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TransferWise
TransferWise
Overall Satisfaction Rating
1.41/5
  • 5 stars
    5
  • 4 stars
    2
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    1
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    1
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    52
Based on 61 ratings submitted in the last year
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TransferWise

ConsumerAffairs Unaccredited Brand

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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347 TransferWise Consumer Reviews and Complaints

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Rated with 1 star
Verified Reviewer
Original review: Jan. 18, 2019

TransferWise is not set up in a responsible manner to safeguard the sender of funds. My experience using them one time basically caused me to lose $50. Details: I sent money to a recipient in Indonesia, however, the recipient claims to never have received the transfer. TransferWise says it was sent. I don't know who to believe, but TransferWise DO NOT HAVE A MECHANISM to withdraw or take back the funds, and they also refuse to contact the recipient. So, I didn't get the items I ordered from the Indonesian seller, and I am also out the $50! I called them (888) 908-3833, and their only remedy was to offer me a free future transfer, but I am afraid that I will get ripped off again. They need to rethink their business model, so that this can't happen to people. Good thing I wasn't sending a larger amount.

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Rated with 1 star
Verified Reviewer
Original review: Jan. 18, 2019

I wanted to send some cash to my son and his wife in Scotland. They took my $2,500.00 on December 28, 2018 and "deactivated" my account two days later. Phone support will only tell you to email. Email responses have been that "they reviewed my file and decided to keep the account closed". They say they cannot tell me why due to federal regulations. I got this same response to my five emails I sent requesting the status of my funds. No information about my money or when I can expect it to be returned. This morning I was told by phone support to have MY bank issue a recall (at my own expense of course). Horrible customer service. I'll be filing a complaint with the federal banking regulators.

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Rated with 1 star
Verified Reviewer
Original review: Jan. 14, 2019

I decided to try them and transferred $10,000 to my Japanese account in Japan Post Bank. This is a very large and well established bank in Japan, and as of 2008, the world's biggest deposit holder. About a week after the funds left my American account, TransferWise stated that my transfer was "completed" and that I would see the money in my account "by the next day".

A couple of days after that, I asked them what the problem was, as no money had been received. I was told that it was a large amount over a certain limit, and would require "one or two" more days before my money would appear. Nothing about this limit had been mentioned before; if it had been, I would have transferred less to avoid the problem. But it turned out that there was no such "limit" problem; this was simply a lie.

I've finally been told that they simply can't do such transfers to Japan Post Bank, and that they knew that beforehand, and were trying to figure out why they themselves accepted my money for the transfer. In other words, they have nothing in place like a lookup of banks who accept the transfers to keep this kind of thing from happening, or even realize that they need to. Even though it was their mistake, instead of refunding the money to me as soon as possible, they say I must wait up to three weeks more before I can get the money, lost through their error, back to my account.

In summary, they take your money, even a lot of money, without even checking a list of which banks accept their transfers before doing your transfer. A rejection by the bank puts your money in limbo for weeks. You have little recourse because you're probably in a different country than their company. There is no safety or concern for your lost funds. Don't try it unless you can do without your money for over two weeks, and maybe up to five weeks or longer, as is happening to me.

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9 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Jan. 11, 2019

I am extremely disappointed by the Multi-currency MasterCard. I was charged in the wrong currency, and charged fees for this - and customer service treated me like an idiot rather than trying to understand what was not working with the product. The transaction was via PayPal - which I had used before, and it had worked a few times - and on the PayPal side I was charged in USD, however TransferWise then charged my EUR account in GBP (thus collecting extra fees not once but twice).

I contacted customer service; the first response was "the integration with PayPal does not always work, this is a known bug, you should have been aware of this"; the second response was "PayPal charged you in GBP" - I have a receipt from PayPal where they charged me in USD - and so the third response was "maybe you made a mistake on the PayPal site and did not select the transaction currency as USD" (I am not an idiot, I have done this before, and this was not the case). I am extremely disappointed and frustrated with my experience and can only recommend that you stay away from this product until they either fix it or improve their customer service.

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4 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Jan. 4, 2019

I will never use TransferWise again. I made a transfer and they deactivated my account for no reason. Now they are holding my money hostage for "weeks" while they do "due diligence checks". Then and only then will they maybe return my money. This is a joke and it looks like I'm going to have to contact my lawyer to get my funds back. Unbelievable! Stay away from TransferWise unless you want a nightmare to happen to you!

15 people found this review helpful
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Rated with 1 star
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Verified Reviewer
Original review: Jan. 2, 2019

They are no different to any bank. Liars with hidden charges. I already informed my bank while making transfer that I will pay all local and international charges and my bank charged my local account for it. Then I found that TransferWise also charged international transfer fees (US$25) on US$5000 transfer. It's all marketing gimmick and I really hope that strict action should be taken against TransferWise.

7 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Dec. 24, 2018

I switched to using TransferWise from PayPal at the behest of my daughter in order to save an extra buck or two. I transfer money to her each month from my US account to her Canadian bank account. At first, the transfers seemed seamless and fast - a couple of days at most. However, now we are seeing transfers take anywhere from 5 to 7 days. In the end, there is no advantage to using TransferWise. Personally, I'd like to go back to PayPal, but my daughter would rather not pay the extra money to PayPal. All in all, a disappointing service that uses the BS of marketing to try to convince you they are better only for you to experience they are the same and/or worse, you just get to save a buck to experience it.

