Trans-Fast Remittance

Review: There was an unauthorized withdrawal done by this company from my bank account. I had transferred a sum of $1001.00 to my father a while back using the company's service but it charged me twice for that transaction(Transaction ID - [redacted], charged on [redacted] June 2013 and [redacted] June 2013). I called them on [redacted] June and waited more than 25 minutes for a representative to answer the phone and finally got connected. The representative was very aware of the reason for my call(as it looks like many customers are affected) and she was not very concerned that customer is facing problem because of a transaction that was unauthorized. If they already know the problem, can't they put up a notice on their website and send an email to the affected customers? Finally she said that the money would be available on Monday but so far I didn't see the money coming back into my account. The frustration of someone pulling out your money in an unauthorized manner, plus the absolute worst customer service experience from this company is a nightmare experience. I would need my money to be refunded immediately along with a compensation of $100 as a penalty from this company.Desired Settlement: Refund unauthorized transaction of $1001 + $100 penalty

Business

Response:

We have refunded the money to the customer and as per our conversation over the phone the customer agreed that this issue has been resolved.

This is by far the worst remittance service I have seen, they took like almost 7 days to complete a remittance transaction while what they promised was Instant to 24 hours.

And when I ask for a proper reasoning they blame on document review, but even with all the required documentation they took almost 4 days to finish the transaction after I fought with them for almost an hour.

Not worth it..

Not only they blatantly insisted that they have their own network of agents in Russia and refused to name the system through which the transfers go through and are paid out in Russia, so the recipient had to ask bank clerk to check all of them to figure that out, but they canceled another transfer from the same account to the same recipient for about the same amount several months later and refused to explain the reason. So, basically even after all the verifications and even previous successful transfers from your same bank account to the same person you can't know if your transfer will go through or not and why!

Review: I have been using this service without any problems. However, recently a number of my transactions were being cancelled. When contacted, I was informed that their security system failed to authenticate my account and cancelled my transactions accordingly. On ** January 2016, I discovered that I have been locked out of my access and was advised that I can no longer use their services. On ** February 2016, I discovered that TransFast deducted $654.99 from my [redacted] account (for transaction [redacted] that was supposedly cancelled). To date, I have yet to receive a refund from TransFast.

Please note that I was provided no reasons when my account was locked and when I was barred from using the service. All I was being told is that their strict security policy is now preventing me from using their service. This was personally insulting to me and highly worrisome.

Unfortunately, if I can no longer access my account, there is no way for me to find out if TransFast is deducting money from my bank account. As a customer, I need assurance that TransFast will not steal from my bank account given that they have access to it and apparently continue to do so.

TransFast has inconvenienced me and caused me great pain. The money taken from my account has contributed to additional financial hardship and burden as I had to borrow money to cover for the amount TransFast has taken illegally. The day TransFast decided to reject me as a customer should have been also the day my involvement with TransFast must seize.Desired Settlement: TransFast must provide refund. It has been 8 days since money was taken from my account. Additionally, TransFast must provide reasons to customers why a transaction is being cancelled and why a customer is barred from using the service. If improprieties are suspected, customers must be informed accordingly in order to take precautions. Additionally, alternatives must be offered so as not to compromise customers. As customers are usually dealing with urgent matters when using online money transfers, it would be beneficial if alternatives or additional options are provided. Turning away customers in times of urgent need is highly unethical and should not be an unacceptable business practice. TransFast must consciously find ways to accommodate customers and not be entirely dependent on what their security and authentication team dictates.

Business

Response:

[redacted]

[redacted]-Customer made a transaction via cash pick up going to the Philippines-Transaction was cancelled due to unable to authenticate account. -Due to standard bank and funds clearing processes, this refund or credit may take 5-7 business days to clear and be refunded to the Sender’s Account. Refund has been processed on time. (weekends not included)-Per user Agreement, TRANSFAST reserves the right to decline or reject, at its sole discretion, any Transaction at any point before the delivery of the underlying funds. TRANSFAST reserves the right to change or discontinue the Services (or any part thereof) to any person with or without prior notice.-Sent email to customer informed that for security reasons, we are unable to disclose further information on the reason of the cancellation.

Review: We sent money to the Philippines for the amount of $471.00 and will pay the receiver [redacted],158.00 on July *, 2014 through their Agent [redacted] Insurance Services with the office in [redacted] with the promise that the receiver will received the money in 2 to 3 hours, but up to this date 07/**/2014 (7 days) they did not received the money. I called the the company at 9pm eastern time and the lady told me that they don't know the problem and nobody in the company knows what's going on.

