How legit is Wise

Wise is legit: it is a regulated financial technology company that millions of people use for international money transfers, sending, receiving, spending and holding money.

The company is an electronic money institution rather than a bank, which shapes how customer funds are handled.

• Not a bank: As an electronic money institution, the company does not lend out customer money the way a traditional bank does.
• Safeguarded funds: Customer money is kept in secure accounts that are separate from the company's own operating funds.
• Regulation: Wise Payments Limited is authorised by the Financial Conduct Authority (FCA) in the UK under the Electronic Money Regulations 2011, and the company is also licensed by regulators in other countries, including the United States.
• Reach: The service is available in more than 160 countries and handles around 40 currencies.

Users report both strengths and drawbacks.

• Strengths: Users say fees are lower and exchange rates better than at most traditional banks, and the account lets you hold and convert several currencies and spend abroad with a debit card.
• Drawbacks: Strict automated security checks can trigger sudden account reviews, cancelled transactions or delays, and customer support can be slow to sort out complex account locks.

Feedback on Reddit's r/personalfinance mostly describes the service as safe and low-cost for cross-border transfers, and its Trustpilot rating is generally high. Discussions on r/eupersonalfinance are more mixed, with some users describing frustration over unexpected cancellations and slow support replies.