TransferWise

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 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.

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.

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).

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!

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.

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.

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.

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.

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.