Is Wise Safe? Security Review
4/5
Overall Safety Score
★
★
★
★
★
Verdict: Wise is one of the more trustworthy international transfer services with strong regulatory oversight and transparent practices. A past breach is a concern, but the company responded appropriately.
Wise (formerly TransferWise) is a global money transfer platform known for transparent fees and mid-market exchange rates. It is regulated by multiple financial authorities worldwide and holds customer funds in safeguarded accounts.
Security Ratings Breakdown
| Category | Score | Rating |
|---|---|---|
| Encryption | 4/5 | |
| Privacy | 4/5 | |
| Track Record | 3/5 |
Security Features
- Regulated by FCA (UK), FinCEN (US), and other global regulators
- Two-factor authentication required
- 256-bit AES encryption
- Customer funds held in safeguarded accounts
- Biometric login support
- Session management and device tracking
Privacy Concerns
- Collects identity documents and financial data (KYC requirements)
- Shares data with regulatory authorities as required by law
- Uses analytics providers for service improvement
Past Security Incidents
- In 2022, Wise disclosed it was affected by the Evolve Bank & Trust data breach, potentially exposing some US customer personal information
- Wise notified affected customers and offered credit monitoring
How to Stay Safe Using Wise
- Enable two-factor authentication
- Verify recipient details carefully before international transfers
- Use biometric login
- Monitor account for unauthorized transfers
- Use a strong, unique password
Safer Alternatives
- Remitly (for remittances)
- OFX (for large transfers)
- Revolut (multi-currency accounts)
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Last updated: February 10, 2026