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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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If you read this, stop joining TransferWise. Yes, like many other money transfer services, it used to be good. But unfortunately, their expiration date has come.
1. I have invited 5 people to the platform. I received multiple calls from them telling me that TW is holding their funds and halts their transfers with no reason. In a most recent case, a friend told me that she made a transfer from her TW account to her OWN bank account on 15th of December. She picked so called FAST TRANSFER because she was in an emergency. AFTER initiating the transfer, the app says they are holding the transfer for some security checks FOR 4 BUSINESS DAYS! Now is 29th of December and despite contacting them 3 times, the money is still in custody.
At this very special time of the year where everybody needs money, TransferWise HOLDS people's money. She just receives some corporate responses from their support and "we are sorry" stuff instead of her money. So, don't expect anything FAST anymore and be prepared for more surprises like this. Before initiating the transfer, they advertise super-fast transfer under 1 minute. When you initiate the transfer and the money is gone from your account, you will face this 4 business days which is in fact, WEEKS.
I think I know the reason for this shameful unlawful custody of clients' funds. Just recently, their buggy software or money transfer service sent out wrong transfers and extra money (double payouts) to lots of accounts. They are now emailing and asking people to refund those extra amounts. By holding other people's money who are completely unaware of this disaster, they are trying to keep the necessary liquidation inside their system and compensate their loss. This is what I can perceive based on the information I receive from my friends and other TW users online. This is miserable, horrible, and unacceptable from a financial institute.
2. Using TW you cannot send money to Cryptocurrency exchanges like Binance, Coinbase, etc. Apparently they don't want to accept that Crypto is the next generation of money and the very fact that it is replacing traditional banks and money transfer services like TW. Avoiding money transfer to such services is the most ridiculous feature of TW, in my opinion. It is odd, old-school, weird, and unacceptable in 2021 where Crypto eats the world. Till when they want to do this?
3. The interface of their app and web is beautiful but lacks most basic features of a modern online banking. If you work with a bank like Sparkasse (Erste) for example, TW seems like a student project compared with it. Even the search doesn't work properly and you have to manually look for lots of transfers. No summary, extremely basic reports... Filters are just too basic. It is good for 2000 to 2005 but not for 2020 and 2021.
4. They gradually increased their fees. At first everything was really cheap (and of course fast). Little by little they increased lots of fees and just recently I realized I'm actually paying more compared with my local bank. Their only advantage is their exchange fee (for instance form USD to GBP) which seems lower compared with banks. I presume soon, they will lose this feature too like they lost the others.
Now my friends and I are looking for an alternative. TransferWise is expired for us and we won't trust it again. I don't want my money to be lost in Christmas times.
TransferWise closed our account without any expectations. We asked them to provide an account statement and refund the funds. No response after sending many emails. You cannot call them nor talk to a real person. Completely hopeless situation. Stick with real banks!
I wanted to make a transfer from my bank account in France to my bank account in Canada through TransferWise as they offered a better rate. In the end, the money left my account in France (verified I used correct RIB) but TransferWise never received my money. In response to my complaint and me sending proof of transfer that a standard French bank provides, the agent simply told me transaction was cancelled as 14 days has passed. Where is the 6000 Euros? No one knows and TransferWise will not assist you in any meaningful way. Had I used a bank to bank service, at least I would be able to investigate with my bank in Canada.
I have been using TransferWise for longer but not less than 2 years. They have been great so far, until 2 months ago they started to complicate everything. I live in Europe, I send money to my mother in India for all this time. They never asked me a transfer purpose. Now 2 months ago I sent my mother money like every other month, I got email from them "The money is in her bank account" which is a lie, we waited for days and days no money my mother got.
So I reached out to them, they asked to show purpose. I asked what purpose do you need to send money to your mother???? Are you kidding me?? So then they sent the money in my mother's account and transferwise requested me to select proper purpose in the app when sending which should be family maintenance. Exactly that category I selected to send some more money to my mother.... same thing, email “The money is in her bank account “. Which they can’t say it when they are aware that the money is not sent!!! I can literally sue them for lying this clearly. I am changing to some other app, it’s not 2018 anymore, there are plenty others.
I opened a borderless account and at first everything was fine. But now, transfers are being delayed for no apparent reason - I have been waiting over a week for just $100. Still waiting. Customer service is all, "Sorry, but sometimes there are delays." Not helpful at all. I will be closing my account.
Bad, bad customer service that does not understand English. You contact them about one thing, they say another thing. Ignorant, rude, incompetent, and completely unhelpful. They lost my e transfer with my money when I sent it to the correct email address. They refuse to admit any responsibility. And my money is stuck in limbo because the recipient bank cannot accept the money due to incorrect information. And TransferWise doesn't give a shoot about its customers. Thank gods it's $30 transfer. If it was $3000 might as well say bye-bye to months of hard-earned money.
I’ve been using TransferWise since 2017 and had absolutely no problems, it’s been smooth over these past years. I even opened a business account for my company. Their support had been outstanding in the past. However, based on the recent reviews it all went downhill this year.. My account was blocked 10 days ago with 4,000+ euros in it. They haven’t even sent an email to notify me.. I found out when I couldn’t login. I called them immediately and what caught my attention was the accent of the person.. In the past I only spoke to native English speakers.. (so they’re budgeting and outsourcing now - not doing well). The person was totally useless and said that I have to contact their appeals via email as they cannot access or provide any information regarding the suspension, not even the reason.. I sent multiple emails to appeals and got no response whatsoever.
What makes me upset the most is that they suspended both of my accounts; personal and business. I have no idea what caused this, but whatever the reason, they couldn’t just block both accounts as they operate completely separately of each other.. If the accounts were compromised, then they should work with me to reinstate them ASAP and not disappear. Right now I’m basically missing 4,000+ euros and they are totally ignoring me. Their TOS scares me, because they can basically ban you and keep your funds without any explanation.
BEWARE. AVOID TRANSFERWISE - they'll look great in the beginning, but once they've gained the trust on you, and you leave money in the account (balances) they'll suddenly freeze your account and say, "We are deactivating your account for some unknown reason," and say, "We will return your money after we done our checks within 60 days" - LIES, you will not see your money and no reply will be given to you to your emails! Dont trust them, you better of using other apps / or real banks - NOT THEM! Horrible transferwise!!!
I use Transferwise perhaps 5 or 6 times a month from my US account to family (studying) overseas. Often 4-6 hours or 24 hours - but sometimes 6 or more days - it's rubbish as I test their "reasons" why and they are invalid. I did 3 transfers last week - the first 2 as I'm filling it in to my regular recipient (my daughter) it says "4 hours" - hit enter - a minute later it says 6 DAYS! So I do another transfer - same deal - usually these are completed within 48hours like it's the 20th century. SO then I do a 3rd to my own account overseas - same bank withdraw - similar USD - same same everything just different recipient currency - DONE in 5 minutes. So they lie to me about the other transfers blaming Citibank - wrong - it's Transferwise that is playing games and gambling with currency futures plain and simple. Their customer support is non-existent - BE ADVISED.
Nice, friendly and very easy application. Will Promote and recommend everyone vest. Compare to Pay Pal thieves and liars. They stole interest from me and holding your funds how much they want like a mafia. Would recommend TransferWise.
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