Wise (formerly TransferWise)

Wise

 3.7/5 (724 ratings)
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About Wise

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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Wise (formerly TransferWise) Reviews

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Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: Jan. 19, 2023

I hired a lady in the Philippines to do some consulting work. When she was done with the drawings she sent me the invoice. I told her it cost $45 each time I wired money via BofA and if she could take the money another way. She said she could take Wise. I opened a Wise account and after wanting the front and back of my driver's license and a host of other information, they process my transfer of $250 (or so I thought).

Now today the transfer is on hold and they wanted me to take a picture of my driver's license front and back and also a selfie. I did all that and it was still on hold. I called their number and the guy I spoke with on the phone said they needed additional verification of me taking a selfie holding up my driver's license. I asked him what they are going to ask for next, a picture of my dog. Some state attorney general should investigate these fraudsters and put them out of business. A complete scam. I asked the idiot didn't he feel ashamed working for a company like that and he hung up on me. Avoid at all costs!

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Rated with 1 star
Verified Reviewer
Original review: Jan. 18, 2023

7 years being a Wise client. 7 years recommending Wise to everybody. Many many transfers from a few hundred $ to tens of thousands $, a Wise card for a few years too. Today, I closed my account. Wise decided to ruin our 50,000€ transfer. We followed the same instructions, as we always do, but this time Wise decided to block our transfer and ask for documents. We provided the documents, they asked for the same documents again and again. Their customer service is so incompetent that you are under the impression to speak with a very limited robot. They don't understand anything and they keep repeating the same stuff. They cannot understand that banks are providing monthly statements, so obviously a 3-days-old transaction doesn't show on the last statement.

Customer service on the phone is useless, they just agree with you and confirm that everything looks good, but they have no power to do anything. The employees in the back are unreachable. And then they suddenly decided to cancel the transfer without any explanation, our 50K€ that they are holding for a whole week isn't going anywhere. No one is able to explain why. So today I cut my Wise card and I swear to never use Wise again.

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    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 15, 2023

    Yes, I know you are regulated... Do not trust Wise and don't waste your time. Sooner or later your account will be deactivated. Why? Because a lot of your everyday activity do not meet their policy.

    - Buying alcohol with your grocery is against point 1.2.1.b
    - Buying Paracetamol from a Pharmacy is against 1.2.1.b (you cannot pay your prescription as well)
    - Buying cigarettes from a tobacco shop is against 1.2.1.c
    - You cannot pay your TV bill.
    - You cannot pay phone bill.
    - You cannot pay for Avon or Oriflame cosmetics (Multi-level marketing not accepted)
    - If you buy an airline ticket of any airline it is against their rules (most of the airlines are directly or indirectly linked to Cuba, most of the long-haul American and European airlines fly to Cuba)

    - If you pay for a hotel accommodation to a major Spanish or French hotel chain it is against the Cuba rule as well they have a lot of hotels in Cuba.

    My account has been blocked for checks for months, after a lot of documents the account has been deactivated. Eventually, after another three months the remaining balance was finally refunded. Well, a bit cheaper transfer and a bit better exchange rate doesn't worth all the trouble Wise will cause you.

    2 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 14, 2023

    After a few days of using the service, they deactivated my account without warning with 15,000 USD in the account. Appeals and refunds are promised within 30 business days. My money is now unknown how long it will hang on their account, draw your own conclusions.

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 6, 2023

    Avoid at all cost. They will close your account without reason and notice, then hold your money at ransom in the guise of performing a due diligence check. Wise closed an account I have with them for over 7 years, without explanation and notice. For the last month (over Christmas), they have also held my money ransom without consideration that I trusted them to keep my money with them. I have a family and I barely have anything to survive with because Wise chose to apply their wisdom in the manner they know how to. I would attach screenshots of their inconsiderate statements if this platform allowed me. IF YOU KNOW WHAT'S BEST FOR YOU, AVOID THEM!!! SAVE YOURSELF THE FUTURE HEADACHE AND AVOID THEM.

