Is TransferWise safe? A very important question. You’ll be happy to hear the answer is yes.
TransferWise has been operating successfully for over six years now, and has amassed a large
and loyal customer base. Having a large customer base means they handle a lot of money, to ensure
they can fulfill their orders. To ensure that they maintain a safe and efficient service, TransferWise
maintains competency in a few key areas:
TransferWise is registered with the UK Financial Conduct Authority (FCA). The FCA is a regulatory
body who aims to make sure that financial markets are run with integrity so customers get a fair deal.
This body is funded by the firms they approve, however they do report to UK treasury and parliament as
an independent body. TransferWise and their partner companies are also registered in each jurisdiction of
their company’s operations.
Customer funds held in trust
To maintain financial integrity TransferWise keep their customer’s money separate from their own operating
accounts. By doing this, the funds used to run their business are independent of monies received by customers
for trading between currencies, which are kept in special trust accounts.
Being 100% international based means that website security is a priority, especially when dealing with potentially
large transactions. With TransferWise, there’s no need to worry, as all your personal information is protected using
HTTPS security encryption – keeping your details safe from prying eyes.
Managing exchange rate risk
When you complete your transfer, TransferWise does everything it can to provide you with an accurate quote of the
exchange rate. Because exchange rates are known to change at short notice, their system allows you to select your
“tolerance” for currency movements. If the mid-market rate suddenly moves outside your tolerance level, the trade will
be canceled, providing you with total flexibility and peace of mind.