Here are our top tips and potential pitfalls when sending money from China* using Wise. This service is provided in partnership with a third party payment...
Wise is constantly looking for ways to better its product. To find out where customers in German-speaking countries saw room for improvement, Wise asked TÜV to conduct an independent analysis of customer satisfaction at Wise.
- Wise reliability was rated “very good”
- 99% of respondents recommended Wise
- Based on user feedback, Wise is developing improved complaints handling
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 Wise. 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 Wise customers. 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 Wise 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 90-page TÜV review in German.
An examination of online security at Wise was a prerequisite for the TÜV certification. TÜV’s own experts examined Wise systems and processes for potential security gaps. Not only did Wise meet the requirements set by TÜV Süd, but also positively surprised our auditors.
Wise’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 Wise therefore is subject to the tight European data protection and privacy laws.
More than 1000 German-speaking Wise customers participated in the comprehensive TÜV-survey and rated 40 characteristics of the transfer process, including:
- Amount and transparency of fees
- Duration of transfers
- Availability, competence, reliability and attitude of customer support
- Handling of complaints
Here’s a summary of a few of the highlights:
Of the 40 measured characteristics, Wise complaints management was the only item that received a lower rating than “good” (2.0) from customers. 5% of participants stated they had a reason for dissatisfaction with Wise service in the previous year. 40% of those reached out to Wise with a complaint. Which meant 19 participants in total rated Wise complaint handling, processing time and the final proposed solution to the complaint.
Based on this customer feedback and additional research on Wise’s end to identify the root causes, Wise came up with a list of improvements they are currently working on implementing.
The improved process involves giving special attention to the causes of complaints when working on the optimization of our transfer process, as well as measures like forwarding cases of dissatisfied customers to Wise’s expert team at an earlier stage.
99% of respondents stated they would recommend Wise. 95% of polled customers expressed “complete” or “high” satisfaction with Wise’s service.
The characteristic “reliability” received the highest rating from our customers, a 1.3.
I use Wise several times each month and I’m completely satisfied. The money is transferred fast and in full. The whole process is transparent and reliable.
I send transfers with Wise every month. Thank you for the fair, fast and reliable service. In my experience, Wise is a trustworthy and competent company.
Wise customers also appreciated that they are always kept up-to-date regarding the status of their transfer. What’s more, they positively emphasized the range of the product and the friendly customer support.
Over 80% of respondents were happy with the speed of their transfers:
I’m surprised again and again how quickly the transfer arrives!!!
The transfer to the USA is regularly even faster than indicated.
Thanks a lot, my wife and I were highly satisfied with Wise. You allowed us to make fast and easy transfers for our wedding in England.
Over a million customers already trust Wise with their money and save more than 1.5 million euros in bank fees every day. Join them and register for free.
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.
We're excited to announce that Wise is launching a transfer service to help expats to send money from China.* Wise now supports Chinese Yuan (CNY) transfers...
Hi Affiliates, Since we last updated this page, Wise has undergone some changes. We’re no longer called TransferWise, and have undergone a rebrand -...
Wise has revealed a complete visual makeover, featuring a fresh green palette Our new look and feel features a bold new font, imagery and universal symbols ...
Today, we’re introducing big changes to the way Wise shows up to the world. It’s inspired by what makes us different: you. The people who shape us today — our...
10 million people and businesses gained access fast, cheap international payments powered by Wise in 2022 The new year is in full swing - resolutions are in...