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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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!
After reading all the negative reviews I still have TransferWise a try. First set up my home Acc in the US and verified my account link. Next I set up an EU account and sent funds from my Spain Acc to TW, no problem. Then sent USD to TW, all good. Set up and moved funds from TW US and EU Acc to an INR Acc, simple. Wired funds to a business in India from TW INR, arrived in seconds! Finally wired funds from TW USD to India bank in INR, again arrived in seconds. The user interface is very simple but you must know what fields are required. Moving funds around is so quick and simple that’s a little scary. I would suggest starting with small amounts and verifying that transfers are going through before moving larger amounts of money.
I spent 5 years working in the US and had to transfer my savings back to my bank account in Germany. It was quite a large sum, so the exchange rate would really make a difference. I compared what my bank offered as the final sum in Euros after the transfer with what Transferwise offered and realized that Transferwise would offer me about 1000 Euros more.
I was a bit worried as I was basically transferring my entire savings but everything worked out really well. I had to transfer the money to an American bank account first and Transferwise did the transfer for me to Europe. I received automatic emails at every step of the way which felt very reassuring. I started the wire on Friday and the money was in my German bank account on Tuesday. Very painless. I have saved about 1000 Dollars and would recommend this service to everybody.
I used TransferWise for the first time after reading an article on it online in BBC just 3 days ago. I had some money left (just 275 pounds) in my account in the UK that has been sitting there and I wanted to transfer it to my bank account in Malaysia. TransferWise charged about 3 pounds and gave me the actual exchange rate at the day, so it seemed as the perfect solution for this small transfer. I wired the money from my UK account to TransferWise, and my account reflected that immediately that they've received the money. My account also said that they should pay out to my Malaysian bank account in 23 hours.
In the meantime I decided to google about it more (I know foolish to do the research part after paying the money), and there was a lot of articles and hype about TransferWise. Except the reviews in ConsumerAffairs that seem to only have all the bad experiences that happened. After reading these reviews, I got anxious and I wasn't sure if I would see my money the next day.
Next day, I did receive an email notification that they already paid out the money, but I couldn't see it reflected yet in my Malaysian bank account. Then after checking the details of the transfer, it still added that it might take another 6 hours for it to arrive my account "because banks are slow". I checked again after 6 hours and still nothing arrived. I thought I'd give them an extra day and check with them the day after if nothing has arrived but before I went to sleep I checked my account and it already arrived the same amount that was listed. So, it took 36 hours for the money to actually reach my account. Their online dashboard actually still shows the transaction as in progress and it lists that I am supposed to receive it today.
So, in conclusion I had a great first experience with TransferWise. Will I do it again? Not so sure. I've read a lot of reviews here and other places and the experiences are mixed. Some have great first experiences but then get some problems in later transfers. I think it depends on the amount and if all other options are very expensive.
I've used TW twice now and I've just loved it. First time I tried TW, I was apprehensive. When I created the first transfer to Thailand, I didn't get any confirmation so I was concerned. I called TW and spoke with a person who assured me that the transfer was initiated. On the exact date (a couple of days later) I got email confirmation that the money was deposited in the recipient account. Great! I tried again a few days ago and immediately after initiating the transaction I got an email confirmation that the money went into TW's account. Next, I got an email saying the money was sent. Today (2 days later) I got confirmation from my relative that the money showed up in their account. Just fabulous. I've been using Paypal for a few years but just realized Paypal's exchange rate is not at all good -- particularly compared with TW. And the fee is higher with Paypal. I won't go back to Paypal again; it's TW for me now every time.
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I called in because the email I received stated I would have my money and my bank showed nothing even pending. The woman I spoke to on the phone flatly refused to help me as I was "only" the recipient (AKA the person they OWE THE MONEY TO) and therefore wouldn't give me information. Will never use or recommend. This company is slow, customer service sucks, and their exchange fee is awful.
I'm highly disappointed. I sent money to my friend's bank account through TransferWise but they didn't send it for days. After a few days, they deactivated my account. I sent an appeal to the appeals team but they have refused to respond. Yet they haven't sent the money back to the funding source, meanwhile it should take 2-3 days as stated on one of TransferWise help pages.
It's my first time using TransferWise and it's already past 3 days. I have yet to receive the money sent to my account. 1-2 business days is false advertising. Constantly checked with them if they can help me with my transaction but they just gave me the same BS of 1-2 days. Good luck in getting your money on time.
TransferWise holding back my money (few thousand pound) for a week as they have verification problem, but they did not inform us about it right away while we proceeded the transfer. They accepted the money and keeping it for a week without paying it out for the beneficiary or paying it back. The phone customer service not helpful and for to get an answer takes days via mail. They are using my money illegally.
