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TransferWise
TransferWise
Overall Satisfaction Rating
1.52/5
  • 5 stars
    8
  • 4 stars
    3
  • 3 stars
    1
  • 2 stars
    1
  • 1 stars
    79
Based on 92 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.

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383 TransferWise Consumer Reviews and Complaints

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Page 2 Reviews 31 - 60
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.

8 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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25 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.

18 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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4 people found this review helpful
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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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22 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.

16 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.

24 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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32 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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15 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Jan. 4, 2019

I will never use TransferWise again. I made a transfer and they deactivated my account for no reason. Now they are holding my money hostage for "weeks" while they do "due diligence checks". Then and only then will they maybe return my money. This is a joke and it looks like I'm going to have to contact my lawyer to get my funds back. Unbelievable! Stay away from TransferWise unless you want a nightmare to happen to you!

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

They are no different to any bank. Liars with hidden charges. I already informed my bank while making transfer that I will pay all local and international charges and my bank charged my local account for it. Then I found that TransferWise also charged international transfer fees (US$25) on US$5000 transfer. It's all marketing gimmick and I really hope that strict action should be taken against TransferWise.

16 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Dec. 24, 2018

I switched to using TransferWise from PayPal at the behest of my daughter in order to save an extra buck or two. I transfer money to her each month from my US account to her Canadian bank account. At first, the transfers seemed seamless and fast - a couple of days at most. However, now we are seeing transfers take anywhere from 5 to 7 days. In the end, there is no advantage to using TransferWise. Personally, I'd like to go back to PayPal, but my daughter would rather not pay the extra money to PayPal. All in all, a disappointing service that uses the BS of marketing to try to convince you they are better only for you to experience they are the same and/or worse, you just get to save a buck to experience it.

12 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Dec. 8, 2018

I opened an account to send 100 Euros to my USA BOFA Account and they took the money and locked my account... No email... No explanation. You have been warned... Looks like they are just stealing money and I'm not sure we have any recourse. Just glad it was only 100 bucks.

23 people found this review helpful
Customer increased Rating by 3 stars!
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Verified Reviewer
Resolution response: Dec. 7, 2018

I’m updating my review to tell how Transferwise was able to fix the problem. The money bounced back in about 48 hours and I was able to update the transfer with the correct ACH routing number and the money is now supposed to come the next business day.

I still think their website and mobile app should be improved to make sure users know that they must use the ACH and not the wire routing number when transferring to U.S. accounts. Their phone customer service should be improved too, the representatives that respond to the U.S. helpline from Serbia or Eastern Europe are very little helpful and knowledgeable and lack the necessary communication skills to do this kind of job efficiently.

Original review: Dec. 5, 2018

Used TransferWise a couple of times before to send money to other people to pay for services but the one time I actually needed to use it to transfer money to myself it was a real disaster, they put me through a nightmare, stranded abroad with no money. I needed to transfer money from my EUR to my USD account and I desperately needed the money to basically survive and used the routing number for wires because - guess what - they assume you must know their practices so that the money is not going to come through a wire but through electronic payment so they do not state anywhere that you should use the electronic ACH routing number. I had to figure it out by myself that there was a problem because the app said the money was on my account but it wasn’t so I called them and the mistery was solved.

So now I’ll have to wait almost a week to get my money back and 10 days to get my damned money to my US account. God only knows how I’m going to do for a week or more with no money, MY money, that was supposed to be transferred by TransferWise. Dear folks at TransferWise, you should not assume people know your practices so you should state clearly on the transfer page which routing number should be used, this is a service for international transactions and expats so not everyone knows the system of everywhere around the world. You probably do not realize that a week to amend a wrong transaction can have a huge negative impact on people’s lives. Shame on you.

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8 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Dec. 5, 2018

Use it for several times now. Always with the same data. Now second time BIG issue. So please be aware of their service. They suddenly asked me to provide same detailed info again. While I was doing that they canceled the payment... My account name I used for all my payments was suddenly not correct in their opinion. The other thing: Every payment to a Thai bank went wrong... They told me that's because that bank is not cooperative. So they will use another one. But also other payments went to the first bank. My problem: I promise my partners a fast payment, they get some mails from TransferWise and then... Nothing! You have to wait to get your own money back. Can take days.

20 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Dec. 4, 2018

This is my first experience using TW and surely will be the last. A friend of mine told me about your service and I decided to give it a try... I made a transfer via BillPay worth $650CAD on the 29th of November to a friend in Africa who is in desperate needs of the funds. I was told the recipient was to receive the money hopefully the next day but I was wrong. When I logged in to track the transfer later in the day I find out that they extended the date to on the 3rd of December. I decided to be patient.

On the 3rd of December I logged in I saw the date have been extended to on the 4th of December. I got furious and spoke with their CS and she told me they seen my transfer but still haven't gotten to their Bank. I spoke to my bank. I was told the money has left my account and have successfully arrived at TW account same day I did the BillPay.

If you guys think you not reliable of handling people's money why not quit cause I value my money a lot and I feel sick seeing my money got stuck and you guys are not doing anything about it. I spoke to your CS yesterday and when I logged in I find out the date have been extended again to on the 6th of December. What got me so mad they ask me to show proof I did the transfer so lucky of me I did a screenshot of the transfer I sent to them and they keep coming with various and different story... Please refund my money or send the money to the recipient... Cause I might tell other people how poor and unreliable your services is. I wish I did a background check on you guys before entrusting you guys with my money but reading from the review you guys are not trustworthy.

