You should always know how long your transfer’s going to take and where your money is. That’s why we’ve worked hard to improve our delivery estimation accuracy over the past year. From a 65% accuracy rate up to 82%, we still want to improve our estimations — but we can’t do it without your help.
Recently, we took a deep dive into our customer service team’s mailbox called ‘where is my money’. This is where questions about any delays in delivering your money end up. And with a closer look at this mailbox, we saw lots of questions about transfers that should already have reached the recipient — based on our estimations.
A second closer look revealed that most of these questions came from people sending their money to EUR. So, what’s up with EUR?
To come up with our estimates, we ask our partner banks — that’s the banks who help us pay the money to your recipients — to give us their own estimates.
On top of that, we’re constantly testing our estimates with as many other banks as we can too. But sometimes, we still fall short.
There are thousands of banks and bank branches in each Eurozone country, and guess what, they all work a bit differently. This means while our estimates for a certain bank in Germany might be accurate, they could still be a bit off for the same bank in France.
We could find bank details for all European banks and send thousands of test payments, but that seems silly — and means we would have less time to bring you other improvements like SEPA Instant payments.
Instead, we’re asking you — our community — for help. From this week, if you’re sending money to yourself in EUR you’ll see a feedback link in the final email you receive from us. It’ll ask you to tell us when your money arrived.
All you need to do is enter the date and time of when your EUR reached you — it’ll only take a minute and will give us the data we need to up our estimation game. Your help will make a massive difference to the thousands of customers sending to EUR every month.
We might be starting with EUR, but we’d love it if anyone who’s sending money to any other currency could also let us know when the money reaches their recipient’s account. Especially if you’ve noticed that your money is arriving later than estimated.
Thank you from the TransferWise community!
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