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TransferWise
TransferWise
Overall Satisfaction Rating
1.58/5
  • 5 stars
    8
  • 4 stars
    3
  • 3 stars
    1
  • 2 stars
    1
  • 1 stars
    70
Based on 83 ratings submitted in the last year
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TransferWise

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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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373 TransferWise Consumer Reviews and Complaints

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

Don't send Money to TransferWise, You'll lose the money and your account closed without further information. Consumer cannot receive the money. This is fraud and scam company. Please be aware and report to regulator for investigation.

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

If you look up TransferWise and decide to use them, all I can say is please don't. This is the worst company I have ever had to deal with. They have my money and refuse to give it to me, with this verification process they have made it almost impossible to use their so called services. Do yourself a favor - spend the money and transfer your cash with anyone else. Stay well clear of this company. They are a disgrace.

7 people found this review helpful
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Rated with 1 star
Verified Reviewer
Original review: March 11, 2019

Don't open a business account with them: ** is my business account. Is the third year that I work with them. Since January all proceed very well. Suddenly I stumble in their "verification team", is not a team, they are 4 or 5 or 6 I don't know how many, that works alone without communications. One ask me one document, then I have to waiting 1 week, then another person ask me some questions, I replied. After that another person ask me another thing after 5/6 working days. Is passed more than 30 days now, I'm still waiting for your "verification". I'll write the name also of each "verification team" person in contact with me: Karen, Adam **, AJ **, Volkan **, Silver ** (from support). Overall they have put the fees more higher than some competitor online that doing the same thing of them. Is cheapest compared to a regular bank account but not compared to other online companies. I can't give the name but you have to googling.

6 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: March 8, 2019

This is a startup company with customer service located in Budapest during the day and in the US during later afternoon and evening time. They have no managers and/or supervisors around. I asked about it. They said they are a startup company and have no traditional organization infrastructure. Thus, you have low level employees who are not fluent in English exchanging money all over the world. Their service is slow, their employees are extremely incompetent and not fluent in English. They will provide receipts with the exchange rate quotes and when they actually exchange the funds they change the rate for a higher rate. That's stealing!! I will never use this service ever again!

5 people found this review helpful
Rated with 5 stars
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Verified Reviewer Verified Buyer
Original review: March 7, 2019

I used TransferWise first time today, easy sign-up, charge my debit card in RON and transfer to my euro account just in few steps. I received my money in less than 2 hours. No fee, all free, I used a promo code.

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

I provided them with the information, uploaded my driver's license and passport. They emailed me when I did that. They emailed me they were going to verify my bank. Then nothing. When I tried to log in, the site said the transfer was cancelled. I call customer service and the only way you can find out why or what to do is email. They have NO customer service person to talk to you about a canceled account. Number 1, why can they email. They got the documents and now what about the cancellation? Number 2, why is there no person to talk to answer my questions, only an email. In the meantime my husband is overseas in a hospital and this company does not even afford me the courtesy of an email. If you really need a money transfer service do not use this one. They cancel your account without asking for any kind of support documentation. They just waste your precious time.

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

I opened up an account. They said they would transfer money to my bank account for verification purposes. 2 days later I check my bank account. See in the amount went back into my TransferWise account and seeing that I have been deactivated. LOL. I don't know seems like a scam to me.

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

Attempted to sizable transfer of money ($10,000) on TransferWise. I followed their instructions to the letter when creating and processing the transaction. They gave me an estimate of 2 days to receive the funds. After 3 days passed with no updates, I made inquiries. They indicated they could not locate my money and asked me to provide confirmation from the source bank, which I provided immediately. After 8 days and numerous requests for updates, they stated they eventually found my money "in their system" and because my source bank did not provide enough information, they decided to return the money to said source bank.

They totally blamed me and my source bank for the failed transaction citing not enough information was provided to their bank (I repeat, I followed the instruction they provided when creating and processing the transfer). Totally unprofessional response and downright incompetent handling for a process that is all electronic and should have been instantaneous. Very disappointed and won't use TransferWise again.

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4 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Feb. 18, 2019

I’ve been using XE Money Transfer for years without a single problem but I thought I’d try TransferWise because their exchange rates are definitely better. What a mistake that was and what a horrible experience I have to go through now, all because I wanted to save a few dollars. I opened an account with TransferWise at the end of January and requested a transfer. On Feb 1, 2019 I received confirmation from TW that they received the money and it would be in the recipient’s account on Feb 4, 2019. The following week I had assumed that the transfer was completed and the money was in the recipient’s bank account. When I hadn’t heard from the recipient, I tried to track the transfer through my TW account only to discover it was deactivated. I couldn’t understand why since I hadn’t received any notification from TW regarding this deactivation.

