This article cover how Wise manages your EUR balance and account details, including which Wise entity is responsible for overseeing and safeguarding them.
Learn more about how to receive money with your EUR account details
Your EUR account details work exactly the same for you, regardless of where you live — you share them with your sender, and they can send you EUR using these details. However, the way we manage your money depends on whether your address is inside or outside the European Economic Area (EEA).
We use our own network to make it easy for you to receive money locally. To ensure a smooth process, the different entities within the Wise Group manage and protect your money through their respective accounts.
Your Wise Account will always be held with the Wise entity based on your residence. This means that you have one account with Wise, and it’s managed by the local Wise entity which operates in your country of residence.
The entity with which you hold your Wise Account retains the responsibility and liability for any issues related to your EUR Local Account Details or money received through them. This is because the money is held by the entity that manages your Wise Account.
If you live in the European Economic Area
If you're a resident within the EEA, your account and account details are held with Wise Europe.
When you receive money to your EUR Local Account Details, it is received in an account held by Wise Europe.
Wise Europe retains the responsibility and liability for any issues related to your EUR Local Account Details or funds received through them.
If you live outside the European Economic Area
If you live outside of the EEA, your contract is with the local Wise Group entity in your country of residence.
This local Wise Group entity has an arrangement with Wise Europe to provide you with local EUR Account Details and handle the flow of funds associated with these details. For this purpose the local Wise Group entity has opened a payment Account with Wise Europe to which these EUR Account Details are issued.
If you are a resident outside of the European Economic Area (EEA) and you have EUR Local Account Details, this doesn’t mean you have a separate account with Wise Europe or you are directly a customer of Wise Europe. Your one Wise account will still be held by the local Wise Group entity in your country of residence.
When you use your EUR Local Account Details, the funds are first received in an account held by your Wise Group entity with Wise Europe. As soon as the funds arrive in this account, they are transferred to the local Wise Entity that manages your Wise Account and credited to your EUR Balance.
For example:
If you live in the UK, your contract is with Wise Payments Limited.
When someone sends you EUR to your EUR IBAN details, the money will be received by Wise Europe first.
Wise Europe will allocate the money to the payment account Wise Payments Limited holds with Wise Europe, who then makes it available in your Wise Account.
This all happens in the background — you’ll only see that the money is in your EUR balance.
How it works
Here's some answers to questions you may have about your EUR balance or account details.
If I receive EUR via my EUR Local Account Details where are these funds collected?
Wise uses its own network to make it easy for you to receive funds locally. To ensure a smooth process, the different entities within the Wise Group have made agreements to manage and protect your funds through their respective accounts.
For example, if you're located outside the European Economic Area (EEA), your contract is with the local Wise Group entity.
Your EUR Account Details are made available by Wise Europe to the local Wise Group entity that has an arrangement with Wise Europe to handle the flow of funds associated with your EUR Local Account Details and make these available to you.
When you use your EUR Local Account Details, the funds are first received in an account held by your Wise entity with Wise Europe. As soon as the funds arrive in this account, they are transferred to the local Wise Entity that manages your Wise Account and credited to your EUR Balance.
If I have EUR Local Account Details does that mean I hold a Payment Account (Wise Account) with Wise Europe?
No, having EUR Local Account Details does not necessarily mean you have a separate or additional account with Wise Europe. EUR Local Account Details are simply a way to receive EUR funds into your existing Wise Account through the local payment network.
Your Wise Account will always be held with the Wise entity based on your residence. This means that you have one account with Wise, managed by the local Wise entity operating in the country where you reside.
If you're a resident outside of the EEA and you have EUR Local Account Details, this doesn't result in you having a separate account with Wise Europe or you becoming a customer of Wise Europe. Your one Wise account will still be held by the local Wise entity in your country of residence. Learn more
If you're a resident within the EEA, your account is held with Wise Europe.
If I have a problem with my EUR Local Account Details or funds received via these details on my EUR Balance, which entity is liable for these funds?
The entity with which you hold your Wise Account retains the responsibility and liability for any issues related to your EUR Local Account Details or funds received through them. This is because the funds are held by the entity that manages your Wise Account.
For instance, if you're a resident of the United Kingdom and you receive EUR funds via your EUR Local Account Details, Wise Payments Limited will be responsible and liable for safeguarding your funds. Learn more