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TransferWise
TransferWise
Overall Satisfaction Rating
1.46/5
  • 5 stars
    9
  • 4 stars
    3
  • 3 stars
    1
  • 2 stars
    1
  • 1 stars
    92
Based on 106 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.

TransferWise
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398 TransferWise Consumer Reviews and Complaints

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Rated with 5 stars
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Verified Reviewer
Original review: Feb. 14, 2019

After reading many reports where people describe their negative experience with TransferWise - here my POSITIVE experience(s): I've been using TW for almost a year now and have done like 10 successful transactions with them (CHF to EURO, CHF to AUD). Values transferred up to 13'000 Euro. The last experience (CHF to EURO): Transfer from my Bank to TW, after two hours I got confirmation from TW. The same day, afternoon, TW confirms money received destination bank account. Within less than 24 hours I got the POSITIVE confirmation of the receiving party. All this at a really low cost. I will use TransferWise again for sure. I can only recommend it.

14 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: Feb. 2, 2019

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.

11 people found this review helpful
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Rated with 5 stars
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Verified Reviewer
Original review: Jan. 29, 2019

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.

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10 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: Jan. 29, 2019

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.

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4 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.

3 people found this review helpful
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Rated with 1 star
Verified Reviewer
Original review: May 24, 2019

These scammers literally shut down my account and took all my earnings overnight and without any prior notice. It is the most horrendous experience of my life, they robbed my money in broad daylight. Please don't gamble away with your money and hand it to these crooks.

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Rated with 1 star
Verified Reviewer
Original review: May 24, 2019

First off I don't even know this company and use Paypal only to send money. I woke up and see that someone has gotten my account info and used it and got charged $300 dollars. So I called them and they gonna tell me to send them my bank statement and make sure I have my account number and routing number on it. Big red flag because if you took money out you should see that. His explanation was he doesn't see it yet cause it's pending in my account. Refused to give me any more info unless I emailed him my bank info. So I looked them up and read reviews and find out people in the UK use them only.

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Rated with 1 star
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Verified Reviewer
Original review: May 23, 2019

Did two transfers and things were okay. On my third transfer they did not guarantee the rate but did not tell me about it. They set up a low rate like my bank but with the extended wait time...might as well do it with my bank. Upon contacting customer service I was told they offered the best rate they could offer because they had paid the Google rate twice already...scam!

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Rated with 1 star
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Verified Reviewer
Original review: May 23, 2019

I live in Canada and often times I purchase online from the US. To save some $ on conversion fees I figured I sign up for TransferWise. Big mistake... What should have been a breeze of a transaction turned out to be a major drag lasting 3 days. TransferWise does not state anywhere that in order to use PayPal with their services, you need a form to be sent to PayPal that PayPal may or may not take into consideration. In their instructions they just simply omit this and say they can transfer money to PayPal and back. So I paid TransferWise a fee to transfer money from my Canadian account, convert my CAD to USD so I could save some money on US purchase, and now I paid again to convert it back to CAD so I can pay again to transfer it back to my Canadian account. Beautifully worked out...

I called them to resolve the issue of declined transfer while the money is on the account, and they offered no solution other than the stupid form that may or may not work. So now I have to wait until I got my money back from them (cut short), I have -$600 PayPal outstanding balance, and a product arriving today that I haven't actually paid for. I really wish there was a fast and easy way of suing companies and get money from them quick. I have learned the hard way, you don't have to. Read other reviews here!

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2 people found this review helpful
Rated with 3 stars
Verified Reviewer
Original review: May 23, 2019

I have been using TransferWise for a little more than a year now. I was initially very satisfied - transfers were often faster than promised, and fees were low. If I had written this 6 months ago, I would have given 4-5 stars. But recently fees have increased significantly, which has reduced TransferWise's advantage over services. And now, for no apparent reason, a transfer is coming through late. Just one bad experience? But the fact that it is late is going to cost me money.

Be the first one to find this review helpful
Rated with 1 star
Verified Reviewer
Original review: May 19, 2019

I'll get straight to the point. This company is only out to steal money. I tried TransferWise for the first time to transfer money from Australia to Estonia. I set up and paid for money. I then waited almost 2 weeks and I still do not have the money. I sent an email explaining the situation and the response was, "We never received any payment." Then when I provide proof of payment, they come back and tell me that my bank account name does not match the name I gave when setting up the transfer. Do not use this company at all costs. I am using another company with higher costs that I can trust who will do their job.

