How safe is Transferwise for holding money?

[czechdude]

Safe in the sense of my account not getting locked, them not going bankrupt or other things like that. I want to put say 10k USD in there and I want it to be safe basically. That'll be all my savings because I want to stop using local account but I just don't know if that will be safe or not with these guys.

Any thoughts?

 

[void]

10k is perfectly fine, however if it's all your money I'd use one or two more EMI providers to spread the eggs

 

[Martin Everson]

10k is perfectly fine, however if it's all your money I'd use one or two more EMI providers to spread the eggs

Exactly. If you want put 2,500 in 4 EMI's. Putting all your eggs in one basket is never a good idea.

 

[aplusbangla]

Transferwise is sucks, I transfered to it 10usd via wire transfer legally and they locked my account. so you must be very careful with them.

 

[Martin Everson]

Transferwise is sucks, I transfered to it 10usd via wire transfer legally and they locked my account. so you must be very careful with them.

Whats the full story here?

1. Where did funds come from, person or company?
2. Where are used based?
3. Were funds first party or third-party?
4. What country did funds comes from?.

Would be interesting for us to know the circumstances surrounding them locking your account.

 

[aplusbangla]

1 - personel account but not the same name.
2 - france
3 - I activated my account and made 10usd transfer to it. that is it.
4 - france.

 

[Martin Everson]

Ok perhaps they have a problem with thirdparty inbound transfers on a personal account plus being in USD. I only ever use it for inbound first party wires, then currency conversion and then out to third-parties or back to myself. That is how Transferwise should be used and that's its target market. I think if you want incoming third-party wires especially in USD it is not suitable. They are very strict on USD transactions like everyone else these days.

 

[aplusbangla]

nn my account was in EURO and transfer was from SEPA in eur

 

[Martin Everson]

You said you send a 10usd wire before. Hummm...but ok let us know what happens.

 

[czechdude]

10k is perfectly fine, however if it's all your money I'd use one or two more EMI providers to spread the eggs

Exactly. If you want put 2,500 in 4 EMI's. Putting all your eggs in one basket is never a good idea.

Honestly I have no income and depression (can't work, sleep, focus) and losing even 100 from all that money is a HUGE hit for me. Any way to be sure with EMIs that the money won't go away as if it was a local bank?

 

[David97255]

I work with transferwise since 1 year. Using it for my company, never had this kind of problems with them. The only bad point is their fees very high.

 

[czechdude]

I work with transferwise since 1 year. Using it for my company, never had this kind of problems with them. The only bad point is their fees very high.

Yeah but I'm asking about the future assesment of Transferwise as a company, their business model and everything like that.

And aren't they famous for low fees though?

 

[sonato]

After 2 years of creation of this thread I wouldl ike to know what your thoughts are today! I can see that some of the very trusted users in this thread expressed their opinion very strongly here at the time.

What are your thoughts about Transferwise today in 2020?

Personally I had only good epxerience with this company, they are ultra fast in support replies and the services works smooth.. I didn't had a single issue with them so far.

Reading other threads where people claim they just shut down accounts or gor declined for account opening, then I have been lucky so far.

 

[Martin Everson]

Never had a problem with TW.

I just want to tell people to run a clean simple, low volume business with TW and you will be fine. I mean there are people using VPN's to access TW. Running front companies. Others going on holiday to places like Iran and checking their balance on their phone or spending extended periods of time, abroad or in dodgy countries and accessing TW from there. These are the people that complain their account was closed for no reason as they don't think they did anything wrong .

P.S Maybe I have just been lucky also...who knows .

 

[jackfrost]

Not a problem with them so far for years. Had a 6 digit tax payment which made them hold transfers for a couple weeks until they reviewed documents and then again same sized refund which did the whole thing again but every time they just wanted the documents and everything was good again after 1-2 weeks and the usual KYC.

Have you KYC docs always up2date, run a clean business and you should be fine.

 

[erni]

I just want to tell people to run a clean simple, low volume business with TW and you will be fine.

Have you KYC docs always up2date, run a clean business and you should be fine.

probably the best advice one can get!

In the mentor group I read about other options to avoid personal troubles with the EMI's such as not using your personal docs. There are also other EMI's where things will go smooth if you do as described.

 

[pesto]

@erni any thing you could point to so I can find it fast?

 

[erni]

@erni any thing you could point to so I can find it fast?

Did you check in the darks section, it should not be that difficult to find what it is I mean.

Is Transferwise safe​

I would say it is pretty safe so it is using the methods mentioned in the mentor gold but you will want to take your time and read before you just go ahead.

I have been using this company for a very long time with all kind of different setups so far I didn't had any issues as many around here have faced.

 

[needhelp]

UNSAFE.


ALSO DEPENDS HOW MUCH MONEY YOU ARE TALKING ABOUT.


I just had my Transferwise account frozen with 35K euro in it, for absolutely no reason, running my 100% legit online business.


My own fauly thinking it was safe to keep all this business funds in one single EMI.
It would have NEVER happened with my HSBC account. I was using Transferwise because I had to pay directly
my supplier in China in their own currency (CNY), and HSBC doesn't let me do that.



My advice: Use 4-5 different EMIs.

 

[dirtyharry]

I'm account holder with many different service EMI's that offer multi currency accounts and money transfer services to real banks. I have been happy with many of them and good real good service from TW as also AdvCash and Paysera.

I have GBP and EUR accounts with all the EMI's I opened and none have so far closed my account or asked for extra documents, most ignore my volume ( 50000$ month) and don't even ask for website.