TransferWise Safety - Can I Really Trust them to Send Money Overseas?

Yes you can.

TransferWise send $5 billion around the world to 8 million people every month. Established 9 years ago, it has grown to become one of the top players in international money transfers throughout the UK, US, Australia and Europe. They have 14 offices and employee over 2,000 employees around the world.

Find out in this review:

Make a money transfer using TransferWise safely and good customer service

Is TransferWise safe and legit?

TransferWise is a safe money transfer service with great exchange rates

Yes it is.

In Australia, TransferWise is regulated by ASIC, Australian Securities and Investments Commission. The Australian Securities and Investments Commission (ASIC) is the government body that ensures and regulates fair and transparent conduct of financial services. Every financial service must be granted an Australian Financial Service (AFS) licence by ASIC to carry out business in Australia. Their ASIC licence number is 456295.

They are also registered with the Financial Intelligence Unit (AUSTRAC) as a money remitter. Their registration number is 168331191. There are very stringent guidelines that TransferWise must follow in order to send your money. This makes them a safe, and trustworthy option for your international money transfers.

 

Where else is TransferWise regulated?

Being a global company, TransferWise is also regulated in countries in addition to Australia. These include:

United Kingdom - Financial Conduct Authority (FCA) - with registration number 900507, with passporting rights across the EEA.

Belgium and European Economic Area (EEA) - by the National Bank of Belgium (NBB) as an Authorised Payment Institution, with passporting rights across the EEA.

Canada - Financial Transactions Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB) with registration number M15193392. They also have an MSB license with the Authorité des Marchés Financiers (AMF) under license number 902804.

United States - Financial Crimes Enforcement Network (FinCEN) Regulatory authorities vary by state.

Hong Kong - Hong Kong Customs and Excise Department and is licenced as a Money Service Operator (MSO) with licence number 15-01-01584.

Singapore - The Monetary Authority of Singapore (MAS) as a major payment institution under the Payment Services Act 2019 (PSA).

India - is approved by the Reserve Bank of India (RBI) for facilitating outward remittances from India under the guidelines set out by RBI.

Is TransferWise secure?

Yes it is.

They take measures to protect the sensitive data you provide them like your personal details and identification. The company encrypt any information you give them and have a strict customer agreement. You can email TransferWise (support@transferwise.com) to find out more. The encryption and data storage is handled the same way as a bank.

With the Borderless Account you can send money and receive money to your friends using your mobile number. To protect your privacy this feature is automatically switch off on registration and is easy to turn on following these instructions. Unlike many social media platforms, TransferWise never send or store your full phone’s contacts on their servers and they never get in touch with your contacts.

They employ a specialised, in-house team that look after security. They to monitor all transactions for suspicious activity or fraudulent logins all around the world.

Money transfer with TransferWise at mid market rates to bank account safely

How safe are my login details when I use TransferWise?

In terms of online security, TransferWise protects your personal data from fraud and theft. TransferWise use 2FA, giving you extra protection. This means that when you log in, you go through two levels of verification to access your account. They will ask you to verify that it’s you by text message, fingerprint or face recognition.

They also encrypt your sensitive data and create secure connections with your website browser when you're providing your personal details and identification. TransferWise adheres to a strict customer agreement. TransferWise never sells your data.

Can I send large amounts safely with TransferWise?

Is TransferWise safe? - Money transfer at the mid market exchange rates with the multi currency account or Borderless account

Yes you can.

Your money and data are always protected. Aside from regulated around the world, TransferWise have segregated accounts with first class banks like JP Morgan Chase, Barclays and Deutsche Bank. This means their business accounts are separate from the account your money goes in to. This is known as safeguarding and by law they are required to protect 100% of your money.

Even the company has financial hardships, your money is safe.

Customer Reviews with Trustpilot

Trustpilot is a well known review platform. A TrustScore is an overall measurement of reviewer satisfaction, based on all the service and comments a business receives. TransferWise has received more than 100,000 reviews. It scores 4.7 / 5 with TrustPilot, which is a very high score.

94% of people rated TransferWise as 'Excellent' or 'Great' often commenting on the quick, secure and easy to use service.

"Very quick and inexpensive international transfers (most occur within a few seconds). Transfers arrive to the destination account much faster than Western Union or Xoom, both of which take at least a few hours to as much as a week. I do a lot of transfers since my kids go to school abroad, and since finding TransferWise I have never used another company for international wiring."

Meanwhile only 5% of customers had a 'Poor' or 'Bad' experience. In most occasions TransferWise respond to the comment on the page to try to assist the customer further.

Finally watch our video of TransferWise customers giving their feedback on service, speed and exchange rates.

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By Arlene Mc Donnell Updated November 12th, 2020