Is the TransferWise Borderless Account Safe?

The TransferWise borderless account has achieved popularity because it is a cheap and convenient way to transfer money between countries. If you have an account with TransferWise, you can send and receive money around the world according to the real-time exchange rate. Continue reading to discover what makes your TransferWise account safe, along with the money you have in it.

1.     FCA-Regulated

The TransferWise borderless account has received a lot of reviews regarding its legitimacy and safety.  It is indeed a legitimate company because it is registered under the Financial Conduct Authority (FCA) as an authorized electronic money (e-money) institution. The FCA is a United Kingdom-based financial regulatory body that monitors and regulates the operations of companies in the financial services industry and operates by charging fees to these companies.

TransferWise, as an FCA-registered firm, has the permission to issue e-money and provide payment services. At the same time, the company must strictly comply with FCA rules and regulations whenever they provide financial services. If you have any dispute regarding the company’s services, you can formally bring it to the FCA to be considered.

According to the FCA regulations, TransferWise should separate all customer funds from the money it uses for its daily business operations. This assures you that even though TransferWise ceases its operations, your money will be stored in a low-risk local bank and would be returned to you. In the UK, funds are kept with Barclays, while in the US, they are stored in Wells Fargo. This means that TransferWise takes the safety and security of your money seriously.

If TransferWise becomes insolvent, your money should be refunded to you within ten working days. To watch a video review of the TransferWise borderless account, check out this link:

2.     Data Protection

TransferWise collects its members’ personal information such as their name, address, email address, mobile number, financial information, etc. Then it stores these data on secure servers, ensuring strict observance of confidentiality and privacy. These data are used to fulfill your payment orders, process your payment details, and provide you with other support services. Moreover, all payment transactions are encrypted by using Transport Layer Security Technology. This means, you can manage your finances and transfer your money through TransferWise without worrying about its safety.

3.     Rights Protection

Recognizing individuals’ private space and personal preferences, TransferWise protects the following member’s rights:

  • TransferWise cannot to be contacted for marketing purposes
  • Correct any inaccurate or outdated personal information
  • TransferWise can delete any unnecessary data on your account, or when the data is no longer subject to a legal obligation
  • It can transfer your personal data or account details to another online platform
  • Access any information that TransferWise holds about you, subject to data protection laws

4.     Mastercard-Licensed Debit Card

You may have already heard of the TransferWise borderless debit card, which is issued together with your membership. This is a debit card issued under license by Mastercard International Inc., which is a registered trademark. With the Mastercard license, you are guaranteed that the debit card is a legitimate one that you can use wherever you may be around the world.

Your primary use for your TransferWise may primarily be for having money paid to your account, and there is no problem with that. But the debit card gives you the option to do much more. Mastercard is widely accepted and is available in over 200 countries worldwide. If you are visiting another country and you do not want to go through the hassle of the money exchange process, this debit card can provide you with a fair exchange and withdrawal rate.

You can also use your debit card as a backup if you run short on funds in your local bank account. However, you have to be aware that not all TransferWise members can take advantage of the debit card because it is still being rolled out in other countries. You can check on the TransferWise website if your country is eligible for it. Also, the debit card is just for your personal use. So if you are using TransferWise for your business, you may not be able to use the debit card to suit your business needs.

Conclusion

Whether you are a freelancer, an international student or a traveling entrepreneur, a TransferWise borderless account is an excellent option for you. Not only does it provide the ease and access that you need, such as sending money through Facebook, but it also provides a safe platform for your money to be in. Like in a local bank account, TransferWise centralizes all your funds. But you don’t need to worry about losing your money because it is a regulated, reputable, and reliable account that provides fast, simple, and low-cost money transfer services for you.

Author Bio:

Justin Rampono is the director of The Currency Shop, a comparison site for exchange rates.