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19 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Nov. 29, 2018

I tried to make a payment using TransferWise. It didn't go through because the account associated with the recipient's name was not, in fact, their account. So far, so ordinary. I cancelled the payment but TransferWise's system insists it is still trying to process the transaction, hasn't returned my money and is basically hung up. I finally found a consumer complaint on their site, though it's buried deep, but they're not responding. That's not great, given that the one thing you require from a company that you're trusting with your financial details and transactions, is trust. If there's no transparency, accountability or integrity, how can you trust their service. A one-star rating because zero wasn't an option.

18 people found this review helpful
Rated with 1 star
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Verified Reviewer Verified Buyer
Original review: Nov. 28, 2018

First time I’ll be trying out this service and I find myself in a ** hole. I tried sending some funds to a friend. And shortly after I made an in-branch payment as suggested by the mode of payment. They confirmed my payment and deactivated my account. Now I’m so pissed off as I don’t know what is happening to my money and I can’t even trace it with my account. All efforts to get a response from the appeal team proves abortive after sending several emails and calls to the CS team. I need a response to my funds and my account. It’s urgent. I beg of you in God’s name. You toying with people’s life here. That’s so unfair!

16 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Nov. 24, 2018

I have made 3 transactions totaling to £320,000! All on the same day! £20,000 reached its recipient, £300,000 gone missing! I have sold my house and was trying to turn the money in dollars. They stole my life savings! I was entering into a business deal with the money and if the money doesn't get there, the $3m deal will be off! I hope they are reading this!

41 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Nov. 19, 2018

Last week I made two transfers to TransferWise, these were to their borderless account service. This was a to a friends TransferWise Account. The transfers were going through review when it was decided to cancel the transfer and return the funds. The funds are still missing and every communication with the support team is not getting any results. Today we find my friend's account is deactivated leaving us with no way to trace the money. I would avoid this service if you can.

21 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Nov. 18, 2018

I am Kim, I made a transfer using TransferWise platform, my recipient was due to receive the money on tomorrow. I tried logging in to check the status only to find out my account was deactivated. Please what will happen to my money now? I need an answer please. This is a very poor service.

21 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Nov. 15, 2018

They deactivated my account - no explanation - I had £700 due to be transferred. The person I spoke to told me he can't tell me why my account was deactivated because he doesn't have that information but that it 'happens from time to time' - he told me he doesn't know anything about my £700 and wasn't remotely helpful only telling me I'd have to 'email them about that'. I have emailed - to multiple email addresses for them - no reply - I suspect I'm going to have to take them to court if I want my money because they seem totally unconcerned that they have my money. Don't trust these people - there's plenty other money transfer apps. Don't risk it with these people. I've since read from other people of similar experiences.

17 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Nov. 12, 2018

Hi. I am not able to understand this company. They asked me for documents to proof I am a genuine company, I provided all kind of proof, including screenshot of bank accounts where they have deducted from my card, but yet they deactivated my account. Why they should take money in first place to deactivate later? It's like they play games of holding money, very weird company, they miss genuine customers on stupid check strictness on profile. They could have asked me any proof, including video calling to show them I'm genuine user, but deactivated my account... So irritating, anyone had this experience?

22 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Nov. 10, 2018

TransferWise is an inexpensive online wire service, but it comes with a bag of administrative regulations that make sending money from point A to point B unnecessary complicated. Strongly suggested to use a different wiring service even if it's a little bit more expensive. Sometimes the cheapest is not the best option. Not recommended.

16 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Nov. 8, 2018

These people suck. They will, without warning, 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 the only way you know you have a problem is when you can't log in. 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. Transferwise is owned and operated by ex-Paypal employees. Paypal is also a horrible operation that has a long history of suspending accounts and holding funds. Just google "Paypal sucks". Transferwise sucks. Avoid them completely. Do business with a real, legitimate payment service like WorldFirst instead.

21 people found this review helpful
Rated with 5 stars
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Verified Reviewer
Original review: Nov. 8, 2018

I don't know who writes all these negative reviews. Two days ago I sent TransferWise 78,000 USD, and the money arrived the next morning. Then I converted the whole amount to Canadian dollars at the rate of XE.com minus about 0.5% and this morning the money arrived back. The transfer fee for Canadian dollars was $0.95 (ninety five cents total), but I believe that it is zero for smaller amounts.

13 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: Oct. 29, 2018

As a Norwegian working in the United States I had to find a cheaper way to pay down my student loans. I now pay between $3.5 and $5 on every transfer made back to my home country. Before that I'd get charged anywhere between $25 and $40 per transfer depending on which bank it was routed through. I estimate that I've saved anywhere between 600 - 700 USD so far. Really couldn't be happier with their service. One small improvement would be the ability to request a change of address after you've signed up. Besides that it runs super smooth.

9 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Oct. 26, 2018

I used Transferwise to receive CHF on my EUR account. Turns out they are far (at least 3 times) as expensive as my normal bank, which I also consider expensive. Great marketing story but I will stay away in the future.

7 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Oct. 21, 2018

After two years of safe transfers - TransferWise has screwed up. The sender sends the money (originally in Euros - changed to S$). TransferWise asks me for my bank account details. I give my London Bank account (not my Singapore S$ account). The money does not arrive. The website indicates "PENDING" transaction - but in fact the transaction is cancelled - but as the recipient - all I see is "PENDING". I try to check with TransferWise - they say - "Check with the sender." But the transaction looks like "PENDING". The jokers at TransferWise are just sitting on the money. This is not good!

10 people found this review helpful
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TransferWise Company Information

Company Name:
TransferWise
Year Founded:
2011
Website:
transferwise.com
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