3.8 out of 5 might not be a bad rating as a restaurant. It's definitely a bad rating as a fund remittance product. When people transfer money, the very first concern is security. This company doesn't seem to guarantee remittance in promised 48 hours.
The system was designed very badly and unprofessional. Before verifying customers' profile, it allows customers to transfer money. And they write a date there to pretend that customers' money will be transferred by that date. However, in fact, they will never proceed.
If you think this only happens to unverified customers, then you're too naive. See what the customers commented in their facebook page. Even the rate displayed in their website is not guaranteed. The rate seems better than the bank. However, customers will never know whether the recipient will get their money in time. It might be delayed for 2 weeks. It might be returned. It might be lost sometimes. All in one word is "unsecured" transfer.
2. Frustrating customer service.
3. Poor system design
There are 2 types of profiles, personal and business. The business profile can be verified only after personal profile has been verified. So company users can just ignore this unprofessional remittance company. It generates a lot of trouble in case of personnel transfer. The system never indicates username must be real person's name. That's why our admin girl just registered by using our website name. However, in verifying process, they asked for IC. Then we need to change the username, however, the username cannot be changed! Here comes the frustrating customer service. The problem is very simple, just to change the username to our director's name. Then they changed 7 customer service guys to reply just 1 simple problem.
Are you showing off that you're a big company by changing so many customer service guys? However, nothing has been solved in the end. They are all useless. Like one of the customers commented in their facebook page. This transferwise request many documents such as IC/passport, bank statement (within 3 months), proof of address, personal photo holding IC, company bizfile, and etc. However, they never verify successfully by collecting so many confidential info from the customers. The person who designed this verifying process must be very low IQ and not understanding what NRIC really does. The proof of address is nonsense. The address is printed at back of NRIC which must be updated within 2 weeks if moving house in Singapore. Request person's photo holding IC is also a stupid idea, because it may probably take a few days to take, upload, send, resend and wait for email. For WorldFirst verification, they just make a video call with the customer which will be complete in a few minutes. In the end, transferwise requested for personal IC with website name in order to change the username. Are you aware how stupid you are!
It's been 2 weeks since we sent in this simple request. And our recipient was waiting for this amount urgently. However, transferwise never help to solve the problem or take customers' need into account. Instead, they always create trouble for customers. Even customer uploaded all required documents, they still tried their best to create new trouble. What a genius! Comparing with low IQ system design, the mis-address and impolite reply are just small cases. You deserve 1 star rating for sure.
4. Unreliable transfer method.
Customers must remain on the alert with payment method. Unlike those normal payemnt tools like paypal or alipay, customers are able to link their cards or bank account with mobile no. OTP. Transferwise use traditional fund transfer method. Customers must use IB or ATM to do fund transfer to their DBS account and then inform them manually. Some customers will get their transferred amount locked in transferwise account without further notice. Plus well known bad customer service, this could be a tragedy after fund transfer done.
Their google rating is even lower. The funny thing is their online customer service usually reply and apologize to customers' bad experience but never improve their service standard. If users are not going to transfer millions of dollars, it doesn't really need to waste time and effort to get this frustrating service. Although banks remittance rate is generally low, it's only around $20 difference for 10k SGD.
Moreover, bank remittance is faster and more reliable. It never requests users to take this stupid personal photo holding IC. Lucky, it took 2 working days to get the refund from transferwise.
5. Disclosure of personal confidential information
We never know what the third party will do with our personal information. Transferwise requested so many documents from customers. That is very risky. They never help customers solve the problems but to create troubles. It's really unpredictable what kinds of affairs will be generated by such company culture. The efficience of deactivating an account was pretty fast. However, they reject to delete all personal documents due to a genius excuse. Again, this is another customer service staff!
Users who're looking for third party remittance service must be aware of this unreliable company transferwise. Whether you'll get remittance successfully all depends on luck. But most probably you'll get frustrated before verifying an account. And it is common that you get nothing but disclosure of your confidential information by spending tons of time and effort to go through their complicated process for just simple thing.
Hope readers who happen to visit our blog will not waste time on this ridiculous remittance company transferwise. Feel free to comment if you have similar experience. Sharing and creating awareness for public to avoid such valueless product shall be our duty.
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