The transaction they said would only take 1 day ended up taking longer than a week. And I am not even sure if they are gonna complete it all. Till they take your money they treat you like king. After they take your money from your bank they started treating you very bad. Since they have your money, you can't do anything. Unlike Western Union where there are offices and customer services where you can talk, these Transferwise guys don't have any office in Canada so customer service is very limited. You risk losing your money or having your transaction delayed extremely wrong. I am saying this from my heart. I know it's cheaper than others but Service is terrible. Please use something else like western union, or Moneygram instead of this. At least you pay little bit more but your money is in secure hands. Don't use TRANSFERWISE!!!! AT ALL!
The future of banking and transfers! Quality service with speedy and safe delivery of funds. Really good customer service who reply fast. transferwise.com/u/christopherd59 - here is my link to register with, it will give a large discount on your first transfer. It's better to join with one of these to save even more. I used a friend's when I first joined and was able to get the transfer for almost free.
Bad experience. Money sent with my bank. Proof also stated not received by TransferWise. They give you a hard time and you are the desperate ones as your money is already sent. They sound dead and calm as not their affair. Money’s yours not theirs. They give empty promises like will definitely settle today. But didn’t. Other attempts the senior won’t even commit on the number of days they need. I see it as a revenge since your money with us and you are complaining. Very very stuck up customer service. I promised myself will not because of their cheap rate and need to go through hell with them again. I transferred like 10 to 20 times a day in some months so really not worth the stress.
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.
I was cornered into using TransferWise as a product tester for PPOC club. It takes 3 times as long to get money back. It will show the money has been paid on PPOC website but transfer didn't happen till 3 or five days later. Maybe this is a great service for someone transferring funds overseas but I am not transferring money across seas. This is money being paid back to me that came from my pick. AND IT IS NOT ACCEPTABLE FOR THEM TO WANT MY BANK ACCOUNT INFO EVERY TIME I get money to me nor my physical address which is not my mailing address. I rather go back to PayPal. I don't mind being paid less through PayPal. At least they were time efficient for the fees.
Can’t fault it to be honest, a positive experience. I’ve used it a few times to move money and it’s been done fast and securely. Saved an awful lot I would have otherwise lost to currency exchange fees and poor conversion rates which banks use. Saving money is earning money! The app is brilliant and the customer service team are great too. They replied quickly and helpfully when I sent them a question. I was also able to use a friend's invite link to join so my first £500 was free so that's a nice bonus. If you’re going to join, feel free to use mine and you'll get your first £500 transfer (or equivalent) for free too. ** (just take out the * before using the link).
I own a Canadian company that used TransferWise to transfer funds between our CAD and USD. Things started off great with them - good fees and quick transfer times (usually next day). But after a few months they started holding our funds for up to 10 days without notice or any justification. Each time it happened they claimed it was a "mistake" and it wouldn't happen again. On multiple occasions when these issues came up they failed to meet their promises to get back to me, even ignoring my emails entirely. I absolutely cannot recommend doing business with TransferWise. We'll be switching from them as soon as they decide to release the funds from our current transfer.
I must say TransferWise just bought revolution in the international money transfer area. Banks use to charge massive fees for transfer but TransferWise is reasonable and super fast. I send money often to India from Netherlands and I receive money in few minutes, in my Indian account. I would highly recommend them. You can also use following link for first free transfer. https://transferwise.com/a/gajanank.
Hi, I set up a transfer from US to Germany on May 24th. It took some time to link with my US account with small trial deposit. Once that was completed, they withdrew the money from my account on May 31 and I received an email confirming that they have received the money and now trying to send it to the destination bank. On June 3rd they deactivated my account without any reason and no further email or any other communication received from them.
I send an email to them regarding this deactivation and next day on June 4th, I received a reply back that they need some documents from me. I promptly send the documents back and send few more in case they need other document to verify other things about me. I sent driver's license, utility bill and passport details. But the email on June 4th was the last email I have received. I have send them 4-5 emails since then but I have not got any reply whatsoever. You don't know how and when they will refund your money, though they say it will be in 2-3 days but even after 8 days there is not even a reply and I am still waiting for my money back. This is very horrifying experience with this company.
I have a web design business and set up a business account and a personal account. I have received payments for months on both accounts and now this evening I try use my card and it says "account deactivated". No email, no reason, no nothing, I have money currently in the account and money expected to be transferred in the morning. This is horrendous business and would not recommend at all to anyone.
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 have used this service many times to transfer money from UK and it works well and was quick and efficient. Also got my first transfer free using my friend's link.
