How safe is Wise (TransferWise) peer-to-peer service?
Wise uses a unique money transfer system to save money on conversion rates. But how does it keep your personal information safe?
Supporting nearly 300 currencies, Wise is up to eight times cheaper than a bank. It avoids international conversion rates by matching the currency and amount you’re sending with a similar amount sent in the opposite direction. In short, your recipients receive money from a person in their own country, rather than a transfer sent internationally. Learn how this process keeps your money safe while avoiding costs.
How does Wise protect my money?
Safety is a No. 1 concern for Wise. It guards your personal information and money by following international regulations and adhering to effective security measures.
- HTTPS encryption. Wise protects the privacy and integrity of data exchanged between you and its servers.
- Solid user verification process. It confirms the ID of each of its users to protect against fraud and money laundering.
- Strong accountability. The service has raised over $110 million from such investors as Sir Richard Branson and PayPal cofounder Peter Thiel.
- Years of experience. Founded in 2011, it has successfully transferred more than $5 billion.
- Regulated and recognized. Wise is registered with the Financial Crimes Enforcement Network and only FDIC-insured banks.
How do I report suspicious activity to Wise?
Wise will never email you to confirm your ID, password or payment details. If you receive an email from someone claiming to be Wise, do not reply. Instead, forward the email to email@example.com.
How to avoid a money transfer scam
You’ve likely heard about somebody who’s fallen victim to a money transfer scam. Keep your eyes open and remain vigilant with this simple advice.
- Beware of unsolicited emails and phone calls. Phishing scams often involve an email asking you to resend passwords or information. If you’re suspicious, go to the company’s website directly instead.
- Don’t transfer money to strangers. Make sure you know the recipient of your transfer. If for an online sale or auction, be sure that you have all of the seller’s information and make sure they are reputable before sending your payment.
- Ask questions. If a business responds quickly and accurately, that’s a good sign that you’re working with a reputable company.
Tips for picking up cash safely
You need to know that your money is safe, but it’s equally important to protect yourself when picking up money. To safely get your cash:
- Call ahead. Learn the company’s office hours and pick a safe time to retrieve your money. It is safest during the day.
- Bring a friend. Do not carry money when you are alone. Have a friend come with you.
- Deposit your money immediately. The likelihood of losing your money to theft or simple carelessness grows the longer you have it with you. Go straight to a bank and deposit your cash as soon as possible.
- Keep your cash hidden. Put your money in your wallet or purse while you are still inside the office. Carrying cash out in the open makes you a target.
If you’re sending money internationally and want to save on costs, Wise is a safe and inexpensive option. Compare transfer limits and delivery times to further help you find an option best suited for you.
Common money transfer scams to watch out for
|What to watch out for
|What to do
|Asking for money up front
|Do not pay up front, ask to meet or arrange escrow
|Lottery and sweeps
|Must pay a fee to receive your prize
|Ignore it; it’s not a real prize
|Request to pay for your application or taxes before you receive the loan
|Rip it up; do not send the money
|Asking for personal details over email (bank accounts, passwords, SSN)
|Do not reply or click any links – forward the email to firstname.lastname@example.org
|Donation requests from a fake charity posing as real one.
|Never wire money when donating to charity, regardless of their legitimacy.
|Someone contacts you to help recover a large sum of money, and need your bank account info to help pay fees.
|Never provide financial information over email.
|A loved claims to be in trouble, and they are asking for you to send cash.
|Never send a money transfer until you can verify you know the recipient.
|Getting to know someone online and after you feel a connection, they ask you to wire money.
|Never send money to someone you have not met in person.
Frequently asked questions
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