Product: Money transfer, virtual currency, or money service

Hi we'd like to look into starting a class action suit against Transferwise XXXX XXXX deals with XXXX XXXX often as an import/distribution company and we signed up for Transferwise thinking it would be a great way to handle such transactions faster and more cheaply. 

We tested a few transactions that went off without a hitch. But then one transaction was flagged : XX/XX/XXXX- Transfer # XXXX {$500000.00} The Transferwise team sent emails asking for documents verifying the activity which we XXXX  in full ( XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, etc ). 

However, a week later we received an abrupt email from Transferwise stating our account has been closed without any other explanation. 

These funds were necessary to procure inventory to be delivered to the customer and meet contractual obligations. The funds were frozen, causing the customer to need to take out a loan to cover the funds. The frozen funds also caused delays in delivery to the buyer, incurring penalties for nonperformance of the contract. 

Transferwise held the funds directly causing over {$22000.00} in interest for the emergency loan, penalties, plus legal fees for an attorney letter drafted. 

Transferwise only returned the money after two attorney letters were sent. We expect they should be responsible for covering these fees. 


A second issue : Additionally, two transfers were rejected by the recipient bank due to a spelling error and was refunded on XX/XX/XXXX. 

XX/XX/XXXX- Transfer sent # XXXX {$50000.00} USD to XXXX XXXX XXXX XXXX ( XXXX ) XXXX , XXXX . 

XX/XX/XXXX- Transfer sent # XXXX XXXX USD to XXXX XXXX XXXX  XXXX  ( XXXX ) XXXX , XXXX . 

Transferwise said they would notify us and return the funds as soon as it was received. 

Today we called customer service and they confirmed the funds had indeed been received, yet now they claimed the funds would be held up to 60 days while their company conducts due diligence yet provides no information on exactly what this due diligence is and what it is for. 

Repeatedly calls to their customer service simply directed us to email their appeals team but they mentioned they may take up to 10 business days to reply. 

To date, 3 weeks after this started on XX/XX/2020, we still are unable to be refunded the {$150000.00} they owe. 

Every time we contacted customer service, they said their access to information was very limited and had no supervisors or management to further our case. The only recourse was to email the appeals team, which replied only twice by email and gave no help at all. No resolution, no reparation and no explanation. 

Transferwise ransomed our money in their account illegally adding to their companies profile while refusing to divulge any information to us about why or what the process was exactly. 

We also asked for the terms of service clause which states they can freeze funds for up to 60 days and they were unable to point us to it. 

A multitude of users have met with unscrupulously business behavior by buying into their fake reviews. 

https : //www.consumeraffairs.com/finance/transferwise.html? page=2 # sort=top_reviews & filter=none Transferwise is a company with no regard for accountability and should not be entrusted to handle the hard earned money of citizens