USA PHL

₱ 49.13

USA MEX

Mex$ 22.47

FEATURES (Currently showing rates for to change )

Company Headquarter
London, UK
Company Type
Remittance Providers
Mobile App
Company Established
2011
Text Update (SMS)
Yes
Email Updates
Yes
Referral Program
Yes

EDITORIAL REVIEW

TransferWise is an online international money transfer company that allows people to send money abroad easier and at the lowest possible rate. Established in London and launched in 2011, TransferWise provides for its users a bank alternative, encouraging customers to outsmart their banks and save when sending money abroad. Using technology developed by the same people who created Skype, TransferWise has become one of the world’s leading remittance services.

While living and working in London, Estonian founders Taavet Hinrikus and Kristo Käärmann created TransferWise as a better way to exchange currencies. Today, TransferWise allows users to send money abroad to many countries worldwide, including the USA, Canada, most European countries, and some countries in Asia and Australia.

Much of its success relies on its easy-to-use online money transfer platform and fair exchange rate fees. Unlike banks, which can charge an upfront fee and up to 5% in hidden fees in the exchange rate, TransferWise customers only pay 0.9%. Founded on its commitment to bringing customers a bank alternative, TransferWise offers the mid-market exchange rate to the users, which makes it cheaper to send money abroad as compared to using a bank to transfer money abroad.

World-renowned leading investors such as Virgin CEO Sir Richard Branson and PayPal co-founder Peter Thiel have invested in TransferWise, contributing to the investment funding that the international money transfer service has received. It has received multiple awards as an innovative startup in the remittance industry.

Giving customers a platform where they can send money abroad at the lowest possible cost, TransferWise allows users to send money in their local currency using a debit card, just as they would a normal bank transfer.

FAQS

 

Q: Why does it take longer to send money with TransferWise?
The majority of transfers out of the US are completed within 1 business day. However, occasionally, a transfer with TransferWise may take longer than usual, because of the required verification process. Since Transferwise is regulated by the FCA (Financial Conduct Authority), TransferWise must verify people’s identities before proceeding to the actual transaction. FCA regulations are designed to protect customers and prevent illegal activity, such as money laundering or terrorist financing.

 

Q: Why does TransferWise perform the verification process?
TransferWise will ask for verification from all customers at one point during the transaction process. This is because the company is regulated by the FCA (Financial Conduct Authority) and HMRC (HM Revenue & Customs).

Q: What to consider while sending money with TransferWise?
There are three ways to send money from the US:

  • Direct debit (up to 5000USD)
  • Wire transfer
  • SWIFT (TW don't accept cash or cheques)

Customers can’t send money from Massachusetts, Vermont, Washington state, and customers need to verify their SSN numbers when paying from Arizona or Oklahoma.

Q: When is the transaction cancelled?
Transfer is cancelled if:

  • TW doesn’t receive money in two weeks
  • Customer is using someone else's account or card
  • The names don’t match on the bank account and the profile

USER REVIEWS

Zoe
Posted on July 30, 2020, 01:57 pm

This company deactivated my account for no reason. I submitted all required documents such as passport, selfie with the passport, and bank statement. Then, I transferred a total of $ 5,000.00 to my account , then all of a sudden, my account was deactivated. No one can tell me when my money will be returned. Please, whatever you do, DO NOT USE THIS COMPANY!

 
Ignas
Posted on June 25, 2020, 09:48 am

TERRIBLE! SCAM & THIEVES! DO NOT USE TRANSFERWISE. They blocked my account that I was running for years. $10K balance GONE! No support, no answers, nothing. Hugely risky company, I just wonder how much $$ disappeared form their "7 million customers"... Unbelievable.

 
B.M
Posted on June 12, 2020, 08:39 am

LISTEN TO THE NEGATIVE REVIEWS! A TOTAL SCAM COMPANY! JUST STOLE $2,500 FROM ME AND DEACTIVATED MY ACCOUNT W/ NO EXPLANATION. COMPLAINTS ALL OVER THE INTERNET ABOUT THIS COMPANY ABSCONDING WITH FUNDS. DO NOT, I REPEAT, DO NOT USE TRANSFERWISE! TOTAL SCAMMERS!