Sender's Name: [redacted]; Receiver's Name: [redacted].

Invoice Number [redacted], Transaction Number [redacted].Desired Settlement: To refund the money in Dollars as soon as possible.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.

Sincerely,

I have several complaints against TRANSFAST, springing from my experience with them in December 2015. I have contacted TRANSFAST directly, and through several government agencies. TRANSFAST has not responded directly to me, although they have filed a response to my complaint with the Consumer Financial Protection Bureau (CFPB). Strangely, they only quoted their "Policy" regarding customer service. If that's their only defense, then based on my experience I must consider that BREACH OF PRIVACY and DEPLORABLE CUSTOMER SERVICE are their policy.
(Note: CSR is TRANSFAST's fraud prevention arm.)
BREACH OF PRIVACY:
When I created my TRANSFAST account, I provided three -- ONLY three -- means of contact:
1) Primary phone no. (cell phone)
2) Email
3) Physical address
About 8:20am PST, Sat Dec **, a CSR agent called on an unauthorized phone number. A household member answered; I overheard some of the conversation, and the person DID NOT identify as being me. The agent asked "Are you Mark?"; she did not get an affirmative answer. But when the person asked the purpose of the call, the agent gave private information: she was calling for TRANSFAST about "Mark's international money transfer of $500 to the Philippines" on Dec 12, funds from my bank account, etc.
I took the phone, identified myself, and asked why CSR was contacting me at this number. The agent's reply: "I got it from public records."
Never had I authorized TRANSFAST to contact me using public information, over public channels (by her own admission), or by means other than the three I provided; nor to disclose personal/private information to a third party (other than agreed to in their Privacy Policy).
Breach of Privacy is more than "bad customer service", it is a violation of privacy regulations, of TRANSFAST's own Privacy Policy, and certainly of my trust.
DEPLORABLE CUSTOMER SERVICE:
I understand and appreciate the need for rigorous fraud prevention measures. I completed the fraud prevention interview at 11:50pm PST, Fri Dec **, and the CSR agent told me: "The transaction is approved; funds available in 10 minutes." Nine hours later another agent called for the same interview, and ended up disapproving the transaction -- despite my providing the same truthful answers to the same questions.
My credit score is 800+. Vietnam Veteran, Lieutenant USN. No criminal record, never arrested or detained -- not even a parking ticket. Financial history (including federal/state taxes) clean, never drawn scrutiny for anything. I own my home; no debts. I sent copies of passport and bank stmt immediately when asked by TRANSFAST. My bank acct had sufficient funds; in fact, TRANSFAST had already deducted the funds and held them. TRANSFAST has every right to investigate me for their security measures, but nothing in my record justifies being treated so shabbily.
Based on TRANSFAST's prior approval, I had already notified the recipient that the cash would be available "in 10 minutes". Getting bounced around multiple fraud interviews, no response to my queries, alternately "Approved" and "Disapproved" for no stated reason -- both I and the recipient consider this deplorable customer service.
Why can't TRANSFAST give me a reason?
TRANSFAST never gave me accurate transaction status, for which I expressed (mildly) disappointment. I objected to CSR calling me at an unauthorized number and disclosing private information to a third party; the agent claimed this -- along with my attempt to move to another room for privacy -- was "evidence" that the transaction was illegitimate, therefore canceling it. I asked several times why the transaction had been "Approved", only to have TRANSFAST repeat the fraud interview, verbatim. My objections and queries were met by a more aggressive attitude from the CSR agent, despite my cooperation.
My complaints against TRANSFAST show why I consider them untrustworthy. Deplorable customer service is bad enough. Redundant fraud interviews bordering on harassment is bad enough. But Breach of Privacy is beyond this: it's a serious violation of customers' rights and accepted business practices. It appears that this was deliberate, to provoke a reversal of the first agent's "Approval" (Dec **) which was based on the merits. From my experience, it appears that their policy is to disapprove transactions that would take advantage, at TRANSFAST's expense, of their own introductory promotions.

