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.
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TransferWise Reviews
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I am surprised at the negative reviews of TransferWise. On the contrary, I found TransferWise quite reliable, fast service to transfer more than $100 K to India. I saved more than $4 grand when compared to banks. The only rate limiting step is verification which would be faster if you submit passport pages rather than driver license. Customer support is top notch and quite the industry standard. Overall, I am a highly satisfied customer and would strongly recommend it.
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.
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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.
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.
UPDATED 3/26/2021: My account with TransferWise was "deactivated" after I had sent money through them. After I made the latest transfer attempt, the recipient kept asking for the funds and I was unable to get an answer from TransferWise to my inquiries. Recently my TransferWise was "deactivated", as they call it, without giving any notice or reason. There was no contact information except email to "appeal", as if you are a criminal convicted of a crime. I am not able to get any answer or find out what is going on with TransferWise. I am trying to give warning about this company that you are liable to lose any money that you try to send through them. Thanks and good luck to those who have already lost their funds through them.
ORIGINAL REVIEW: Too many problems to list here! TransferWise is hiding being the facade of name change: "Changed the name to Wise. Nothing else has changed". Oh really! Couldn't come up with anything better as an excuse for shutting down accounts. TransferWise has all the classic signs of early stage of disappearing from existence. Possibly with the owner{s} disappearing into some East European country with all the money. Owners seem to be originally East European. I am staying away from TransferWise as my account has been "deactivated' and I can't login. I am afraid that this looks very much like a Ponzi Scheme. All signs are telling me that it is all done and over with and I have no confidence that TransferWise is a legit company.
WOAH! They have the worst service ever. I work for a company that uses TW - I recently changed numbers and despite emailing in my picture with ID, emailing from the company email itself, they have not changed my number. I have the login details (password and email), just need to change the number in order to get the confirmation text. I have been emailing for weeks now, I have been asked to send ID and picture several times which I did but it seems as if each time I email customer service it is another person behind the email that does not even read my emails or my concerns. Then they asked for proof of address with my name (I work for the company and obviously I do not have access to the physical address as it is not my company!!). Can't reach them via phone and we are unable to pay people right now. As a company, we will be switching over to Borderless soon and escalating this matter to an ombudsman. Disgraceful service.
This guy will lock you out of your account no matter what your balance is without any reason. They also did lock my balance in it and it took them ages to sent it back after I emailed them a couple of times.
Sent money through the organization and my account was shut down in the midst of an ongoing transaction. No reason was adduced and the end user is devastated. I need a refund of my money immediately. Please assist.
Be careful with this company. After you get some decent money they will close your account for no reason and they don't even notify you that your account is closed. You will only know it when you try to log in. I made an appeal and they replied me with this? Now I am broke since my 4k+ USD is being held by them. I have to pay my business partners with my pocket money. This is very unprofessional!
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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