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Wise (formerly TransferWise)

Wise (formerly TransferWise)

 3.8/5 (323 ratings)
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About Wise (formerly TransferWise)

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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: May 21, 2021

It all sounds like a great idea, especially for US users who by US law cannot hold any bank accounts in anything other than US$ within the US. Many overseas accounts, especially in UK will no longer allow accounts unless you reside in the country. Sadly, since the change to WISE, designed to facilitate holding accounts in most major currencies, the system fails dismally! Yes you can save money by transferring funds at a lower cost than a typical bank, but forget about setting up accounts to hold funds in for several reasons.

1) WISE is not a bank, and therefore your money is not guaranteed like a traditional bank. So if your money disappears .... good luck trying to get it back!

2) The only real way to contact them real-time is via chat .... however on several occasions, the only available chat was in a non English language. Yes I'm just a dumb language person who only speaks English so offering me a chat option in languages other than English does not help.

3) Their main method of facilitating funds transfer is by granting their system rights to your regular bank's online login. I did that initially, then wondered if it really made sense to grant them full access to my bank accounts? Given the multiple successful hacking around the world how long will it be before online banks fall victim? Bear in mind WISE is effectively an invisible institution. At least with my brick & mortar bank, there are multiple physical locations.

4) Their verification process is useless. You can send them multiple photos of yourself holding some form of acceptable ID .... but really, should that be acceptable? Plus most cameras are only designed to focus on 1 thing. My phone camera will focus on more than 1, however, despite several attempts, at least 1 piece of detail was out of focus.

All things considered, I decided to get the funds back and close my account. For anything other than holiday money, the risk is not worth it.

10 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: May 19, 2021

Never deal with them. I used them for the first time last week for a small amount $71 Canadian, it went fine, the money was there in the UK Bank Account within minutes. But yesterday the money never arrived, spent over an hour with the Credit Card company who confirmed they approved the transaction but Wise never posted the transaction even though they emailed me to say the money was deposited. The recipient didn't receive the money. I do not understand how companies like this one can operate without fear.

13 people found this review helpful

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

    Started with a straightforward transfer of money from my checking acct to their business checking acct all within the same bank. I went to check on the status (no notification from them) and found the transfer was cancelled because they never received funds. The bank knows the day they received the funds, but Wise refuses to do anything without proof (don't they have an A/R person)? So I'm in the process of working with the bank to resolve. It will probably take weeks. Don't do it. Making a mistake then not be willing to own up and resolve it is no way to run a company.

    20 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: April 28, 2021

    Wise suddenly and arbitrarily 'deactivated' my account and has not responded to any of my emails about the remaining balances on my currency accounts. Although their website says funds will be returned in 2-3 days, it has been more than a week with no information provided. Will I have to take them to court to retrieve my money? Avoid this company as they do not seem trustworthy!

    22 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: April 26, 2021

    Take care. Good for some few operations, e.g sending some dollars to your son outside, but if you have some large amount of money they can close your account for no reason (maybe someone you buy is suspected or sth they will never clarify) and they don't even advise beforehand nor notify you that your account has been blocked. You will just find out it when your received payment be rejected or try to log in. Appeal are relied replied with something like "We comply laws, sorry your money will be available in 60 laborable days..." but you cannot know nor choose in what way. Maybe they send a check to your address or simply keep silent investing your money. This is very unprofessional!

    13 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: April 22, 2021

    Wise (TransferWise) steal money. Don't deal with them. They "deactivated" my account when I was transferring almost 2000 EUR from my Wise (TransferWise) balance to my bank. They sent an email stating "we won't be able to send you the refund." They will not answer any questions. Sadly, now I see this is a common experience.

    16 people found this review helpful
    Rated with 1 star
    Verified Reviewer Verified Buyer
    Original review: April 21, 2021

    For an unknown reason they said they wanted to terminate my account (that's ultimately their choice I suppose) but there's nearly $2,000 of my money that they have and they won't give it to me. I've asked 50+ times about it and they've ignored me.

    16 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: April 17, 2021

    I opened and verified an account with Transferwise back in 2018. I never got the chance to use it until I had someone who wanted to send me money in AED. I sent them my bank details and as soon as their transfer arrived Wise deactivated my account. They didn't send me an email either, they notify you of nothing. I only found out when I tried to log in. They're holding this money hostage and may take up to 90 days to reimburse the sender. The receiver has no rights. This is no way to receive money for a sale or services rendered. It is designed to frustrate you and impoverish you. Customer service take you round and round (if they answer your emails at all) until you get tired and give up. I wish I had reminded myself why I never deposited anything onto my account when I first opened it, there were scary reviews about it even then.

    9 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 23, 2021

    UPDATED 3/26/2021: My account with TransferWise was "deactivated" after I had sent money through them. After I made the latest transfer attempt, the recipient kept asking for the funds and I was unable to get an answer from TransferWise to my inquiries. Recently my TransferWise was "deactivated", as they call it, without giving any notice or reason. There was no contact information except email to "appeal", as if you are a criminal convicted of a crime. I am not able to get any answer or find out what is going on with TransferWise. I am trying to give warning about this company that you are liable to lose any money that you try to send through them. Thanks and good luck to those who have already lost their funds through them.

    ORIGINAL REVIEW: Too many problems to list here! TransferWise is hiding being the facade of name change: "Changed the name to Wise. Nothing else has changed". Oh really! Couldn't come up with anything better as an excuse for shutting down accounts. TransferWise has all the classic signs of early stage of disappearing from existence. Possibly with the owner{s} disappearing into some East European country with all the money. Owners seem to be originally East European. I am staying away from TransferWise as my account has been "deactivated' and I can't login. I am afraid that this looks very much like a Ponzi Scheme. All signs are telling me that it is all done and over with and I have no confidence that TransferWise is a legit company.

    28 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 22, 2021

    WOAH! They have the worst service ever. I work for a company that uses TW - I recently changed numbers and despite emailing in my picture with ID, emailing from the company email itself, they have not changed my number. I have the login details (password and email), just need to change the number in order to get the confirmation text. I have been emailing for weeks now, I have been asked to send ID and picture several times which I did but it seems as if each time I email customer service it is another person behind the email that does not even read my emails or my concerns. Then they asked for proof of address with my name (I work for the company and obviously I do not have access to the physical address as it is not my company!!). Can't reach them via phone and we are unable to pay people right now. As a company, we will be switching over to Borderless soon and escalating this matter to an ombudsman. Disgraceful service.

    24 people found this review helpful
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    Wise author 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.

    by 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.

    Wise (formerly TransferWise) Company Information

    Company Name:
    Wise
    Year Founded:
    2011
    Website:
    wise.com