Review: I was referred by a friend to use Transfast service for money remittance and was promised $20 eGift for Refer-A-Friend Program. I did the same as directed in their welcome mail. After 1 week of my first transfer completion when I did not received my eGift card I contacted them and requested to send my eGift. I was asked to provide mail stating this offer. I did the same but they still refused to provide mentioning that they are no more sending these eGifts. I am surprised that how can this company is cheating with people by first sending promotion mails and then refusing to complete the promise. This is highly unethical and unprofessional practice. I am pasting below mail for reference:

Hi [redacted]:

Have you tried TRANSFAST.com to send money online yet?

[redacted] uses TRANSFAST.com for their money transfers and thinks it's worth it, and has referred you through our Refer-A-Friend Program. Try it out and both you and [redacted] can each earn a $20 eGift Card when you set up a new account and complete your first transaction*.

TRANSFAST.com delivers:

VALUE: "High Locked-in Online Exchange Rates"

CONVENIENCE: Send from home or office 24/7

SPEED: Money in minutes with instant deposits to many banks

SAFETY: Highly secure transactions with 24/7 account transaction monitoring

To qualify, you must sign up for your new account by clicking on this unique link and send your first money transfer.

You will each receive an email from [redacted] with your gift card selection within 5 business days of your first money transfer is completed.

Thanks,

TRANSFAST.com

* REFER A FRIEND TERMS & CONDITIONS: To qualify for rewards, the original account holder (referrer) must have an open and active TRANSFAST.com account and have made at least one completed transaction. To qualify for rewards , "friends" being referred (referees) must open a new TRANSFAST.com account using the same e-mail address to which this e-mail was sent, be a new customer to TRANSFAST.com, and complete a valid, paid, transaction using the TRANSFAST.com account they've created using the referral link. Referral rewards will be paid via an electronic gift card and will be delivered via e-mail to you, and to the friend who referred you, within 5 business days of your successfully completed Refer a Friend transaction. Please note that accountholders who have registered with a Canadian address may be issued gift cards that may be used in Canada (ie: [redacted]), at the sole discretion of TRANSFAST.com. See User Agreement for program details.Desired Settlement: I expect my $20 referral bonus as well as for my friend too as he has also not received his eGift card.

Business

Response:

Complaint # [redacted]Submitted on 8/**/2015Name: [redacted]Email address: [redacted]Transaction #: [redacted]Transaction date: 8/**/2015Issue: Refer a FriendAnalysis:Customer was referred by [redacted] ([redacted]) on June **, 2015.He made his first transaction on August **, 2015 and got completed on August**, 2015. Customer sent an email on August ** and asked for the reward status. Agent advised customer that the promotion has ended as of July **, 2015 and anemail has been sent to both referrer and friend that they have until 11:59:59 PM EST Wednesday, July **, 2015 to make a qualified transfer to be eligible for your $20 eGift Card reward. After that date, anytransaction made via a friend’s unique referral link will no longer be eligible.[redacted]Action/s Taken:Sent email to the customer and informed him about the validity of the RAF promotion. Advised as per Terms and Conditions, “TRANSFASTreserves the right to terminate the RAF Program at its sole discretion at anytime. Notice of program termination will be sent to RAF Program participantsvia email.”Issue has been escalated to Marketing Team to check for possible resolution on how to go about the reward.your $20 eGift Card reward. After that date, any transaction made via afriend’s unique referral link will no longer be eligible.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:

[Your Answer Here]

I never received any mail stating promotion is ending on July **.. and thus expect Transfast to complete its promise.

In order for the Revdex.com to appropriately process your response, you MUST answer the question above.

Sincerely,

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:

[Your Answer Here]

Why its $10 not $20? Also, my friend has also not received the bonus yet.. The promotion was of $20 gift card not for $10. There is no need to give this huge favor by sending $10 gift card..I am sorry to say but Transfast's customer service is so pathetic that we are going back 'n forth from last 1 month for only $10/$20... If it would have been some other money transfer company then it would have been resolved at first step itself.

In order for the Revdex.com to appropriately process your response, you MUST answer the question above.

