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.
Keep an eye on your inbox, the lastest consumer news is on it's way!
A link has directed you to this review. Its location on this page may change next time you visit.
After seeing the unreasonably high fees and poor exchange rates my bank was charging me, I started to research for a better method of moving money. TransferWise had lots of high ratings and reviews online so I decided to give it a try. It’s a smart idea - they use a digital account-to-account model meaning the money never actually has to move across borders and therefore they can pass the savings on to you.
My transfers been done fast and securely and saved me money. I would have otherwise lost – saving money is earning money! The app and customer service work well too, I’ve received quick and helpful responses after asking them questions. Also a nice bonus to get the first £500 of my transfer for free after joining using a friend's link. If you are thinking of joining and have found this helpful, please feel free to use mine and you will get your first £500 or equivalent for free too. **
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.
- 2,112,157 reviews on ConsumerAffairs are verified.
- We require contact information to ensure our reviewers are real.
- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
For more information about reviews on ConsumerAffairs.com please visit our FAQ.
Account closed and money not refunded since couple of months. They also stopped answering emails. They still answer reviews on TrustPilot even today. When I looked upon the trustpilot reviews about TransferWise I was shocked to see how many people are in this situation. Please leave a bad review so others do not have to pass through this painful situation as us.
I have been using 2 years to keep the same transfers. On the same account number and different amounts ranging from $ 200 - $ 400. As long as I sent small amounts it worked. The moment I sent $ 1200, they blocked my payment. The reason they gave me is incorrect recipient details. I know that the details are correct (the same as in the previous two years). Trasnferwise lies to me in this. They have no relevant explanation for canceling a payment. I can't fix wrong details when they're right = I can't send money. It is only suitable for hundreds of dollars transfers. Not more than a thousand. Beware send more money!
My experience with TransferWise was terrible. Their signup process is very misleading, as they do not ask for all your information at once, but instead give you piecemeal requests for more and more information. Thus you end up giving them personal information you never intended. It would be much more fair and honest to have a single form asking for all the necessary information at one time. To add insult to injury, their verification process, which they claimed was free, ended up costing me over $10. They insist on getting a cash transfer from your credit card to "verify" it. They said this was free but the charge for a cash transfer is over $10. This company is very "sneaky" and does not make full disclosure to you as a consumer. Avoid!
They advertise on their site that you get the money immediately. That's false advertising. Every single transaction I have done took 2 to 3 days to receive my money. Unlike other companies like worldremit or transfergo where you get your money immediately. I decided to try TransferWise because their fees were actually better than their counterparts but it's not worth it when they hold your money hostage for days or weeks. Definitely can NOT work in an emergency.
Appalling! No matter if you are a long time customer, their verification methods are a joke! They've been holding a transfer for over 3 days after taking my money, because they can't read the passport in the selfie they request as verification. If your doc is small or laminated, you don't stand a chance to be verified. My mortgage payment is at risk of default because Transferwise is holding my money, which is an illegal practice. I requested cancellation of the transfer and they said it is going to take 2 days to get it back. Which makes it a week without being able to access my own money. DO NOT USE TRANSFERWISE. Their customer service is appalling, treating long time customers as potential criminals, after they've been profiting from my money for years. STAY AWAY FROM THEM!!!
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.
TransferWise Company Information
- Company Name:
- Year Founded: