How safe is Transferwise for holding money?

#21
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Unsafe because you sent money to China?
 
#22
I know a lot of people are happy with them, but my experience is rather different. Had a corporate account closed without notice and funds frozen for 3 weeks (even if I got them back to the last single penny) for a reason I still can not figure out today.
The account was funded by first party transfers in EUR only (the company holding the account and 2 subsidiaries, same name) all 3 within the EU, outgoing transfers in various currencies to various suppliers, which is their core business and what they are supposed to do.

Perhaps they felt uncomfortable with the volumes, or the countries we sended moeny to, and I would accept they decide to close an account because it does not fit to their policies. But in this case, they should give proper notice. Instead, they decided to freeze funds at the same time, asking for things like the 6 last months of bank statements of all account the sending companies had (found this really odd), internal invoices.

Worst of all, awful customer service : or they don t know, can t tell, have no idea, or they just send automated replies, with sometimes several days of delay when you contact them.
Finally, after 3 weeks, one day after another bunch of documents had be requested (and not yet submitted) they send an email asking for bank details to proceed to a refund. I must say it was done quickly.

So, perhaps just back luck, but for me it was enough, and would not recommand this company.
 
Reactions: needhelp
#23

I had the same experience as you, but they just froze my account and over 35K euro without any notice and without requesting any documents. My business cash flow is zero right now due to their fault.
 
#24
needhelp said:
I had the same experience as you, but they just froze my account and over 35K euro without any notice and without requesting any documents. My business cash flow is zero right now due to their fault.
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what is latest status for your issue with them? are you doing any progress in providing the documents and information they ask for?
 
#25
boomy said:
what is latest status for your issue with them? are you doing any progress in providing the documents and information they ask for?
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No status update means most often this guy sorted it out but forgot to come back here to let us know. People aim to only scream loud once everything is going wrong for them, as soon as things are sorted they forget about everything

Transferwise has been the perfect EMI for me for some time, soon I will open another account for my new Wyoming LLC which is in registration process by the agent.
 
Reactions: rowena
#26
Invariably, the only people that aren't happy with Transferwise are customers who are disappointed that whatever scammy operation or payments they were trying to make get flagged and their accounts closed.

There are very few legitimate complaints and it works as advertised for thousands of customers.

I've used it for a few years without issue to send and receive reasonable volumes of cash. The only real 'issue' I've had is a payment to India that took a while as they had to run some checks on it. Otherwise, it's worked flawlessly. But I'm not using darks, or in an adult niche, etc.
 
#27
Does Avdcash provides you IBAN? So it could be possible to link it with Paypal ?
 
#30
I must agree with you, I have yet to have a single problem with TransferWise.
 
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