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 5, 2023

    IT'S UNWISE TO USE WISE: More than a review I'll provide facts: Oct. 6/2022: mail from wise: "Please upload a copy of a non-Cuba issued ID document to keep using your Wise account." Nov 11/2022: I was waiting for the visa so I sent it by email when I received it which was this day. Nov. 12/2022: Alessya answered me they had received my docs and she will send it to the proper team. Nov. 15/2022: I emailed Alessya for updates on my case. Nov. 23/2022: Since nobody replied I wrote again and asked for updates. Nov. 23/2022: Khairil ** replied back this time saying they needed a picture with me holding the document. Nov. 26/2022: Teodora asked me to also upload the picture of me holding the document to the app. Nov. 26/2022: wise confirmed my document (a visa).

    Nov. 28/2022: Vanessa wrote me saying my visa didn't work because only was for 6 months (AFTER it was already accepted). After it, she wrote back saying it was a confusion from her part. Nov. 28/2022: I wrote again because even after my doc was accepted the account was still saying it was on verification process. Nov. 28/2022: Vanessa wrote back again saying the un-suspend status takes time to remove. Nov. 29/2022: I write an email to support asking for how long will they take them to reopen my account.

    Nov. 30/2022: I write an email: "I'm still waiting for you to reopen my wise account and I still don't know how long this process could take". I also write a 2nd email asking for a phone number to call since the app didn't allowed me to contact from the message chat and since from email I have anyone who is that day working on support (instead of having a follow up only by one person who ensures the process has a happy ending).

    Dec. 1/2022: Julie writes apologizing for the problem I'm having and contacts to "the relevant team" (AGAIN) and provides me with a phone to call. Dec. 6/2022: I thought "the relevant team" would do something this time, but it seems that's not the case, so I contacted again, this time by phone. Guess what? They have a 20 minute waiting before someone picks up the phone, long story short, same answer: I'll contact "the relevant team and will get back to you".

    Dec. 9/2022: I called by phone again same story repeated. Dec. 16/2022: I called by phone again same story repeated. This time I wrote down the number of the person I spoke to (Marissa), so I can write this lovely review. She told me there's nothing I can do anymore, since I've provided all necessary documentation. I said to her that my patience is long time ago cero, but that I'd trust her for one last time.

    Dec. 29/2022: I open my wise app and realized they closed my account without previous notice after more than a month writing and calling support and a document already accepted. I called but it said they weren't working and then I wrote to support again by email and still no reply until today January 5, 2023. I think I don't need to provide any more evidence to show you that this is not a trusty platform, please avoid it: IT'S UNWISE TO USE WISE.

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer Verified Buyer
    Resolution response: Jan. 20, 2023

    My account was deactivated and held my amount of ₹284000/- on 30th Nov 2022 and suggested to appeal on their portal. At the time of appeal, they displayed the pop-up that they will revert within 20 working days, but they reverted my amount on 17th January 2023 approximately after 1 and a half months (35 working days).

    In the meantime, I tried to connect with the team by calling and sending mail almost every day, And the worst thing is that both the numbers were wrong and in the email, they works as "bot" like they always replied that "your account is under appeal and we do not know what will happen and when will you receive your amount". There was a time when they replied that "your processing time can be extended and will revert you within 60 working days".

    At that time I got freaking crazy and afraid that I had lost all my hard-earned saving amount. Because my life was on stack and I had to even take loans from the banks in order to control this critical financial situation.

    On 17th January 2023, they reverted the whole amount into my account, but they didn't even send an email or notification about this. So, I was aware on 20th January 2023 that I received the full amount in my bank.

    But still, It was the worst nightmare for me, and as a middle-class individual, it's been really hard to survive till today. So, I will not change my ratings. But I think that they will revert your blocked amount to you. That's the only thing I liked but still "I think".

    At last, I would like to suggest Wise Transfer to change its rules for reverting money. As they can take as much time as they want to review the account, but I would like to suggest that they revert the amount immediately and review the account patiently. I faced many financial issues that's why the ratings will remain the same.

