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TransferWise
TransferWise
Overall Satisfaction Rating
1.51/5
  • 5 stars
    6
  • 4 stars
    1
  • 3 stars
    1
  • 2 stars
    1
  • 1 stars
    39
Based on 48 ratings submitted in the last year
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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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333 TransferWise Consumer Reviews and Complaints

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Rated with 1 star
Verified Reviewer
Original review: Nov. 19, 2018

Last week I made two transfers to TransferWise, these were to their borderless account service. This was a to a friends TransferWise Account. The transfers were going through review when it was decided to cancel the transfer and return the funds. The funds are still missing and every communication with the support team is not getting any results. Today we find my friend's account is deactivated leaving us with no way to trace the money. I would avoid this service if you can.

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Rated with 1 star
Verified Reviewer
Original review: Nov. 18, 2018

I am Kim, I made a transfer using TransferWise platform, my recipient was due to receive the money on tomorrow. I tried logging in to check the status only to find out my account was deactivated. Please what will happen to my money now? I need an answer please. This is a very poor service.

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Rated with 1 star
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Verified Reviewer
Original review: Nov. 15, 2018

They deactivated my account - no explanation - I had £700 due to be transferred. The person I spoke to told me he can't tell me why my account was deactivated because he doesn't have that information but that it 'happens from time to time' - he told me he doesn't know anything about my £700 and wasn't remotely helpful only telling me I'd have to 'email them about that'. I have emailed - to multiple email addresses for them - no reply - I suspect I'm going to have to take them to court if I want my money because they seem totally unconcerned that they have my money. Don't trust these people - there's plenty other money transfer apps. Don't risk it with these people. I've since read from other people of similar experiences.

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Rated with 1 star
Verified Reviewer
Original review: Nov. 12, 2018

Hi. I am not able to understand this company. They asked me for documents to proof I am a genuine company, I provided all kind of proof, including screenshot of bank accounts where they have deducted from my card, but yet they deactivated my account. Why they should take money in first place to deactivate later? It's like they play games of holding money, very weird company, they miss genuine customers on stupid check strictness on profile. They could have asked me any proof, including video calling to show them I'm genuine user, but deactivated my account... So irritating, anyone had this experience?

4 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Nov. 10, 2018

TransferWise is an inexpensive online wire service, but it comes with a bag of administrative regulations that make sending money from point A to point B unnecessary complicated. Strongly suggested to use a different wiring service even if it's a little bit more expensive. Sometimes the cheapest is not the best option. Not recommended.

3 people found this review helpful
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Rated with 1 star
Verified Reviewer
Original review: Nov. 8, 2018

These people suck. They will, without warning, freeze your account and hold all of your money. They won't tell you why. They won't give you any warning. They will just lock you out and the only way you know you have a problem is when you can't log in. Then, they will tell you it takes up to two months to get your funds. Your property. Your liquidity. Your vital operational cash. They don't care. Do not do business with these scumbags. Do not trust them with your money. With your receivables. With anything. Transferwise is owned and operated by ex-Paypal employees. Paypal is also a horrible operation that has a long history of suspending accounts and holding funds. Just google "Paypal sucks". Transferwise sucks. Avoid them completely. Do business with a real, legitimate payment service like WorldFirst instead.

4 people found this review helpful
Rated with 5 stars
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Verified Reviewer
Original review: Nov. 8, 2018

I don't know who writes all these negative reviews. Two days ago I sent TransferWise 78,000 USD, and the money arrived the next morning. Then I converted the whole amount to Canadian dollars at the rate of XE.com minus about 0.5% and this morning the money arrived back. The transfer fee for Canadian dollars was $0.95 (ninety five cents total), but I believe that it is zero for smaller amounts.