 
Mike
Posted on June 02, 2020, 06:17 am

Transferwise blocked my account over a month ago. Today I emailed them and this is what they replied: This message below was sent to you by our Appeals team on April 23rd 2020, and the same message remains. '' According to our Terms of Use Agreement we have every right to conduct due-diligence checks to your funds and account as long as 60 working days. These people are scammers.... I had over €30,000 in my account when they did this. Scammers

 
Wilf
Posted on May 13, 2020, 04:01 am

I can't rate it. All went well, happy with rates and speed, went to access my account - DEACTIVATED. Comments below all say the same. I started the "appeal" process - that's got to be bullshit. Appeal? Sounds like an Australian government department! Wondering whether there are games being played with law enforcement trying to catch money launderers. What a total disappointment!

 
Dyck
Posted on April 28, 2020, 11:17 pm

Disaster! !!!!!! Just deactivate my account suddenly without any reason!!!! After I transferred my money them

 
Rousan Ara Mannan
Posted on April 23, 2020, 09:21 am

Transferwise provides a very unprofessional service. After opening my account I saw that I had to deposit 20 GBP in order to receive my local bank address. It only let's you pay in these (AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HRK, HUF, NOK, NZD, PLN, RON, SEK, TRY USD , SGD) and because I from Bangladesh my currency is not BDT. So I sent an email to the customer support and the first guy told me that depositing 20 GBP isn't necessary and verifying the passport will be enough. I verified my passport. But still the local bank details wasn't visible and it was still asking for 20 GBP. Then I sent a lot of emails to customer support. Each time a different person was replying. There was no collaboration between the employees of customer support. They were not reading my previous emails. All of them was giving me irrelevant answers. No one was talking about the core problem. They wasted my two days. If they don't want us to use transferwise account then why do they ask us to create account. Because Bangladeshi people will have Bangladeshi bank account, not British bank Account. And Bangladeshi bank will have BDT, not GBP.

 
paul miller
Posted on April 22, 2020, 07:17 am

I recommend not using Transferwise in Canada. The company uses a bait and switch technique to get your personal details and then cancel your account based on not reading the fine print. I used Transferwise and clicked on the link provided for a business account and Freelancer bank accounts to accept foreign currencies. They know I’m in Canada because when you click on the Debit card, it says not available in Canada yet. I filled out the application only and submitted with my details. Shortly after Transferwise accused me of violating their terms of Use and cancelled my application and my personal account. When I asked for details the company TOU refers to engaging in a “marketplace” which is what freelancing and businesses do. I asked what that definition was and Transferwise said “that is internal to Transferwise”. After I asked for reconsideration, they said I could appeal using the link provided. That link was unusable after they closed my account. This was recent in early 2020. Transferwise has some hidden policies and clicking on links provided are not safe if you intend to build your transaction there. This could leave you with balances not retrievable and legal issues at best. I found Transferwise to be intolerant of any appeal process although the people were polite. The fact that you can violate the TOU simply by accepting the offer to apply for an account is very disturbing. It is baiting the consumer to apply and then switching off the account. I give them 9+ for fees but zero for customer service and business acumen. If I were a shareholder like Branson, I’d pull out while I can. Other startups with friendly approaches will do far better in the long run. Transferwise is worse than my bank for customer service. Shame on Transferwise for continuing to bait Canadians with those links. Look here for their crazy logic: Transferwise Customer Service (appeals): "Having said that, we have looked over your case once again, considering all the facts gathered, and information shared by you, we have come to the conclusion that your business model indeed falls in line with our marketplace definition. Thus, it violates our Acceptable Use Policy clause 1.2.2.d: Marketplaces from countries outside of European Economic Area and/or European Union. Unfortunately, we are not at liberty to provide further explanation on this reasoning."

 
david
Posted on April 20, 2020, 04:41 pm

escrocs ! Sous de faux prétextes de "vérification", ils font durer la transaction des semaines et ensuite désactivent votre compte sans aucun motif. Il faut attendre 60 jour pour avoir l'argent re-crédité ! des escrocs "légalisé" qui font fructifer votre argent. Le seul moeyn de les joindre est par mail, bien évidement jamais la même personne (des prénoms qui chnagent tout le temps, certainement des faux), bref, faux avis positifs également. Excellent compagnie sur internet pour faire de la pub, mais c'est un écran de fumée qui consiste simplement à garder votre argent le + longtemps possible !!! attention !

 
Gary
Posted on April 09, 2020, 04:04 am

Transferwise, a Complete scam - stay away!! They will close your account without any reason given, won't answer your queries and won't return your money. Looks insolvent to me. A real scam company

 
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