5 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: May 17, 2019

Scammers. Sadly they are closing peoples accounts down for no real reason. I have money stuck because they closed my account and I have done nothing against their rules or terms. This was completely uncalled for and seems to be they are doing this with a lot of people too.

2 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: May 14, 2019

Hi. I had a borderless account with TransferWise and they deactivate my account for some reasons and from last one month I'm waiting to know the reasons and still waiting for my refund. I've already contact to customer service so many times but they just say they can't help me with this and I have to email them. If customer service really can't help so why they are there, to make people fool. I've already emailed to them maybe 8-9 times. But still no response from their team. Before they deactivate my account I made a transaction to my father account in India. TransferWise is the worst one I've ever seen. Very dissatisfied from TransferWise.

7 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: May 7, 2019

I transferred $5k from AUD to THB for a deposit on an engagement ring for my GF, to give her during our long holiday in Thailand. Should have been a simple transaction with the Jeweler waiting on the deposit to secure the diamond I had chosen and to have the ring hand made. NO THANKS to TransferWise for taking almost a week to flag that a problem existed as my account, although legitimately a private account, seemed to them to be a businesses account. After days of to and fro with them, almost another week lost sees them transfer the funds back to my AUD account, leaving me embarrassed and without a ring to complete my proposal.

The Jeweler, understandably, is now pissed at me, having gone to a lot of effort in satisfying my particular requirement, finding a certified courier etc to deliver the ring to my remote resort location. Needless to say, the holiday is over, and the GF is upset that I didn’t see through what she expected and I was committed to. If I could give no stars, I would. Appalling slow response time from them with NO customer service attention to detail. EVERY email I got from them was from a different operator, so I see NO ONE taking hold of the problem and seeing it resolved. CRAP, CRAP, CRAP SERVICE.

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10 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: May 6, 2019

I had been using TransferWise for two years with no issues. I pay three bills every month all under €3000 per month. Out of the blue, they indefinitely delayed my payments sent in late April, then sent me a note saying they were doing security checks on my account, then today, in one hour to the next, without notice of any kind, they deactivated my account. I am shocked and appalled at this. Absolutely terrible.

14 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: May 5, 2019

I had a very simple transfer from a Canadian bank to a US bank. The transfer was supposed to take 1-2 business days. The transfer was over a week late. This ended up costing me interest, a late fee, my account was closed and my credit history affected. Do not use them!!!

10 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: May 3, 2019

Don't ever use TransferWise unless you really want heaps of frustration and huge financial loss to your business. Yeah go ahead if you want to lose your reputation, because that's what happened to me because of them. I have witnessed the worst experience of my life facing a serious of problems with their service. It has not only cost me financial loss but also my reputation. I have been a customer for almost a month. My documents were not verified for 3 weeks despite countless calls and several emails. The worst thing, I couldn't even withdraw my money into my own account. Neither I can send personal transactions of large amounts just because I accidentally applied my business account during signup.

There were days when I had to call even thrice. I couldn't make a purchase from my own money and I seem to stuck my funds with TransferWise. They have the worst customer service one can ever imagine with CSR telling you they can't do anything. It is what it is so don't bother dialing their support phone. Their verification department seems to be in hibernation or somewhere in Africa where you have to wait for days for your turn. You get 1 email and then another number of days. Finally they disabled my account which I am sooo thankful for because I was just so frustrated of all the wait. After all this: I am still waiting for my funds to clear out. I have sent them 2 emails and 3 calls in last 24 hours. 1 agent seems to say one thing and other agent seems to say another..

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9 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: May 3, 2019

I really don't understand the negative feedback here, these people have to be scammers. I have used it a lot of times, service is always fast and reliable. 8x cheaper than the banks and you can choose your exchange rate by getting the rate alerts. Thanks!

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

I've been using TransferWise for 1.5 years for corporate and private account management. There was no problem in the first year. However, the company and private bill was locked for 3 weeks without notice. Together with the high amounts on them. Since then, they have been sending no-say answers to the 60-day internal investigation. Since then, nothing has been asked. They don't give me a responsible person. They don't ask for anything. My company is insolvent. I cannot fulfill my payment obligations as an individual. It seems that my money is financed by something else. I hope only temporarily. If someone knows about legal aid or any help, I'll be happy to wait.

13 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: April 25, 2019

TransferWise deactivated my account without any notice after receiving money from my first customer for my first order. I have shipped the goods and money returned to the customer bank. I really discourage people from using it. Really bad service.

