First things first, MS Bank’s claims as of Feb 2021 are unfounded and coincided with the launch of the bank’s own, competing money transfer service.
This is nothing more than a commercial dispute. Our mission is money without borders - instant, convenient, transparent and eventually free. We’re a regulated company, with a license from the central bank with 10 million customers worldwide, who trust us to move US$7 billion for them every month.
At times, competitors may seek to replicate our approach, and in other instances they may feel threatened by it.
Still, we’re aware of the inconvenience this may have caused our customers, and we want to make sure you're aware of the facts.
In January 2021, Wise was authorized to operate as a foreign exchange broker license granted by the Brazilian Central Bank.
Shortly thereafter, on February 18, 2021, MS Bank terminated its contract with Wise without notice.
On the very same day, the bank launched a competing money transfer service, and, unbeknownst to us, contacted customers to promote their own service.
Later in March, MS Bank started a smear campaign against Wise, and contacted customers again to make unfounded accusations of impropriety by Wise, which appears to have been timed to raise awareness of their competing product.
Since January, when the Brazilian Central Bank authorized us to act as a foreign exchange broker, we’ve started to report our foreign exchange transactions directly to the Central Bank of Brazil –– and without the need of a third party. In this way we continue delivering on our mission, and what matters most to our customers: cost, speed, convenience and coverage, and with transparency.