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How does Wise hold my money?

Wise is a non-bank payment provider. This means your Wise account is an electronic money account.

This makes your Wise account different from a bank account. Some of the differences are:

  • Your money is safeguarded and not covered by the Financial Services Compensation Scheme (FSCS), or another protection scheme that you would get with a bank account

  • You can’t get an overdraft or loan 

  • You won’t earn interest

The main benefit to having a Wise account, over a traditional bank account, is being able to manage your money without borders — without international transaction fees or outrageous exchange rates. You’ll always get the real exchange rate and low fees with Wise.

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© Wise Payments Limited 2022

Wise is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011, Firm Reference 900507, for the issuing of electronic money.