Wise (formerly TransferWise)

Wise

 1.5/5 (117 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: June 16, 2022

My business account has been blocked in April, they didn't even call me, just an email ended up in the junk folder asking for some details. After some time I contacted them to understand what was going on. I realized they asked me some questions. I provided the answers but several weeks later my account is still blocked and I get no answer to my emails. I won't trust this people with my money anymore.

Be the first one to find this review helpful
Rated with 2 stars
Verified Reviewer
Original review: June 10, 2022

Having been with Wise (formerly Transferwise) for over a year or so, I was pleased with their flexibility as far as money transfers were concerned. Although, as previously stated by other account holders, the 'clunkiness' of their communication system generally left a lot to be desired. This was particularly relevant when I had my account hacked twice within a period of three months (December 2021 - March 2022), which for me was a stressful and worrying experience. The explanation from Wise was that somehow somebody had hacked their official phone line and were hence ringing customers purporting to be Wise representatives. So, this happening once was bad enough, but to happen twice and understand that their telephone system was still susceptible to hacking, was too much for me.

On both occasions, my money was refunded, however, it still left me feeling vulnerable and the resolution of the second hacking experience took considerably longer and I personally felt that I was on 'trial' for this crime and was made to almost justify my actions in being 'conned', almost on their behalf. The moral of my story is - immediate goodbye to Wise, or in other words being wise after the event!!

2 people found this review helpful

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    Rated with 1 star
    Verified Reviewer Verified Buyer
    Original review: June 9, 2022

    I initiated my transfer 4 days back. They are still doing background check, especially their Indian partner banks are worst and not responding timely for verification of an Indian account. They have taken money from my Indian ICICI account but yet not replied why they haven't yet been able to transfer to Canadian account. I also called on their UK customer support and had a talk with Mr. **.. He also assured that all my verification process is complete. But still there is delay due to partner bank which is ridiculous.

    Kind Regards,
    Tejal **

    India.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: June 7, 2022

    Wise.com's Mishandling of my US$2000 Transfer from Paypal. I would like to report Wise.com's weird payment behavior to you as follows: My name is Minghua ** from Hangzhou, China. I have been Wise.com's client since April this year. Wise.com, formerly Transferwise.com is a payment service registered in the UK and I have conducted some investigations before becoming its client.

    On May 20 I have withdrawn US$1965 (after deducting US$35 of transaction fee) from Paypal to deposit it to my USD account of Evolve Bank & Trust opened through and trusted at Wise.com. However, a week was gone, my money has still not shown on my Evolve Bank & Trust account at Wise.com. Therefore I have contacted all parties involved in the transaction, incl. Paypal - the Payer, the Evolve Bank & Trust, the bank where my account is actually opened and Wise.com, the payment solution provider that has provided me that account during my registration.

    Paypal replied on May 29 that they have made the payment successfully and considered the case as settled. To Evolve Bank & Trust I have submitted my question via their online form and they replied on June 1 & 2. Basically they said that they are partner bank of Wise.com but they do not have access to my account, albeit under their bank name. As such they suggested me to contact Paypal and Wise.com to find out the reasons, which I have done already, but with no results.

    As far as Wise.com is concerned I have talked to its Help Center people a couple of times since May 25 via their Help Center, in chat, per site document uploading or through online email submittals. While per chatting on May 25 & 26, I was informed that no incoming funds transfer were detected in my account, my emails and document submittals got no feedback of whatsoever, till this moment when I am writing this email. Therefore I have conducted some researches of other ways of finding a solution, and finally I found their customer complaints email address at customercomplaints@wise.com and wrote an email to them on June 1.

    This mail did got the replies a couple of hours later, see the email exchange between me and Wise.com's customercomplaints@wise.com. What they said is basically that the transfer of my money from Paypal was completed and the money is at their hand, but they have never informed me of anything since the money has reached them. They said they need some extra checks, but the mechanism of the so-called "extra checks" was never implemented, even since its customercomplaints@wise.com has promised to enable the mechanism on June 1/2 as stated in their mail. And since then, I have repeatedly ask them to move ahead with their so-called checks, however, all my requests were simply ignored and hence I have never heard from them since June 2. I can find no way to trigger the extra check mechanism as they told me.

    I don't know what they are doing or want to do against my money, which I earned back 5 years ago with my translation services for a US company called Morningstar. And now my US$ 1965 from Paypal is still at Wise.com's disposal, and my account does not show any evidence of the transfer as indicated by the account statement on June 6. I have no way to get an answer from them, as all my emails get no answers, and their Help Center seems not operational as well.

    Apart from the email entry, the chat and telephone functions are all grayed out, there is no way to contact them physically. But emails won't get answered at all. Therefore I have now no way to get any replies from Wise.com. They simply seem to have disappeared from the world. Then what they want to do with my US$1965? Do they want to retain my money forever as their own? Can anyone else do such thing as Wise.com is doing against people like me?

