
After the pandemic started, I started working from home, and opted to use TransferWise to get paid for my computer programming and IT security work. Things started out well, but very soon (about two weeks in), my payments were getting "paused" and TransferWise was delaying them for verification. This is fine with me, and I always provided the information they required including company details, invoices, confirmation of sender information, etc.
But without notice, my USD account was suspended and my clients couldn't send payments to me anymore. I contacted support by email and at their head office in the UK and each time they reassured me that everything is fine and that I can continue receiving payments. Of course nothing was resolved and they were just lying through their teeth.
After multiple calls and emailing back and forth with their support team, they kept reassuring me, "Yes go ahead and continue doing business, you will be able to get paid." I was delivering services and products while thinking I was going to get paid and that this service was resolved (according to what they've sent me in writing).
I was absolutely furious to find an email saying that my account was deactivated only a few days after they reassured me to keep providing services and to rest assured that I will be able to receive payments via TransferWise. Now I am left with outstanding invoices for over 10,000 USD and I can't even access the balance that was in my account!! I tried to explain my situation in an appeal and they completely denied me WITHOUT providing any reason and explicitly stating they will not provide a reason. How ridiculous is that? And they state in their email that I cannot even ask for my balance for 60 days! This is some kind of modern day robbery or some bait and switch scam of a company. How is this even legal? DEFINITELY STAY AWAY.
Hello Everyone, I have used Transferwise in November and December 2019, to transfer some funds to a family member in India. The rule is, when you initiate the transfer, they take it out from your bank first, the status on your transferwise account shows pending, after they receive the money from your account - they send it to the recipient.
I had cancelled a transaction immediately after initiating it. That was in early December, no money was taken out or sent to the recipient, and no confirmation email was sent to me saying money was received or money is now being sent (which they do in usually). In January 2020 I got an email from their support team saying that they sent the money to the recipient, the recipient also did not get any fund for those date. It was in January that I answered their emails, they stopped and now in July they have started again, with a threat that they will launch a court case. I am filing this complaint, to warn all of you. And I am taking this up legally a swell for this harassment.
Charmaine
This company is a complete fraud. They deactivated my account as many others have complained without telling me. They are withholding my money and I would encourage everyone to report them to their local crime unit. I have reported them to the FBI as well as local attorney general office.
DUE NOT UNDER ANY CIRCUMSTANCE USE TRANSFERWISE!!!! They will ** AND HOLD YOUR MONEY!!!! I did a Transfer on Monday. They play meaning they will hold you or money! USE WESTERN UNION. It will arrive in minutes. These peeps will hold your $$$. They say they are a bank. It is not true. They are NOT!!!! Transfer Money to them they will hold your money for infinity. Due enter a transaction with them read the reviews!!!!! This is not what is reality. They use your money or block it!!! Beware!!!!
Not only did Transferwise manage to mess up our transaction several times, they had this crew of idiots email us false bills and and wouldn't stop till we called the police in London. Check out other vendors before you make the same mistake we did.
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.
The ConsumerAffairs Research Team believes everyone deserves to make smart decisions. We aim to provide readers with the most up-to-date information available about today's consumer products and services.
TransferWise Company Information
- Company Name:
- TransferWise
- Year Founded:
- 2011
- Website:
- transferwise.com