5 Reasons Why TransferWise is Safe

In the past, money transfers took a long time and cost a lot. It was because there were only a few institutions that allowed people to transfer money, which mostly included banks.

The lack of options in the market allowed these institutions to charge high prices to customers. Today, however, users don’t have limited options. Through the internet, users can also transfer money online at significantly lower rates and in a shorter time.

A name that often comes forward in the online money transfer market is TransferWise. With some of the lowest rates and delivery times, TransferWise has attracted a lot of online users.

The company facilitates online payments of $5 billion monthly and saves its users $1.5 billion in charges annually. It also allows users from approximately 60 countries to transfer funds through 750 currency routes.

However, when it comes to money matters, online platforms need to demonstrate a certain safety standard for users to trust them. TransferWise takes users’ safety seriously and provides them with various security features.

Five reasons why TransferWise is safe

Among its top features, given below are five reasons why TransferWise is safe for users.

1) Regulated by the FCA

The first reason why TransferWise is safe is that it follows FCA regulations and many other regulatory bodies. The Financial Conduct Authority is a financial services regulator in the UK.

The body applies several regulations to companies that deal in financial services in a way that benefits the users of these services. These regulations protect users’ money from any financial misuse by the service provider.

TransferWise, by following the FCA regulations, also keeps its users’ funds safe from misappropriation. Some of this may come in the form of extra documentation required by the platform.

However, all these are a part of TransferWise’s security features that make it a safe platform for money transfers.

2) 3D Secure Technology

While TransferWise is mainly a provider of online money transfer services, it also has several other features from which users can benefit. One of these features includes using a debit card, which the platform provides in cooperation with MasterCard.

The credit card allows users to use their TransferWise account for transactions. However, credit cards easily fall into the wrong hands and are misused.

TransferWise has a 3D secure technology that adds an extra layer of security to prevent card fraud and keep users’ online payments safe. After users process a transaction through their cards, merchants can send them a page that allows them to confirm the transaction.

Furthermore, the 3D secure technology feature helps them confirm the transaction using the TransferWise app, entering a code sent through SMS or a phone call.

3) Protection against ATM charges

When TransferWise users use their debit cards in ATMs and checkout terminals abroad, they may face extra charges. It is because these ATMS and terminals always try to profit through the exchange rate they use.

However, TransferWise users don’t have to worry about such exchange rate margins because the platform takes care of them.

TransferWise, through its Borderless account, automatically chooses the local currency for its users, so they don’t have to pay due to exchange rates.

If the user does not have the local currency available, the platform converts their balances using real mid-market rates. Through this, the platform keeps users safe from extra charges.

4) Exchange rate volatility protection

TransferWise allows users to choose approximately 750 currency routes to send their funds. However, these exchange rates may be volatile in some cases or during particular times, which can significantly increase the exchange rate loss for users.

However, the platform protects its users from the risk by introducing limits on transfer during these times.

While some users may see limits as a disadvantage of the platform, it protects its users from volatile exchange rates. The user doesn’t need to suffer from the exchange rate differences. TransferWise always focuses on its users and keeping them safe.

5) Transparency

The final reason TransferWise is a safe platform for users is its transparency. When users choose a currency route, the platform tells them about the charges for the transfer upfront.

Once users pay these charges, they don’t have to pay any extra or hidden fees. TransferWise does not keep any hidden charges from its users, making it one of the safest options.

In contrast, some other platforms or institutions charge users upfront for transfer charges and later charge them hidden fees. It can make using these platforms or solutions a riskier option than TransferWise.


TransferWise is a platform that introduced cheaper and faster services for online money transfers. While the platform has many features and services, it does not compromise user security.

The platform provides users with many reasons to consider it a safe option. The reasons above discuss why TransferWise is a safe platform for online money transfers.