Sincerely,

Business

Response:

Dear [redacted],Please be advised that the promotion already ended when you initiated your first transaction. Its clearly stated on our Terms and Conditions, that we reserve the right to terminate the promotion at anytime. Hence, we have offered you a $10 egift card as a compensation for the inconvenience this may have caused you. Upon further deliberation, its the maximum amount we can offer. Please refer to [redacted] for further details.We appreciate your business.Regards, The Transfast.com Team

Review: I transferred $3500 to my [redacted] Account on **-Mar-2015. The amount was not sent to my destination account but the same amount has been debited from my BOA account on **-Mar-2015. I made call to TransFast on **-Mar-2015 morning. They put me on hold for 10 minutes and said "your transaction will be done shortly and you will be getting a call from us in 20 minutes to know the status", but I did not get any call. So made a call to TransFast again on **-Mar-2015 afternoon. Again I was put on hold for 10 minutes and they said "It will be send to your destination account tomorrow([redacted]-Mar-2015)", But still nothing happened as I am composing this compliant. I am not sure why the amount was debited from my account and on hold with Transfast for last 2 days. I had a commitment of giving money to a person in [redacted] and I have to Pay my Loan payment. Due to this delay I am struggling a lot to manage this situation and got frustrated.

Business

Response:

Upon review of the account, the transfer was wade after 3:00 pm on March **, 2015. As such, our next possible ACH/Debit date was Monday March **, 2015 *the extra time inthe initial ACH request was a result of a weekend, on which we do not process ACH files. Upon which time we made a debit request from the customers funding account. This is a normal business practice - where the bank places a 'hold' on the funds and shows as a debit from said account. During the time from which the transaction was made, and the time we collect funds, we do reserve the right to review the transaction for authenticity, validate the funds of the payment source, and account of the recipient. All this is done for the safety and security of the transaction. As noted across our site, and on our transaction receipt, "While we provide an estimated time of delivery is for guidance TRANSFAST will validate your bank account prior to releasing your transaction. This may delay the release of your transaction. Recipient receives funds 3-4 business days after account validation. Funds may be released sooner depending on your transaction history with us, and based on the method the money is to be received. As part of our security monitoring process, and for the safety and security of your account, we may also review transactions to protect your account and funding source from fraudulent activity. This security review and validation may delay the release of funds."?Due to the value of the transaction, our account security department did hold it until we received verification of funds from his/her bank (as noted above). We received that authorization on March **, 2015 and released funds the same day. We apologize for the delay, this transaction did follow standard review and release procedures.RegardsTransfast

Review: I initiated a foreign transfer in Aug/2013, next day or so they sent an email asking for additional document, that was a long weekend and I was on vacation so I missed the email along with other junk emails I always get. It is courtesy to call and check with the client before they cancel the transaction. they did not do so and cancelled my transaction. I will agree that part of fault was with me because I did not check my emails properly. in the cancellation email it stated that they will refund my money back in 4 business days its more than a week (More than 12 days from my initial transaction and more than 7 days from the cancellation date) now I still don't have my money back and their customer service is worst, chat service doesn't work anytime of the day and phone calls not answered even after 30mins wait time. I am unable to send the money through other exchange companies since my money is struck with this company for more than 12 days and another loss to me is that the exchange rate has gone down with huge difference. Other than sending the money late I am loosing money because of exchange rate difference. Would not recommend this company to anyone they to hold money and make interest out of it.Desired Settlement: Refund my money immediately with the loss. And improve your customer service or don't be in business.

Business

Response:

the transaction was cancelled because we are unable to authenticate and verify the Trans-Fast profile. we have refunded the customer and it was already poster on the customer's Bank account.

Review: transfast had a promotion as stated below:

TRANSFAST Promotions – $50 Bonus for Philippines

TRANSFAST also has a Promotions Page that is updated with new promotions on a regular basis.

Right now, new customers in the U.S. and Canada can get $50 when you sign up for a new TRANSFAST account and send $350 or more to the Philippines using your bank account until May *, 2015.

If your transaction is processed successfully, they will send $50 back to your bank account.

- May *,2015, my husband and I decided to create a new account with transfast to be able to have the refund.

- May * 2015, we received an email to validate the amount they have deposited to validate the account

-May *,2015, we have called numerous times to inform them that there were no deposit made to the account and inform us that it may reflect on * May 2015 and confirmed that we are not eligible for the promo since we should have made the transaction ** April 2015 when the advertisement clearly states "until May *"

- May *,2015 2 small deposits have been validated and confirmed the next action via rep

- on the same day, they sent an email requesting for id and bank statement which we provided the within 2 hours

-received an email that the transaction to transfer the money was cancelled and called rep to confirm if the money will not be withdrawn since they are the one that cancelled the account

- May *,2015 tried to transfer money to different money transfer agent and shock that the transfast had a pending withrawal in out bank account when they confidently confirmed that it will not be withdrawn.

