The FCA will do nothing, I already contacted them and they indicated that if the case is not resolved, I should make a complaint at ombudsman uk
How to complain
How to complain
TransferWise holds money since early January 2019
- Thread starter Hera
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Here is my experience with Tranferwise:
After more than a year and a half that I was using their service without any problem, from April 28th to May 10th, he asked me questions and requested documents every day. I gave all the information without hiding anything.
On May 10 he told me that he had deactivated my account, but according to them they say that the due diligence began on May 20 and it takes 60 working days to complete this due diligence.
I exchanged a lot of emails with them telling them that I had contacted my lawyer, that I was going to file︀ a complaint for financial harm because I needed my money for commercial operations, and that︁ I contacted the FCA and Financial Ombudsman Service, but still the same response from them︂ "with their 60-day fucking due diligence"
I wrote several messages on twitter, but nothing changes.︃ So I decided to wait 60 working days (according to them late August) before starting︄ my fight against these thieves again.
For the moment I have not received a refund︅ for almost 4 months.
Here is a link that transferwise provided me, which suggests that︆ we are treated like bad people when in reality the fucking thieves are them:
https://transferwise.com/gb/blog/transferwise-safe-for-everyone
After more than a year and a half that I was using their service without any problem, from April 28th to May 10th, he asked me questions and requested documents every day. I gave all the information without hiding anything.
On May 10 he told me that he had deactivated my account, but according to them they say that the due diligence began on May 20 and it takes 60 working days to complete this due diligence.
I exchanged a lot of emails with them telling them that I had contacted my lawyer, that I was going to file︀ a complaint for financial harm because I needed my money for commercial operations, and that︁ I contacted the FCA and Financial Ombudsman Service, but still the same response from them︂ "with their 60-day fucking due diligence"
I wrote several messages on twitter, but nothing changes.︃ So I decided to wait 60 working days (according to them late August) before starting︄ my fight against these thieves again.
For the moment I have not received a refund︅ for almost 4 months.
Here is a link that transferwise provided me, which suggests that︆ we are treated like bad people when in reality the fucking thieves are them:
https://transferwise.com/gb/blog/transferwise-safe-for-everyone
Yes, I was able to recovered my 15k AUD after their stupid 60 working days check.
I must tell you that they are not doing any check because︀ they never asked me of any question or documents before deactivating my account, during the︁ 60 days and during the refund, all they asked of is my account details, they︂ are only investing our money.
I must tell you that they are not doing any check because︀ they never asked me of any question or documents before deactivating my account, during the︁ 60 days and during the refund, all they asked of is my account details, they︂ are only investing our money.
Did Transferwise requested any particular documents and if so which documents or information did they request to release the funds?
Did you tried to contact them via email and no answer at all? What answer you received after 60 working days passed?
Even going to the FCA wont guarantee you any quicker outcome reason being, before you even go as near as the FCA, you need to raise a formal complaint wth the provider themselves. They will have to respond to you with a reference and timescale to reslove your complaint. So whether they manage to refund you the moneys within 60 days and close the complaint thats ok. However if it goes beyond that or if the resolution provided to you was unfair, you have to then take your case to financial onbudsman not the FCA. The point i'm making is, you need a formal complaint︀ with the provider and once they have dealt with your issue and you are not︁ satisfied the next point of call is to contact the onbudsman and they will ask︂ for all correspondence you've had from the provider, the resolution and why you think its︃ disatisfactory then they will pick it from there.
Do you︄ think the onbudsman can speed up the whole process? Waiting for 60 business days will︅ be a catastrophe for our company.
No onbudsman wont speed the process, if you approach ombudsman all they will tell you is to go and raise a complaint with the service provider. Basically the service providers are required to resolve these issues themselves and if you have exhausted the options with them thats when onbudsman could listen to the case. So i'd suggest you log a formal complaint with TW as soon as possible.
I have already made an official complaint with them and their final answer is this:
"Regarding your refund, please note that as a financial institution, we are required to carry out these due diligence checks.
The checks could take up to 60 working days, and in some cases more according to the licence guiding our conduct and activities."
How you suggest to proceed?
"Regarding your refund, please note that as a financial institution, we are required to carry out these due diligence checks.
The checks could take up to 60 working days, and in some cases more according to the licence guiding our conduct and activities."
How you suggest to proceed?
cause until ou receive the FRL (Final resolution letter) or rersponse from TW onbudsman wouldnt get involved, they will tell you to wait. I think the method behind the madness is to allow the service provider to self regulate. Which sometimes as in your case can be to the detriment of your business. All financial services are required to log complaints and resolve them within 45 to 60 days and if they cant they are required to tell you so and refer you to the onbudsman.
So I need to send a reply to transferwise is if it their final︀ response and After I can contact onbudsman?
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