TransferWise holds money since early January 2019

Elve

Active Member
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
 

Elve

Active Member
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 file a complaint for financial harm because I needed my money for commercial operations, and that I contacted the FCA and Financial Ombudsman Service, but still the same response from them "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 starting my fight against these thieves again.

For the moment I have not received a refund for almost 4 months.

Here is a link that transferwise provided me, which suggests that we are treated like bad people when in reality the fucking thieves are them:

 

Bmw850

Trusted Member
Business Angel
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 file a complaint for financial harm because I needed my money for commercial operations, and that I contacted the FCA and Financial Ombudsman Service, but still the same response from them "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 starting my fight against these thieves again.

For the moment I have not received a refund for almost 4 months.

Here is a link that transferwise provided me, which suggests that we are treated like bad people when in reality the fucking thieves are them:

Very interesting, first time i see that ... They seems to understand well in scam matters... ;)
 

Hera

New Member
I have the same issue as Elve. We done transactions in EUR to EUR. We used TransferWise to perform swift transfers. at low cost The company is registered in europe.
 

ohassanabd

New Member
Hello Hera, I am in exactly the same situation and I am waiting for my refund (16k) since the beginning of May.

I have contacted the FCA and ombudsman uk and they advised me to wait the 60 business days before making a complaint.

But that is very worrying if you have not received anything since January, because the 60 business days of diligence have already passed for a long time.

Has anyone here been able to recover their money after the deactivation of the TW account?
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 because they never asked me of any question or documents before deactivating my account, during the 60 days and during the refund, all they asked of is my account details, they are only investing our money.
 

Elve

Active Member
That is at least good news that you recovered your funds.I hope it's the same for me at the end of this month.
 

Hera

New Member
Before deactivation, TW requested : bank statements, payment gateway statements (senders information required).
After deactivation, TW requested refund account details of the company.
Account deactivated end of March 2019 and no refund for now.
 
Before deactivation, TW requested : bank statements, payment gateway statements (senders information required).
After deactivation, TW requested refund account details of the company.
Account deactivated end of March 2019 and no refund for now.
Did you tried to contact them via email and no answer at all? What answer you received after 60 working days passed?
 

djaheim

Active Member
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 complaint with the provider and once they have dealt with your issue and you are not satisfied the next point of call is to contact the onbudsman and they will ask for all correspondence you've had from the provider, the resolution and why you think its disatisfactory then they will pick it from there.
 
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 complaint with the provider and once they have dealt with your issue and you are not satisfied the next point of call is to contact the onbudsman and they will ask for all correspondence you've had from the provider, the resolution and why you think its disatisfactory then they will pick it from there.
Do you think the onbudsman can speed up the whole process? Waiting for 60 business days will be a catastrophe for our company.
 

djaheim

Active Member
Do you think the onbudsman can speed up the whole process? Waiting for 60 business days will 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?
 

djaheim

Active Member
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.
 
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 final response and After I can contact onbudsman?
 

djaheim

Active Member
So I need to send a reply to transferwise is if it their final response and After I can contact onbudsman?
Clearly they havent given you a final response, as they are claiming to still investigate or carry out those checks within the time scale they have provided. On this case you can only wait or call them and nagg.
 
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