How safe is Transferwise for holding money?

czechdude

New Member
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

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

aplusbangla

Building Trust
Entrepreneur
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

Offshore Consultant
Business Angel
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

Building Trust
Entrepreneur
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

Offshore Consultant
Business Angel
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.
 

czechdude

New Member
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

Banned User
BANNED MEMBER
Business Angel
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

New Member
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?
 

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