TransferWise receives TÜV-certification, rated “good”

23.08.17
3 minute read

TransferWise is constantly looking for ways to better its product. To find out where customers in German-speaking countries saw room for improvement, TransferWise asked TÜV to conduct an independent analysis of customer satisfaction at TransferWise.

  • TransferWise reliability was rated “very good”
  • 99% of respondents recommended TransferWise
  • Based on user feedback, TransferWise is developing improved complaints handling

What is TÜV?

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. 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 90-page TÜV review in German.

Online security at TransferWise

An examination of online security at TransferWise was a prerequisite for the TÜV certification. TÜV’s own experts examined TransferWise systems and processes for potential security gaps. Not only did TransferWise meet the requirements set by TÜV Süd, but also positively surprised our auditors.

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.

TÜV checked on customer satisfaction

More than 1000 German-speaking TransferWise customers participated in the comprehensive TÜV-survey and rated 40 characteristics of the transfer process, including:

  • Reliability
  • 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:

Complaints management shows room for improvement

Of the 40 measured characteristics, TransferWise 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 TransferWise service in the previous year. 40% of those reached out to TransferWise with a complaint. Which meant 19 participants in total rated TransferWise complaint handling, processing time and the final proposed solution to the complaint.

Based on this customer feedback and additional research on TransferWise’s end to identify the root causes, TransferWise 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 TransferWise’s expert team at an earlier stage.

TransferWise is recommended by nearly 100% of customers

99% of respondents stated they would recommend TransferWise. 95% of polled customers expressed “complete” or “high” satisfaction with TransferWise’s service.

Customers impressed by the reliability of TransferWise transfers

The characteristic “reliability” received the highest rating from our customers, a 1.3.

I use TransferWise 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 TransferWise every month. Thank you for the fair, fast and reliable service. In my experience, TransferWise is a trustworthy and competent company.

TransferWise 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.

Customers happy with the speed of transfers

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 TransferWise. You allowed us to make fast and easy transfers for our wedding in England.

Over a million customers already trust TransferWise with their money and save more than 1.5 million euros in bank fees every day. Join them and register for free.

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