By zoostoki 
Key Takeaways
- Refunds from TransferWise (now Wise) are possible, but eligibility depends on the transfer’s status; incomplete transfers are easier to cancel.
- Bank transfers generally take 1-3 business days for refunds, while card payments may take 1-7 business days, depending on the card issuer.
- Refund requests can be initiated via the Wise app or website by navigating to the transfer details and selecting “Cancel,” or through customer support for more complex cases.
- Refunds may be limited if incorrect recipient details are provided or if funds have already reached the recipient’s account, making recovery dependent on intermediary banks.
- Double-checking recipient details, monitoring transfer statuses, and acting promptly can help avoid refund issues and streamline the process.
- Keeping transaction records and understanding Wise’s refund policies are essential for a smoother resolution in case of disputes or errors.
When you’re sending money internationally, services like TransferWise (now Wise) make the process fast and straightforward. But what happens if something goes wrong? Maybe you sent money to the wrong account or changed your mind after confirming the transfer. Naturally, you’d want to know if getting your money back is even possible.
I’ve been in situations where I needed quick answers about refunds, and I know how stressful it can be. Whether it’s an accidental error or a dispute, understanding Wise’s refund policies and how to navigate them is crucial. Let’s break it down so you can feel confident about your next steps.
Understanding TransferWise Refunds
TransferWise (now Wise) offers refunds under specific conditions, depending on the status of the transfer. If a transfer hasn’t been completed, it’s typically possible to request a refund. However, once the transfer enters certain stages, retrieving funds may become more complicated.
Refund Eligibility
Eligibility depends on the transfer’s progress. Transfers that haven’t been funded or processed by Wise are eligible for cancellation and refunds. If funds have already reached the recipient or intermediary bank, Wise can’t guarantee recovery.
Refund Processing Times
Refund processing speeds vary based on the payment method. Bank transfer refunds usually take 1-3 business days, while card payments may be reversed in 1-7 business days, subject to the card issuer’s policies.
| Payment Method | Refund Timeframe |
|---|---|
| Bank Transfer | 1-3 business days |
| Card Payment | 1-7 business days |
How to Request a Refund
Refund requests are initiated through the Wise app or website. Users can navigate to their transfer details, select “Cancel,” and follow the steps provided. In cases where further assistance is necessary, contacting Wise’s customer support team is required.
Potential Refund Limitations
Some situations may impede refunds. Incorrect beneficiary details or issues with the receiving bank may delay or prevent funds recovery. Wise deducts transaction fees in some cases, even when issuing refunds. Always review the transfer details before submission to minimize errors.
Scenarios Where You Can Get Your Money Back
Wise allows refunds in specific situations depending on the nature of the issue and the transfer status. Understanding these scenarios can help determine eligibility and streamline the refund process.
Canceled Transfers
If a transfer is canceled before it’s completed, I can request my money back. Initiating a cancellation is possible through the Wise app or website by accessing the transfer details and selecting “Cancel.” Wise typically refunds the amount in 1-3 business days for bank transfers or up to 7 business days for card payments. Timing may depend on the payment method and bank policies.
Incorrect Recipient Details
Refunds may be available if incorrect recipient details, like account number or name, are provided. Wise attempts to recover the funds, but success depends on the recipient’s bank. If the funds can’t be delivered, Wise refunds the amount minus any transfer fees. To avoid delays, I can double-check recipient details before confirming a transfer.
Overpayment or Duplicate Payments
If I send a duplicate payment or overpay, Wise may issue a refund. I need to contact Wise support with evidence, such as transaction details, to resolve the issue. Refunds occur only if the transfer hasn’t been fully processed or if the recipient’s bank agrees to return excess funds. Checking transfer histories in the Wise dashboard helps identify and prevent overpayments or duplicates.
How To Request a Refund From TransferWise
Requesting a refund from Wise depends on the transfer’s status. I follow a specific process to ensure my request is handled efficiently.
Step-By-Step Process
- Access Transfer Details: I log in to my Wise account through the app or website and navigate to the “Activity” tab to select the transfer in question.
- Initiate Cancellation: If the transfer hasn’t been completed, I click “Cancel” and confirm my action. This step applies only to transfers still in progress.
- Contact Customer Support: If cancellation isn’t available, I contact Wise support directly. I provide essential details such as the transfer ID, recipient information, and payment method to facilitate the process.
- Submit Additional Documentation: In cases of overpayment or incorrect details, I provide evidence, like screenshots, to help Wise verify and process the refund.
- Monitor Refund Status: I keep track of updates in my Wise account and email to ensure the refund is progressing as expected.