-May *,2015 talked to a rep and informed me that the money will be refunded back within 3 to 5 business days which is unacceptable as they are the one who cancelled the transaction and it is not fair that they are holding the money.Desired Settlement: Refund the money back ASAP and fix your false advertisements

Business

Response:

Per our User Agreement:TRANSFAST reserves the right to decline or reject, at its sole discretion, any Transaction at any point before the delivery of the underlying funds.TRANSFAST reserves the right to validate your bank account prior to releasing your transaction. This verification process may include holding a transaction until funds are collected and confirmed from your Funding Source. When this occurs, Recipient receives funds 3-4 business days after account validation. Funds may be released sooner depending on your transaction history with us, and based on the method the money is to be received.RefundA Sender is eligible for a refund if the transaction was cancelled, and we had previously debited the funds from the Sender’s payment source. Due to standard bank and funds clearing processes, this Refund or Credit may take 3-5 business days to clear and be refunded to the Sender’s Account.The money has been refunded to the customer within the service level of agreement.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:

[Your Answer Here]

I was able to received the money but it took 4 days and it caused me late charges with my payables. They did not even apologize, such an arrogant company. I wont make any business with them anymore also they do have bad customer service and everytime I call they drop the line.

In order for the Revdex.com to appropriately process your response, you MUST answer the question above.

Sincerely,

Business

Response:

We apologize if you think that it took so long for you to get the refund. However, TRANSFAST made sure you were informed that the refund takes 5-7 business days. You called our hotline and the agent you spoke to informed you about the refund and we sent an email which states "If your account has been debited, you will receive the refund on your bank account in approximately 5-7 business days." We are sorry for the inconvenience this may have caused you.

Review: I use transfast to transfer money. they promise to send in Instant to 4 hrs but last few transactions they promised to send money in one day but they did not send money even in 5-6 days. One month back I sent money, they took more then few days then they told me they need some identification document for re-verification, my transaction is waiting for security team's review. I accepted and send document, they sent money. Now again I sent money on [redacted], their site says available on [redacted], they deduct money from my account. It's today [redacted] and money is not reached to my account. I called customer care, they says my transaction is waiting for security team's review. He says, he has no more information on it. Why it is not paid yet and says it will be paid [redacted] night. I support my family in [redacted], I had committed them money will be available on [redacted] on transfast transaction status but still my money not reached. I am really unhappy with them. Cust care is really pathetic. my experience is really bad for last few transactions.Desired Settlement: I need my money to be sent as soon as possible and need compensation for delayed service.

Business

Response:

Dear [redacted],There are factors that affects delivery time of transactions. Estimated time of delivery is for guidance only. TRANSFAST will validate your bank account prior to releasing your transaction. This may delay the release of your transaction. Recipient receives funds 3-4 business days after account validation.While it is our intent to process transactions as quickly as possible, we keep your security a top priority. Certain transactions may be held for review and verification by our Account Security team. Speed of money transfer service is subject to many factors, including:1. Approval by the TRANSFAST account security team and our anti-fraud verification systems.2. Funds availability from the Senders checking, credit or debit card account.3. Banking hours and banking system availability (weekends, holidays, etc.) in the recipient country.4. Receiving agent hours of operation, and accuracy of Recipient payout information.The estimated time indicated Your transaction went thru a clearing process which takes 3 business days. We start counting 3 business days from the time that the funds were debited. You created your transaction 3/**/2015 at 11:25 PM (not Banking hours). We debited the funds the next Business day Friday 3/**/2015, the funds got cleared 3/**/2015 and we released it the same day. When we released the transaction 3/**/2015 EST, funds were transferred to the recipient's Bank account in [redacted] just few minutes from the release time. However, due to time difference of the county it was deposited on your recipient's Bank account 3/**/2015 [redacted] time.

Their promotional rates are fake. Their Modus Operandi is to fall in the trap of their promotional rate, money is deposited with a lesser exchange rate. They then ask you to do another transfer saying that we shall adjust the difference in the next transfer.

They would commit all this verbally and refrain from sending an email to honor their commitments.

I felt cheated and would strongly suggest to avoid Transfast.

Review: I was promised for a promotion rate of 69 INR for 1000 USD. But when the credit happened. I was credited for 67.55 INR. This is a direct breach of contract for what was agreed when signing up for the transfer. What irritated me the most is when I approached the customer support, I was asked to make another transfer for $1000 and this promotion will be applied for that transaction.

