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TransferWise

TransferWise
Overall Satisfaction Rating 1.44/5
  • 5 stars
    13
  • 4 stars
    0
  • 3 stars
    2
  • 2 stars
    5
  • 1 stars
    114
Based on 134 ratings submitted in the last year
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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.

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        TransferWise Reviews

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        Page 1 Reviews 1 - 10
        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!

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        14 people found this review helpful
        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. **

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        20 people found this review helpful

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          Rated with 5 stars
          Verified Reviewer
          Original review: June 21, 2019

          Was a bit concerned about the negative review's as of late. Had to make a big transfer to New Zealand for a piece of property. I was a little worried but I had used them three times in the past with great results, so decided to forgo the bad reviews and give it a shot. After I wired them the funds from my bank, it took less than 24 hours for our money to be sitting in our bank account in NZ. So all I can say is they had the best exchange rate, the lowest cost, and they were fast. I will definitely stick with TransferWise in the future. A satisfied customer.

          3 people found this review helpful
          Rated with 5 stars
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          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).

          2 people found this review helpful
          Rated with 5 stars
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          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!

          38 people found this review helpful
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          Rated with 1 star
          Verified Reviewer
          Original review: Feb. 22, 2020

          My husband and I have had Transferwise accounts since they first started. We were wary of them at first but until last year we never had a problem. We were able to transfer money to buy cars and an apartment and pay for our expenses on overseas houses. Then last year both of our accounts were suspended just before we were to go on holiday. We had put money on the Transferwise debit card and were expecting to use that money. No explanations, even after ringing them and sending them emails. We kept at it...it took us an entire day of cajoling them, sending them mountains of photos of us with our identity...etc. They finally allowed us to use one of the debit cards but the other was locked. Our money felt like it was held hostage. And they treated us like this after we had been good customers since their inception!

          I tried other options but was used to Transferwise so I went back to them. Once again I'm having problems. They will only allow me one transfer per day of £5000 to my account in an overseas bank. They can't figure out why that is. It takes them an extremely long time to sort out their issues. I am now afraid to do any large transfers because they could just take my money, without a reason (they say it's lawful) and I can be without the money for an extended period of time. It's OK for small transfers still but beware doing larger ones!

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          Rated with 1 star
          Verified Reviewer Verified Buyer
          Original review: Feb. 15, 2020

          Horrible experience. They lost over 5 000$ of my money, and for 2 month give me nothing but come-offs and "wait more's". Then they have crossed the line between mega-incompetence and outright theft. Stole over 400 Israeli Shekels of my money (~100USD). Supposedly I should be happy they "found" the rest. And - brilliant part - they suggested I keep more money with them and try to win back on currency fluctuations what they stole from me. ))))) I mean it, they stole money. I have all the proof and filed the complaint with UK financial ombudsman and FCA. NEVER TRUST THEM WITH A SINGLE DIME. This company has no right to exist, period.

          8 people found this review helpful
          Rated with 1 star
          profile pic of the author
          Verified Reviewer
          Original review: Feb. 12, 2020

          Hello, It is been 3 days past. I have made a transaction through Transferwise and they have just deactivated my account without intimation (not even a mail) and holding my money. I have contacted their customer support team for more than 5 times and sent a couple of mails. None of my queries has answered. Upon having a discussion with the customer support team, they have no reason for deactivating my account and no answer to my questions for holding the amount. I request everyone who is using Transferwise to make sure that your account will not deactivate after sending money, don't let these people hold your money for no reason. I have no idea when I will receive my money back.

          8 people found this review helpful
          Rated with 1 star
          Verified Reviewer
          Original review: Feb. 12, 2020

          TransferWise been very disappointing service where we tried to send our money to our employee services in other country by trying WIRE TRANSFER/ACH DEBIT. They hold us back 2 weeks even after account been verified. Once the transfer started they deactivated the account and the amount we lost of $5600 after 3 working days too. We haven't received the money back to our account. It's a fraud application. Please don't risk your money in this application.

          8 people found this review helpful
          Rated with 1 star
          profile pic of the author
          Verified Reviewer
          Original review: Feb. 12, 2020

          I have been a loyal BUSINESS TransferWise customer for 2 years, sending 100s of thousands FX transfers annually and was mostly happy with their service until the serious billing mistake happened on their end few days ago, and resulted a loss of $1,429.67 USD. TransferWise representatives claim that my bank issues a chargeback dispute of $1,429.67 USD and have limited my access and arrested this amount from my balance until I send them a wire transfer. They said: "We had to reserve 1,315.45 EUR (equivalent to 1,429.67 USD) to cover the loss we've encountered."

          I've contacted my bank (TD Bank), they have processed an internal investigation and learned that the transaction was never disputed. There was also no refunds/credits to our account. I passed this information, along with the documented proof from my bank that dispute wasn't made, they are still insisting it was done and not providing any documentation / proof of a chargeback from TD Bank and not refunding my funds. With this situation they now owe me 1,315.45 EUR (equivalent to 1,429.67 USD) and they are not admitting it and NOT providing any proof documentation, just holding funds and demanding a repayment. Until today I've been actively recommending the service to several of my friends entrepreneurs and business owners, this story will be a warning for them!

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          5 people found this review helpful

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            TransferWise expert 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.

            • Best for: businesses with employees around the world who don’t want to pay high exchange rates.

            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

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