Thoughts on holding large sums on "Wise"?

[N3WY0RK]

Recently relocated to a new Country, need to wire my money. Wise looks good, just wary of having so much of money not in a bank but rather in my wise account. Thoughts?

 

[L4rse]

Depends on the sum we are talking about.

But in general, I don't think that is wise.

 

[kimy]

Not really wise

 

[John Ignashevich]

I would recommend not to do that

 

[rokitusha]

I've hold up to $40k for 7 months. Haven't had any problem so far.

 

[deadbeat]

Id hold less than 100k however I dont think theres any issues. I trust wise more than most banks.

 

[N3WY0RK]

Was going to start with $130k wire.. Obviously their exchange rate is appealing, but maybe I should push it right through to a bank, is a Mexican bank safer?

 

[Pribbus]

Wise is ok
stay away from revolut etc

 

[Alexion]

Was going to start with $130k wire.. Obviously their exchange rate is appealing, but maybe I should push it right through to a bank, is a Mexican bank safer?

No to mexican banks.
Shit hits the fan after $2,000 transferred.

 

[joseph15]

Was going to start with $130k wire.. Obviously their exchange rate is appealing, but maybe I should push it right through to a bank, is a Mexican bank safer?

Go with Wise. $130K is peanuts to them and if you did all the KYC stuff you won't have any problems whatsoever.

P.S. 99% of members on this forum have not done a transfer over $1,000 with Wise, let alone $100K so take the advice of "be careful with wise" with a grain of salt.

Is it safe to keep money in my Wise account? | Wise Help Centre

 

[blogmen]

If you read the link shared by Joseph (in the post above) you'll see that wise first depicts banks as worse because they lend money and can become insolvent, but later on they reveal that they hold your money in... banks lol, and they say those banks aren't responsible for your money. Then they "hit" you with this:

"If the banks where we safeguard your money were to become insolvent, then we wouldn’t be able to guarantee the return of all of your money."

Doesn't feel so secure to me.

 

[SeoArrowLTD]

I mainly had in Wise account 230k£ in a business account for about two months and had a support chat before the wire. They won't recommend that because their funds aren't guaranteed because they aren't a bank. From this point, they had a + from my side.

Also, I would recommend not keeping all your eggs in the same basket.

Revolut is the worst service ever.

 

[eNdl]

Recently relocated to a new Country, need to wire my money. Wise looks good, just wary of having so much of money not in a bank but rather in my wise account. Thoughts?

Why not real bank account in your country?

You can always move your fund to one country from other country via swift.

 

[JessiPinkme]

Overall the service quality of wise really great. It save hell lot of my money on txn fees and time. Holding large sum is not wise. I was also thinking of holding high quantity with them. But i also use different mercury and other for USD holding. Overall good..

Following this thread.

 

[eNdl]

Overall the service quality of wise really great. It save hell lot of my money on txn fees and time. Holding large sum is not wise. I was also thinking of holding high quantity with them. But i also use different mercury and other for USD holding. Overall good..

Following this thread.

yes they are good but Wise is not a bank. They are e-money institution.

 

[Elvlin]

if me, i will be warry, if all my money is on the bank..
always have in some in cash and crypto.

as for you situation, i think better just move the money. but make sure to check tax law in you new country.
bringing big ammount of money from outside countyr, usually mean more tax to pay. even if it's your own money that you already paid tax with in other country

 

[provocative]

I would feel 100% safe keeping/transfering money on Wise under $100K. I use them as my main daily bank and always have 5 figures on savings, also had a 6 figures transfer without any problem. Just be sure that you have done all KYC and fully verified to make things faster.

In your case, $130K transfer is completely fine. Don't forget to order their bank card and use virtual cards when shopping online.

Other than that, they keep your money in top banks like Barclays or JPMorgan. So, if one of them go dissolvent or bankrupt, it means that whole world economy is going to crush hard, so don't worry, you are not going to be alone.

 

[eNdl]

I would feel 100% safe keeping/transfering money on Wise under $100K. I use them as my main daily bank and always have 5 figures on savings, also had a 6 figures transfer without any problem. Just be sure that you have done all KYC and fully verified to make things faster.

In your case, $130K transfer is completely fine. Don't forget to order their bank card and use virtual cards when shopping online.

Other than that, they keep your money in top banks like Barclays or JPMorgan. So, if one of them go dissolvent or bankrupt, it means that whole world economy is going to crush hard, so don't worry, you are not going to be alone.

Bank required to participate in financial protection scheme and institutions like wise not bound for that. So there is different scenario of wise and bank.

 

[Likri]

not very wise to keep loads of money, may be split in different accounts

 

[provocative]

Bank required to participate in financial protection scheme and institutions like wise not bound for that. So there is different scenario of wise and bank.

What you are saying is true but it's not even related to what I have written. I did not say anything about Wise is a bank or they are in FSCS. Nevermind.