For those who aren’t familiar with the institution, TÜV is short for Technischer Überwachungsverein (technical inspection association).
The name reflects the aim: TÜV inspects everything from cars to power plants - but also online services, like TransferWise. TÜV was founded over 150 years ago and has a longstanding reputation of thoroughly putting products to the test.
Experts at TÜV Süd, one of 6 TÜV branches in Germany, collected and evaluated the replies of over 1000 TransferWise customers and rated online security as well as customer satisfaction (page in German) at TransferWise.
Their conclusion, with a final rating of 1.6 on the German grading scale (1 being the highest and 6 being the lowest), was that TransferWise passed the certification process.
This article summarizes some of the results that stood out the most. However, if you’re interested in the full report, you can read the entire 95-page TÜV review. Please note the report is only available in German.
An examination of online security at TransferWise was the first step towards TÜV certification. TÜV’s own experts examined systems and processes at TransferWise for potential security gaps.
TransferWise fully satisfied the requirements laid down by TÜV.
Data protection is an especially important topic for us - TransferWise’s main data center is located in Frankfurt am Main, Germany, and is ISO27001 certified. Which means customers’ data never leaves Europe. Data handling at TransferWise therefore is subject to the tight European data protection and privacy laws.
More than 1900 German-speaking TransferWise customers participated in the comprehensive TÜV-survey and rated 40 characteristics of the transfer process, including:
Here’s a summary of a few of the highlights:
Of the 40 measured characteristics, TransferWise complaints management was the only item that received a lower rating than “good” (2.0) from customers.
109 of 1980 participants stated they had a reason for dissatisfaction in the previous year. 43% of them reached out to TransferWise with a complaint.
Based on the feedback we received, we want to improve the processing time of complaints.
Beyond that, we’re continuously working towards making our processes simpler and easier to understand. We’re providing comprehensive information about any questions that may arise in our FAQs and have a whole team dedicated to improving it so that customers can find answers to their questions even faster and easier.
A lot of our customers heard about TransferWise through their friends and family. Particularly in the financial sector, a high recommendation rate is an important hallmark of quality and trust. Our German customers confirm this: 98% of them said they’d recommend TransferWise to others.
We know that a fast and safe delivery of money is especially important for our customers. So we’re happy to see that the reliability of the transfer process has been graded with top marks. Some of the most frequent positive mentions were our precise delivery estimates and the live status updates we provide.
Here’s what our customers said:
“Confirmation about every single step (received order, received money, start of the transfer, completion of the transfer).”
“Transfers arrive with the recipient much faster than estimated and expected - unsurpassable, simply super fast (max. 1 working day to the other side of the world).“
“Safe, fast and excellent cost-benefit ratio“
Over 6 million customers use TransferWise today, saving around 3 million euros in bank fees every day that they’d have to pay with their bank.
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This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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