Is Wise safe in Canada?

Wise is an online money transfer platform available in 80 countries. You can send, spend and receive your money in over 40 currencies from the Wise website or app.

But is Wise safe in Canada? In this guide, we’ll answer all your questions. We’ll look at how Wise is regulated and how it keeps your money safe in Canada and overseas.

Heading abroad? Use Wise to send low-cost transfers globally at the mid-market exchange rate. Let’s take a look!

Is Wise safe to use in Canada?

Although Wise isn’t a bank, it is registered with the Financial Transactions and Reports Analysis Centre of Canada® (FINTRAC) as a Money Service Business (MSB).

FINTRAC monitors financial transactions in Canada, helping to protect your financial and personal data against fraud. In Quebec, Wise also has an MSB licence with Revenu Quebec® under the number 902804.

Wise keeps your funds separate from its own. The service safeguards your money in reliable bank accounts until you’re ready to withdraw or spend it.

Is the Wise app safe to use in Canada?

You can use the Wise app to send and receive your money freely. Open multiple currency balances or give out local account details for fast and easy transfers in Canada and overseas.

Wise is a fully digital money transfer service, but that doesn’t mean your money isn’t secure. When you sign up for a Wise account, you’ll need to create a strong password to protect your funds.

You’ll also need to add 2-factor authentication to your account. This is an extra layer of security – and it should stop unauthorized users from accessing your funds.

Wise uses a range of security features to protect your money, including:

• real-time spending notifications
• a dedicated fraud team
• 24/7 security support

You can use the Wise app to control and manage your funds at any time. You can easily freeze your card, check your transaction history or contact Wise customer support.

If you encounter a problem, you can contact Wise directly from your account. This ensures that your issue is resolved quickly and effectively

Is the Wise website safe to use in Canada?

Just like the Wise app, there are plenty of security features built into the Wise website. Use instant spending notifications and online transactions to keep on top of your money.

Wise is transparent about how it collects, processes and stores your data. It conducts regular security audits by independent finance and IT auditors. This can help the service spot any issues before they develop.

Wise runs a constant bug bounty program to keep on top of digital vulnerabilities. You can also report phishing or fraudulent activity via the Wise website.

How safe is Wise for sending money from Canada?

So, is Wise safe to send money abroad? Wise follows strict financial procedures to keep your money secure.

Use your Wise account to send worldwide transfers with full peace of mind. Your transactions are always protected by advanced data encryption, whether you’re sending a transfer to friends in Canada or family in the UK.

Once you make your payment, you can track it via your digital Wise account. Simply follow these steps:

Step 1. Log into your Wise account

Step 2. Go to “Home” and click on your activity list

Step 3. Select the transfer you want to track to view the estimated arrival time of your money

You’ll also receive an email from Wise about the progress of your global transfer, so you’ll always know exactly where your money is in real time.

Wise is currently rated 4.3 on Trustpilot®, with 236,453 reviews mentioning Wise’s online portal and transaction tracking system (as of 16 October 2024).¹

Is my money safe with Wise?

You can hold over 40 currencies in your account, or send money to 80 countries around the globe.

Wise isn’t just regulated in Canada. It’s also trusted by registered with regulatory bodies overseas, such as the UK Financial Conduct Authority® (FCA) in the UK and the Financial Crimes Enforcement Network® (FinCEN) in the US.

As well as advanced security features like 2-factor authentication and real-time spending notifications, you can also access 24/7 advice and support at Wise.

If you suspect fraudulent activity in your account, simply click on the transaction you want to report and select the question mark symbol.

You can then follow the on-screen prompts to report the transaction to Wise’s security team – and Wise will let you know if you need to do anything else.

Make sure to change your password regularly and always stay vigilant when you spend money in person or online.

Is my Wise account insured?

Banks and financial institutions use deposit insurance to protect your money, letting customers take out loans or spend on credit.

However, Wise doesn’t lend out money. So, instead of insuring your deposits, Wise safeguards them.Wise keeps your funds in cash, secure liquid assets, or insures them with a comparable guarantee.

These assets tend to stay stable even when the market falters – and you can access your money whenever you need it.

Are my Wise card transactions protected?

You can use your Wise card to spend money in over 150 countries, with both virtual and physical card payments in-store or online.

You’ll get a spending notification every time you use your card – and you can log into your Wise account to see an up-to-date list of your spending activity.

You can also change your spending or withdrawal limit in the Wise app, which can help you effectively budget for your holiday.

The Wise card is a debit card, rather than a credit card. This means you won’t get buyer protection for your card transactions.

However, if you’re worried someone has stolen your card, you can freeze and unfreeze it in the Wise app. Wise’s security team will quickly investigate any suspected fraudulent activity.

To start sending and spending your money in safety, check out Wise.