This issue happened in-spite of so many calls confirming the specific transfer rate. All such calls were answered that the promotion rate will be applied with the credit is made to the recipient account.Desired Settlement: Refund the difference in USD or credit the difference to the recipient account

Business

Response:

Dear [redacted],

Review: I sent $9,500 us dollars to Bangladesh and thought the the pick up destination would be certain location instead it was not . So I requested a change of location the agent on the phone told me I had to cancel my transaction and start all over again. I ask will get my money back right away and they stated it will take 5 to 7 business days. Now I know I read all the fine prints and it did state it will take 5-7 business days. But for very big company to hold almost $10,000 of someones money for that long can create financial hardship. I was trying to point this out to the dozen of customers reps in the Philippines call center and non of them understood my situation. I have requested numbers of times to escalate my refund process so I don't face any financially hardship. I finally go hold on knowledgeable rep in the Philippines and he stated that he did requested the escalation on my refund and he said if I called my bank and request them to do (clear and process) a term he used then I could get my money with few days instead waiting that 5 to 7 business days. Now I've been talking to bank to for last 40 mins. I can't believe a company like this can put a consumer in such detrimental situation.Desired Settlement: Just want my money back to my acct. Asap

Business

Response:

Revdex.com Complaint ID #: [redacted]Transaction #: [redacted]Date: 12/*/2015 9:20:38 AMName: [redacted] Email address: [redacted]Complaint Involves:Refund Or Exchange IssuesAnalysis:Customer made a transaction on 12/** for cashpick up going to Bangladesh. It has been handled by ASG on the same day and upon review, the agent sent an email asking for additional documents as customer is sending $9504.99 ([redacted]). Customer submitted the required information and ASG filed the documents. Sender requested to change the payer. Since changes are not allowed, CS agent advised that the transaction needs to be cancelled. The agent educated him about the refund process. Action/s Taken:Sent an email to the customer about this matter. Escalated to Collections for further investigation regarding the refund.

Review: Complete fraud. One of the worst customer support I have ever faced.

Calling their customer service center is [redacted] waste of time. It takes more than half an hour for them to give an answer and after that too, I didn't get my money back.

Absolutely pathetic service.. PLEASE AVOID....

They deducted money from my bank account the very next day I made the transaction (#[redacted]) hold my money for 10 days with them and status on website keep on showing as processing.

I got frustrated and asked them to cancel the transaction and these [redacted] guys haven't put my money back in to my account.

--------

Actually I have another complaint/issue been working with customer service from last few months. They send me an email stating if you make a transfer today we will send an 10$ [redacted] gift card and I made the transfer

and as advertised I waited for 10 days and after when I call they said to wait for another days and have been working with customer care on this issue from 3 months and haven't resolved yet

My kind suggestion to all Please never ever use TRANS-FAST....

If possible I would have given them negative rating.Desired Settlement: Wasting customers time and keeping long waits on phone to handle and ir-responsible customer service

and I kind of frustrated and getting blood pressure when I talk to them

Business

Response:

Review: Transaction No [redacted]. I initiated the transfer $10,000 from my [redacted] Compass checking account to my bank account in India through transfast.com on July **, 2015, after reading fast transfer within 3 days on their website “transfast.com”.

They had withdrawn the amount next day on July ** and after 4 days, I contacted them. Then I found out they have misled by providing false information (transfer in 3 business days) on their website.

On July **, their compliance department sent me an email asking 3 consecutive paystub, bank account information and India passport. I am US citizen so called and asked why they are asking India passport. I was okay to send other documents but they asked my social security number over the phone. I felt something “fishy” so didn’t provide the social security number. They “cancelled” the transaction. The issue here is:

1. Why did they withdraw the amount without proper documentation? Why didn’t they ask SSN when I entered all other information online?

2. They told me they can refund the amount but it will take another 4 business days. I am now stuck and can’t transfer the money because they are holding it and my relatives are waiting in India to receive the money.

3. Why did they mislead and provided wrong information on website about transfer in 3 business days? Why didn’t they mention the required documents on their website, and also, why didn’t they mention the required document at the time of initiating the transfer?

If I receive my money back on my bank account by Aug 6, it means that they will hold money for at least 10 days without any reason. This is very bad business practice and they are fooling the customers. This kind of business practice should be stopped and they should be punished for doing so.Desired Settlement: They should refund $10,000 they have taken from my [redacted] Compass account in addition with $1000 penalty for holding money for so long without any reason. They should not have withdrawn money from my account without proper documentation. They should pay the penalty for doing so.