If you are going to join, please feel free to use my link and you will get your first £500 (or equivalent) transfer for free too. transferwise.com/u/renjithn
I have been using TransferWise for about a year. Initially I was very pleased with the service. However, I then needed to make a large payment to a travel agent in South Africa so I converted a large sum to ZAR. I received an error message that TransferWise was unable to make a payment to this recipient (despite the fact that I had made a payment to the same recipient a few months earlier). I called customer service, spoke to two agents - they were unable to tell me why the recipient was blocked. I was therefore forced to reconvert the ZAR back to GBP to pay the recipient's GBP account based on their own conversion of the ZAR bill to GBP. When I wrote to customer service to complain and to ask for recovery of losses suffered, they admitted that the problem came from a technical problem and human error on their end but would not reimburse me for any direct losses suffered.
They wrote "TransferWise does not guarantee the ability to transfer to a particular recipient/currency at any point". Therefore as a consumer, you may find yourself with a large amount of a currency and unable to do what you need with it!! I believe they are therefore misleading consumers into using their services and paying them conversion and transfer fees and justify this with the small print in their contract...
My account has been 'deactivated' with no reason, no prior notice and they still have my money. Now playing email hell to try to get some answers and my money. Can't login, so don't have access to my money!!! What the hey!!??
I've paid them 1000 Euro to transfer them to my local bank. Money appeared on their site. And they promised to transfer money in 3 days. But after all they did not and did not refund my money. Be careful. They are scammers.
I transferred money to a shop but they didn't send me the product that I bought. In such cases PayPal has a "refund functionality". But in TransferWise I am missing this kind of possibility/function now. There is no chance to get money back. I am disappointed. I am sitting in Europe and the seller is in Asia. What can I do? Nothing than to kick myself in the head.
I have sent all requested documents and info and got my account verified. After that I got two payments for legally and hardworking earned money from well-known company that have impeccable reputation. TransferWise simply deactivated my account without any warning, question or explanation and stolen 680$ that I had on my account. I literary did nothing illegal, nothing wrong or against their T&C or anything that could have resulted in account deactivation. I emailed support believing that it was due to some mistake. Support replied that they do not have information why my account is deactivated, gave me the list of general reasons for accounts deactivation (none of them applicable in my case) and that I should contact Appeals department which I did. Appeals department replied that decision is final and my account is permanently deactivated.
After few more exchanged emails I still did not receive answer why they deactivated my account. Both Support and Appeals department confirmed that my remaining balance at TransferWise will be refunded to my personal account in my home country but it is not refunded yet and it is 2 weeks since they should have issued refund. I have contacted both Support and Appeals department last week to check when they will issue refund but both departments are not replying on my emails any longer. I just spoke with my lawyer, we will be reporting TransferWise to UK Financial Conduct Authority, to the Information Commissioner's Office in UK (as I am denied access to my personal data on my TransferWise profile, etc.) and other relevant EU’s authorities. Also, anyone who have similar problem and who is interested into joint lawsuit against TransferWise please feel to contact me at **.
These scammers literally shut down my account and took all my earnings overnight and without any prior notice. It is the most horrendous experience of my life, they robbed my money in broad daylight. Please don't gamble away with your money and hand it to these crooks.
First off I don't even know this company and use Paypal only to send money. I woke up and see that someone has gotten my account info and used it and got charged $300 dollars. So I called them and they gonna tell me to send them my bank statement and make sure I have my account number and routing number on it. Big red flag because if you took money out you should see that. His explanation was he doesn't see it yet cause it's pending in my account. Refused to give me any more info unless I emailed him my bank info. So I looked them up and read reviews and find out people in the UK use them only.
Did two transfers and things were okay. On my third transfer they did not guarantee the rate but did not tell me about it. They set up a low rate like my bank but with the extended wait time...might as well do it with my bank. Upon contacting customer service I was told they offered the best rate they could offer because they had paid the Google rate twice already...scam!
I live in Canada and often times I purchase online from the US. To save some $ on conversion fees I figured I sign up for TransferWise. Big mistake... What should have been a breeze of a transaction turned out to be a major drag lasting 3 days. TransferWise does not state anywhere that in order to use PayPal with their services, you need a form to be sent to PayPal that PayPal may or may not take into consideration. In their instructions they just simply omit this and say they can transfer money to PayPal and back. So I paid TransferWise a fee to transfer money from my Canadian account, convert my CAD to USD so I could save some money on US purchase, and now I paid again to convert it back to CAD so I can pay again to transfer it back to my Canadian account. Beautifully worked out...
I called them to resolve the issue of declined transfer while the money is on the account, and they offered no solution other than the stupid form that may or may not work. So now I have to wait until I got my money back from them (cut short), I have -$600 PayPal outstanding balance, and a product arriving today that I haven't actually paid for. I really wish there was a fast and easy way of suing companies and get money from them quick. I have learned the hard way, you don't have to. Read other reviews here!
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.
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