On Feb 11, 2019 I contacted TW regarding the deactivation only to be told I needed to prove my identity with a selfie holding an ID, that the payment order was cancelled and refunded back to my bank account and that I would get my refund in 2–5 working days. I couldn’t believe this. They take your money first and then ask you to confirm your ID? What kind of business practice is this? When I set up my account with XE I had to establish my identity and provide my banking data before I could even initiate a transfer. When my money hadn’t been refunded by Feb 15 and I hadn’t heard from TW I contacted them again demanding a refund. This time I was told TW was conducting additional due diligence on my account and would process the refund once this has been completed. If I wished to speed up the process I should approach my bank to ask for a recall.

OK, let me get this straight: First, you take my money and tell me it will be in the recipient’s account in 4 days. Then you deactivate my account without letting me know. When I find out the recipient hadn’t received the money and my account was deactivated, you tell me that I need to confirm my identity and that the money was refunded to me and should be in my bank account in 2-5 working days. When the refund doesn’t arrive after more than 5 working days I contact you again only this time you tell me you’re doing due diligence on my account and I’ll get my money back when it pleases you – if ever. Oh, and if I want to speed up the process I can have the added inconvenience and expense of asking my bank for a recall – except that banks cannot do an ETF payment recall once the system released the payment for posting to the customer’s bank account (TW withdrawal was posted to my account Feb. 1, 2019).

This is an extremely poor and totally unacceptable business practice that to me borders on fraud. And what’s more, there is no customer support. I live in Canada and my only means of communication with TW is email – if they choose to answer. They have no office in Canada and the toll free phone number is useless because the “support” staff cannot provide satisfactory answers. I have notified TW that I will report them to all relevant authorities in Canada, the US and UK, write to newspapers, take to Twitter and other social media if they do not refund my money in the next 2 working days and I urge all those who have had similar experiences to do the same.

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16 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Feb. 16, 2019

I have been using TransferWise for just over 8 months now. Has been going well with usually at 2-3 days timeframe to complete a transaction. That has all changed in Feb 2019, I have attempted to do a repeat transfer but now it is taking 6 days to complete. I have tried to contact customer service but I suspect there is none, as I have had no communications explaining why this has started to go wrong. As a result now I am having doubts about TW financial viability and will be switching back to a mainstream bank for safety.

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

TransferWise.com sells fast money transfers that become very slow money transfer for a higher fee, I used this site three times and every time the money transfer sold as a "fast transfer" supposedly transferring money in one day ends up taking 5 days, where a much cheaper transfer fee would apply. It mainly sells a product it does not support.

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

I attempted to make a transfer via TransferWise as a new customer. First of all, the process was unnecessarily slow because they kept asking me to upload documents I had not been told I would need (pictures of bank statements mailed to my home address, etc.), which delayed matters. Finally got past that, my documents were reported by them as "verified" and my account created.

I proceeded to request a money transfer. When I got to the part of paying for it, the payment method I wanted (ACH) was not enabled. Turned out there was a limit to the amount that could be sent and I was over it. They did not provide this information anywhere at the start, found out only at what should have been the last step of the process. And it was not possible to edit the amount, so I had to cancel the whole transaction and start all over again. This all took several days as their supposed online chat function was always offline and they were slow to answer emails. Then I again tried, this time with an amount beneath what I now knew was the threshold. The payment channel was enabled but when I tried to use it, I got a message that they could not link to my bank and would have to make small amount deposits to my account and then have me enter the details online. OK. Waited 24 hours, checked my bank account, nothing had arrived.

Next day, still nothing. 3rd day, 2 small deposits from TransferWise were there so I went to enter the info online but suddenly could not access my TransferWise account as it was listed as "deactivated". No notification of this and no reason given. Online chat states they cannot help and I have to email. Repeated emails go unanswered. Altogether wasted 7 full days, was never able to make a transfer and all that occurred was that they now have my banking and other personal data. From what I have seen of their poor to non-existent customer service I have no confidence at all that this data is safe. Nor can I do anything to remove it from their database as I am inexplicably frozen out and can't log in.

