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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From reviews I understood that this is a service mainly for smaller amounts (up to 7.000 euros). I wanted to give it a try for a larger sum. I started the transfer for € 15.000 from The Netherlands to Thailand. A rate was quoted right away, as was the expected time of arrival of the money in Thailand. It took 4 days, but with a fixed rate that is no problem. The money arrived on the arranged date and time and the rate was better than the best cash exchange facility would give. No more carrying cash around for me anymore, the way I used to transfer for the best rate.
I have carried out 18 transfers with this company now and I am very pleased with every single transaction. Their rates are very fair and I did a trail send with Transferwise and also XE. Transferwise had my funds from the United States in my Lloyd's account the same day. XE transfer was 6 days. If you want your funds sent securely and quick you won't get better.
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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.
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!
I have just encountered a similar experience with the writers above. I intended to make two small bank transfers (100 euros each) to two separate European accounts from Singapore. The money first had to travel from my bank account in Singapore to TransferWise's central account in Belgium before it could get distributed to the two European accounts mentioned. I kept looking at the app and there was no movement, the ETA of funds kept getting pushed back day after day.
In the meantime, my monies had already left my bank account. After three days, I got frustrated and cancelled the transactions. I decided to pay by credit card instead (with heftier fees, also by TransferWise). That went smoothly. BUT I only got one transfer refunded. The other one is lost and until now it's untraceable. It's almost a month. Looking through the app, there is extremely poor record of transaction activities, and there is bound to be a lot of confusion with the proliferation of serial numbers: in the end, the serial number I got is not the serial number as shown on the app. It's a mess. I hope it's just teething problems. But haven't they been around a few years already?
Since mid-July early August 2020, their service seems to be very bad and their customer service is completely useless. Before finalizing the transfer, they show you a date and you pay your money. Once they have your money, they block it and they go "we are checking, we need 1-2 days" and this could go for a week and sometimes more. You cannot cancel, you cannot talk to the Check Team. You cannot have your money back. From reading the reviews, it seems a very common case in the recent months regardless of how old your account is.
Recently had the misfortune to use this TransferWise service. They promised faithfully to send the full sum.. Basically they lie, they lazy and used a very expensive intermediary to send. My friend sent me 173$.. I got 108.. 70$ in fess deducted. I suggest use MoneyGram as they more reliable and instant.. Will never agree to send this way again. Permanent.
Registered on this server to transfer money. Transferred money within a week to the recipient and also to his own account. After that, I could not enter my account, wrote to my e-mail and I was told that my account was blocked, I need to go through verification, I sent all the necessary photos, after 10 days of waiting I was informed that my account was blocked for 60 days!
I wrote to them for a month with a request to unblock, they said to contact them after 60 days. Recently 60 days have passed since the blocking. I wrote to them and received a response so that I could send them the requisites for withdrawal, I sent the requisites and for two whole weeks they have not sent me money, they rarely respond to e-mail, you will be lucky if they answer at least once every two days. I have to write to them every day and wait for an answer for 3-5 days, after which everything will wait so much again!
They took 2400 pounds from me and have not sent my money back for 70 days, they just took my money and took it! I am extremely dissatisfied with this service and there are doubts that they simply deceived me with my money and will never return it. Dear Transferwise, if you are reading this review, please reply to my mail! I have been waiting for an answer for a week and you just do not answer me, I cannot contact you! Wouldn't recommend this service to anyone!
I have been trying to transfer my funds from Japan to the US for the past 2 months with TransferWise. Due to a documentation error, my money has been taken by TransferWise and they were unable to remit my money to my US bank account. I have followed directions to request a refund via my bank, but TransferWise has denied the refund. I have yet to get a response back from their support team regarding this refund. They have been accusative throughout the entire process and extremely unhelpful. I cannot recommend this service to anyone.
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
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