OkAfter reading mostly good comments about TransferWise, I thought I would try it. I have done many international transfers (USA to Brazil) but the exchange rate, when done via banks, tends to poor.
Here is my experience and my complaint about the experience—I liked the interface; very easy to use (almost seemed too easy) but here was the problem:
When I checked my account on their site, on the day it was supposed to be completed, the site informed me “Transfer Completed/ But no money showed up in my account. The next day I called their support line (very long hold), and the agent said maybe I needed to send some further documentation; he would check and call me back.
Then he called soon after and said the wire “bounced” (because I left out a “-” in the account number, though the numbers were correct). Whatever, once I resubmitted the transfer with the hyphen, then I did receive the money, one business day later (wonder why it takes a full business day when a bank can do it the same day….whatever)….
It was deceptive the site said “Transfer completed” when it had not been. Completion to me means my bank accepted the money, but they did not, my bank bounced it back. Not only was the TransferWire site misleading, but I was not informed of the issue (I had to call to find out it was bounced). I complained via Facebook and was told “on our end, the transfer was completed”. Haha! I guess they really aren’t so concerned about the client actually receiving their money; they considered “completion” of the transfer when they sent the money, and received their fee, with no concern about the successful receipt of the money by the client
Transferwire EASILY could have noted the bounce on my account, on transferwise.com, instantly. I suspect there are many people who make a slight error in their wire order (account number or many other precise data points), but if TransferWise keeps the information that the wire bounced to themselves, they get to use the money for their own purposes a bit longer. I’m sure that all adds up in their bottom line, but their clients suffer.
https://www.quora.com/How-reliable-and-trustworthy-is-TransferWise