Is Wise Safe to Use?
Learn why Wise (formerly known as TransferWise) is safe to use to send or receive money overseas.
Yes it is. It is very safe to use to send and receive money from overseas.
Wise (formerly known as TransferWise)is a money transfer service send and receive money from millions of customers worldwide. They offer close to the mid market exchange rate with a transparent fee structure. You can send or receive money from a bank account in most countries around the world. Whether you send money through their Borderless account or multi-currency account, your money is secure.
In this review we will cover
Wise is Safe
- Regulated around the globe
- Use encryption and 2FA for logins
- Require passwords to transfer money
- By law they have to 'safeguard' your money
- Use 3DS for card payments
- In-house security team to monitor fraud
Wise's rating: 4.7 / 5.0
Is Wise (formerly known as TransferWise) safe and legit?
Yes it is. They transfer 5 billion dollars every month. Just like large banks they protects it's customers against fraudulent activity.
It is regulated in the US by FinCEN (Financial Crimes Enforcement Network) and renews its registration annually. Wise Inc. is registered with the Financial Crimes Enforcement Network (FinCEN) . To find out more about each state license it holds as a money transmitter click here. They are supervised by regulatory authorities in each of those states.
By law Wise need to 'Safeguard' your money. This means they need to keep your money in separate bank accounts to the business bank accounts. The bank accounts are with 1st class banks such as JP Morgan Chase, Barclays and Deutsche Bank. In the case that Wise suffer financial hardship, your money transfer is secure.
How safe is Wise?
It is very safe.
Wise offer bank grade security and employ their own in house fraud and support teams. They make sure all your money and data are protected from fraudulent activity or logins.
They use HTTPS encryption and 2FA or two factor authorisation to protect your transactions. 2FA is required every time you log in, and every time you make a transfer, Wise will ask you to verify that it’s you by text message, fingerprint or face recognition.
It is regulated and licensed around the world in these countries:
Belgium and the European Economic Area (EEA) - regulated by the National Bank of Belgium (NBB) as an Authorised Payment Institution, with passporting rights across the EEA.
Canada - registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB) with registration number M15193392. We also have an MSB license with the Authorité des Marchés Financiers (AMF) under license number 902804.
Hong Kong - regulated by the Customs and Excise Department (CCE) of Hong Kong and is licenced as a Money Service Operator (MSO) with licence number 15-01-01584.
India - approved by the Reserve Bank of India (RBI) for facilitating outward remittances from India under the guidelines set out by RBI in the FED Master Direction No. 19 2015/2016.
Japan - regulated by the Kanto Local Financial Bureau (registration number 00040) and licenced as a Funds Transfer Provider.
Malaysia - regulated as a remittance business under the Money Services Business Act 2011.
Singapore - licensed by the Monetary Authority of Singapore (“MAS”) as a major payment institution under the Payment Services Act 2019 (PSA).
United Kingdom and the European Economic Area (EEA) - authorised as an Electronic Money Institution (EMI) by the UK Financial Conduct Authority with registration number 900507, with passporting rights across the EEA.
United Arab Emirates - regulated by the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA).
Australia - regulated by the Australian Securities and Investments Commission (ASIC), and registered with the Financial Intelligence Unit (AUSTRAC) as a money remitter. Our ASIC licence number is 456295, and our AUSTRAC registration number is 168331191.
Indonesia - authorised as an Electronic Money Institution (EMI) by the UK Financial Conduct Authority with registration number 900507, with passporting rights across the EEA.
New Zealand - operates as a foreign entity and is supervised by the Department of Internal Affairs (DIA).
Want more info
Data Security - What happens with debit card and credit card information?
3D Secure (3DS) technology is an extra layer of security for online payments. Once you have entered your card details you be directed to bank to approve your payment by entering a password or code. This is to stop fraud and check its correct user.
Wise is registered with The Information Commissioner's Office with registration number Z2976089. Protecting you and your data is important for them, and they won't share your data with third parties unless required to do so by law.
While Wise are required by law to keep your data, they never sell your personal information.
Is Wise safe for large amounts?
Yes it is.
They are regulated around the globe, use encryption and 2FA for logins, passwords to transfer money, by law they have to 'safeguard' your money, use 3DS for card payments and employ their own in-house security team to monitor fraud and keep your money and data secure.
With Wise you can send limits are:
- $1,000,000 USD per transfer on personal and business accounts
- $15,000 USD per day using bank debit (ACH) — the limit resets at 11:59 pm (UTC)
- $2,000 USD per 24 hours and 8,000 USD per 7 days using debit or credit cards
With Wise the receiving limits are:
- Personal account limits: Limit per transfer (and daily limit) — $250,000 and annual limit — $1,000,000
- Business account limits: Limit per transfer — $3,000,000 and annual limit — $5,000,000
Is Wise better than PayPal?
For security they are almost even. Wise is more secure because it the customer receives less false emails than PayPal. PayPal customers receive a number of fake emails requesting customers to login in.
For cost Wise and PayPal are even for most transfers under $200 but for money transfers over $200, Wise tends to be cheaper.
Finally with Wise you can send money to any bank account in the world, where as with PayPal they must hold a PayPal account to receive the money from overseas.
Customer Reviews from TrustPilot
Wise has received over 100,000 customer reviews on TrustPilot which is impressive. Furthermore 94% rate their experience as 'Excellent' or 'Great'. They have 4.7 / 5 rating from Trustpilot, which is very high.
"Wise have a tried & tested clear, simple, straightforward process that is probably unbeatable and favours the customer/consumer."
Only 5% rate their experience as 'Poor' or 'Bad' and in most cases Wise have reached out and contacted online.
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