2 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: Oct. 29, 2018

As a Norwegian working in the United States I had to find a cheaper way to pay down my student loans. I now pay between $3.5 and $5 on every transfer made back to my home country. Before that I'd get charged anywhere between $25 and $40 per transfer depending on which bank it was routed through. I estimate that I've saved anywhere between 600 - 700 USD so far. Really couldn't be happier with their service. One small improvement would be the ability to request a change of address after you've signed up. Besides that it runs super smooth.

4 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Oct. 26, 2018

I used Transferwise to receive CHF on my EUR account. Turns out they are far (at least 3 times) as expensive as my normal bank, which I also consider expensive. Great marketing story but I will stay away in the future.

3 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Oct. 21, 2018

After two years of safe transfers - TransferWise has screwed up. The sender sends the money (originally in Euros - changed to S$). TransferWise asks me for my bank account details. I give my London Bank account (not my Singapore S$ account). The money does not arrive. The website indicates "PENDING" transaction - but in fact the transaction is cancelled - but as the recipient - all I see is "PENDING". I try to check with TransferWise - they say - "Check with the sender." But the transaction looks like "PENDING". The jokers at TransferWise are just sitting on the money. This is not good!

5 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Oct. 18, 2018

This is supposed to be cheaper than bank rates for transfers. My US bank would have charged me $50 to make a wire transfer to another country. Transferwise fees were $262 to make the same transfer. I cancelled when it showed the fees, but this is a terrible rate. I don't think this very high fee would have made up for any claimed better exchange rate. Charging $262 for a wire transfer is ridiculous.

9 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Oct. 16, 2018

I started using TransferWise 3 years ago and it's always been great service. But in the last 2 months I have had the same issue over and over. When I try to send money or someone tried to send me money I get the message "We cannot currently accept payments to this recipient". When I get in touch with them they tell me that it's the sender having the bank problems and they cannot do anything and they cannot disclose the issues. Fair enough.

So my sender gets in touch with them and they tell him that it is my issue and that of course they cannot disclose the information with him (but, by the way, they had taken the money away from him right away). So... few days later they give the money back to him after talking to them several times. And now I am having the same exact issue with a transfer I have been trying to do for 2 days. No support centre the whole day and they of course are not answering e-mails. I am going to end my account right now.

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13 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Oct. 12, 2018

I started using TW upon recommendation of a friend, and went full on using it. Opened a USD, a EUR account, and ordered a debit card. Getting money into the accounts and converting was obviously no issue and yes cheaper than any bank. Then the problems started. 80 euro transfer from my EUR TW account to a Eur account. One week later wasn't there. No notifications whatsoever from TW. I go in the app and hit cancel transfer. "Your transfer will be canceled and money returned to your account."

Well I have no way of verifying today on October 12th. This is what shows on my interface. "In progress, Transfer to, Refunding, 03 October 2018, 80 EUR, 80 EUR. Your money’s been refunded. We started your refund on October 5th. Refunds usually take 3-5 working days." SO how can a refund take 9 days???? They play with our money. I used the debit card for a payment in EUR in Spain. I was debited in GBP and when I opened a dispute after being charged a difference of 4 euros on a 58 euro transaction they said I have to dispute the bank of the business where the transaction was done... REALLY???? In all my years of banking this is unheard of.

Last but not least. I got so pissed I requested to transfer my USD back to my USD account in the US. They asked for a photograph of me next to my passport to make sure it's me. Really? Why didn't they ask for it when the account was created???? Not reliable at all. I am removing all my funds from them. Highly disappointing

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10 people found this review helpful
Rated with 2 stars
Verified Reviewer
Original review: Oct. 12, 2018

The transfer of money from my bank in Australia to my bank in Kenya all looked good with good communication. However, I realised there was a problem after checking my balance and no funds. After going to my bank in Kenya I learned that the account number was incorrect. The number had an extra digit, so no possibility of someone else receiving the funds. After contacting TransferWise a week after the initial process, the answer was that they could not reverse the deposit but should the funds return they will "reach out to co-ordinate bank details again."

