Is Wise safe?
Wise is a global technology company focused on building the best way to move money around the world.
When it comes to sending and keeping money in an international account, price and convenience are important.
However, one of the crucial questions for many customers will always be: is my money safe with Wise? The short answer is yes, it's safe to send and keep money with Wise.
But this guide covers all you need to know about how Wise is regulated, how they keep customer money safe, and how Wise business accounts are regulated and managed.
Quick summary
Safe service trusted by 16+ million customers
Good rating from customer reviews on Trustpilot
Authorised and regulated by the FCA and global authorities as required
Account verification, 2 factor authentication and passwords used
Anti fraud technology and teams to protect customers
It’s worth weighing up the advantages of Wise against the disadvantages of using Wise. Here are a few pointers to start you off.
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Is Wise safe?
Yes, Wise is a safe provider of online and mobile money transfers around the world.
You can also open a secure Wise account to hold and exchange 40+ currencies, and spend globally with a linked debit card.
Year founded: 2011
Number of customers: 16+ million customers
Services available: Transfer to 70+ countries, hold 40+ currencies in a Wise account
Card services: Spend in 170+ countries around the world with a Wise card
How is Wise regulated?
Wise is regulated as an Electronic Money Institution by the main UK regulatory body, the FCA.
Wise is also registered with regulators in countries around the world to comply with global financial services legislation.
One of the main ways Wise keeps customer money safe is through safeguarding funds. This means that whenever you add funds to your Wise account, Wise will deposit the money into a dedicated account at a top tier bank, or invest the funds in liquid assets.
The safeguarding process means that customer funds are always held separately to Wise’s own money for security reasons. In addition, Wise must hold a fixed amount of capital to qualify for an FCA license, and conduct regular stress testing to make sure the business is robust enough to protect consumer funds.
Is Wise as safe as traditional banks?
Wise is not a bank - however, for the services Wise offers, they are as safe as a bank.
Banks are often subject to more regulation compared to international money transfer companies, because they also offer extra services like credit cards and loans. For international transfers, Wise is as safe as a bank, but often cheaper and faster.
Is Wise a bank?
Wise is not a bank. Wise is licensed as an Electronic Money Institution, and for the services it offers Wise follows similar rules to banks. Wise also has its own dedicated teams to protect customer funds and prevent fraud.
How does Wise keep your money safe?
Wise uses a broad range of approaches to keep customer money safe. Here are the key features:
Customer funds are safeguarded at top tier institutions
Licensed and regulated around the world
Dedicated 24/7 anti fraud technology and support team
2 factor authentication for your account and card
Transaction alerts every time a payment is made with your Wise card
Independently audited with regular testing to check and fix any vulnerabilities
GDPR compliant data protection
Is Wise safe to transfer money?
Wise is a safe provider to send and keep money with. 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, or invested in high quality liquid assets which can be easily disposed of to release funds. This means your Wise account balance is secure and is always held entirely separately to Wise’s own money.
Is Wise safe for large amounts?
Wise is a safe way for individuals and businesses to send high value payments. Transfer limits may apply and are set according to the destination country and currency.
Before you arrange a high value payment with Wise you may want to take a few sensible steps to make sure everything goes through smoothly:
Verify your account. If you have a new account you’ll need to complete a verification step to get started. You may also be asked to verify your account at a later stage, based on the transfer value and type.
Confirm the recipient’s bank details. Make sure you have all of the required details to process your payment safely. You’ll always need your recipient’s full name and bank account number, along with other region specific details like an IBAN, routing number or sort code.
Double check your transfer limits. Check your own bank’s transfer limit and whether there are any bank fees to pay for funding your Wise transfer through your bank account or card.
Transfer a large amount with Wise
Is the Wise card safe to use
Yes. The Wise card is available as a physical card and also as a digital or virtual card. You can manage the card using the Wise app, to freeze or unfreeze it if you’re concerned it’s been misplaced, and to set your own payment limits by transaction type. Wise also offers 2 factor authentication so nobody aside from you can log into your account or authorise payments.
Having a virtual card can also increase security as you won’t need to carry your physical card when you’re out and about - just add the card to a mobile wallet like Apple Pay for mobile payments instead. Plus if you’re shopping online you can use your virtual card - which has different card details to your physical card - and then freeze it immediately after, so the details can’t be fraudulently re-used.
Is the Wise business account safe?
The Wise business account is safe to use.
The main difference between using a Wise business account and a business account from a 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.
Is Wise legit?
