How safe is Wise app
The Wise app is generally safe to use: Wise is a regulated, legitimate financial technology company, although it is not a traditional bank. Its safety rests on account security checks, oversight by financial regulators and the way it holds customer money.
A Wise overview of safety usually covers three areas: the security built into the app, how the company is regulated, and the limits of the protection customers get.
- Identity checks: Before you can send or add money, Wise asks for a government-issued photo ID and a selfie to confirm who you are.
- Two-step verification: Logging in and making transfers needs an extra confirmation, such as a text message code, an app notification, a fingerprint or face recognition.
- Card controls: Holders of a Wise debit card can freeze, unfreeze or cancel the card straight from the mobile app.
- Encryption: Personal and financial data is encrypted while it moves between your device and Wise.
On regulation, Wise is supervised by financial authorities in the markets where it operates, including the Financial Conduct Authority (FCA) in the UK and FinCEN in the US. In Malaysia it is regulated as a remittance, money-changing and e-money business.
- Safeguarded funds: Wise holds customer money apart from its own operating funds, in dedicated accounts at established banks or in secure liquid assets.
- No deposit insurance: In most regions Wise is a money service business rather than a licensed bank, so balances are usually not covered by government schemes such as FDIC insurance in the US.
Some risks remain for Wise users even with these protections in place.
- Account holds: Automated fraud checks can flag or pause transfers, or freeze an account, when activity looks unusual or more documents are needed.
- Scam payments: If you choose to send money to someone who turns out to be a scammer, Wise cannot promise a refund, because checking that a recipient is genuine is the sender's responsibility.
To use the app safely, keep two-step verification switched on, have your documents ready in case of a review, and confirm who a recipient is before approving any transfer.