Money transfer, virtual currency, or money service -- Other transaction problem -- Complaint #8022828
Complaint Overview
Complaint ID: 8022828
Company: Transferwise Ltd
Product: Money transfer, virtual currency, or money service
Sub-Product: Virtual currency
Issue: Other transaction problem
ZIP Code: XXXXX
Date Received: 2023-12-18T12:00:00-05:00
Date Sent to Company: 2023-12-18T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
It is horrible that Wise Payments Limited are keeping my business funds without providing a reason. There were approximately XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX in my multi-currency accounts for XXXX XXXX XXXX, an active trading company, registered in XXXX, XXXX, and approximately XXXX XXXX in my personal account when they deactivated my account and locked me out. I have not had access to our business funds since then and we are going out of business due to this situation. I have attached evidence of the non-payments due to our funds locked in by Wise Payments Limited Wise is illegally holding my funds and refusing to refund them for no reason. They deactivated my account without warning or providing any reason. They didn't ask me for any documentation and stole my business funds., I am based in XXXX but hold an LLC company in the XXXX XXXX XXXX XXXX XXXXt. I had a Wise account with my XXXX identity and had been using it for a couple of years without a problem. I held a XXXX XXXX XXXX account with Wise where all the business funds were stored. Wise deactivated the account on XX/XX/XXXX. On XX/XX/XXXX, I submitted an appeal on their appeal portal where they asked me to provide proof of identity and details of the bank accounts where you will refund the payment. I provided all the requested details. I waited until XX/XX/XXXX, before I filled out the online complaint form to which you replied in a few hours that they are investigating the issue and will need XXXX days to resolve the matter. ( Image attached ) On the same date XXXX XXXX, I received another email from Wise Support asking me to provide more info about my Wise account. When I followed the link in that email, I was again asked to submit my bank details for the refund, which I did promptly. ( Image attached ) They did not ask me for any info other than my proof of identity and bank details. The very next day on XX/XX/XXXX, they closed my account stating that they had received the info I provided but that they would not refund the funds. What info did they check before deciding to not refund my money other than my identity and bank details? How can they judge, decide and keep the business funds of an active trading company? ( Image attached ) On the other hand, when I log into the appeals portal on wise.com, they tell me that they have closed my account but already refunded the funds to the originating bank or the account I provided which is a lie. Can you see that they are providing conflicting responses : 1 ) They decided not to refund my money after I provided my info, 2 ) They are investigating the matter and will get back to me with a decision within 14-35 days, 3 ) that they already refunded the money. You are doing all this while you are holding on to my funds. ( See attachment ) I have found hundreds and thousands of other people who are in the same situation and you closed their accounts for no reason.
Frequently Asked Questions
What is Complaint #8022828 about?
Complaint #8022828 was filed against Transferwise Ltd regarding Money transfer, virtual currency, or money service specifically about Other transaction problem. It was received by the CFPB on 2023-12-18T12:00:00-05:00.
How did Transferwise Ltd respond to this complaint?
The company responded with: "Closed with explanation". 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.