TransferWise Complaints and Quick Resolutions

transferwise complaints and resolutionBefore I make any decisions to purchase a product or try out a new service, I take the time to find out what customers have to say about the product. For me, customer reviews, especially the TransferWise complaints, give an indication of what is really happening with the company. TransferWise takes the time to listen to their customers, understand their problems and solve them as soon as possible, and better than the customer expected. It is clear to me that they place emphasis on managing their reputation. Here are some of the typical TransferWise complaints I have come across, including the steps that the company has taken to resolve the issues.

Too Good to be True?!

I went through the people I know and asked one question, has anyone used TransferWise? I questioned whether TransferWise is a Scam. I believe this is because the excellent rates and brilliant service sound too good to be true. There may even be a question about whether with TransferWise lost money is possible. However, my experience has been excellent from the first transaction. I decided to consider the hundreds of positive reviews, visionary investors like Richard Branson, and all the recognition of TransferWise from the mass media. Now, years later through my personal experience, I can attest that TransferWise is real, true and lives up to promises. Just check out customers feedback below.

Cost Complaints

There was one client who loves the service that is on offer and confirms that TransferWise is legit but feels that the fees that they charge are not as low as what they can get from a bank. They acknowledge that the fees are better though and there is transparency since the real market exchange rate is used. A TransferWise Support staff responded to this complaint, informing the customer that the fee when sending money from Euros comes to 0.5% of the amount that is converted, which is approximately 8 times cheaper that the charges for banks from the UK. The customer complaint stemmed from a lack of understanding, especially when the fees may have been calculated in a different currency. Fees may differ based on the destination as well, for example, the fees for transferring in USD are slightly different from those of all other currencies. This is something that as a customer, you need to be careful to check on.

Not as Easy as it Seems

Another complaint I came across is that the transfer process has too many steps, and there are also requests for additional information that complicate the process. This is a common complaint for first time customers who may not have any experience with TransferWise. Direct TransferWise feedback explains that there are steps that have been put in place to ensure one’s security in the transfer process. These include ensuring that the names that are on the TransferWise profile as well as the bank account are a match. At certain point you need to be able to prove your identity and your address in order for a transfer to lawfully take place. All this is done for your safety and by law. When the response from the bank is inadequate, you will be asked additional questions. After this, TransferWise will ensure that your information is captured with the first transaction, so that this information can be referred to for future transactions, which simplifies the process.

Lost Money Concerns

I have interacted with some customers who feared that they had lost money during a TransferWise transaction. This complaint usually comes up when there is a TransferWise delay, meaning a transfer takes more days to complete than expected. Customer support are great at resolving these concerns and pinpointing the exact issue. Usually it comes down inaccurate details being provided or an issue with the recipient’s bank. The money can always be found and the transfer completed as required, revealing that TransferWise is safe.

Time Hitches

One customer was happy with the service and the rates that they received. However, they noted that the transfer took one more day than expected. TransferWise attributed this delay to the calculation of business days, especially on the side of the bank. Furthermore, the currency of the transfer and the destination country can also contribute to time hitches. Depending on your bank, some payments may not be processed on non-working days. In case of any anxiety, the support team are on hand to provide information.

Conclusion

well doneTransferWise complaints are taken seriously, and handled swiftly. In fact, they go above and beyond what one can expect from an online transfer firm. I have heard one guy received a box of chocolates with an apology from TransferWise, all because of sharing a negative review, as this gave the company room to improve.

7 thoughts on “TransferWise Complaints and Quick Resolutions

  1. These people are full of ego. Your transfer information will go to wrong email addresses, compromising your privacy. When complaining about it, they will use their powers to stop/block your account for no reason, just to feed their own ego. The customer service operators will provide you with wrong and misleading information in terms of your account details. The managers will disconnect the call on your face. I realized my money was never safe in their hands as they let people transfer money via their platform without verifying their identity and details in full. You would notice that the app is too easy to use but it comes at a cost. The security of your money and the privacy of your transfer information. Any app that would let you transfer money overseas without verifying your identity in full, that app cannot be trusted. I wanted to get in touch with the head office of TransferWise to escalate my concerns but no one from TransferWise provided the contact number or email address of their head office. Thank God I learnt quickly about their unprofessional dodgy app. Never again…

    1. You should ensure that information is perfectly correct and check every letter when sending money abroad. Otherwise, your transfer will be delayed or failed. It’s strange to hear that TranserWise support didn’t help you resolve this problem. I’m using their services on monthly basis during several years, nothing similar happened to me so far.

    2. This comment must be completely delusional or malicious because I’ve used Transferwise for a year on average once per week, sometimes with very small amounts, a few times with large amounts. Only twice in about 50 transactions, was there any delay, the rest of the time the transfers almost always arrived faster than the quoted time and both times that it took longer than quoted, the matter was resolved with them going above and beyond what could be expected. I will go so far as to say your comment is fake, let us see the proofs of what you say.

  2. While I cannot say (yet) that they stole my money, I can report a strange things are going on there.

    I have opened Borderless Account. They give you an ACH routing number and an account number. I used them with my bank (Discover) and they initiated trial AHC deposits. Transferwise reported them, posted on my account, on the next business day! So far so good, so I sent $400 to test how it works. Now, after one week, I do not see my money posted on the “borderless” account. I can certainly exclude any issues with incorrect account numbers (trial deposits).

    1. I would recommend you to contact TransferWise support to figure out what happened there. Let us know about the result.

  3. Having used this service for a year and on average 4 transfers per month, between accounts, currencies and different countries, I can rate the service as more than 5 star. I’ve used dozens of banks in many different countries, and also many different money transfer services: NONE come even close to the transparency, ease and low cost of Transferwise.

    Regarding to speed, depending on from where to where and by what means the payment is made, I’ve found transfers taking from a few SECONDS (England to Australia), MINUTES (Australia to Ghana), HOURS (Australia to Thailand) and DAYS (Australia to Australia, believe it or not but due to a security check from the bank!) but in every time except for twice in this year, the transfers have been much SOONER than the quoted time of expected delivery.

    On the two occasions where it was longer than quoted (once within Australia, once to Thailand), I was more than satisfied with the assistance and support given to me by the excellent customer service support staff, both over the phone and in Email. This company is OUTSTANDING. Its employees are GREAT — not the uncaring robots you find on many online services and even in some banks!

    1. I fully agree that transfer time highly depend on the route you use. And it’s not the amount you send that affects the delivery time. I typically send money form the UK to Spain and it takes from few hours to a day for money to arrive. To get the best results I try to make transfers in the morning and avoid sending money over the weekend. I also observed that different recepient’s banks can be slower or faster.

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