Same. I use them a lot and usually without problems, but the one problem I had when an amount didn't go through within a day as normal their support was pretty slow and not too helpful. They did sort it out but it was less than reassuring.

Even if true. judging from my experience with WISE , if WISE got into difficulty I would guess it would be a nightmare recovering one's money.

WISE may be insured when they open an account of a . but I can't imagine how the client would be insured.

The bank account is at JPM Chase, not Wise (which isn't a bank). It would certainly be inconvenient if Wise folded, but the banking system in the UK and US is pretty robust, so they would be in touch with depositors at some point to make other arrangements.

I find it very curious under Know Your Customer Rules that Wise can open an account for some one. I still believe it is a WISE owned account.

If funds are only held temporarily by Wise for the purpose of doing a currency exchange, receiving a deposit or paying a bill, the risk is minimal. And that can be reduced further by exchanging or transferring large sums in smaller batches. Splitting a large sum into smaller amounts (even below $10,000) won’t cause any issues unless you are already a person of interest to the relevant authorities due to other suspicious circumstances. Many of the big fund managers, Fidelity and the like, provide clients the ability to hold funds in foreign currencies (with prevailing interest rates) and to do electronic transfers overseas so that is also an option for anyone wanting to retain foreign currency on deposit, or transfer larger sums in either direction.

Apparently FDIC insurance is only applicable when you apply to earn interest on your Wise balance. To do that you need to have a verified SSN with them so that should be enough to satisfy the bank rules. You might be right about it being a Wise-owned account, but FDIC insurance is still applied to the individual depositors according to this page. https://wise.com/us/blog/is-wise-fdic-insured
//The current Program Bank is JPMorgan Chase Bank, N.A., see Appendix 1 of the Program Agreement for the most updated list of Program Bank(s). Eligible customers must opt in to the interest feature. Participants will have the balance of their USD funds held in their Wise Account “swept” into a Federal Deposit Insurance Corporation (“FDIC”) insured interest-bearing account at one or more participating banks (each, a “Program Bank”) that will hold and pay interest on the deposit funds. For more information on FDIC insurance coverage, please visit www.FDIC.gov. Customers are responsible for monitoring their total assets at each of the Program Bank(s) to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. The Program is not intended to be a long-term investment option, checking or savings account, investment contract or security.

For customers opted in to receive interest on EUR and GBP balances, the FDIC passthrough insurance provided by our program bank is for up to the equivalent of $250,000 in total for your USD, EUR and GBP combined balance amounts (collectively, the “Eligible Balances”).
//

So the insurance not available on WISE current accounts ?

Note " FDIC passthrough insurance provided by our program bank." And then " Customers are responsible for monitoring their total assets at each of the Program Bank(s) to determine the extent of available FDIC insurance coverage in accordance with FDIC rules." It may be the case WISE meets pass through rules, just judging from issues that have arisen with various Fintech companies, and what I consider poor WISE track record in dealing with customer communication to resolve issues, I would be leery placing significant deposits with WISE. But maybe my experience not typical.

In one recent transaction in the middle of requesting a transaction, WISE screen popped asking for information I didn't have available at that moment- it still took money from my account but didn't do the transfer- after no resolution from email, then difficulty reaching them on the phone, they said "our policy not to return the money for five days"- I responded that my policy is that if someone took money from me but did not provide product or service, I call the police and my lawyer- after demanding to speak to their legal and compliance department they finally agreed to return my money in 48 hours.

I like like WISE and use them for small transfers or expenses travelling, almost as fast as Paypal and less expensive, though Torfx I find the best if I am concerned about exchange rates- they beat banks and sometimes WISE.

It seems not, unless you've opted to receive interest. (Not sure why you wouldn't.)

Presumably it's up to you to ensure you're not over the $250k limit on FDIC insurance.

I had a similar experience when I made my first large transfer and they decided that's when they needed to properly verify my identity. They held the money while it was sorted out, and didn't communicate well to let me know what was going on. I forgave them that once... but it's been great since. My experience of trying to resolve an issue with Paypal made me never want to use them for anything at all.

Does anyone have their UK pension deposited directly into their regular US current account? Who does the exchange rate conversion in that case? I've avoided doing that because my bank would rip me off for 2-3% every time, but maybe it's done at source?

I agree with you about Paypal, probably worse customer service than WISE, and worse exchange rates.

From what I understand WISE invests in an interest fund, and while I can earn similar rates in UK, there US rates seem good- though leaving money in a Fintech with poor customer service when there is a problem, trusting then that Fintech to put money in a fund that is not insured and will be managed well without derivative risks , and through interest reporting get included in IRS algorithms - no thanks. I am too old to risk cash savings with even remote risk. Of I want risk I can invest in the market.

It works well. I haven't a clue where in the chain the conversion takes place. It is definitely not my bank. The rates always seem to be good, although it is impossible to do absolute comparisons because of the timing issues. My understanding is that the conversion is done in bulk and therefore achieves commercial rates.