Is Wise Safe and Legit?

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

Learn more

Is Wise (formerly known as TransferWise) safe to use?

sending money with low exchange rates is easy and secure using TransferWise

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:

Use TransferWise to make a money transfer with low exchange rates and a fixed fee to a bank account.

Northern Hemisphere

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).

Southern Hemisphere

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

Is Wise safe to transfer money?

Wise is a safe provider to send international payments with. As well as being FINCEN registered in the US, Wise has a range of security measures in place to protect customer funds and ensure payments are safe.

Is Wise safe to keep money with?

It’s safe to hold funds in your Wise account. Whenever you deposit money into your Wise account, it is safeguarded in a leading financial institution. This means your Wise account balance is secure and is always held entirely separately to Wise’s own money.

Is Wise safe for savings?

Any money held in your Wise account is safeguarded away from Wise’s own working capital. That means your money is protected even in the unlikely event that Wise got into financial difficulties. That said, Wise accounts are not interest-bearing, so if you're looking for that specifically, you may find another provider that suits you better

Is the Wise business account safe?

The Wise business account is safe to use. Wise business accounts are also managed under the same regulations as personal accounts, with funds fully safeguarded for customer security.

The main difference between using a Wise business account and a business account from a traditional bank is likely to be cost. Wise offers international transfers and currency conversion with the mid-market exchange rate and low, transparent fees, which can work out cheaper than using your regular bank.

What personal data does Wise collect?

Wise collects personal data from customers which can include information you give them, and information collected from you, such as your IP address and the way you use Wise services. Wise may also collect information from third parties, for example, to help in the account verification process.

You can ask Wise not to contact you for marketing purposes by changing your marketing settings within your account, or sending the customer service team an email. 

Wise may be required by law to retain some information about you. The length of time that data is retained will depend on the specific information and the applicable laws. However, Wise will not hold customer data for any longer than is necessary for practical or legal purposes.

Data Security - What happens with debit card and credit card information?

TransferWise Safety - low exchange rates with multi currency account

3D Secure (3DS) technology is an extra layer of security for online payments made with your Wise debit card. Once you have entered your card details you will be directed to approve your payment by entering a password or code. This is to stop fraud and check transactions are only being made by an authorized user.

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 it safe to connect your bank account to Wise?

Yes. Wise was built with security in mind, which means that your personal and financial information is secured by cutting edge technologies, as well as automatic and manual processes to spot and stop fraudulent or criminal activity.

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
TransferWise Safety - low exchange rate for bank transfers

Are Wise accounts insured?

Wise is not a bank, and so deposits are not insured in the same way that some bank deposits are. However, Wise is regulated as a financial service provider, and licensed as a money transmitter in many regions around the globe. That means that Wise follows strict safeguarding guidelines which are enforced by regulators around the world to keep customers and their money safe.

Is Wise better than PayPal?

TransferWise Safety - Using TransferWise with low exchange rate is better than PayPal for transfers over $200

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.

 

 

TransferWise Safety - Customer service when sending money internationally with a TransferWise account is great.

Ready to go?

Conclusion

Wise is a safe currency exchange and international transfer provider, which is popular thanks to its convenient service and low overall transfer fees

Wise has a number of features to keep customer money safe, including thorough account verification, 2 factor identification for accounts and card use, and 24/7 anti fraud controls. 

Like banks and most other financial service providers in the US, Wise is registered with FINCEN and regulated by global regulatory bodies everywhere services are offered.

FAQ

How secure is Wise?

Wise is a safe provider for account services and international transfers. Customer funds are safeguarded, and accounts are protected by thorough verification processes and anti fraud technology.

Is Wise safe to transfer money?

Yes. Wise has robust processes in place to make sure customer funds are safe when you make an international transfer, including thorough account verification and 2 factor authorization processes. Wise is also authorized and regulated by regulatory bodies around the world, including FinCEN in the US, the FCA in the UK and ASIC in Australia.

Is the Wise app secure? 

The Wise app is secure. It’s available in multiple languages, and has a 4.6 out of 5 score from thousands of reviews on the Apple App Store. It also scores 4.2 out of 5 on Google Play.

Is it safe to give Wise my social security number?

Wise protects all your sensitive personal and financial information, in line with globally approved best practices. 

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By Arlene Mc Donnell Updated August 12th, 2022