Introduction

Founded in 2011, WISE has over 10 million customers to date. Its multi-currency accounts help millions of individuals and businesses manage global funds. It is committed to making international remittances more convenient and strictly ensuring the security of customers' funds.

WISE is authorized by the Financial Conduct Authority (FCA) of the United Kingdom and issues electronic money under the Electronic Money Regulations 2011, with reference number 900507.

Is WISE safe?

To maximize the security of users' funds, WISE is equipped with bank-level data security measures and is transparent in collecting, processing and storing data. WISE also has an additional two-factor authentication (2FA), and you will receive real-time notifications every time you use your WISE card for consumption.

A professional anti-fraud team will ensure operational security 24/7, conduct vulnerability scans regularly, and ensure data and funds security with the latest attack vectors.

In terms of security audits, WISE is audited by independent financial and IT auditors, and penetration tests and other security scans are conducted both internally and externally. Currently, the company has passed SOC 1 Type 2, SOC 2 Type 2, PCI DSS and ISO 27001 certifications and complies with GDPR regulations.

In addition, fraudulent companies often conduct activities through email. If you receive a phishing email or find a phishing website, you can report it to WISE at any time.

What services does WISE provide?

Cross-Border Remittances

How to remit money across borders?

First, you can register for free online or in the Wise APP with an email, Google or Facebook account. Secondly, select the remittance amount and fill in the details of the recipient's bank account. For some currencies or large remittances, you must also submit a photo of your personal ID to ensure the safety of your funds. After selecting the payment method from bank transfer, debit card or credit card, you can view the real-time status of the remittance in your account.

What is the cost of cross-border remittances? (Taking HKD/USD as an example)

The remittance cost is determined by the handling fee and exchange rate. Wise always uses the mid-market exchange rate from Google Search and displays the fee up front. Please note that WISE does not charge any hidden fees or other high charges.

Fees depend on the type of money transfer you choose, but they are usually very low. For a HKD to USD transfer, you will pay a fixed fee of HKD 11.99, plus 0.26% of the transfer amount.

How long does it usually take to arrive? (Take HKD/USD as an example)

Usually, WISE's popular currencies can be received within a day, but different payment methods or routine audits may affect the arrival time. WISE will update the transfer progress in real time. HKD to USD is expected to arrive within 7 hours.

Large-Value Transfers

For everyone, large-value transfers require more than just a good exchange rate. The cost of remittances is also a factor that cannot be ignored. According to statistics, WISE helps 10 million customers around the world complete £30 billion in remittances every quarter. Low fees and no hidden fees are the key reasons for the company's success.

How to make a large-value transfer?

As with cross-border transfers, users first need to create a free WISE account. And because most banks have restrictions on the amount of online transfers, you need to check whether you need to pay through a branch. After filling in the recipient's bank details, you need to provide additional proof of source of funds. After paying the remittance fee, you can check the remittance progress in real time on WISE.

What documents are required?

• Real estate sales: bank statement, sales agreement or lawyer's letter;
• Estate: bank statement, probate or will;
• Salary: bank statement, payroll within three months or employment contract;
• Investment: bank statement, investment certificate or investment report;
• Loan: bank statement, loan settlement statement;
• Other: bank statement, collection-related documents.

What are the WISE fees?

Different services charge different fees. But in general, remittance fees depend on three factors - remittance amount, payment method and exchange rate.

• Remittance amount: The higher the remittance amount, the higher the fee. WISE calculates fees as a percentage of the remittance amount, and the ratio varies by currency. For small remittances, the lowest fees will be charged.
• Payment method: Debit cards, credit cards or bank accounts can be used for transfers, and different payment methods charge different fees. However, after setting up the remittance, you can see the fees required for each payment method.
• Exchange rate: WISE will deduct a currency conversion fee for each exchange of different currencies. The fee depends on the currency type and is basically between 0.35% and 2.85%.

What are the advantages and disadvantages of WISE?

Advantages

• Transparent and cheap fees: There is no hidden spread in the exchange rate, and only a small one-time fee of 0.33% is set. The final amount of the remittance can be confirmed when setting up the remittance;
• Fast arrival: About 60% of the remittances are completed instantly, and most of them can be received within 24 hours;
• Security and compliance: A British listed company, certified by financial regulators in many parts of the world, including Hong Kong Customs, UK FCA and US FinCEN.

Disadvantages

• No physical store: Remittances can only be sent through the website or mobile APP;
• No cash accepted: Generally only bank transfers, credit cards or debit cards are accepted for payment, and cash and checks are not accepted.

FAQ

Is WISE protected?

WISE is not a bank, so it will not lend users' funds or use them for high-risk investments. It will not be included in financial protection programs such as the Financial Services Compensation Scheme (FSCS) and the Federal Deposit Insurance Corporation (FDIC), but will do its best to ensure the safety of users' funds.

How fast does WISE arrive?

WISE always transfers your funds as quickly as possible. The WISE official website provides a transfer calculator to estimate the estimated time required for the transfer, but there will be slight changes during the actual transfer.

Which countries and regions does WISE support?

Most countries in the world use WISE.

However, at present, some regions cannot open or log in to WISE accounts: Afghanistan, Belarus, Burundi, Central African Republic, Chad, Congo, Democratic Republic of the Congo, Cuba, Crimea, Eritrea, Iran, Iraq, North Korea, Libya, Myanmar, Somalia, Republic of South Sudan, Russia, Sudan, Syria, Yemen, Venezuela.

What payment methods does WISE support?

Debit card, credit card, Apple Pay, bank transfer, Trustly, iDEAL, Sofort.

Please note that there is a small additional fee for fast payment methods such as debit card, credit card and Apple Pay.