The support should be more professional than this. Transferring large sums of money, one expects a more professional and knowledgeable support. I am not a banker and do not know the system. Although I will after this as I now have to find out how this system works and who takes responsibility, when things go wrong. I cannot sit on my hands whilst a large sum of money floats in cyberspace somewhere. I cannot accept that nothing can be done from the end of TransferWise when a transfer mistake is made. Especially when the account number is not valid. At least give the client some advice on how to manage the problem. It seems that the employees are not trained in how to manage monetary and transfer systems. This is not good enough. It costs more to send through my banking system but at least they will take responsibility and help their client.

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2 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Oct. 12, 2018

What started out as a great product is now failing. I tried to log in with my computer and was told I needed to go to my phone to verify my computer. I went to my phone to log in and was told I needed to go to my computer to verify my phone. This APP used to be great but now it is horrible. Codes never come, and now I can't send money because it tells me I tried too many times to request a code. What the heck is going on???

14 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Oct. 10, 2018

Warning: DO NOT USE TRANSFERWISE. They will take the money out of your account and keep it no matter what. In my situation they said that in order to process my transfer they needed from another ID because it did not match my date of birth they have in the system. So I believed they would not make the transfer since they could not verify me. GUESS WHAT? They took the money out of my account and now I am paying fees to the bank and they will do absolutely nothing!

16 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Sept. 27, 2018

We have used TransferWise quite a few times before for substantial amounts without problems and been pleased with the service. However, a week ago we transferred 10,000 GBP to our TransferWise Thai Baht account and although the funds left our bank account within 2 minutes, we are still waiting to receive the funds into our TransferWise account. We have contacted them so many times and now we do not even get a reply except 3 days ago we were sent an email to ask if we were related to a GB House of Commons Peer! How bizarre! Only writing this openly to try and get a response from TransferWise. Not good service!!

14 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: Sept. 26, 2018

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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Rated with 1 star
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Verified Reviewer
Original review: Sept. 18, 2018

As an international student I have used TransferWise to send money from Brazil to US where I'm studying. I created my last transfer on 13 Sep because I'm in living in North Carolina and need to money fast due to risk caused by the arrival of the Florence hurricane. I was requested this time to attach additional documentation for verification. I did it as requested (otherwise system does not complete the transaction) and also made deposit on same day. The information received was that they would review my documents by 14 Sep and I should receive money on that date.

I had not received the money and have not received any feedback so since 14 Sep and have been calling them. First I was informed only on 17 Sep on my 3rd call that one document was missing. I resubmitted this on 17 Sep and was informed they would validate and send money in 24 hours. Today 18 Sep no status changed and called again and only get information they will validate and tomorrow I should listen update. Bottom line is that since 13 Sep I have send my money to cover additional expenses caused by the hurricane, I had to evacuate home and keeping calling them despite my condition and now 18 Sep I do not have any idea when will receive it. Please do not trust their promised dates because if your transaction requires actions from their internal areas before proceeding you can expect delays and their commitment is not maintained. If you have obligation or urgency with the money you need to consider other alternatives.

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12 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Sept. 17, 2018

I opened account with TransferWise under due process. I also made the attached transfer on Sep 14, 2018. Initially, I thought the beneficiary would receive this payment within few hours as earlier stated by TransferWise. On tracking my transfer, it showed the fund would get to the beneficiary on Sunday being Sep 16, 2018. Today, beneficiary complained that he has not received this fund. I tried to track this payment few minutes ago, I am surprised to find out that my TransferWise account has been deactivated. My money already left my account since Sep 14, 2018, and an e-mail they sent on Sep 14, 2018 already with my money. Kindly help contact TransferWise to release this payment to the beneficiary immediately.

TransferWise response

Hello Ginny,

Thanks for your feedback. Deactivations happen for many reasons, mostly due to terms of use violations. If you haven't already, please reach out to our Appeals team at appeals@transferwise.com and they can update you regarding the status of your profile and transfer.