Wise is a legitimate, safe provider which already serves over 16 million customers around the world.
Compared with regular banks, Wise is typically cheaper. That’s because Wise takes a different approach to international payments, offering the mid-market exchange rate and low, transparent fees. No smoke and mirrors, and no shady business practices to worry about.
Is Wise trustworthy?
Wise is a trustworthy service which has good customer review ratings - which we’ll look into in detail later. Wise is trusted by over 16 million personal and business customers worldwide.
Is the Wise website safe?
The Wise website is safe - look out for the padlock symbol to the left of the web address when you open the page. The Wise website is HTTPS encrypted for security, as well as having a digital certificate. This denotes the fact that the Wise website is secure, and information sent from your browser to the website can’t be intercepted.
Is the Wise app safe?
The Wise app is available from the App Store and Google Play, and is safe to use. You’ll be able to see in either App Store or Google Play the details of the Wise app version history, as well as information about how it uses data to offer services. There’s also a quick link to the Wise privacy policy if you’re interested in learning more. The Wise app is pretty highly rated by users across both iOS and Android - which is another way you know it’s safe and trusted by existing users.
Customer reviews on Trustpilot
Trustpilot is a handy resource when you’re checking out which international payment provider will be best for your transfer. Read reviews from previous customers to make sure you feel comfortable and are selecting a legit service.
Here’s what previous Wise customers say about the services on offer:
Trustpilot rating: Excellent
Score: 4.1/5
Total number of reviews: 197,000+
Where security comes up in the comments left on Trustpilot customer reviews, it tends to be because of additional verification checks required to keep Wise accounts safe. These verification steps are typically required by law, and would be necessary whether you’re sending a payment with Wise, your normal bank, or any other provider.
Can you get scammed on Wise?
Unfortunately fraudsters and scammers are active on all sorts of platforms including Wise and traditional banks, too. However, staying safe in most cases requires little more than a few sensible steps and common sense. Here are some tips:
Never share your account details or password with anyone
Don’t log into any site other than the Wise official homepage - check the secure site symbol before you begin
Don’t transfer money to anyone you don’t know and trust
Check your recipient’s account details before you make any transfer
Be aware of common frauds and phishing scams - these evolve and change over time, so staying aware is crucial
Can I avoid falling victim to fraud?
Should you be unlucky enough to fall victim to fraud while using your Wise account, you can report the issue to both Wise and the UK police.
To report fraud to Wise, log into your account and make your report there. If it's possible to stop the transaction, the Wise support team will help you.
If your payment can not be stopped or has already been received by the fraudster, you’ll need to report the fraud to the police in the UK on 0300 123 2040. Wise can then pass on the transaction information to the police to support your case.
Is your personal data safe on Wise?
Wise protects customer personal data in line with General data Protection Regulation (GDPR) rules, and has a duty to keep any sensitive data safe. Information is collected and used to process transfers, comply with legal requirements and improve Wise services.
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.
How to get started on Wise?
To use Wise you’ll need to create an account, and depending on the type of payment you want to make you might need to provide paperwork to get started. This may include:
Proof of identity, like a passport
Proof of address, like a utility bill in your name
You may be asked to take a selfie holding your proof of ID for verification. In some cases, you’ll be asked for further identification and paperwork when you make a transfer. This tends to happen when sending high value payments, and is often required by law.
Once your account is up and running make payments online and in the Wise app:
Log into your account
Type in how much you want to transfer, or how much you need the recipient to get
Enter the recipient’s details - bank account number or email
Check over the details
Fund your payment using a card or bank transfer
Confirm and your money will be on the move
Get started
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 UK, Wise is regulated by the FCA and global regulatory bodies everywhere services are offered.
FAQs
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.
In the UK, Wise is regulated by the Financial Conduct Authority. Wise is also authorised and regulated by other regulatory bodies around the world, including FinCEN in the US and ASIC in Australia.
Wise offers international payments to 70+ countries which are deposited into the recipient’s bank account directly for convenience. Wise international payments are fast or even instant, and if you need to convert from one currency to another to make your transfer, you’ll get the mid-market exchange rate with low fees.
Wise uses industry level security to protect customers and their accounts, making it safe to link your bank account to receive or send a Wise payment.
Wise offers US customers low cost international transfers and multi-currency accounts with international debit cards. From the UK you can send payments to 70+ countries, hold 50+ currencies and spend internationally with your card in 170+ countries, making it a pretty flexible and useful provider to pick.