TransferWise, found online at TransferWise.com, says 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 TransferWise will take care of the rest.
“The rest” is where it gets interesting. This company 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, TransferWise 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.
TransferWise 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.
TransferWise.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. TransferWise 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.
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]
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 this company or their products, please leave your TransferWise reviews below.
14 ‘TransferWise’ Reviews
Bonjour, je viens de vivre une expérience avec TransferWise, c'est une belle escroquerie, je me tiens à votre disposition pour partager cela. Au début, tout se passe le plus normalement du monde, puis les délais ne sont pas respectés, ensuite des demandes incessantes de justificatifs bidons de domicile alors que déja fournis, bref que des gains de temps de leur coté histoire de faire fructifier votre argent…pour ensuite ne plus avoir de nouvelles... Donc transfert non fait, argent dans la nature.
ça a été très très compliqué pour simplement récupérer mon argent, croyez moi que le stress était au rendez vous ! Méfiez vous !!!
Le gros soucis est que à force de « jouer » comme cela, ce système s’écroulera de lui-même et ceux ayant fait un transfert à ce moment là peuvent tout perdre, ce n’est que mon avis, à chacun de décider….
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
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.
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.
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...
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!
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...