Kind regards,

Patrick

TransferWise Support

9 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Sept. 14, 2018

I wish now that I had read all of these recent reviews before trusting in TransferWise to send urgently needed money to myself via my partner. Similar to many others complaining here, I used TransferWise previously and the experience was great, I had the money within just a few hours for minimal fees and good rates. However my experience this time is that it is now 2 weeks since my partner sent the transfer, and not only have I not received it, but I now believe there's a possibility the money may be lost completely.

Every time we have contacted TransferWise about the delay we are told it will arrive 'no later than' a set time. That day passes and then perhaps we are another step through the process but we are then faced with another delay, only to be given another set time the money will have definitely arrived by (spoiler - these dates all passed and the money never arrived).

I am in desperate need of these funds, and have been completely screwed over by TransferWise. I cannot even help my situation as they will not speak to me about the transfer (only my partner) as I was not the official sender. Having read these other reviews which are extremely worrying I will be doing my best to try to cancel my transfer / retrieve the money and send it another way even if that means fees and poor exchange rates. I will be doing my best to spread the word that TransferWise are NOT to be trusted, and encourage others to do the same.

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TransferWise response

Hi Sophie,

Thank you for taking the time to provide your feedback. We understand the urgency and importance of your transfer. We do our best to provide a recipient with the most details we can, but due to our privacy agreement, we can only speak in detail with the sender.

If there is still an issue with the delivery of this transfer, we will be more than happy to help the sender find a resolution. Have them reach out to us if they still need help.

Kind regards,

Patrick

TransferWise Support

6 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Sept. 12, 2018

This is my first experience using TW and surely will be the last. The money left my international account on the 7th of September and I still haven't received my money in the account I sent it to, and even worse, nobody called/emailed to let me know what was happening. I got hold of someone from CS on the 11th, a lovely person, who advised that I would receive the money today. Well, today is gone and haven't got it yet. TW Folks, if you do read it, look into my issue ASAP as I'm going on holidays on Friday and if the money is not in my account it will really ruin my holidays and I will let everybody know how terrible your service is. That is a promise!

TransferWise response

Hello Janerlei,

Thanks for your feedback. I was able to find this transfer, and see that we couldn't complete the deposit since we didn't have the complete recipient account number. Thanks for providing us with the correct number. We paid out to your account on September 13. Please see the email that my Support colleague sent with the transfer receipt included.

If you have more questions, please let us know. We will be happy to help.

Kind regards,

Patrick

TransferWise Support

5 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Sept. 6, 2018

I sent a substantial sum of HK dollars through TransferWise to be paid in CHF to a recipient in Switzerland. My Hong Kong bank can demonstrate that the transfer went through and that TransferWise received my funds into their local Hong Kong account. But TransferWise claims they didn't receive it in their "system". Their "customer service" consists of blaming the customer. Although the phone representative acknowledged, based on bank statements that I supplied, that I made no error, the accounting department insists that whatever glitch occurred must necessarily be my fault, not theirs.

Now the onus is on me to recover the funds. But because there is no question that my money was placed into a legitimate recipient account, my bank tells me it will be a possible drawn-out process to recover the funds, might feasibly have to go to arbitration, and even in the best case scenario of a quick refund, will cost me at least US$35 in fees. Meanwhile, I've missed a payment to Switzerland and must use a very expensive express wire transfer. Do not use this thieving service which blames customers for their mistakes!

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TransferWise response

Hello Larry,

Thank you for your feedback, I am sorry to hear that you had a poor experience. We do everything we can to help locate the funds that a customers sends to us. Sometimes, we have to ask for documentation to assist in locating the payment, in the event it was paid into the wrong account or we don't see it in our account. And we will do everything we can to collect or return the funds.

If we can help in any other way, please let us know.