Business

Response:

Review: TransFast was running a promotion for new customer. For new customer they were paying an exchange rate of $1= INR 68.50 when the approximately currency rate for $1 = INR 67. So I booked the transaction. But after 4-5 days they send me an email saying that transaction will be cancelled because they cannot verify some information, on calling them, they cannot tell me what information they cannot verify. They said its internal process and since your money is debited from your account, we will return back in 24-48 hrs. In email they said it your debited amount will return to your account in 5-7 business days. Company is a fraud.

Business

Response:

[redacted]

[redacted]Analysis: New customer. Value+ transaction. Sent $1000 via bank deposit to India. Transaction was reviewed by the Account Security Group, however, did not pass the verification process. Refund has already been processed.Per User Agreement, Certain transactions may be held for review and verification by our Account Security team. --Approval by the TRANSFAST account security team and our anti-fraud verification systems.--TRANSFAST reserves the right to decline or reject, at its sole discretion, any Transaction at any point before the delivery of the underlying funds. Sent email to the customer advising the reason of the cancellation of his account and transaction.

Review: I send money but they are asking to many personal and confidential information/ account from me. I cancel the transaction and I was told that they will refund the money 5-7 days. This is not fair because they took the $1254.99 right away in my account and this money is really needed in my country.Desired Settlement: I want my money back and they should change the policy of them taking the money right away in the account!

Business

Response:

Dear [redacted],This is regarding your recent money transfer with the tracking number [redacted]. We would like to inform you that by clicking on the "I AGREE. SEND MY PAYMENT" button, you authorize Trans-Fast Remittance to debit your bank or card account upon using the Service and agree payment will be made without requiring your signature. The only debits to be honored under this agreement are those originated by Trans-Fast. It is stated on the User Agreement under Payment of Transfer that "Payment is due at the time you submit a transaction to TRANSFAST. " Upon cancellation request, we have already processed the refund. Hence, due to standard bank and funds clearing processes, this refund or credit may take 5-7 business days to clear and be refunded to your account. In addition to this, we may also contact you for further information, documentation and verification before we complete a transaction. This verification process may delay the processing of your transaction.At Transfast we take security seriously, please expect utmost confidentiality on all documents sent. Please be advised, at any time, we may request additional identification or documentation. This is done to ensure the safety of your identity, and the safe transfer of your money to the correct recipient.If you have any questions, please feel free to respond to this email and chat with us or call us at ###-###-####. Regards, The Transfast.com Team

Review: I initiated a money transfer with Transfast August **. Waited for 6 days for the money to be reived by my recipient in Nigeria. After 6 days of waiting, I received email from Transfast that my transaction was cancelled because my recipients account number was invalid. Their email also stated that a refund has already been initiated and should be received within 3 to 5 business days. It has now been past 6 business days and I have not received my money. I've called Transfast several times and was always given the same excuse of "give it 3 to 5 business days". I asked for a supervisor and was promised a call back from one and it never happened. I'm very dissatisfied with Transfast and believe they do not practice fairly. It's obv that they have no regards for their customers and should be investigated for fraud. I need my money back asapDesired Settlement: I want my money now

Business

Response:

[redacted]

[redacted]Issue: Refund IssueAnalysis:Customer made the transaction on 8/**/2015 for bank depositgoing to Nigeria. Transaction has been reviewed and released by [redacted] on8/**/2015. However, it has been returned and rejected by the receiving bank on8/**/2015 due to invalid account number. Refund has been filed and still inprocess.Action/s Taken:Sent email to the customer and informed of the refundprocess. Endorsed to [redacted] for callback for further explanation on why refund is delayed.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted] and find that this resolution is satisfactory to me and the matter has been resolved.

Sincerely,

I did my transaction using transfast on [redacted] Dec 2015, their website showed that the money will come to India bank account by [redacted] Dec. I am calling them every day after [redacted] and getting the same response by customer care that the amount will be transferred within the banking hours. Its been five days of calling and waiting, still no luck. Their customer care representative are very rude and doesn't give more details than saying 'your funds will be transferred within banking hours, kindly wait. Call us back if you don't receive it'.

I am hoping I get my money back. I will never use Transfast and will not recommend it to anybody.