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Wise (formerly TransferWise)

Wise (formerly TransferWise)

 3.6/5 (319 ratings)
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  • 1 stars

About Wise (formerly TransferWise)

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

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: Oct. 9, 2021

On September 10, 2021, I took a Bolt car service from London Heathrow airport. As this is a car service ordered through an app, the price is already set when you request the ride. When I accepted the ride, the price showed £34.50. However, I was subsequently charged £44.50. When I contacted Bolt regarding this, they claimed the driver manually added an additional short-term parking fee as well as a longer ride fee. When I explained to Bolt that the driver did NOT have to pay the fee, citing that there was no wait time and LHR has a specific area for ride service pick-up and no fee is charged to the drivers, Bolt ignored this information and refused to credit the difference. Additionally, the driver intentionally took a longer route through central London while he spoke on his handheld device and frequently stopped. A ride that should have taken approximately 1 hour took 1 hour and 52 minutes.

Bolt still refused to refund the difference of what was overcharged, so I then contacted Wise about the issue. It has now been two weeks and after first claiming that they would submit a chargeback, Wise is now refusing to dispute the transaction, despite me explaining that at no point in the Bolt app does the word "estimate" come up, nor did it state that I would be charged additional fees for airport pick-up when I ordered the service. I do not believe that Wise is following US banking regulations in refusing to submit the dispute.

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Rated with 1 star
Verified Reviewer
Original review: Oct. 8, 2021

Wise the big scam! 15500e frozen since 1 month, clean money from my company, many victim on Facebook and Twitter. Every time the same fake excuse "we have control and it's take 60 working..." It's illegal. Many victim after 6 month don't recover their money and take lawyer. Soon Interpol will be Notified.

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    Rated with 5 stars
    Verified Reviewer
    Original review: Oct. 6, 2021

    I have used Wise multiple times over two years, recommended by several friends. It is simple and fast, and less expensive than bank services I previously used. Customer service has been responsive and quick when I had questions. Super-happy!

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    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 3, 2021

    I have transferred in March €5,000 using Wise/Transferwise that up to now I was quite satisfied with. Somehow, the money that they acknowledged having received never made it to the final recipient. Wise contacted on several occasions end up saying the money is lost, and the intermediary bank of New York they sent it to has not answered their request... In other words, they are suggesting that I have lost money! The final recipient has of course been contacted numerous times, and has clearly not received the money, as attested by their bank. BUT: they are sorry and wish me nevertheless a good day!

    2 people found this review helpful
    Rated with 1 star
    Verified Reviewer Verified Buyer
    Original review: Sept. 29, 2021

    We had a business account and it was working quite well. But on the end of July account was closed with no reason after 2 years of perfect account management. Money wasn't yet returned, despite of several email, which of one gave a time for refund never respected. Please note that this is happening to a lot of accounts anywhere in last three months. We suggest to contact Financial Conduct Authority (**) and report your problems. A possible class action will take place in next future if this situation continues.

    2 people found this review helpful
    Rated with 1 star
    profile pic of the author
    Verified Reviewer
    Original review: Sept. 28, 2021

    I first used Wise on the 15th. I entered "recipient" account information (CAD). I was told a USD to CAD transfer would process on the 17th. I initiated my first transfer from USD to CAD (my recipient account is CAD). *After* I hit submit, I was told it could take "up to 4 days" to process and that my money was expected on the *22nd*. That's not 4 days. It indeed arrived on the 22nd. Back into the account it was pulled from- less $2USD.

    I contacted customer service and got "Flora". Flora was not helpful, basically saying that they don't do anything I didn't tell them to do and if I wasn't an idiot it would have worked. No information other than that, and when I was not happy, an offer to refund the $2 with more snarky attitude. I was told to enter a recipient to get the refund. I *had* the recipient in my account the whole time. So I added a USD recipient since the refund was supposedly in USD. I told "Flora". "Flora" told me that I'm an idiot because the recipient indicated in my account is not the *recipient*-recipient, again- with attitude. Then she said she was closing the ticket because my issue cannot be resolved and she's VERY well trained, tyvm.

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    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 25, 2021

    I have recently done a transaction with TransferWise Ltd. from a New Zealand Bank Account on 13th Sept 2021. However due to some unknown reasons, TransferWise was unable to process the funds even after 1 week, till 20th Sept 2021. Therefore I requested them to Cancel this transaction & refund the money back to my NZ account, which they claimed on 20th Sept 2021 that, "You will be receiving your funds back in 1-3 working days."

    However, the amount of NZD $1920 is still pending on TransferWise Ltd. They claim that they have refunded the money from their local partner bank account (in the name of JP Morgan Chase Ltd. NA). TransferWise still manipulating the REFUND so far and not proceeded till yet, this has been confirmed by their two members of Customer service support staff during phone conversation on 23rd & 24th Sept 2021. Moreover, NZ Bank says if they have REFUNDED on 20th September 2021 through their local partner NZ bank the money should arrive in a maximum duration of 0-1 days, a normal banking transfer duration in New Zealand.

    They have just shared a computer generated document not a bank statement or screenshot of their bank statement to show proof of their refund transaction. I have requested them to share proof of refund transaction but they were unable to provide one, which means they are lying. Even after several emails and phone calls, no staff is unable to provide information about the actual date / duration for this refund. In other words TransferWise Ltd. is trying to mislead, holding up people's money for their own interests and intentionally without any reason. It's been 13 days my money is in their accounts for no reason. Highly incompetent, inefficient with poor customer service team. Would not recommend to use Money Transfer, be careful in dealing with them. Thanks.

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 24, 2021

    Wise have now held €10,000 for over two weeks, they started by asking the most ridiculous questions, stating as they are FCA regulated they need to undertake extra checks. They Started by not replying for days at a time to the information provided and have now ignored all requests for a return of our funds. This is clearly some corporate policy to hold millions of users funds for weeks at a time and use those funds for their own needs. I'm sure the FCA and Financial Ombudsman will be very interested in hearing about those practices.

    I have noticed many hundred of similar reviews on Google and Consumer Affairs about Wise. They then invite thousands of their users to write positive reviews for small transfers to drown out the real activity and negative reviews. They have standard robotic replies to any negative reviews, continuously stating Regulations, well, it's Wise who are breaching regulation in many regions. It's absolutely disgusting behaviour, they are literally ruining businesses and lives by their practices. Wirecard originally started with a similar practice prior to them going under. Your money is not safe with WISE. They are preventing businesses from operating and paying suppliers, we are losing contracts because of their practices

    7 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 22, 2021

    I have $12,000.00 CAD in the Wise system to send to a friend. He just alerted me that his account was terminated and I looked and my account has been deactivated. This is not right. What is my recourse? I am so NOT impressed, that is a lot of money for them to play around with. WRONG!

    9 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 21, 2021

    I just got busted sending a scammer money by mistake and there is no way for me to get my money back. In my opinion, to protect the public from scams, there should be a way to cancel transfer. Look around, the world has evolved and become crazier with IT hacks, account takeovers, so does technology, especially involving money. Wise is a real hell of terrible app to transfer money. If I could rate no star, I would!

    5 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