Wise.com Reviews

Wise.com
( 22 reviews )
Website: Wise.com

Wise (formerly TransferWise), found online at Wise.com, states that they are “the clever new way to beat bank fees,” allowing their users to participate in a peer-to-peer money transfer services that charges the lowest possible rates.

How Does It Work?

The basic details of how this service works are for members very straightforward and easy to understand. Members create a profile, then enter the amount of money they would like to transfer and the destination of where they would like to send this money, and whether they would prefer a debit card or bank transfer.

At this point, the member has done everything they need to do, and Wise.com will take care of the rest.   “The rest” is where it gets interesting.

Wise.com promises to charge much smaller fees – up to 10x less – than a traditional bank when it comes to transferring money to another country and exchanging it to another currency. Because instead of creating a straightforward transfer and exchange, Wise.com uses an algorithm to tap into a peer-to-peer market.  

 

According to The Economist, this idea was born when the creators of TransferWise used each other to “transfer” money into the currencies of the countries they lived in and avoided the 3-6% rates charged by traditional banks.

So what TransferWise does is to take your money which is originating in Canada and being sent to Britain, and it finds someone in Britain who is sending their money to Canada.  Then, instead of actually transferring the money across borders, it simply pays the money out of the relevant national accounts.  

Wise.com can send and receive sixteen different currencies, including the US Dollar, the Canadian Dollar, the Euro, Pounds Sterling, and many others. There are nine currencies that TransferWise can only send out via local transfer, like Indian Rupees, Singapore Dollars, and more.

Unfortunately at this time Japanese Yen can only be sent and received via the SWIFT network, which often triggers an additional charge from your bank.

Cost/Price Plans

Wise.com says that not only do banks charge fees for their transfer and exchange services, they may also charge up to 5% in hidden fees.  Wise.com says that the use the real mid-market exchange rate, with no hidden commissions – all fees will be shown up front. 

The website says that smaller transfer amounts will be charged a nominal flat fee, while after a set threshold a .5% fee will be charged. This holds true for most currency exchanges, though unfortunately the United States banking system is particularly complicated and fees charged for USD transfers are likely to be different. Their website provides a detailed chart explaining these differences and what, if any, additional fees will be applied. 

Refund Policy

Generally speaking, financial companies do not offer traditional Refund Policies for their services. This company may offer a Cancellation Policy, though this isn’t clear, so any customer who feels that circumstances have occurred which justify a refund of any associated fees should contact their Customer Service team as soon as possible.  

Customer Service Contact Info

Customers who would like to contact Customer Service with any questions, concerns, or complaints can do so by phone at 888-908-3833 or by email at [email protected] 

Reputation

There are many different financial and business publications which seem very excited about this service and the possibilities it offers users for affordable options in money transferring.

While there are some user reviews which detail bad experiences, like having their account canceled without an explanation or having mistakes made which result in having their transaction failing, which can cause problems for any number of reasons, the truth is that this company appears to have overwhelmingly positive reviews for their services. 

Competitors and Alternatives?

In addition to using your own personal bank to make money transfers, there are many different large scale national services who will help you with this process, the most well-known of which includes Western Union, MoneyGram, and PayPal, among others.

If you have any experience with Wise.com, please leave your reviews below.

Wise.com Customer Reviews

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Wise is a scam
September 21, 2021
They canceled my account after six months with no reason, 20 days have passed and they are keeping my money. This is a fraudulent company.

Illegally holding my money!!
August 3, 2021

Less than 1 if I could.

They de activated my account. I don't really care as the service is crap. I have no real need for it due to the fees being higher and costs less attractive than advertised.

It is now going on 60 days and I still have not had my money refunded. Their process to request a refund....for MY money requires login. Except I cant't login due to their idiotic rules!!

This is a scam. They are holding my money without reason.

It is fine to close my account but give me back my MONEY.

Absolute jerks.

They stealing your money
July 16, 2021

Please be careful with this app. They are stealing your money with million of reasons. I have transfered my money since the end of May. And they keep delaying the process asking a lot of documents until now.

So I asked them to just return my money and i will transfer it using local bank here. But they deactivated my account. Dear wise when will you return my money? (July 17, 2021 still no news about my money)

Transferwise or wise its a fraudutent company
June 3, 2021

They accused my company of fraudulence after been with them for 3 years.

