As a payment institution, our EU entity is required under European regulations to protect customer funds. We do this by keeping your money in accounts that are separate from the ones we use to run our business, instead of protecting your funds in a Deposit Guarantee Scheme (DGS).
Deposit guarantee schemes, like the Belgian Guarantee Fund, are only available to:
Credit institutions
Investment and brokerage firms
Branches of credit institutions whose parent company is located in a country that is not a member of the European Economic Area and does not have protection at least equivalent to that of the Guarantee scheme;
Building companies
The DGS is legally obliged to pay back customer funds to eligible customers up to the maximum compensation to the value of up to 100,000 EUR, or 200,000 EUR for joint accounts in case something goes wrong.
Because we’re different from the institutions listed above, we make sure that our customer funds are protected through ‘safeguarding’.
Learn more about protection schemes and safeguarding money.
Where is my money held?
In keeping with EU regulations, Wise uses two approaches to safeguard your funds. We deposit your funds at banking institutions and invest them in low risk, liquid and safe assets.
At Wise, we believe in transparency. That’s why it’s important for you to know where customer funds are held.
| Type | Institution | Country |
|---|---|---|
| Cash Deposit | AS LHV Pank | Estonia |
| Cash Deposit | Citibank Europe plc | Ireland |
| Cash Deposit | J.P. Morgan SE | Ireland |
| Money Market Fund | BlackRock | Ireland |
| Money Market Fund | State Street Global Advisors | Ireland |
The information outlined in this table is accurate as of 31 January 2023.
Keep in mind: The financial institutions listed above aren’t responsible for managing the funds within Wise’s safeguarding accounts, or for ensuring that the correct amount of money is being safeguarded. That responsibility belongs to Wise as an authorised Payment Institution.
We have a dedicated team that makes sure we’re safeguarding the correct amount for each customer. Our safeguarding processes and controls are regularly reviewed to ensure we are adhering to the laws and regulations applicable to us, regulator’s guidance and best practices.