Wise US Inc.
On January 30, 2025, the Bureau issued an order against Wise US Inc., a nonbank remittance transfer provider headquartered in New York, New York. Wise is a subsidiary of Wise PLC, a publicly traded, global electronic money services corporation headquartered in the United Kingdom. Wise offers and provides consumers international money transfer services, known as remittance transfers, in 48 states, the District of Columbia, Guam, the U.S. Virgin Islands, and Puerto Rico. Wise also offers a prepaid product to allow customers to store and receive money in multiple currencies, as well as spend money using an optional, attached debit card. The Bureau found that Wise violated the Consumer Financial Protection Act of 2010’s prohibition on deceptive acts and practices by advertising inaccurate ATM fees and charges to U.S. consumers. The Bureau also found that Wise violated the Electronic Fund Transfer Act and its implementing Regulation E, including the Prepaid Rule and the Remittance Transfer Rule in a variety of ways, such as failing to properly disclose exchange rates and failing to refund fees when funds were not available to the recipient by the date of availability. The order requires Wise to take measures to ensure future compliance, provide approximately $450,000 for consumer redress, and pay a $2.025 million civil money penalty.
CONSUMER CONTACT INFORMATION
Consumers with inquiries related to redress under the order may contact Wise by toll-free phone at 1-888-908-3833; by mail at 30 W 26th St, New York, NY 10010; or by visiting www.wise.com/help .
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PRESS RELEASE
CFPB Orders Wise to Pay $2.5 Million for Illegal Remittance Practices