Transferwise is one of the fintech firms that furnish users with services that enable sending and receiving funds. Unfortunately, the years of pent-up confusion make it arduous to determine whether the transferwise scam is for real or not.
With an intent to lower your burden and enlighten our traders, Financial Fund Recovery has explained everything you need to know about Transferwise. In addition, we’ve ensured that our investigators study each aspect of the case and represent a transparent picture.
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What is TransferWise Scam?
When people online started to do cross-border currency exchange in the early days, only a few applications were allowed to exchange, such as Western Union and PayPal. However, today there are many companies authorized to do such transactions. But then there’s this one company standing outside the box, “TransferWise.” It is a money transfer service, Wise, also previously known as Transferwise. They claim to exchange currency for eight to ten times less than the global price. Moreover, they have a straightforward and intelligent system.
It takes two or more national transfers to avoid pricey international payments as a substitute for a foreign transaction. It is a not-so-common system that means that money does not go across the national borders and that currency conversion does use the middle market exchange rate. In this way, customers can altogether avoid old-style bank charges.
Transferwise scams have been a complication ever since consumers started posting mixed reviews. Some of them either said they were the best in the industry, while others believed it was a full-grown scam. So let’s get into more details to reveal the truth.
Is TransferWise legit?
Before determining whether it’s a scam or not, let’s get to know a bit more about TransferWise.
TransferWise is popularly known for offering a low-cost method to fund transfers across 80+ countries. Their exchange rates are competitive and best in comparison to others. In addition, their website features a calculator that computes your fees and expenses. Such solutions help you manage your funds better.
Listed below are some of its pros and cons that can give you a broader insight.
- There are low costs involved in the money transferring procedure.
- It’s been rated 4/5 stars for its iOS and Android application.
- They operate with a user-friendly setup and login system.
- It doesn’t charge an exchange rate markup, unlike other banking institutes.
- It lags in terms of delivery time in comparison to other fund transfer providers. Sometimes it can even take an entire week as some transfers, such as international, require additional work depending on the countries and their criteria.
- The US customer support is only reachable until the business hours, i.e., 9 to 5.
- It might involve a lot of verification, which makes it a complex procedure for the users.
- Hefty transactions can take a relatively longer duration.
Now money transferring platforms like TransferWise require customers to login, register, and follow specific protocols. There are no doubts in that segment. However, reports state that there are Transferwise accounts that are blocked and frozen due to the following reasons;
- Inadequate details or documentation
- While transferring a considerable amount
- If they believe your actions are beyond their acceptable policy.
Although the firm is constantly justifying the need to comply with regulations, the users who cannot withdraw their funds are left with a bad experience. In addition, the accusations made by MS Bank against TransferWise about theft and illegal use of consumer data only added more to the chaos. Besides, MS Bank’s partnership with them in the past made them a reliable source. So until TransferWise decided to fight back the false allegations, everyone still questioned their honesty.
However, concluding all the research and investigation, we can say that Transferwise isn’t considered a scam yet. It is transparent with its fees. It implies there are no hidden costs. Nevertheless, Financial Fund Recovery in no way encourages dealing with TransferWise. Especially given their history where specific clients have faced glitches and still have their funds stuck with them.
Tips To Prevent TransferWise Scam
- We do not recommend you to use TransferWise or any other similar applications to send your money.
- We suggest that you only use verified international bank transfers and tested applications such as Western Union and PayPal.
- The fee charged by the app is inversely proportional to the scam. So if the application says that it can transfer your funds at an economical fee, the chances of it being a scam increases.
- We recommend you refrain from sharing your credit card or debit card, visa card, or bank details on such an application.
- We advise you to go to the local authorities; if the customer service neglects your call or delays your complaint.
- Make it a habit to check your bank details regularly.
- Change your passwords from time to time. It can prevent any unauthorized access to your account.
- Verify the license, registration, and other statutory documents to learn their authenticity.
What To Do If You Have Been Scammed by TransferWise Scam?
If you’ve encountered Transferwise fraud or have lost your money in a frozen account, we can help you through it. Financial Fund Recovery is a recovery expert that can get you past this challenging phase by recovering your money. With committed specialists and free consultation, you can have the best personnel analyze your case.
With us by your side, everything is attainable. We make sure to prove our capability with our 92% win rate. Further, our efforts are constant, and we’ll continue to make the digital area free of online scams and other malpractices. For that reason, we designate legally compliant officers and serve as a lawful redressal undertaking. In addition, with a Customer support staff that works around the clock, we believe the future of our online users will be secure.
Financial Fund Recovery generally lives by a timeframe of 120 working days and attempts at recovering funds earnestly. First, we extend clarity, followed by our classified agreement signed with each customer.