Transferwise is a scam! They close your acct without reason, cannot contact customer service, and they won't give you your money back.

A complete scam, don't touch them! the people that work there don't care to help you .. what they do is let you grow with them as a company them they deactivate the account, take everything from you .......

The lawyer of our company asked them for a fraud report they can't even provide because everything is a lie, please help us to shut them down it's important for them to go. Comment on this review...

Works perfect
September 7, 2020
Except for a website time-out (not being able to login on the site or within the app) it works perfect. Transferring lots and lots of dollars and euro's and no issues. Now using as our primary 'bank' account for one of our companies.

GoldmanInvestments June 03, 2021

they change they name to wise.

transferwise is a scam! They close your acct without reason, cannot contact customer service and then won't give you your money back. A complete scam, don't touch them!

My account got hacked
May 6, 2020

I will say that the two times I used the service to send money abroad it worked. I did have the same problems the first time as some have had. They initiate the transfer and make it sound like everything is smooth. Then three days later they start asking for picture ID, tax forms etc. Once you jump through those "hoops" the next transfer actually does go easy.

My big problem occurred 6 months after my last transfer. My account was hacked. Lucky for me I had downloaded the phone app and had enabled notifications from them. One morning at 4am (9am Europe time/bank opening time) I get a notification that there was a transfer of money in to my account. As I only use it between my account in the US and wife's European account, this was impossible. So i got on the phone and told them. They disabled my account. And I believe this happens more often than they let on, and that's where a lot of people are complaining that their accounts are frozen or disabled with no explanation. (my opinion only)

Customer service is there. But it is SLOW. And they never seemed as concerned that my account had been hacked and someone had my information as I was. It took me a lot of harassing of customer service and their facebook page to get any explanation, almost two weeks later. They told me that someone must have hacked my e-mail, got my info, hacked my account, and changed the password. Only problem with that, was my e-mail service was totally uninterrupted. My email is not one of the "big names". So when I called them (and got an American customer service rep) they checked in to all logins to my email and said there was absolutely no strange logins to my account. Which, if that is how someone got my info, there should have been a trail. Transferwise didn't want to hear any of it. Basically said account's terminated ,if I wanted to use the service I would have to start all over and make a new one. When I asked, "why wasn't I informed that there was a password change?" Their response was, "they must have". "Maybe" whoever hacked my account where monitoring my email, (that they said had to be hacked) and intercepted it. But absolutely no other problems on any other account associated with that e-mail. And no strange logins on that account!

I will say that their rates are great. And thanks to their phone app I caught the hackers using my account. And Transferwise did say they "froze" that money. (I wonder who got it, as it was in my account) I was comparing rates with their service and the one I'm using now. They were 40 euros "better" on 3500 dollars than my service. Even with the prospect of having to "jump through the hoops to open a new account, I was considering. Until I started reading some reviews. Just think I'll have to "eat" that 40 euros!

transferwise is a fraud website stolen your money
May 2, 2020

i open account i send 200$ after we detect problem with login to transferwise ,

not problem i use recovery password and here mistake we never received the recovery password

so we try again to reconnect and transferwise lock me account !

she say now me account is look she cancel the transaction and return me 200$ under 10 days

now over 10 days never see money

also is company is cheat because when use

transferwise 1 time for urgence , before i paid she promise delivery 17 avril and juste after paid she send me a email and say sorry maybe arrival on 20 april

is not true plate forme for send money we not recommanded transferwise i suspect lock same account and never refund money.

don't use transwise 1 promise speed delivery is not true !

2 support unprofessional don't know everything say every time we cannot ask you details more for refund or others

3. she don't know where money refund stay is a not true secure website we not recommanded and more we say blacklist transferwise make not true !