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

I opened an account to send 100 Euros to my USA BOFA Account and they took the money and locked my account... No email... No explanation. You have been warned... Looks like they are just stealing money and I'm not sure we have any recourse. Just glad it was only 100 bucks.

11 people found this review helpful
Customer increased Rating by 3 stars!
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Verified Reviewer
Resolution response: Dec. 7, 2018

I’m updating my review to tell how Transferwise was able to fix the problem. The money bounced back in about 48 hours and I was able to update the transfer with the correct ACH routing number and the money is now supposed to come the next business day.

I still think their website and mobile app should be improved to make sure users know that they must use the ACH and not the wire routing number when transferring to U.S. accounts. Their phone customer service should be improved too, the representatives that respond to the U.S. helpline from Serbia or Eastern Europe are very little helpful and knowledgeable and lack the necessary communication skills to do this kind of job efficiently.

Original review: Dec. 5, 2018

Used TransferWise a couple of times before to send money to other people to pay for services but the one time I actually needed to use it to transfer money to myself it was a real disaster, they put me through a nightmare, stranded abroad with no money. I needed to transfer money from my EUR to my USD account and I desperately needed the money to basically survive and used the routing number for wires because - guess what - they assume you must know their practices so that the money is not going to come through a wire but through electronic payment so they do not state anywhere that you should use the electronic ACH routing number. I had to figure it out by myself that there was a problem because the app said the money was on my account but it wasn’t so I called them and the mistery was solved.

So now I’ll have to wait almost a week to get my money back and 10 days to get my damned money to my US account. God only knows how I’m going to do for a week or more with no money, MY money, that was supposed to be transferred by TransferWise. Dear folks at TransferWise, you should not assume people know your practices so you should state clearly on the transfer page which routing number should be used, this is a service for international transactions and expats so not everyone knows the system of everywhere around the world. You probably do not realize that a week to amend a wrong transaction can have a huge negative impact on people’s lives. Shame on you.

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

Use it for several times now. Always with the same data. Now second time BIG issue. So please be aware of their service. They suddenly asked me to provide same detailed info again. While I was doing that they canceled the payment... My account name I used for all my payments was suddenly not correct in their opinion. The other thing: Every payment to a Thai bank went wrong... They told me that's because that bank is not cooperative. So they will use another one. But also other payments went to the first bank. My problem: I promise my partners a fast payment, they get some mails from TransferWise and then... Nothing! You have to wait to get your own money back. Can take days.

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

This is my first experience using TW and surely will be the last. A friend of mine told me about your service and I decided to give it a try... I made a transfer via BillPay worth $650CAD on the 29th of November to a friend in Africa who is in desperate needs of the funds. I was told the recipient was to receive the money hopefully the next day but I was wrong. When I logged in to track the transfer later in the day I find out that they extended the date to on the 3rd of December. I decided to be patient.

On the 3rd of December I logged in I saw the date have been extended to on the 4th of December. I got furious and spoke with their CS and she told me they seen my transfer but still haven't gotten to their Bank. I spoke to my bank. I was told the money has left my account and have successfully arrived at TW account same day I did the BillPay.

If you guys think you not reliable of handling people's money why not quit cause I value my money a lot and I feel sick seeing my money got stuck and you guys are not doing anything about it. I spoke to your CS yesterday and when I logged in I find out the date have been extended again to on the 6th of December. What got me so mad they ask me to show proof I did the transfer so lucky of me I did a screenshot of the transfer I sent to them and they keep coming with various and different story... Please refund my money or send the money to the recipient... Cause I might tell other people how poor and unreliable your services is. I wish I did a background check on you guys before entrusting you guys with my money but reading from the review you guys are not trustworthy.

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14 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Nov. 29, 2018

I tried to make a payment using TransferWise. It didn't go through because the account associated with the recipient's name was not, in fact, their account. So far, so ordinary. I cancelled the payment but TransferWise's system insists it is still trying to process the transaction, hasn't returned my money and is basically hung up. I finally found a consumer complaint on their site, though it's buried deep, but they're not responding. That's not great, given that the one thing you require from a company that you're trusting with your financial details and transactions, is trust. If there's no transparency, accountability or integrity, how can you trust their service. A one-star rating because zero wasn't an option.

11 people found this review helpful
Rated with 1 star
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Verified Reviewer Verified Buyer
Original review: Nov. 28, 2018

First time I’ll be trying out this service and I find myself in a ** hole. I tried sending some funds to a friend. And shortly after I made an in-branch payment as suggested by the mode of payment. They confirmed my payment and deactivated my account. Now I’m so pissed off as I don’t know what is happening to my money and I can’t even trace it with my account. All efforts to get a response from the appeal team proves abortive after sending several emails and calls to the CS team. I need a response to my funds and my account. It’s urgent. I beg of you in God’s name. You toying with people’s life here. That’s so unfair!

10 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Nov. 24, 2018

I have made 3 transactions totaling to £320,000! All on the same day! £20,000 reached its recipient, £300,000 gone missing! I have sold my house and was trying to turn the money in dollars. They stole my life savings! I was entering into a business deal with the money and if the money doesn't get there, the $3m deal will be off! I hope they are reading this!

25 people found this review helpful
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.

15 people found this review helpful
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.

13 people found this review helpful
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.

12 people found this review helpful
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?

14 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.

13 people found this review helpful
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.

14 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.

11 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.

8 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.

6 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!

9 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.

13 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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16 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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15 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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6 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???

18 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!

20 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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