TransferWise
ConsumerAffairs Unaccredited BrandTransferWise 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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444 TransferWise Consumer Reviews
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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.
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.
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Pathetic service. Customer care agents don't know what they are doing. Their promises are all fake. I inquired with one of their customer S.R. before I was going to send a transfer of a relatively large amount them from a US major bank. They assured me that there would be no problem with the transfer as I explained to them in detail the origin of funds, a SWIFT transfer to the business account provide by Transferwise with Deutsche Handelsbank in Germany.
They got the money and after about two weeks of receiving the funds the agents one name Laura ** requested some more documentation. I guess was just an excuse for them to keep the funds at their disposal. Their staff probably think that they are a CIA or some other form of police agents and hiding behind that they are a regulated financial institution when in fact they are only money transfer agents like an Hawala. After all this said hopefully Transferwise geeks will not create any further problems, and resolve their issues ASAP. Will make a further review when available.
I was a victim of an internet fraud. Someone used my Transferwise account to send money in some obscure account in Lithuania. When I called Transferwise customer service for immediate help, they just closed my account with no further explanation and they did not give me neither access to all the details of the fraudulent transactions. Info that I was able to access until my TW account was active. So I was not able to report the fraud to the local Police since they need the details of the Transferwise movements.
So in a situation of emergency and great need, Transferwise just turned his back to me and closed my account refusing to give me all the information that I was able to access just one minute before I called them. Maybe I could have had the chance to stop those transactions calling the bank where they were directed to, and for sure I could have report properly everything to the police. I know for sure that Transferwise is unreliable and if you have any kind of trouble, they just shut you down. No refund, no information, no interest for their client's safety, no help whatsoever.
Hi, I don't know if somebody had same experience, but I am concluding absolute incompetency of team who in TransferWise is verifying new companies. I sign up with newly established company and created account on 23 Aug, by 5 of Sept, my account despite 4 emails and reminders was not approved. The reason stated "we are verifying your account". The maximum incompetency what I can see is that by any account the only information that have asked me at the beginning was company code and after 3 emails in first 10 days they asked me super question: what your company is selling.
Well, in my country you can verify any, but any company within few seconds and minutes in online registry which will tell you based on company name and code, what company is doing, its turnover, if it's active or in bankruptcy...you can easily find out if company has problems, in other words in online world we talk about minutes, not 14+ days of verification. When I asked them what actually they verify, no response. I can not imagine what they can be verifying, but considering that "digitally based" bank should actually work faster than standard bank where you have to go personally...this is very unpleasant for me.
So in short: 14+ days and I still don't have my business account confirmed, no objections or no serious questions raised, 4 reminders sent, 3 answers receiving (with message "we are sorry, we are overloaded")....and still I can not use my bank account. And instead of 30 min, they spent 14+ days verifying something...but what I don't know. This experience actually offset potential positives TransferWise might offer, zero customer service, incompetent and slow verification team.
Absolutely to avoid. I made a conversion and lost more than 500 GBP because their rate was 5 minutes late that the real one. They said multiple times that they use the "real rate", but it's not true. I opened a ticket and they said that since I approved the rate (trusting what they said - real rates -), they cannot refund money. Ah, in case you gain money with currency exchange they ask you to refund it.... In conclusion they never lose...
Closed my account without any explanation and kept 5000$ I sent there. There is no email warning before this happens. You just can't access your account and money anymore. Calling their customer service is a joke. Be aware.
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.
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