FRENCH ---

'ouvre un compte j'envoie 200 $ après avoir détecté un problème de connexion à transferwise,

pas de problème j'utilise le mot de passe de récupération et ici erreur, nous n'avons jamais reçu le mot de passe de récupération

nous essayons donc à nouveau de vous reconnecter et de verrouiller mon compte en mode transfert!

elle dit maintenant que mon compte est regarder elle annule la transaction et me retourne 200 $ sous 10 jours

maintenant plus de 10 jours ne voient jamais d'argent

est également la société est triche car lors de l'utilisation dans le sens du transfert 1 fois pour urgence, avant de payer, elle promet la livraison le 17 avril et juste après le paiement, elle m'envoie un e-mail et dit désolé peut-être arrivée le 20 avril

n'est pas une vraie plate forme pour envoyer de l'argent, je ne recommande pas transferwise , je soupçonne de verrouiller le même compte et de ne jamais rembourser d'argent.

n'utilisez pas transwise 1 promettre une livraison rapide n'est pas vrai!

2 support non professionnel ne sais pas tout dire chaque fois que nous ne pouvons pas vous demander plus de détails pour le remboursement ou autres

3 ils savent meme pas ou l argent des remboursements est il ce fou de nous !

n utiliser pas transferwise c est un site pas sure

ATTENTION THEY ARE SCAM
April 15, 2020

I transferred money and all information in the my account looked good, they showed the status changes every day and suddenly in a week they deactivated my account and then told me that they never received my money. My bank confirmed that money have been transferred and I have a confirmation but they keep insisting they never received them.

Never use their services! Stay away from them!

transferwise is a scam!
April 9, 2020
They close your acct without reason, cannot contact customer service and then won't give you your money back. A complete scam, don't touch them!

TransferWise deactivated my account with no explanation and appeal denied
July 5, 2019

I strongly recommend people to NOT use this service :

Many people promote TransferWise Borderless Account so I tried it out

My account was deactivated after I provided all documents for verification. This happened before I even had the chance to use the account. I received the e-mails “We’ve confirmed your identity - We’d love your feedback” and “We’ve confirmed your address - We’d love your feedback” and then when I try to login I see:

“Sorry, your account is deactivated. If you believe this is a mistake, please contact customer support at appeals”

I contacted appeals and this was the answer:"Hi We have reviewed your appeal and we have taken the decision not to reactivate your account"

I literary did nothing illegal, nothing wrong or against their T

It Works For Me At least
January 1, 2019
I have made a few transfers to my account in Portugal from the US, no hiccups whatsoever. In fact, I received a credit in Portugal before they're able to collect funds from US account.

Transferwise is a scam!
December 24, 2018

In my situation, in order to avoid delay, all documents had previously been sent and checked to be sure everything would be fine. But they said that in order to process my transfer they needed further information to check the origin of my money.

And although the funds left my bank account immediately, they said they received the funds too late (at this time the exchange rate was no longer guaranteed and the new one was more expensive!) and then start the exchange currency and transfer process. So I had no choice but to accept the new rate, as I really needed that money.

But the transfer never occurred! It was stuck in their bank account in Germany (as it was an Euro conversion).

After that, they told me the transfer was being reviewed (this begs the question of why they wouldn't review it before debiting the money) and that they needed further information and documents to start the process. But the documents had all been sent at the beginning of the transaction!

2 DAYS after they received my money, I received a first request "Please provide your bank statements" as we need to check the origin of your money. I did it straight away, then 2 DAYS later another request " please provide another bank statement" to know where my money came from, and then 2 days after that "please provide 10 years of your payslips" as we need to check the origin of your money...(after I had provided them with several bank statements, certificate with name of the life insurance company where I took my personal saving funds…)

This was ridiculous!

I contacted them many times by mail and received replies from at least 7 different persons, all asking for different documents that had already been sent at least twice before; then no reply or a reply asking for more checking information. I also tried the online chat room which never opened or tried to phone ( an Estonian number) but nobody ever answered except an answering machine...They claimed they attempted to phone me but could not reach my number (?). However I received several calls from Estonia, disconnected at once whenever I picked up... The last person I had contact with through e-mail absolutely wanted to contact me directly by phone to get “some documents needed”, because he said he couldn’t ask for them in writing! it was such a piece of joke !!! of course, finally he said he couldn’t phone me because his phone couldn’t reach an overseas number ! So I asked for skype, whatsapp, without success, then his phone number (which was in fact, after several tries, connected to a machine!)

After 10 days without any transfer, I managed to cancel the transaction after threatening legal action and waited for my money for 5 days, not knowing if I would ever see it again! But fortunately I got it back.

Their "customer service" consists of blaming the customer, asking for endless and ridiculous documents and information, impossible to provide. The messages you receive are vague, misleading or not true.

