Not trying to teach anyone to suck eggs!

I know a lot of forum users also use Wise - I was just on their system and noticed a new (to me!) security option to improve their email security options -

Called - Secure Communication Code

If you are interested go into your Wise account and go into settings and you can set it up.

So happy they are now paying a cashback on € $ and pound account balances. I have reduced my account balances with my UK bank as they are so mean and insulting with their interest rates - 0.65%

Thank you for posting this, useful to be aware.

No problem, together we stand against the scammers...

Any extra security is welcome, and thanks for sharing .

Just a quick point - I couldn't do it on my WISE phone app. I had to log in with a browser (which I did from my PC) and then go to settings to do it.

I also changed my email password to a new very high security one, because I realised that if the email was hacked they would see the comms code on any saved messages. I will do that on a regular basis.... But of course, even with a valid comms code I wouldn't answer any mail asking for any details.

Thanks
Jon

Yes, you make good points - the comms code would be compromised if you get hacked.

I don't use the Wise phone app as I can do my Wise business at home on my laptop and don't feel the need to access in the street via my phone.

Yes I've struggled with using my phone for private stuff. But over the past couple of years, I am defaulting to my phone a lot. And my PC is in my office upstairs!! In other words getting lazier daily. !!

But Ive found that every 'serious bank' have mobile apps, and I have to believe that if they are comfortable, after consulting with security experts, then the security is good. E.G Multi Factor Authentication is a good idea for this.

I wanted to point out to other App users that this good initiative needs to be activated via the website as opposed to the app (in my case) ... And though good it isn't foolproof

Jon

I solved the 'stairs' problem with 2 Chromebooks which I find great (very quick and easy to use) and no more long windows updates.

I admit to being nervous about phone theft/loss and having sensitive apps hacked. And I will not use the phone payment apps - OK I understand that bank cards can also be vulnerable if they are lost/stolen.

Just getting to my Luddite era I guess.

Bank cards are vulnerable even if they are not lost/stolen

I cant remember the last time I used a physical card to pay for anything, typically use ApplePay or the very useful virtual cards that you can spin up with Wise to use for online payments.

When travelling Wise is an absolute godsend as you can have 'jars' of multiple currencies and transfer money between them in a virtual instant, even in the street!

On my last multinational trip I had occasion to use £, US, NZ, OZ, and Singapore dollars UAE Dirhams. I loaded the card with Euros before I left then in the app converted chunks of it into whatever I needed at the time then converted any balance left over to the next currency required.

I cringe to imagine how I could have worked in so many different currencies in any other way or what or would have cost me in fees and commissions!

The thread reminded me that I had USD 107 I no longer needed so just reconverted that back to Euros at a cost of just USD 0.50c.

Yes the services they offer are fantastic - but remember they pay more 'cashback' for $ than they do €

Duplicate

I should know this but- but if using the card say in a Euro country, and Euros go to zero, does Wise then transfer debit card purchases ?

I use Wise to transfer between countries,sending money to family, and rainy day savings in Swiss francs. Been great so far

@spainrico and others. Please note that Wise is not a bank, and any money that you have placed with Wise is not an insured deposit. Money in banks in the UK and Europe are 100% protected up to £85k/ €100k in the event that a bank fails, and also in a US bank, upto $250k, but WIse is not a bank, and therefore not covered by deposit insurance.

Wise's web site talks about "segregation of funds", which is great (the same rules protect your money if it is held on your behalf by a solicitor/ lawyer), but IMO segregation is not a good substitute for deposit insurance.

In other words, personally, I wouldn't use a Wise account for anything but short term, transitional balances, or small amounts for paying bills, so amounts I could afford to lose without causing me a crisis.

FWIW a bank failed in the US yesterday, the largest bank failure since 2008.

So if I understand it correctly when WISE provides your "own" bank account, it is really just a WISE account that the bank allows WISE to set up multiple accounts under different name.

The account details that you are given for any account are unique to you. They are not shared.