Before 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.
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.
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.
TransferWise 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.