is transferwise safe?

[hazi]

Hello members,
Recently opened a transferwise account with EU company.
I see some horrible reviews and groups discussing stolen money, closed accounts etc.
Anyone has experience with them? how safe are they for large transfers?

 

[Coin]

I've had really bad experience with them, they froze my account and money without a given reason and would not even bother replying to my messages. I tried everything email, phone, Facebook but they just didn't seem to care. After many threats I eventually got my money back after like 1-2 months. Luckily it was only around €2k and I couldn't imagine how would it go if there was more money involved.

However I've heard about some people who are using them without issues even for large transfers. As long as everything is legit, you don't violate their TOS and you have proofs for every transfer you should be good but I personally would be very careful and I would not recommend to hold large balance there.

 

[polonieth]

I have used them for years with no issues, multiple transfers from £10 through to £30k. No problems, a couple of ones to India needed some verification.

Kept a standing balance there of low five figures, which I suppose is somewhat risky given no protection. But if you are an above-board user and not trying to circumvent their terms then I can't see any issues at all.

 

[CryptoIsFreedom]

I've tried Paypal, Payoneer and Wise.

I had best experience with Wise. I was able to hold $250K in my personal account without a problem.
My transfers were under $10K.
The only thing I hate is their UX while sending money.

 

[Martin Everson]

Wise is perfectly safe if your doing normal business with EU company and EU customers and have EU passport. Anything else is high risk to them and you will at some point be disappointed with the whole experience.

P.S These Fintech unicorns are not at all interested in risk sadly.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[CryptoIsFreedom]

Oh and I must add, I tried sending money from Wise to Binance deposit accounts, it didn't allow me. That's the only time I had a problem with Wise.

 

[Loopylicious]

Martin Everson said:
Wise is perfectly safe if your doing normal business with EU company and EU customers and have EU passport. Anything else is high risk to them and you will at some point be disappointed with the whole experience.

P.S These Fintech unicorns are not at all interested in risk sadly.
Click to expand...

If I'm from a South American country, and I plan to move my funds from my Paypal USD account to Wise USD and then send them to my EU bank account, moving like 3k-4k per month, do you think I can get any issue with my Wise account?

 

[Martin Everson]

Loopylicious said:
If I'm from a South American country, and I plan to move my funds from my Paypal USD account to Wise USD and then send them to my EU bank account, moving like 3k-4k per month, do you think I can get any issue with my Wise account?
Click to expand...

I don't know I would ask them first.

Btw I thought Brazil was only South American country they support?

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[uplana]

Ask them with all your questions you may have, I have been using them for over a year without difficulties so far.

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