Follow us:
  1. Home
  2. Finance
  3. Money Transfer

TransferWise

TransferWise
Learn More 
Overall Satisfaction Rating 1.35/5
  • 5 stars
    11
  • 4 stars
    1
  • 3 stars
    1
  • 2 stars
    6
  • 1 stars
    101
Based on 120 ratings submitted in the last year
SHOW RATING DISTRIBUTION

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.

Get trending consumer news and recalls

    Thank you, you have successfully subscribed to our newsletter! Enjoy reading our tips and recommendations.

    Are you this business?

    TransferWise Reviews

    Sort: Top reviews
    Filter by: Any

    A link has directed you to this review. Its location on this page may change next time you visit.

    Page 1 Reviews 0 - 10
    Rated with 4 stars
    profile pic of the author
    Verified Reviewer
    Original review: April 16, 2020

    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.

    Read full review
    31 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: Jan. 14, 2020

    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!

    Read full review
    47 people found this review helpful

    Not sure how to choose?

    Get buying tips about Money Transfer delivered to your inbox.

      Thank you, you have successfully subscribed to our newsletter! Enjoy reading our tips and recommendations.

      We value your privacy. Unsubscribe easily.
      Rated with 5 stars
      Verified Reviewer
      Original review: Oct. 9, 2019

      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. **

      Read full review
      34 people found this review helpful
      Rated with 5 stars
      profile pic of the author
      Verified Reviewer
      Original review: June 10, 2019

      I used TransferWise to send money to my wife while she was visiting family in Moscow. The only delay was due to first time use (pinging my account and subsequent confirmation - more of an issue on our bank's part for delay in crediting micro payments to my account). The transfer was debited by TW about 3 days later, on a Friday. I received a notification on a Monday that money was transferred to my wife's bank card, but that it might take a couple days. Five minutes later she pinged me on WhatsApp: "Money is here." I'm very pleased with how efficient and inexpensive the service is - had used another service to transfer funds previously, but they do not allow online transfer to Russia (must go to physical location).

      12 people found this review helpful
      Rated with 5 stars
      profile pic of the author
      Verified Reviewer
      Original review: June 7, 2019

      I decided to use TransferWise because I needed to wire money to an overseas bank account in order to pay a rent deposit. At first, I actually went into my local bank and tried to send the transfer, they messed up the transfer (and even admitted to it). I ended up getting this money back after a few business days, but before I did money was removed from an intermediary bank as a fee before it was actually sent back AND on top of that, my local bank returned my money with a much worse exchange rate set by them. All in all, I lost over $300 because of the bank's mistake and wasn't even able to send the transfer. After this nightmare, I decided to use TransferWise. It was so quick and they are very transparent on their fees (no hidden intermediary bank fees so you know how much your recipient will get). Highly recommend!

      54 people found this review helpful
      How do I know I can trust these reviews about TransferWise?
      • 2,311,650 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.

      Rated with 1 star
      Verified Reviewer
      Original review: May 23, 2020

      They sent me E mail to confirm the exact US$ amount will be sent to recipient however, the actual amount been received was $30 lower than their promise amount which made the transition worse than through my bank. I found it this dishonesty and will never use them again. The delivery was fast however, but very disappointing by their exchange rate.

      Be the first one to find this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: May 18, 2020

      Transferwise is a Fraud. I wish I had read these reviews before doing business with them. My husband and I run a food products company and we import food items from Africa in to the US. We used Transferwise to send $1000 to complete our shipping fee on 04/22/20, till this date the recipient is yet to get the money. We have provided documents showing the money is not in the account but they keep insisting they have paid. Then they sent us a fraudulent receipt to give to their regional bank in Africa, Ecobank, Ecobank couldn’t use the receipt and told us that the code on the receipt is wrong and they can’t trace the money.

      We have asked Transferwise to reach out to the recipient's bank to confirm if they received any funds from Transferwise and they are refusing to do so. We have reported them to the relevant agencies here in the US and we will definitely be suing them for damages. We will also be creating a social media campaign against them and we ask your cooperation to make this viral. Anyone who is in our shoes, please join us and you can reach out to me @ **. Let’s put a stop to this type of behavior from fraudulent financial institutions who think they can do whatever they want and get away with it! Thank you.

      Read full review
      3 people found this review helpful
      Rated with 1 star
      Verified Reviewer Verified Buyer
      Original review: May 18, 2020

      I arranged a transfer of $5000 to Israel on March 16 2020. The money never arrived nor was the transfer reversed. Every attempt to get TransferWise to refund the transfer is met with a polite “we are looking into it”. For 9 weeks now. Do not trust this company with your money.

      3 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: May 13, 2020

      The only good thing about TransferWise is their customer service people. They can't help and have to lie on behalf of their company, but are nevertheless sweet. Before reading reviews I authorized a transfer with this company and let them debit my bank account. They said the money would arrive the next day. They debited my account but the money never arrived to my friend. So I found another company, World Remit, that sent the money in one day. Smooth. Since TransferWise hadn't sent the money I cancelled the transaction and asked to have my money back. So far it has been almost two weeks with false updates and emails, and the money hasn't been returned. If it weren't for COVID I would have already sued them in small claims court, adding the lawyer fees. I guess this company has enriched itself by debiting accounts and keeping the money for as long as they can, earning interest from thousands of people.

      12 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: May 13, 2020

      Exactly the same story described by Kiran of Rouen and the other. I have Bounced transaction (DB to Bank) which is "on the way back" in the next 14 days. Normally you will get refund in 3-4 business days. DO NOT PROVIDE IBAN for International transfers to this vendor.

      3 people found this review helpful
      Loading more reviews...

      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.

      by ConsumerAffairs Research Team

      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