Warning: DO NOT USE TRANSFERWISE. They will take the money you have transferred to them and keep it so that they can earn benefits from your money but your transaction will never be completed!

Like a lot of people, I had read lots of positive testimonies, I’m sure they were fake, or they were very lucky people !! The greatest risk is that TransferWise will go bankrupt disappearing with the unlucky customers’ money, So I hope my experience will serve people.

It works for me so far...
November 30, 2018
I have used this for about 6 months sending a total of $4000 USD and never had any problem. Their customer service is very responsive and I always know what is going on with my money...

Mats Sjoberg December 08, 2018

Try transferring anything over $10,000 and please let me/us know how that goes. My experience with TransferWise is that they do NOT honor amounts higher than $10K and ultimately will deactivate your account if you have multiple $10K transfers within one week. Do NOT use this service if you want to protect and have access to your capital.

ZoltánFüzesi December 09, 2018

I can not say anything about that, and I do not see it right now that I will transfer more than a few thousand dollars at once... Sorry to hear your loss, but I would be really interested in how it ended up for you finally.

Fraud! Don't use this service. I did and now I have to file a law suit
November 30, 2018
After having transferred $28K into a Borderless account TransferWise deactivated my account. They did NOT provide an explanation. Hence I missed a payment to a Cancer Drug Treatment company in Sweden. 18 days later and multiple emails from me to them, me calling them I have no resolution and no access to my funds. I received an email yesterday stating that they may take 60 days to perform a due diligence on my account. What the hell does that mean? I have instructed my 2 local banks that accepted the ACH transfer requests from TransferWise to reverse three ACH transactions. If these do NOT go through I will file a law suit and a criminal offense with FBI. Do NOT use this company. They are crooks!

ZoltánFüzesi December 09, 2018

Could you please inform us how it went with them? I think it would be useful for everybody if you would share your experience.

Mats Sjoberg December 10, 2018

My 2 banks engaged TransferWise after I having had to fill out the ACH dispute forms. My money is now returned to me after being held by TransferWise for a month. I will never use their poor services again.

GoldmanInvestments June 03, 2021

They are Big scammers the biggest in london

I made a test... So far so good...
July 10, 2018

Hi Everyone,

I just made a test transfer with Transferwise sending 5000 HUF from Hungary to a USA bank account. The transfer was super fast and they charged me only a dollar for all. The exchange rate is also very reasonable, better than what my bank would have offered. I could follow the whole transaction and also talked to customer service about how this whole thing works, they are very helpful. Everything was perfectly fine.

Now I am trying to send 280000 HUF and see how it goes, I will keep you guys posted...

Mats Sjoberg November 30, 2018

Great to see this. I did the same test with 1000 USD from the US to Sweden. That worked wonderfully. Then I did a $28,000 transfer using multiple ACH transfers and Debit Card payments. When all money was transferred, TransferWise deactivated my account. The debit card transactions of $4000 has been returned to me BUT not $24,000 that now sits with the Thieves of TransferWise. Let's be wise and NOT use these crooks. I will see them in court. They are breaking the US Laws and do NOT care. Justice will be served.

ZoltánFüzesi November 30, 2018

I am sorry to hear you had a problem with them. I made several transactions ever since, sending $2000, $1500 and had no problem at all, so I think I will stick to their service for now.

always excuses from transfer wise
November 22, 2017
Does not get money to you in the time listed for your country. Is always an excuse. Each transaction gets worse and worse

Mats Sjoberg November 30, 2018

I hear EXCUSES all the time from these scamers. I did a $28,000 transfer using multiple ACH transfers and Debit Card payments. When all money was transferred, TransferWise deactivated my account. The debit card transactions of $4000 has been returned to me BUT not $24,000 that now sits with the Thieves of TransferWise. Let's be wise and NOT use these crooks. I will see them in court. They are breaking the US Laws and do NOT care. Justice will be served.

poor service
July 12, 2017
i sent money 120 doller.....and never found where it goes.no customer service they have

GabbyBritanico Gabiola October 12, 2017

Does your recipient got his/her money?

