Consumer complaint received 2025-01-02 00:00:00
Product: Money transfer, virtual currency, or money service — International money transfer
Issue: Other transaction problem — 
Company: TransferWise Ltd
State: CA

Complaint narrative:
Dear CFPB, I am filing this complaint regarding Wise US Inc., a financial services provider XXXX Wise US IncXXXX : XXXX XXXX XXXX XXXX, XXXX XXXX XXXX XXXX, NY XXXX, United States ), for their refusal to return funds from multiple accounts I held with them. Wise has withheld funds, failed to process legitimate transactions, and ultimately closed my accounts without notice. This has caused significant financial harm to me personally and to my businesses. 

Summary of the Issue : I maintained several accounts with Wise for both personal and business purposes, including : Wise has frozen funds and delayed or refused to process transfers, citing unclear or prolonged reviews. Despite repeated follow-ups and the provision of necessary documentation, Wise has not refunded me, failed to complete transfers, and provided no resolution. Below are specific details of the transactions and actions taken. 

Details of Transactions and Funds Withheld Business Account : XXXX. Transfer to Vendor o Date : XX/XX/year> o Amount : {$12000.00} XXXX. Transfer to Vendor o Date : XX/XX/year> o Amount : {$8400.00} XXXX. Return Transfer Request to XXXX XXXX Account o Date : XX/XX/year> o Amount : {$69000.00} Total Withheld for Business account. : {$89000.00} XXXX Account : XXXX. Transfer to Vendor o Date : XX/XX/year> o Amount : {$1500.00} XXXX. Transfer to Vendor o Date : XX/XX/year> o Amount : {$1000.00} XXXX. Transfer to Vendor o Date : XX/XX/year> o Amounts : {$2100.00} XXXX. Return Transfer Request to XXXX XXXX Account o Date : XX/XX/year> o Amount : {$56000.00} Total Withheld for Business. : {$60000.00} Business account : XXXX. Return Transfer Request to XXXX XXXX Account o Date : XX/XX/year> o Amount : {$40.00} Total Withheld for Business account : {$40.00} Personal Account XXXX. Return Transfer Request to XXXX XXXX Account o Date : XX/XX/year> o Amount : {$990.00} Total Withheld for Personal Account : {$990.00} Overall Total Withheld The total amount withheld across all accounts is : {$150000.00} Wises Responses and Communication Examples Over the past XXXX days, I have sent numerous emails and provided the requested documentation. Wise has responded with vague, repetitive, and unhelpful statements. Below are examples of their responses : XXXX. XX/XX/year> Wise claimed my transfer was delayed for a sanctions review. They requested information about the recipients, which I provided. Despite this, there was no resolution. 
XXXX. XX/XX/year> Wise acknowledged my request to cancel the transfers and refund the funds. They assured me the issue was escalated but did not follow through. 
XXXX. XX/XX/year> Wise stated that the review process could take longer due to regulatory checks and offered no definitive timeline. They also failed to provide clarity on when I could expect refunds. 
XXXX. XX/XX/year> Wise informed me they closed my accounts without notice and claimed the delays were due to ongoing due diligence. 

Impact on My Business and Finances XXXX. Damaged XXXX Relationships : My inability to pay vendors on time has severely harmed my business relationships. 
XXXX. Financial Loss : Wise is withholding over {$150000.00} from my accounts. 
XXXX. Unlawful Practices : Wise closed my accounts without notice or explanation, further escalating the financial harm. 

Thank you for your time and assistance in resolving this matter. 
Sincerely,

Company response to consumer: Closed with explanation