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8 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Feb. 14, 2019

I gave these guys a shot after being drawn in by their lower transfer fees comparison and it was the worst waste of time I've had in a while. I tried to open a business account with them, provided all required documentation and went on to make my first transfer. TransferWise has an option for receiving funds through a correspondent bank across several regions which lowers the transfer cost to the expense of execution time, which made sense based on typical bank clearance, settlement times. So I used this option.

This is where trouble begins: TransferWise will display an ETA for your payment to arrive to the recipient. Two words on that ETA: means nothing. TransferWise will mislead you making you believe your transfer will arrive within that ETA, but it won't and they frankly wouldn't care less if it does. But that's ok, money transfers are quite unpredictable, especially in cross-border ones. So after realizing it had been more than 2 days since the ETA date passed and I was already late on my payment, I decided to contact them to push it a bit.

Their customer service team does reply, but 2 business days after submitting your request. Here's their message: "We just wanted to update you on the status of your business onboarding. It’s going to take a bit longer than initially estimated to onboard your business. TransferWise has an acceptable use policy (see here) and depending on the business type, we sometimes need to do a more in depth review to make sure that every business that uses TransferWise is able to comply with this policy.

Please allow us up to 5 additional working days to complete our review of your business. If any additional information is required for us to complete this process, we’ll be in touch with you as soon as possible. We’re sorry for any issues this may cause. If you have a pending transfer, this won’t proceed until we can finish this process. If it is urgent and you need to do it through another method, you can read how to cancel pending transfers here. All the best."

Lovely, so I inquired about my transfer and they come back saying they are still running compliance checks on my account. Never mind me being 11 days late on my payment by now and TransferWise keeping the money I transferred to them all along, but they tell me it will take another 5 business days to process my account. Wow! This really got me so I came back to complain etc. and told them to refund my funds immediately. Again 2 days later they reply to my message but completely disregarding any of my previous requests and messages, but instead saying my account has been deactivated... Simple. Why deal with a pissed off customer when you can simply disable his/her account... Brilliant. They simply said they can't offer their services to me and your account is deleted.

About ethics, I'm a banker and I know how compliance works. You can't possibly accept somebody's funds or offer your services as such until you have full compliance clearance. The fact that they accept your funds and offer you their services first, and once they have your money they run their compliance checks is highly unprofessional and unethical if not illegal. I have no clue if they'll even refund my money now. Be careful guys, this is not a legit company. Stay away!

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10 people found this review helpful
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.

5 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Feb. 13, 2019

I decided to go with this company because everything seemed so simple and transparent. I feel like such a fool. I transferred money (a substantial amount!!) and the next day I tried to log in I couldn't. My account was deactivated but the funds were already withdrawn! No way to track the progress or anything, just poof gone. I contacted the CS by phone and was told that they couldn't do anything for me or see anything of my account. (Honestly I don't see the point of having a CS if they can't do ANYTHING of a serious matter!!) I was told to email a specific department instead. Sure enough they say they have the right to deactivate any account at any time for any reason AND they legally don't have to tell you the reason why. They said that I will be refunded my money in 2-5 working days.

Now I'm stuck. I can't try another service until(if?) I get my money back AND I can't pay the person I need to. I'm completely stuck. My live savings just stuck in limbo due to an incompetent company that likes to mess with people's money. I have never seen a company with such poor customer service and actual services as this one. DO NOT USE THEM UNLESS YOU LIKE TO PLAY ROULETTE WITH YOUR MONEY!!!

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16 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Feb. 12, 2019

The process with TransferWise is great if everything goes seamlessly. If there is a problem of any kind, the customer is screwed. Using TW not only didn’t save any money, it cost me USD 2236+. My bank, with all of its shortcomings, refunded the payment I made via TW because it approved my fraud claim against the end recipient. TransferWise as an intermediary wipes its hands of all responsibility, including insurance cover and straightforward payment flows. It is far less expensive to pay $45 + higher exchange rates to my bank than risk having a problem with an international transaction. I’ve been working internationally for 40-years and sending payments without issue. This experience with TW has been a hard lesson learned. Payments take time via the banking system. But there is accountability, not the digital wild west.