14 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: April 22, 2019

I just used TW to receive money from Europe since beginning March. I'm just a receiver. On 23rd Mar, my account has been deactivated without any notice, while my withdrawal has been processing. When asked, they said considering to reactivate in few days, then a staff email me that my withdrawal is processing to my local bank account in 5 working days. After 5 days, no funding, I asked again, & had been told that they taking due diligence in 60 working days, even I had submitted all requested document: Bank statement on my name, selfie, passport copy, source of wealth, reason to receive money...

I have been sending many emails to explain them, that I'm just a receiver, & that approx. 6k$ is for my work. Client paid me for my freelancer work, & now it has been delayed, because of their unreasonable and vague hold. Now 30 days gone, they have all proof to prove that withdrawal is my right, to my name, as they had done many transactions before, but they still don't reply. Why I must wait 60 days, while that is truly my money??? If you read it, TransferWise, You owe the customer an answer for your suck service, I feel like having been cheated.

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13 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: April 18, 2019

What should've been a simple transaction has turned into a complete headache. I initiated a transfer from my TransferWise account to my bank account. They offer interac as their simplest and quickest option. All users have to do is enter the amount they want to send and to what email address. Sure enough about 30 minutes after sending the transfer I received an email containing the pin needed to accept the actual transfer, which was to follow in a second email "shortly". Well the actual email containing the transfer hasn't arrived and it's been over 24 hours. Numerous calls to support has lead to just as many excuses. From reading other posts, I'm not optimistic I'll see my money for a long time, if ever. How fraudulent companies like this are allowed to continue to operate blows my mind. Stay far away from these crooks.

15 people found this review helpful
Rated with 1 star
Verified Reviewer Verified Buyer
Original review: April 16, 2019

Very bad customer service. This service has fouled too many of my transfers. Seriously, stay away from TransferWise if you care about quality. This company's customer service is horrible??!! Sincerely, Eric.

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

Transferring money with this company is hit and miss. Doesn't matter if you pay extra money using a debit or credit card, there are always a lot of slowdowns and "checks". Uploading a photo of your passport wasn't enough. The next transfer they wanted a selfie of your face taken with your passport next to your face. Apparently sending money to yourself is very unusual. Customer service is very rude and impatient.

15 people found this review helpful
Rated with 1 star
Verified Reviewer Verified Buyer
Original review: April 8, 2019

Scam, if it actually works and they only take longer than promised and only change the conversion rate that you were told they would lock in. Fraud, if, like me, they tell you the money is received and in process. Then a few days later, there are some random checks happening. Then a few days later, after still no communication from them, you decide to check the status and find that your account has been deactivated. When or why, and what they plan to do with your money - all questions you are apparently not interested in finding out about.

17 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: April 1, 2019

I have been used TransferWise. Normally I transfer 100k EURO per month but suddenly they deactivate my accounts with money inside for no reasons. After I keep sending mail to them they asked for extra documents. I have sent all the invoice and all the requirements. I was waiting for them for more than 2 month and during this period they ignored my emails. Today they sent email and inform me they will refund my money within 60 working days. To whom wants use TransferWise never trust them. They are a financial company that if you get any problem with them nobody will response you. You cannot talk with headquarter, you cannot complain. Try alternatives or keep your money safe and go directly to bank.

18 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: March 30, 2019

No point in repeating what been said here by others. They have people you don't get to talk with doing the comply in back office and they don't know what of anything and stop account and keep money and reason? They don't say even if money from bank. YouTube video on this transfer scam don't say all. Beware!

14 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: March 29, 2019

Hey guys. Today I wanna show you the reality of this firm. I made a transfer. They didn't transfer the money and deactivated my account. They guys are fraud. Don't transfer money. They will just show that it's under process and then they will deactivate the account.

18 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: March 29, 2019

Suddenly I couldn't make transfers to my business supplier: "Unfortunately we’re unable to give further information regarding the reason. We will not be able to process any payments to that recipient." This is not how B2B services work. Bye bye TransferWise.

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

I cannot recommend TransferWise. Transferwise approved my request to send money, took the money from my bank account, and 2 days later when I tried to log in and tract the transaction process, I could not log in to my account and after contacting customer support, was told that my account had been deactivated. Customer support stated that Transferwise was going to hold my money for 60 days for possible illegal activity. I had to spend my time sending many emails to customer support. Finally, I was told in order to expedite the return of the money to my bank account I had to provide a verified bank statement to prove that money had been withdrawn from my bank account. Transferwise held my money for over 30 days before returning the funds back to my bank account.

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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