Is Wise Business safe for UK businesses? 

If you’re a UK business looking to send and receive international payments, you’re no doubt curious about the safety and security of certain platforms. This brings us to today’s topic: Is Wise Business safe for UK businesses?

Headquartered in London, Wise (formerly TransferWise) is an international fintech company focussed on global money transfers. Here, we uncover everything you need to know about its security including how it safeguards business transactions and the regulations that are in place to help it do so. We’ll also explore the TransferGo Business Account to see how it compares.

Ready to explore? Let’s go.

Is Wise safe for UK businesses? 

Wise Business UK is popular with thousands of business owners around the world. Let’s look at some of the safety protocols in place to protect its customers’ data and money. 

Is Wise FSCS protected?

As Wise is not a bank, it is not protected by the FSCS (Financial Services Compensation Scheme). This means if anything happens to Wise, customers are not financially protected by the scheme. Instead, Wise uses safeguarding to protect its customers’ funds.

How does Wise keep my money safe?

Wise ensures the safety of customers’ funds through safeguarding. This means it keeps customers’ money separate from its own money and allows customers to access their funds whenever they need it. 

Safeguarding adds an additional protection layer to customers’ funds in two ways. Firstly, Wise can never use the customers’ funds to run its everyday business. Secondly, by holding the funds in different options, it ensures diversification, reducing risks and increasing liquidity.

Are Wise money transfers safe? 

Wise adopts several measures to give assurance to their customers that their funds are securely handled.

Is Wise safe for large amounts?

Yes, absolutely! Wise money transfers are safe for large amounts. Not only does it safeguard your money by holding it in dedicated bank accounts or high-quality liquidity assets, the platform is also regulated by local regulators in every country it operates in.

Please note that Wise does have some restrictions in place for international business transfers in certain currencies. 

Are Wise international transfers secure?

As well as safeguarding and regulatory compliance, Wise adopts several other measures to ensure the safety of its customers’ funds. This includes two-factor authentication, biometrics, encryption and customisable controls such as hiding your balances and automatically logging out. 

Wise also uses Anti-Money Laundering (AML) and Know Your Customer (KYC) processes to keep your money safe. 

Is a Wise Account safe? 

Thanks to the many security protocols and regulatory compliance processes in place, it’s very safe to hold your money in a Wise account.

Is Wise safe to keep money? 

Yes, you can safely store your funds in Wise accounts as they keep your money in licensed banking institutions. Also, when you open a Wise account, you need to undergo various verification checks to ensure protection against fraudulent activities. 

You can also add additional layers of security to your Wise account via two-factor authentication, biometrics and customisable controls.

Does Wise provide additional security for business accounts? 

Just like personal transfers, business transfers with Wise are completely safe and you can track your payments through the app at any time. 

Setting up a Wise Business Account also requires you to complete various verification checks before you can send money. There are also some extra features for business customers, which include the Wise Business Card and Wise expense cards. If you’d like additional security, you can set up instant transaction alerts and live spending updates on these cards.

Is a Wise card safe?

As stated above, you can get a multi-currency debit card when you open a Wise Business Account. But is it safe? Let’s look at some of the safety features in place. Wise cards give you the ability to:

• Check, review and change your card’s spending limits 
• Set spending limits for your team with the Wise expense card
• Block spending on one or more expense cards if required
• Freeze or unfreeze your card through the Wise app
• Receive transaction notifications instantly
• Review your balance across all supported currencies in the app

What encryption methods does Wise use for security?

Wise uses advanced bank-level encryption technology to protect your data and keep any sensitive information confidential. 

Can Wise detect and prevent unauthorised transactions?

One of the many concerns that business owners have when it comes to money is detecting and preventing any unauthorised transactions.

Thankfully, Wise has a robust fraud detection system and scans every transaction for potential fraudulent signs. If any suspicious activity is detected, Wise may suspend the transaction or freeze the account.

How does Wise comply with UK financial regulations? 

Wise ensures full compliance with the financial regulations in the UK. It adheres strictly to all AML measures and ensures transparency in its transactions.

Is Wise regulated by the FCA? 

Yes, Wise is regulated by the FCA (Financial Conduct Authority) in the UK. It’s authorised as an Electronic Money Institution (EMI) and is authorised to carry out investment activities by the FCA.

What are the limitations of Wise’s security? 

Though Wise offers high levels of security for its customers, there are some limitations in place. For example, because Wise is not a bank, there is no protection in place by the FSCS.

Customers are also responsible for certain aspects of their account security. This includes making sure their log-in credentials are kept secure and regularly checking their balances and statements.

What safety measures does Wise offer for businesses? 

Many of Wise’s security features offer several benefits for both small and medium enterprises to ensure secure business transactions. Some of these features include two-factor authentication, account verification and fraud monitoring.

How does Wise ensure transparency for business transactions?

Wise has gained a market presence due to its transparency. Its business payments allow users to send international payments without any additional fees or hassle. What you see is what you pay.

The Wise account also provides all details and information about the transaction including any applicable fees, the exchange rate used and the final amount received. Wise Business customers can also track their payments at any point during the transaction.

What happens if my Wise Account is compromised?

If any suspicious activity is detected across your account, the Wise customer service team will investigate the case. Some of the actions they may decide to take include stopping any pending transactions, investigating the breach and temporarily freezing your account to protect your funds.

Wise will also recommend that you change your password to add further security.

How the TransferGo Business Account compares

Now that we’ve explored the security benefits of a Wise Business Account, let’s take a quick look at the TransferGo Business Account to see how it compares. 

The TransferGo Business Account is a single, easy-to-use multi-currency account that lets you send, receive and manage money all around the world, supporting 35+ currencies in more than 60 countries. Not only is it free to set up and subscribe to, but it also offers excellent customer support in nine languages (TransferGo’s customer support team is rated 4.7/5 on Trustpilot, compared to the Wise reviews score average of 4.3/5)

When it comes to security, TransferGo goes the extra mile to protect its customers’ money and data. It uses high-grade security protocols, complies with all regulatory requirements and safeguards your money until payout. What’s more, it offers two-factor authentication, robust onboarding controls, rigorous transfer screening and a strong anti-fraud team. For more information on how TransferGo compares to Wise, read our TransferGo vs Wise Business: Which service is best for SMEs? guide.

Are you ready to streamline your business finances with a TransferGo Business Account? Sign up for TransferGo today!

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Curious about the security features of Revolut? Read our Is Revolut Business safe for UK businesses? guide here.

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The information provided in this blog post is for general informational purposes only and reflects the author’s personal opinion. Any comparisons made between TransferGo and other businesses are intended to highlight differences and provide a fair overview, based on publicly available information as of the date of publication.

While every effort is made to ensure the accuracy of the content, we make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date. We encourage readers to independently verify any claims or information presented in this post.

Any references to other companies, products, or services do not imply endorsement or affiliation with TransferGo, and we do not accept responsibility for the actions, products, or services of third parties.