About Wise (formerly TransferWise)
Wise, formerly 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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1. Whenever rate of a currency-pair changes rapidly, WISE-SCAM starts. If it appreciates 5% or more shortly (e.g. within the agreed period of guaranteed rate) WISE cancel your transfer, even though the rate was guaranteed. On the contrast, if rate depreciates more than 5% they will not inform you, will not cancel, because they can make extra profit. If your amount is relatively higher like 5-10K or more, Wise will deactivate your account without any info!!! Then there is no way to get the related info, even after hundred calls. Only option, you will have to appeal, because you are a criminal, you made a crime, Wise just punished you.
2. Mid-market rate cheating: On 20.12.2021, TRY first devaluated more than 12%, before a strong come back of 35% appreciation. No wonder, Wise-scam started. They halted their rate for several hours (for internal conversion), this is clearly a cheating with their promised mid-market exchange rate. However, in their main screen, they clearly declared that there is no guaranteed rate because of high fluctuation, rather rate of real time will be used. Can you see their cheating?? they have the option of both real time exchange rate, and a fake rate (fixed rate). If they make extra money then they will allow with clear cheating, if not, they will block your account. Whatever the amount you have, they don't care.
3. ... 4..... I can write dozens of their cheat-story...
TransferWise deactivated my account on 18 November 2021 with $50,000 in my account. I need my money back!! TransferWise, please stop holding people's hard earned money with no tangible reasons and stop destroying lives.. #STOPTRANSFERWISESCAM STOPTRANSFERWISESCAM STOPTRANSFERWISESCAM STOPTRANSFERWISESCAM
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If you need a bank account to get paid don't use Wise. I have been using wise for a few years now with no problem and decided to take advantage of the direct deposit feature.. I am working in another country and hadn't yet gotten settled and in order for my employer to pay me, I needed an IBAN, etc. Set up a wise.com account to get paid and everything was going well until SUDDENLY my account is deactivated right before payday, and right before the holidays..
My account was verified with all needed identifying documentation, was set up with MFA to be secure, and I didnt make any weird transactions and despite this all I have to wait 5-10 business days for an appeal. I try calling twice in a row to get someone from appeals and all customer service can tell me is to appeal online or send an email (which I did). Now I will be sitting here in the holidays with no check, as my employer cannot reverse the payment since they canceled my account so close to payday. Thanks for the lovely Christmas gift.
Very bad experience with Wise bank, they close my wife's account without intimation & not giving refund of 1200 pound. There is more than 3 months and very frustrated, 1200 pound is very amount as Indian, specially students pls don't open account.
Before I sent the site said it will be there is 20 minutes, 10 days later no updates, they didn't ask for additional information and they do not care. Just lip service. No real reason. You are better off using a carrier pigeon.
Think twice before you use Wise to have a monthly social security check deposited. They held up my SSA monthly retirement payment (which they have received every month) for a "sanctions review". This is to "verify" my monthly payment and it came in on a Friday! Can you believe this company would withhold a monthly retirement payment when it is clear where it came from? Do NOT use this company.
Updated on 12/15/2021: Wise closed my account from one day to the next and without warning me and left me without all my money, which I earned in an honest way by giving language classes. After many days without any kind of response by email, I finally got their reply but they responded only with evasions, without giving me a precise answer about when they are going to refund my money or how long they are going to take to do it. It is really a company that I do not recommend to anyone because of their lack of seriousness and what they are doing is a total scam. I demand an immediate response and my money back!
Original Review: Wise just closed my account without prior notice with all my savings inside. Now I'm left without any money and waiting for them to decide to give it back to me. I've read on forums that many times they take over 6 months to give the money back and in my case it would mean they'll ruin my economy.
Long story short: Wise is supposed to refund me a transfer for an important amount of money (> $25,000), but they haven't done it and more than one month has passed since the moment I made the transfer.
The long story: [October 27th]: I make the transfer from my account in Spain to an account in the USA. [October 28th]: Wise receives the Euros. [November 3rd]: Wise says that they paid out the USD (United States Dollars). [November 3rd]: Wise sends me an email saying: "There was a problem with the bank details. Change your recipient’s bank details and send your money to them again". [November 3rd]: I change the details of the recipient using their application and send the transfer again (I didn't get a refund, I wasn't supposed to, they still had the money, so they were going to send it again with the right information).[November 3rd]: Wise sends me an email: "USD is on its way. The money should be in the bank account by tomorrow, November 4".
[November 12th]: Wise sends me an email: "I’m reaching out because we need a little more information about your recent transfer due to local regulations." They ask me for "the meaning of CONCEPT-OF-THE-TRANSFER in the payment reference field". And also they ask for: "A detailed reason for your payment — what was the money being sent for?". [November 12th]: I answer the email with all the information they asked for, I even attach documents to support all the information provided. [November 15th]: I send an email to Wise: "I sent all the required information last Friday. Did you receive it? I didn't get any confirmation. It would be good to know the status of the request".
[November 15th]: Wise sends me an email: "We regret to inform you that COUNTRY-NAME is a restricted country to TransferWise. For that reason, your payment has been requested to be canceled and will be refunded". The reason for the transfer was to buy something in a country that apparently is forbidden to Wise (doesn't say anything about it on their website, they have a list of countries, but it does not include this one). [November 15th]: I send them an email: "I understand. Please, refund the money to my Spanish bank account".
[November 18th]: I send them an email: "Hi. I would like to know how long will it take for the refund to be processed". [November 21st]: I contact them using the mail form they have on their Website: "Hi! I've been told that my transfer was going to be refunded, but a lot of days have already passed and I still don't know anything about the status of the refund". [November 22nd]: They answer: "We've already forwarded this issue to the relevant team, once there is any update we will let you know".
[November 30th]: I contact them via chat (you can do it on the app). They say: "Is it okay if I follow-up with you in an email? I will get some updates and get back to you". I'm still waiting for my money. And, as you can see, if I don't contact them, they don't contact me. They simply don't care. My recommendation? Don't use Wise. Obviously, they are using my money for something, and they don't care if I need it to save someone's life. I'm taking this case to a higher level.
I opened a Business account in USD to receive client payments. One overseas client, a major oil company pays me from their London based account. Initially each payment was notified to me the day it was paid and became available after a couple of days. For the last few months however I no longer get notified and it's been taking up to a month for the money to appear. I've contacted customer service numerous times just to be told "we are carrying out checks and the money will be available shortly". Appalling customer service so I now closed my account.
I had used reliably for 2 years making near 100 transfers, and even recommended to others. But recently I made a transfer and funds not received of yet. It is more than a week since expected and funds were already taken from the sending account. The receiving bank researched and never received. Both sender and receiving bank say problem is with intermediary, "Wise". Wise only says it is "pending at receiver partner" and be patient. They do nothing but wait for this partner to reply; they don't guarantee anything nor will return funds. From customer perspective, money is just gone and they won't make things right as cost of doing business and retaining me as a customer. No way to file dispute.
Wise author review by ConsumerAffairs Research Team
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.
Wise (formerly TransferWise) Company Information
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