Kind regards,

Patrick

TransferWise Support

7 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Sept. 4, 2018

Do not sign up with TransferWise... I used to be happy with the service until lately the experience has been worse... I should have been getting my salary on the 24th August in TransferWise borderless account. However I did not receive any credit on Friday. I called customer service who did not know how a BACS transfer works. Upon several calls I got hold of a guy who actually knew it, however I was told to get documents like company bank statement showing money debited which is insane. I send all confirmation from my employer that all was fine from their end. However TW responded me with saying they never received the money. Suddenly on Monday I get the credit. I get a call from Customer service saying there was a Human error on TransferWise which caused the delay.

Due to this delay I had to cancel my holiday which was paid partially around 6k pounds. I raised a complain just to get a response in 1 week with loads of lie. The response said I got my salary just one day late on the next working day which is incorrect as I received on Monday which was a bank holiday. The complains officer just made up the story that there was technically issue and few BACS transfers were affected. However the Customer service had already confirmed on Tuesday that only mine was affected and the person is also given training. So the complain officer cooked up this story. Worse the outcome was to give 25 pounds of fee waiver for the inconvenience. TW should have taken responsibility for the error caused by their employee as compared to complains guys written a script to cover up the facts. I am taking legal action against the company. I would advise others to stay away and do not trust them with your money.

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7 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Aug. 21, 2018

TransferWise, through sheer incompetence, has turned what should have been a most simple of transactions -- sending $30 to India -- into a nightmare. The only thing they successfully did was debit the money from my account. After that, they told me the transfer was being reviewed. This begs the question of why they wouldn't review it before debiting money like Western Union does... 3 days later, I try to log into my account only to be told my account has been deactivated. No one at customer service could or would help.

When I emailed the appeals department, their response was curt and vaguely offensive. No proper explanation was given as to why my account was shut. Worst of all, my money is STILL MISSING. Thank God I trusted my gut and only sent a small amount to see how efficient their service is. Needless to say, I will NEVER trust this service again, and I would strongly warn others against using TransferWise. They are both rude and shifty in their business practices. These are not the people you want to trust with your money.

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TransferWise response

Hi Kylie,

I'm sorry to hear you had a frustrating experience, as we don't intend that to be the case. We review most transactions prior to accepting payment, but sometimes our partner bank or recipient's bank require additional verification. We don't know about this until after the transfer has been initiated.

I'm sorry to hear that you felt our support to be rude and less than expectations. We appreciate your feedback and take it very serious.

Kind regards,

Patrick

TransferWise Support

5 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Aug. 21, 2018

When trying to send funds to clients in USA the transactions were refused on both occasions. Customer service will simply read you a canned response saying they don't know why the recipients are not allowed to be added and it very rarely happens. I'm on 100% declined so obviously not that rare. The latest recipient they will not allow me to pay is my Lawyer in California. I don't see anything in the contract that says they can block payments to certain banks or companies when they want to. No point in having the account and holding US$ if I can't pay my US clients. I'll now have to use HSBC and get hit for charges which I'll then claim back from Transfer(UN)Wise.

TransferWise response

Hi Michael,

Thanks for your feedback. We are happy to send to a recipient of your choosing, but if we have difficulty completing a transfer to the account details provided, or their bank indicates that the bank details are closed, no longer valid, or not active, we block transfers to these recipients so customers don't experience any issues attempting to complete a transfer.

Thank you again for our feedback. Kind regards,

Patrick

TransferWise Support

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Rated with 1 star
Verified Reviewer
Original review: Aug. 14, 2018

My first clue something was wrong should have been when they required my bank login for an ACH transfer... that has never been necessary for ACH, just a routing and account number. You don't even need an online account to do ACH! But I didn't listen to the little voice, and now my money is in limbo somewhere, with no communication and their website stuck on a single screen with an endless spinning logo. I hope I can get my money back and transfer it through a more reliable method and I hope this review helps someone else avoid experiencing the same difficulties! Now it's time to go change the account credentials I foolishly gave them and find out from my bank how to protect against any future withdrawals.