Mats Sjoberg November 30, 2018

I agree that their customer service is flawed and dishonest. When my $28,000 was transferred after multiple source, TransferWise deactivated my account. The debit card transactions of $4000 has been returned to me BUT not $24,000 that now sits with the Thieves of TransferWise. Let's be wise and NOT use these crooks. I will see them in court. They are breaking the US Laws and do NOT care. Justice will be served.

TRANSFERWISE: POSSIBLE FRAUD!!!
April 3, 2017

TRANSFERWISE: POSSIBLE FRAUD!!!

I tried to send money through Transferwise from my Canadian bank account to a European account to pay for a trip.

First, transferwise asked for the information at the bottom of my bank cheque: transit #, branch #, account #. I called my bank, and they said it's OK to give out this information, so I inserted this information on the Transferwise website.

Next, Transferwise asked me for the number of my bank card. I inserted it.

Next, Transferwise asked me for my banking password. I was nervous, but I inserted it.

Next, a message appeared on the Transferwise website saying: "You are now logging into [NAME OF MY BANK] bank account". I thought this was really strange, because I was still on the transferwise website, not on my bank website.

Next, Transferwise asked me one of my bank's security questions: "What is the name of your best friend from childhood?" I was perplexed as to how this question would appear on the transferwise website. I called my bank right away.

My bank said that no one should ever ask me for my banking password, because that, in combination with my bank card number gives them access to my bank account. My bank changed my password right away.

I ended up wiring the money from a bank, and paid the applicable fees.

Next, I went to the branch of my bank, cancelled my bank card, and got a new PIN. There is a fraud alert on my account now.

My bank said that it is quite possible that Transferwise is a legitimate company, and that their website may have been hacked.

It is not possible that it was my computer that was hacked, and not the transferwise website, because I was performing the transaction from a highly secure government work computer.

I don't know if all the positive reviews for Transferwise are fakes or if the company is legitimate. Either way, even if it is a legitimate company, it just means that their website was hacked, and that therefore it is not safe to use them.

BEWARE OF ALL THE POSITIVE REVIEWS FOR TRANSFERWISE: YOU MAY BE DEFRAUDED IF YOU USE THEM!!!

GabbyBritanico Gabiola October 12, 2017

Any update? Does your recipient got his/her money?

GabbyBritanico Gabiola October 12, 2017

Do you have an update if your recipient got his/her money?

Mats Sjoberg November 30, 2018

Astonishing! I agree that these guys are fraud and I will now have to file a criminal complaint with the FBI and subsequently hire a lawyer to get my $24K back. Their customer service is flawed and dishonest. When my $28,000 was transferred from multiple sources, TransferWise deactivated my account. The debit card transactions of $4000 has been returned to me BUT not $24,000 that now sits with the Thieves of TransferWise. Let's be wise and NOT use these crooks. I will see them in court. They are breaking the US Laws and do NOT care. Justice will be served.

Beware of all the questionable positive reviews
March 10, 2017

Transferwise: Have received numerous emails, app notifications, and website postings that keep telling me transfer complete. Each time I question this they have another excuse or additional misinformation. Today I just received another email: "awesome, your transfer is complete". Not so. Checked my bank and money not withdrawn. Checked with German bank; money not yet received.

We are collecting all of the emails, texts, posts, etc. Containing wrong, incorrect, or misleading information. This information will be forwarded to various consumer, banking, and government agencies who should be made aware of the situation.

Be cautious about some of the positive reviews and their sources. If you monitor these posts for awhile, at least on TrustPilot, the negative reviews disappear faster.

A better approach would be to actually fix the problems rather that keep trying to obscure them.

Still wondering if the payment will really ever be made.

Mats Sjoberg November 30, 2018

Yes! I am about to file a criminal complaint with the FBI and subsequently hire a lawyer to get my $24K back. Their customer service is flawed and dishonest. When my $28,000 was transferred from multiple sources, TransferWise deactivated my account. The debit card transactions of $4000 has been returned to me BUT not $24,000 that now sits with the Thieves of TransferWise. Let's be wise and NOT use these crooks. I will see them in court. They are breaking the US Laws and do NOT care. Justice will be served.

Great Rates and First Transfer Free
January 10, 2016
TransferWise has the best exchange rates and lowest fees I have seen for both personal and business transfers. I have already saved so much money by using TransferWise, and I have never had any problems with them. Transfers are secure and fast.