Timeframe for Refunds
Refund timing varies based on payment method and transfer stage. For incomplete transfers canceled on the platform, Wise processes refunds within 1–3 business days for bank transfers. Credit or debit card payments may take 1–7 business days, depending on the card issuer’s policies. If Wise needs to recover funds from the recipient’s bank, the process can take longer, with timing contingent on the recipient’s bank’s response. For complex cases or disputes, I rely on Wise support for assistance and updates.
Common Issues With TransferWise Refunds
Refund requests through Wise can sometimes face challenges due to specific circumstances during the process. Understanding these issues helps manage expectations and take appropriate steps for resolution.
Delays in Processing
Processing delays occur when refund timelines extend beyond expected durations. Refunds take 1-3 business days for bank transfers and 1-7 business days for card payments, but external factors can slow the process. For example, additional verification may be required if there are discrepancies in sender or recipient details. Refunds involving third-party banks often depend on their internal procedures, which can further prolong the timeframe. Checking payment statuses in the Wise dashboard or app can provide updates on such delays.
Refund Denials and Appeals
Denials happen if refund requests don’t meet Wise’s eligibility criteria. For example, transfers completed and credited to the recipient’s account aren’t eligible for a refund. Incorrectly entered recipient details or cases where funds can’t be recovered from the recipient’s bank may also lead to denials. In such cases, detailed communication with Wise support and submission of supporting documents can form the basis of an appeal. Wise reviews appeals individually, but decisions often depend on the stage and status of the transaction.
Tips for Avoiding Refund Hassles
Review transfer details thoroughly. Double-check recipient information, including name, account number, and bank details, before submitting a transfer to avoid errors that may delay refunds.
Choose the most reliable payment method. Bank transfers typically process faster for refunds, taking 1-3 business days, compared to card payments, which may take up to 7 business days, depending on the card issuer.
Monitor transfer status regularly. Use the Wise dashboard or app to track progress. Cancelling a transfer is easier when it’s incomplete or still pending.
Contact Wise support promptly for issues. If errors occur or refund eligibility is uncertain, reach out to Wise support with the transfer ID and necessary documentation sooner than later.
Understand Wise’s refund policies. Familiarize yourself with conditions tied to cancellations, incorrect details, or duplicate payments to prevent avoidable delays or denials.
Store all transfer records. Keep screenshots or email confirmations of transactions to provide evidence when requesting refunds. These are helpful in preventing disputes or processing complications.
Conclusion
Getting your money back from Wise is possible, but it depends on the timing and specifics of your transfer. Understanding their refund policies and acting quickly can make a big difference in resolving issues. By double-checking transfer details, staying informed about refund eligibility, and reaching out to Wise support when needed, you can navigate the process more smoothly.
Mistakes happen, but being proactive and prepared can save you time and frustration. Wise’s tools and support team are there to help, so don’t hesitate to use them if you run into any problems.
Frequently Asked Questions
1. Can I cancel a Wise transfer after it’s been initiated?
If your transfer hasn’t been fully processed or funded, you can cancel it through the Wise app or website. Go to your transfer details and select “Cancel.” If the transfer is already completed, cancellation may not be possible.
2. How long does it take to receive a refund from Wise?
Refunds typically take 1-3 business days for bank transfers and 1-7 business days for card payments. Processing times depend on your payment method and your bank or card issuer’s policies.
3. What should I do if I send money to the wrong account?
If you’ve sent money to the wrong account, Wise will attempt to recover the funds. However, success depends on the recipient’s bank. In such cases, contact Wise support immediately for assistance.
4. Will I be charged fees if I request a refund?
Yes, Wise may deduct transaction fees even when issuing refunds. It’s important to thoroughly review your transfer details before submitting to avoid potential fees.
5. Can I request a refund for duplicate payments through Wise?
Yes, you can. Contact Wise support with proof of the duplicate payment, and they will investigate. Refunds are typically issued if the duplicate payment hasn’t been fully processed.
6. What happens if my refund is delayed?
Refund delays may occur due to external factors, such as bank verification processes or additional documentation requirements. If delayed, contact Wise support with your transfer details for further assistance.
7. Why would Wise deny a refund request?
Wise may deny refund requests if the transfer has already been processed, completed, or doesn’t meet their refund eligibility criteria. In such cases, you can appeal the decision with supporting documentation.
8. How can I prevent issues with my Wise transfers?
To avoid complications, double-check all transfer details, use reliable payment methods, monitor transfer statuses, contact Wise support promptly for issues, and review refund policies.
9. How do I check the status of my Wise refund?
You can track the progress of your refund by logging into your Wise account, accessing the transfer details, and reviewing the status. Wise will also notify you via email or app updates.
10. Can Wise help recover funds if I’ve entered incorrect recipient details?
Wise will make efforts to retrieve the funds from the recipient’s bank. However, success depends on the recipient bank’s cooperation. Refunds may be subject to Wise’s fees and policies.