TransferWise response

Hi Scott,

Thanks for your review. In order to pay via ACH, we link you to your online banking to prove account ownership, which is required to complete an ACH payment. Payments have to be made from an account that matches the TransferWise profile holder's name per compliance guidelines. We don't store your log in details, nor do we use your payment method for future payments unless you initiate another payment.

Thanks again for your feedback. Kind regards,

Patrick

TransferWise Support

6 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Aug. 9, 2018

I have dealt with them over a dozen times and everything was not always fast but at least was always without complication. However, my last transaction was a disaster! 3 DAYS after they received my money, a first request "Please provide your bank statements". I did right away. 3 MORE DAYS after sending them my bank statements "please provide your payslips" then another 3 DAYS after that, "Please provide bank statements of the investment account the money was transferred from"... I did, and finally 2 days after, "sorry we can't accept the transfer to that recipient"!

But they had accepted many other transfers to that same recipient before and there was no way for me to prove them they were making a mistake! That was it, "Sorry, we understand this was all very slow but we will be issuing a refund and there is nothing else you can do about it"... Then I had to wait another 3 more days before they actually "issued the refund"... Now I still have not received my money back into my account.

Throughout this ordeal, their website reported false information about what was happening with my money: "Your money is being transferred", "The recipient will get your money tomorrow" etc. I have called them up on the phone 3 times but each time the person was 100% incapable of doing anything to help! It was always another department that could not be contacted by them or by myself or "I will put a rush on it and I will be getting back to you tomorrow", but then nobody follows up for days. If your dealing with small amounts, maybe all this would not be nerve-racking... but dealing with larger amounts, this level of "disconnection" to what is happening with your money is totally unacceptable!

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TransferWise response

Hi Dominique, good day. I'm sorry to hear about your most recent experience, especially after several successful transfers. We definitely don't want you to experience delays and poor service, that's not how we are set up to do business. We want you to feel confident whether you're sending small or large transfers, so I am truly sorry that this transfer didn't go as you had hoped. Please let us know if the refund has not shown up yet.

Kind regards,

Patrick

TransferWise Support

5 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Aug. 9, 2018

I mistakenly bank in cash HKD5823 to their designated DBS account in Hong Kong without noticed that they do not accept cash. Within hours after the deposit there were no one response to my mails (1 online 2 via gmail), chat request and they don’t take call to Singapore. DBS bank kept calling them. No response. I emailed the bank in slip to their support personnel. Up till last night Aug 8, they still saying they are waiting to see if 'money reached'. This is ridiculous. Cash bank their account with solid proof. They didn’t reach out DBS to approve refunding money to bank in person. There is NO PROTECTION of customers' money. They seems having people in London to answer call but their reply is not helping and taking a delay approach. DON'T TRUST THEM. PARTICULARLY ANYONE FROM HONG KONG.

TransferWise response

Hi Elsa, good day. I'm sorry to hear of your experience so far. While we don't have an active number in Singapore, we have an office in Signapore and Support members call call out to you at your convenience. And we can definitely work with you to help locate the deposit. You can also find additional active Support phone numbers here: https://transferwise.com/contact

Please let us know how we can help.

Kind regards,

Patrick

TransferWise Support

2 people found this review helpful
Rated with 1 star
profile pic of the author
Verified Reviewer
Original review: Aug. 7, 2018

After 6 days and no payment - I recently used TransferWise to send money from US to Brazil. I send the money by wire transfer on Aug 1. Received an email that the funds were received and that they would pay in 15 hours. Since then there is no money and in their app it is mentioned that the transfer were complete!!!

TransferWise response

Hi Gilberto, good day. This is definitely a concern. We will do everything we can to help with our transfer. If you haven't already, please call us or write us at support@transferwise.com. We will do everything we can to research this payment. You can find out contact numbers here: https://transferwise.com/contact. Please let us know if there's any more we can help with.

Kind regards,

Patrick

TransferWise Support

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.

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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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