    My money was legally earned through my expertise service. I am a linguist cum IT engineer with IC design and web/mobile development as my key expertise right now. I have discontinued with my language services a couple of years ago for various reasons, although I am proficient in English, German and French since the early 1980's. I am not a rich person, just on contrast, I am very poor, because I am not earning money through illegal ways. Therefore US$ 2000 is a big money to me. If someone steals that amount of money from me, that equals the killing of mine.

    I don't think anyone in the world can keep my money without my agreement for any reason. I consider this act of Wise.com a crime, and therefore I want to seek justice with relevant financial and government authorities in the countries involved with this case. I hope God and justice will finally prevail and evil-doer like Wise.com will get severely punished. How severe they shall be punished, we shall work out a scheme together.

    Anyway, my money must be recovered and returned to me as soon as possible, in one way or other, and any losses - direct or indirect - I may suffer from Wise.com mishandling shall be compensated as soon as possible, without delay. Otherwise the world's financial system will tumble. In fact, ever since the transfer, their wicked way of business has already made my life miserable and terrible. I cannot rest well, worried days and nights, and caused many troubles to my normal life. Their misconduct has destroyed my normal life, some of my plans and also makes me worry about my later life, for I am a man near retirement age and have no steady income. My business has yielded no income for me, although I have been trying my hardest over the last decades. Now my only option is to seek help from the financial industry and regulatory authority.

    5 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: June 6, 2022

    Wise. I've waited many days and you don't give me a solution, you are harming my household economy, you have had me for several days and you don't give me an answer if you are going to return my $12,000 because I need it. Until when do I have to wait Wise. I can't be calm.

    5 people found this review helpful
    Rated with 1 star
    profile pic of the author
    Verified Reviewer
    Original review: June 3, 2022

    They closed my business account for no reason, I live and operate in EU and they closed and said, "We are not here to provide reasons, we just close your business with no warning upfront to withdraw your client's money!" Maybe because of a grant we won from a startup accelerator! So Wise doesn't work with EU startups anymore? Transfer paused (#**).

    2 people found this review helpful
    Rated with 1 star
    profile pic of the author
    Verified Reviewer
    Original review: June 1, 2022

    Wise (TranferWise) are offering a referral program. They are not paying once they get a referral from you but only after 3 referrals are actually making transfers. During the last several years I have referred about 40-50 customers to Wise. I did get my referral fee for those referrals who started making transfers. At this time point, I have about 30 referrals who opened a bank account and still did not make any transfers. Recently, I have received a payment for my US real estate investing activity. Wise rejected receipt of the amount into my bank account. They asked for supporting documents, which I have provided. Wise suddenly surprised me with a vague message saying I no longer fit their "risk policy profile".

    Honestly, this is not really big deal for me because Wise is unreliable and I easily got my funds through another bank account service provider. The issue is that Wise had closed my personal account which caused me to lose all my referrals. They refused to compensate me for this damage and also refused to reimburse me with my costs to open the account with them. They stated all of this is because "I have utilized my account with them." It feels Wise is allowing themselves to act as they wish without any respect to damages caused on my end due to their internal policies. I wonder what is the best way to make them meet the consequences of their behavior? I see that Wise is a UK company. Appreciate your help to get them pay for how they treated me. Thank you!

    5 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: June 1, 2022

    Wise is involded in the practice of holding customers' and clients' funds for 3-6 months after closing the account while collecting interest on these balances. On numerous occasions they will claim the funds are being sent back and that there is nothing they can do to expedite the process. The fact of the matter is Wise knows exactly where "your funds" are and are holding them in an interest bearing account collecting interest on hundreds of thousands of clients' and customers' funds. When they finally decide the make a valid attempt at returning your funds it likely been right before they legally need to provide availability of these funds or return the money and close the account. Stay away as this company is extremely shady, and uses manipulative tactics to get new users' funds into their interest bearing accounts.

    6 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: May 26, 2022

    Transferwise take your money, then say they don't have sufficient documents to complete the transfer and that the transfer will be delayed. This is unethical. They should confirm that they have sufficient KYC before allowing you to make a transfer and debiting your credit card.

    9 people found this review helpful
    Rated with 1 star
    Verified Reviewer Verified Buyer
    Original review: May 23, 2022

    Do not fall for the cheap rate marketing gimmick. Absolutely pathetic customer service. Took our money over a week ago and asked for more documents for verification. Provided all documents and since then, no response. The online chat is worthless and has the same recorded message that our team is looking into it and may take 5-10 working days. That time has already come and gone. A huge mistake was made by our business to go with them.

    11 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