Wise (formerly TransferWise)

It all sounds like a great idea, especially for US users who by US law cannot hold any bank accounts in anything other than US$ within the US. Many overseas accounts, especially in UK will no longer allow accounts unless you reside in the country. Sadly, since the change to WISE, designed to facilitate holding accounts in most major currencies, the system fails dismally! Yes you can save money by transferring funds at a lower cost than a typical bank, but forget about setting up accounts to hold funds in for several reasons.

Never deal with them. I used them for the first time last week for a small amount $71 Canadian, it went fine, the money was there in the UK Bank Account within minutes. But yesterday the money never arrived, spent over an hour with the Credit Card company who confirmed they approved the transaction but Wise never posted the transaction even though they emailed me to say the money was deposited. The recipient didn't receive the money. I do not understand how companies like this one can operate without fear.

Started with a straightforward transfer of money from my checking acct to their business checking acct all within the same bank. I went to check on the status (no notification from them) and found the transfer was cancelled because they never received funds. The bank knows the day they received the funds, but Wise refuses to do anything without proof (don't they have an A/R person)? So I'm in the process of working with the bank to resolve. It will probably take weeks. Don't do it. Making a mistake then not be willing to own up and resolve it is no way to run a company.

Wise suddenly and arbitrarily 'deactivated' my account and has not responded to any of my emails about the remaining balances on my currency accounts. Although their website says funds will be returned in 2-3 days, it has been more than a week with no information provided. Will I have to take them to court to retrieve my money? Avoid this company as they do not seem trustworthy!

Take care. Good for some few operations, e.g sending some dollars to your son outside, but if you have some large amount of money they can close your account for no reason (maybe someone you buy is suspected or sth they will never clarify) and they don't even advise beforehand nor notify you that your account has been blocked. You will just find out it when your received payment be rejected or try to log in. Appeal are relied replied with something like "We comply laws, sorry your money will be available in 60 laborable days..." but you cannot know nor choose in what way. Maybe they send a check to your address or simply keep silent investing your money. This is very unprofessional!

Wise (TransferWise) steal money. Don't deal with them. They "deactivated" my account when I was transferring almost 2000 EUR from my Wise (TransferWise) balance to my bank. They sent an email stating "we won't be able to send you the refund." They will not answer any questions. Sadly, now I see this is a common experience.

For an unknown reason they said they wanted to terminate my account (that's ultimately their choice I suppose) but there's nearly $2,000 of my money that they have and they won't give it to me. I've asked 50+ times about it and they've ignored me.

I opened and verified an account with Transferwise back in 2018. I never got the chance to use it until I had someone who wanted to send me money in AED. I sent them my bank details and as soon as their transfer arrived Wise deactivated my account. They didn't send me an email either, they notify you of nothing. I only found out when I tried to log in. They're holding this money hostage and may take up to 90 days to reimburse the sender. The receiver has no rights. This is no way to receive money for a sale or services rendered. It is designed to frustrate you and impoverish you. Customer service take you round and round (if they answer your emails at all) until you get tired and give up. I wish I had reminded myself why I never deposited anything onto my account when I first opened it, there were scary reviews about it even then.

UPDATED 3/26/2021: My account with TransferWise was "deactivated" after I had sent money through them. After I made the latest transfer attempt, the recipient kept asking for the funds and I was unable to get an answer from TransferWise to my inquiries. Recently my TransferWise was "deactivated", as they call it, without giving any notice or reason. There was no contact information except email to "appeal", as if you are a criminal convicted of a crime. I am not able to get any answer or find out what is going on with TransferWise. I am trying to give warning about this company that you are liable to lose any money that you try to send through them. Thanks and good luck to those who have already lost their funds through them.

WOAH! They have the worst service ever. I work for a company that uses TW - I recently changed numbers and despite emailing in my picture with ID, emailing from the company email itself, they have not changed my number. I have the login details (password and email), just need to change the number in order to get the confirmation text. I have been emailing for weeks now, I have been asked to send ID and picture several times which I did but it seems as if each time I email customer service it is another person behind the email that does not even read my emails or my concerns. Then they asked for proof of address with my name (I work for the company and obviously I do not have access to the physical address as it is not my company!!). Can't reach them via phone and we are unable to pay people right now. As a company, we will be switching over to Borderless soon and escalating this matter to an ombudsman. Disgraceful service.