Christine 78 wrote on Sat Aug 20, 2022 3:34pm:
BUT - Eduardo, - what would happen if your money was "mislaid" during transfer is what I'm really asking. How would it be sorted out with no loss to you ?
As I have said Wise is not a bank but your money is and has to be safeguarded.
What is safeguarding?
Safeguarding means that, by law, we have to keep all of your money in accounts that are completely separate from the ones we use to run our business. So your money is backed by assets that we hold in separate accounts. These funds are called ‘safeguarded funds’.
Where is my money held?
In keeping with FCA regulations, Wise uses two approaches to safeguard your funds. We deposit your funds at banking institutions and invest them in government backed liquid assets, primarily government bonds.
At Wise we believe in radical transparency. That’s why it’s important for you to know exactly where your funds are held
. TypeInstitutionCountryCash DepositJPMORGAN CHASE BANK, N.AUnited KingdomCash DepositRBS INTERNATIONAL (LONDON)United KingdomCash DepositBARCLAYS BANK PLCUnited KingdomCash DepositADYEN N.V.NetherlandsCash DepositCITIBANK N.A.United KingdomCash DepositAS LHV PankEstoniaGovernment BondUS and UKHeld in the UK
This is some information regarding Wise safeguarding your money.I fully understand your caution and respect this as we get older we become more wearied of things, I am sure you remember the days when we held a post office savings account and went in a bank to talk with the manager.