Money transfer, virtual currency, or money service -- Money was not available when promised -- Complaint #4553110
Complaint Overview
Complaint ID: 4553110
Company: Transferwise Ltd
Product: Money transfer, virtual currency, or money service
Sub-Product: Domestic (US) money transfer
Issue: Money was not available when promised
ZIP Code: XXXXX
Date Received: 2021-07-18T12:00:00-05:00
Date Sent to Company: 2021-07-18T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
1. My XXXX registered company is a paying customer of TransferWise Ltd. As part of its services to us, Transferwise has given us a bank account in the US with XXXX XXXX 2. A customer of ours did a wire transfer of ~USDXXXX to our bank account on XXXX XXXX. This amount did not reach us. 3. Our customer 's accounting section says that the funds have gone out from their bank account into the recipient bank account. 4. This is an inbound transaction to our bank account via TransferWise. The funds are sitting inside Transferwise systems somewhere and they have failed to discharge their lawful duty in putting the funds into our bank account. 5. On XXXX XXXX, I contacted TransferWise support with proof of the transaction asking them what's going on. 6. Since then, TransferWise has been stonewalling and refusing to do anything, absolutely anything, citing " privacy issues ''. 7. I fail to see what privacy issues are being quoted here. 8. Imagine this - thousands of dollars have been transferred to us which TransferWise is lawfully required to transfer to our account. Not only have they failed to do that, they are not even willing to look into the matter. As a consequence of this, our essential working capital is stuck. We are a software XXXX startup and we need to make many many different payments for our inbound services. Every day of delay in not receiving the funds from TransferWise means that we are unable to pay our suppliers, which severely hampers our ability to serve our customers, which means we dont generate any revenue - its a massive cascading effect which can sound the death knell to a startup that has just been incorporated.
Frequently Asked Questions
What is Complaint #4553110 about?
Complaint #4553110 was filed against Transferwise Ltd regarding Money transfer, virtual currency, or money service specifically about Money was not available when promised. It was received by the CFPB on 2021-07-18T12:00:00-05:00.
How did Transferwise Ltd respond to this complaint?
The company responded with: "Closed with monetary relief". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Money transfer, virtual currency, or money service) and describe your issue in detail.
Can I see other complaints against Transferwise Ltd?
Yes, visit the Transferwise Ltd company profile at readthecomplaint.com/company/transferwise-ltd to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.