Currently, there are many applications and online platforms you can use to send and receive money internationally. Wise, formerly known as TransferWise, is one of them. But how does Wise work and what services are they offering? More importantly, is it safe to use Wise? Can you trust to send money through Wise? The following article from PlutusPay will explain that.
How Wise works and reliability
Wise was founded in 2011 by entrepreneurs Taavet Hinrikus and Kristo Käärmann, quickly establishing itself as a fast money transfer service and also attracting attention from Bitcoin enthusiasts. However, due to legal pressures, Wise left the virtual currency market in 2013 and has since focused entirely on international money transfers.
In 2021, the company rebranded from TransferWise to Wise, listed publicly on the London Stock Exchange, added many new features to its online platform and app and expanded its business. Today, Wise's value is measured in billions of dollars. Obviously, all this shows that Wise is a completely trustworthy company. But what exactly does Wise offer customers?
Overview of Wise
In all, Wise is available in over 170 countries worldwide and allows users to hold and convert with over 50 different currencies. This number is much more than other companies, so Wise is also suitable for freelancers and businesses. Wise itself also has their own Debit card, but it will not work in some countries.
Creating a new Wise account is quick and easy, but you still need to take some additional steps to verify your account, such as confirming your identity by sending a photo proof. your identity. After completing this, you can also download the Wise app (available on both iOS and Android).
But what really makes Wise stand out from the competition are two things: the fees are very low compared to other providers and most international payments are very fast. However, it should be noted that this depends on the country and currency, and may take longer if intermediary banks are involved in the transfer process.
So is Wise safe?
Guaranteed by the authorities
Wise is headquartered in the UK, which has been authorized as a Cryptocurrency Clearinghouse by the Financial Conduct Authority (FCA). In the United States, Wise is registered with the Financial Crime Filtering Network (FinCEN). At the same time, in Belgium and the European Economic Area (EEA), Wise is considered a Payment Institution (or a payment facility).
Wise also has branches in several other countries: Australia, Brazil, Canada, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore and United Arab Emirates (UAE). . In each of these countries, Wise is regulated by competent authorities, similar to banks and other financial institutions.
Maybe this information will not be very interesting to you, but it is extremely important. When there is an activity involving money, the top priority is to keep it safe, so they will always have to work with licensed and regulated organizations. Having governments around the world follow Wise will be a good thing from a customer perspective.
Security in cyberspace
On the cybersecurity side, Wise has a professional team to combat commercial fraud and a security operations team, and they also run a bounty program that rewards those who find bugs through the BugCrowd platform. Wise encrypts all data using asymmetric encryption (Asymmetric Encryption) and it is regularly updated. This is Wise's core security, but of course there are other layers of security
As a user, you can use two-step verification (2FA) and set up a security code (Security code). With two-step verification, you have three options:
- Use Wise's app (You will need to confirm each time you log in to your computer via the app on your smartphone)
- Via one-time text message code.
- Use an Authenticator app (a third-party app, like Google Authenticator or Duo Mobile).
In addition, you can set up your own secure communication code. This is a unique code that will appear in all communications between Wise and the brothers. So, for example, if you have enabled this feature, this code will be included in every email you receive from Wise. This is a convenient way to add another layer of security and prevent any potential phishing attempts.
How to protect your Wise account
Basically, the best layer of security is your responsibility. No matter how secure Wise is, there are some additional steps you can take to protect your account. Below is a checklist of things to keep in mind:
- Sign up for Wise with a secure and fully encrypted email provider.
- Never share login information with anyone.
- Create a strong and difficult-to-guess password, and change it periodically.
- Enable two-step verification.
- Set up a unique Secure communication code.
- Beware of scam calls.
- Do not access suspicious and less secure websites.
- Install powerful anti-malware security software.
- Keep your devices and software up to date, including the Wise smartphone app.
Handle your money wisely
Wise may not be suitable for everyone, but if you regularly make international payments, this is one of the best options you should consider. It's easy to use, it's reliable, it's well-regulated, and above all, it's safe.
However, regardless of your needs, you should still try to use secure payment processing services. And if you think that Wise is not suitable for you, on the market today there will be many other alternatives worth considering for you.
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