If you’ve ever searched for a reliable platform to manage your business finances, you might have come across Wise – a fintech company that specializes in cross-border payments.
Packed with useful features and tools for both small and large businesses, Wise’s Business account has positioned itself as an international banking alternative.
But what about its security measures? How can we be sure about storing our finances and personal information on the platform?
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Is Wise safe for US businesses?
As an international financial service provider, Wise is licensed under several regulators in the many countries in which they operate. You can find more information about these regulators here
In the US, Wise is registered with the Financial Crimes Enforcement Network (FinCEN) and renews its registration every year. They’re also supervised by the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of Currency.1 For each jurisdiction, Wise is also regulated by state regulatory agencies.
On top of all of this, they have bank-level data security and never sell your data. Wise is committed to keeping each customer’s personal data safe, detailing exactly how they collect, process, and store it.
How does Wise keep my money safe?
Wise keeps their customers’ money safe by keeping their money separate from the money Wise uses to run their business. They store funds in a mix of investments in secure liquid assets and in top commercial banks –at Goldman Sachs, Wells Fargo, and J.P. Morgan in the US.2 All customer funds are also insured to prevent loss.
Along with this regulatory compliance, Wise implements a range of security measures like two-step verification, encryption technology, and a fraud prevention protocol. Their security operations team monitors for any anomalies and keeps up with scans, tests, and audits to ensure your data and money are safe. Additionally, they’re audited by independent IT and finance auditors.
Is Wise money transfer safe?
Transferring money, especially abroad, can be a stressful experience. Wise has proven itself to be a reliable platform for transferring money in a variety of ways. After you sign up for an account and get officially verified, you can transfer money to 70+ countries in 40+ currencies in up to one to three business days or for some – in seconds.3,4
Is Wise safe for large amounts?
Because Wise uses the mid-market exchange rate, you’ll be able to see exactly what you’re sending, their fees, and the exact amount your recipient will receive once you send the transfer. All transfers use two-factor authentication and come with a payment tracking system that lets you see where your money is.
The team also takes fraud and general security seriously, with dedicated anti-fraud and support teams, with one specifically for helping those who typically send large amounts of money on the platform.5
Is the Wise account safe?
With cyber threats becoming more and more of a concern, Wise has gone to lengths to ensure that users' accounts are thoroughly protected. As mentioned, Wise enforces security at every stage of the user journey. These standards all work together to form a fortress of security around each and every Wise account.
Wise accounts aren’t FDIC insured, due to its status as a non-bank, their safeguarding process protects customers and their funds to make sure they’re always available whenever needed. Read more about why Wise funds aren't FDIC insured.
Whenever you’re using your Wise account and performing an account –i.e. logging in, sending a transfer, reviewing sensitive details, or accessing your balance in some way, two-step verification ensures you’re the one doing so. Either by receiving a code by text message or phone calls, a notification in the Wise app, or entering a code from a separate authenticator app, you can confirm it’s you.6
Is Wise safe to keep money?
Wise has millions of personal and business customers – 16 million to be more exact. In their 2023 fiscal year, they processed £105 billion in cross-border transactions.7 They’re a provider that is regulated and licensed in the US, overseen by several bodies.
Wise doesn’t keep your money in a general pot either –it safeguards all customer funds by placing about 60% of your money in liquid assets and 40% in cash in reputable banks at reputable financial institutions. The company has chosen the best and most secure safeguarding options, opting for banks with strong reputations and liquidity and government bonds that essentially never fail.8
Is a Wise card safe?
Wise offers an international debit card that all business account holders can access, with no foreign transaction charges. Teams can access expense cards with pre-set spending limits, and there are virtual cards where you can pay with Google Pay or Apple Pay.
You can get instant spending notifications and track business expenses directly in your account so you always know what’s going in and out. You can also control payment methods and set spending limits, and if your card has gone AWOL, you can freeze your card.
Being a service provider, Wise is also responsible for cardholder data security that they store, process, and transmit for customers. Thanks to their SOC 1 type 2, SOC 2 type 2, PCT DSS, and ISO 27001 certifications and GDPR compliance, you can feel confident entrusting Wise with all your transactions.9
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*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information. This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