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

Having trouble buying concert tickets in Poland. Sent the measly sum of £10 via TW. Next day was asked to send copy of my bank's print-out to confirm the £10 was really from me. Well I put MY NAME on the transfer and they contacted ME so surely 2+2 already exists. I am leery of releasing private details so challenged the reason - or thought I did. No response so logged in - surprise - my email and password are not recognized. Maybe I mistyped when signing up so pressed "Forgotten password" button. Over two days I have done that 5-6 times. No contact from TW to my inbox (and I know that address was not mistyped). In the meantime my tickets are being held for only two more days so I'm going to lose 'em or send money by other means. Not a good trial transaction. Glad it wasn't £1K.

8 people found this review helpful
Rated with 4 stars
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Verified Reviewer
Original review: Feb. 5, 2019

After waiting 4 days for our payment I did a search online and found this review site. I must admit I kinda panicked at first, thinking our funds was lost. I contacted customer service on the phone, after speaking with them I received my funds. The reason for the delay was an audit of my transfer to see that everything was on the up and up. Stay calm and let TransferWise handle it. :)

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

TransferWise sucks. They will 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 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. Avoid them completely. Do business with a real, legitimate payment service like WorldFirst instead.

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

I have had a borderless account for a while but never used it. Last week I used it to receive some funds in USD into the account. This is what happened: Wire sent to me Thursday (day 1). Shows as pending. Shows as available Sunday (day 4). Sunday shows as available later. Then can't get into app, says "Can't log in. We are working on the issue. Please try later." Tried using a web login not the app, says account deactivated. Called customer services on Monday (day 5). "Nothing we can do. Send an email to appeals." This is a very bad way for this company to behave on my first transaction. No one to talk to and no email alerting me to an issue, just a lying message saying they are "working on it" blatant mistruth. They are not to be trusted if this is the way they behave. AVOID THIS COMPANY, ZERO SUPPORT WHEN THEY MAKE A MISTAKE.

18 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.

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

I am Kadriye **, "sender" of the transfer #** on Transferwise. I am suffered by Transferwise. I got swindled by Transferwise. They have not replied to my emails, and I cannot reach them anymore. According to their last email, my 1000 EUR is lost now. I trusted their advertisements and sent 1000EUR on 14 Jan 2019 to their bank account as seen below. Their confirmation is seen below and said that transfer #** paid out 22 Jan 2019. When we contacted Bank Nordea, they confirmed that there is not any transfer from Transferwise as it seems below. So, my money did not reach to Sweden, and it has not been refunded to my account.

From the picture, it is clear that my money 1000 EUR is lost by Transferwise which means it is stolen by Transferwise until it is found. Moreover, it has been 18 days already. This money was planned to be used for "e-commerce trading company opening" making 100 EUR daily profit. Since the payment has not been received yet, our opening has to be delayed. The money was supposed to be delivered on 16 Jan. So, there is an 18-day delay which means that we lost 18x100=1800 EUR because of Transferwise’s lousy service. Therefore, hereby with this e-mail, we kindly claim for Transferwise’s responsibility for the loss until today. The days, until the transaction is successfully reached to address, are also requested to be taken into consideration as the loss. Please help me to get back my money and deliver this message in order not to let any other person get swindled.

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

I saw TrasnferWise advertisement and believed them. They said that zero commission and quick transfer. Here is the result: my money is lost! Moreover, it has been 17 days already. This money was planned to be used for "e-commerce trading company opening" making 100 EUR daily profit. Since, the money has not been received, our opening was to be delayed. The money was supposed to be delivered on 16 Jan. So, there is 17-day delay which means that we lost 15x100=1500 EUR because of the TransferWise service.

13 people found this review helpful
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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6 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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3 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Jan. 22, 2019

If you make such an easy to do mistake as you enter your receiving bank account even just one digit wrong, your money will be gone! I was looking for a quick way to transfer a considerable amount of money (9000€ is considerable to me) from my bank account in Sweden to my bank account in Vietnam. Decided, most unfortunately, to try TransferWise.

I was tired and in bad light I entered one digit wrong in my bank account. When I discovered it later I was sure the money would just bounce back. But no. Apparently TransferWise doesn't make such a simple check as matching the customer name and bank account. So all I got from them is that they said the receiving bank accepted the money and the account holder has withdrawn the money. Somebody got lucky. No responsibility from TransferWise. I believe a financial operator shouldn't be allowed to be on the market if they don't provide such a basic security to their customers! Extremely bad!

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19 people found this review helpful
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.

13 people found this review helpful
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.

20 people found this review helpful
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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29 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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14 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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