    Original review: Jan. 5, 2023

    I would like to suggest ConsumerAffairs first to add minus rating for this kind of fraudulent companies. Which would be beneficial to the customer to save their money. Earlier on 29th of November 2022 my account was deactivated and my transfer amount of ₹284000/- was blocked. After that, I have appealed as per their procedure and in follow-up, they informed me they will get back to me within 20 working days, but the major issue starts now after approximately 26 working day I have followed them and they have directly extended the days from 20 working days to 60 working day. I really worked very hard in order to earn this much of money and all of a sudden this fraud company 'Wise (Transferwise)' hold my blood money. Due to which I had to withdraw loan from the bank and paying interest of more than 12%.

    So, I would like to say that there might be some way to stop this kind of unprofessional companies to hold their personal money. If they have to review the person's authentication, then they could do that by reverting customers amount within 2-10 working days and afterwards they can follow their standard protocols for the verification of person. And still they find auspicious than they can deactivate their account permanently. But never hold someone's hard-earned blood money for more than 10 working days. Hoping this could save someone's money. Be aware of this Wise company.

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 5, 2023

    Scam bank with absolutely Zero responsibility! Never use it! Three weeks ago they suddenly deactivated our corporate account that was used for years. The account had over $20 000 USD and they did not return it back. Absolutely clean account, used exclusively for our corporate transactions between clients and partners. For every single transaction, we have a payslips, invoices or contracts available from our partners and customers. Wise never asked for any documents regarding transactions - just suddenly deactivated the whole account and our business is now not operational.

    After sending an appeal we received an automatic answer that the account is closed and amount will be refunded within 2-5 business days. No explanation of the reason. It has been 3 weeks now, still no refund, no clear answer from their customer support. We requested bank statements and saw that they "emptied" our bank account and send our corporate funds to unknown to us account with the statement "manual adjustment by Wise". We can see, that they keep saying to most their victims they have internal reasons and investigations that lead to account closure that they cannot disclose. However, Wise did not ask any single financial documents from us to make any reasonable investigation.

    We have already filled a case against Wise with our lawyer and preparing the letter to Financial Ombudsman and Ministry of Economics for withdrawal their bank license. We have also submitted our supportive article about Wise to Harvard Business Review and Forbes Magazine. Both are pending right now, however it was supported by several professors from well known universities and there is a good chance that one of the articles will be published making this the beginning of the end of the Wise Scam Era. We do not wonder now why they have changed their name from Transferwise to Wise. The first and we hope the last Scam Bank ever!

    Those, that are victims of Wise Bank, just drop us a line to **, we will send you a link to sign a digital letter that was prepared by our lawyer for a Ombudsman. Let's unite and stop this illegal Transferwise business, before they scammed other people and businesses. It is an absolute shame how governments issue bank licenses to scammers.

    7 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 30, 2022

    BE WARNED!! This company will block your account without any reason. The will invent fake reasons for doing that. They will ask you for your private accounts and more without any justification. They will keep unnecessary documents which they obtained by stealth, in breach of the GDPR regulation. They will lie straight into your face even if you confront them with the evidence. This is a very, very shady, dodgy company. Avoid this company!

    6 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 21, 2022

    It is not often I experience such obtuse behaviour. It is like they look at my comments, rationalize them, think "He didn't really mean that, he must mean this instead". Then they reply to my email with a response that has nothing to do with my last email. They have rules and terms of service but they have nothing to do with the way they respond. They still have a transfer of mine and rather than return it, since the transfer was never completed for reasons they have never disclosed, they demand more paperwork from me to prove who I am. WTF business is it of theirs? If I did not have the account, how could I possibly use it to send them money from it? Now I have to prove who I am before they send it back?

    10 people found this review helpful
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    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.

    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.

    Wise (formerly TransferWise) Company Information

    Company Name:
    Wise
    Year Founded:
    2011
    Website:
    wise.com