Policy Positions

Wise was founded in 2011 with the belief that more fairness and transparency was needed in international payments. Since then, we’ve gone directly to the public and to policymakers with our mission of Money without Borders - instant, convenient, transparent, and eventually free.

We also believe our social responsibility extends beyond finance. We want to do our part to make the world a better place. That’s why we take a stand on issues that matter to our customers and our team.

Transparency in Payments

Consumers and small businesses lose hundreds of billions of dollars in hidden fees each year when they send, spend, or receive money internationally. Even worse, they’re often unaware - because banks advertise low upfront fees (sometimes “no fee” or “0% commission”) then significantly inflate the exchange rate, as much as 5% or more. We aim to stop this by asking governments around the world to end hidden fees and require transparent pricing to help consumers better understand the costs of international payments. The World Bank believes this lack of transparency is “the single most important factor leading to high remittance prices.” We proudly supported the EU when it implemented new regulations in April 2020 to require more transparency on cross-border payments within the EU. And, we’re hopeful countries like the UK, Australia, Canada, the US, and others, will also take action in the years ahead. Add your voice and learn more about our transparency campaigns.

Faster Payments

Sending money should be like sending an email - instant. More than 45 countries have already implemented 24x7x365 instant payment systems, and many others will soon follow. We believe governments, even in countries where the private sector is leading the way, can play a role in making instant payments a reality for its consumers. Instant payments support financial inclusion, help consumers avoid hefty fees from overdraft and check cashing, and unlock working capital for small businesses who otherwise have to wait days for money to appear in accounts. In 2019, Wise’s Chief Technology Officer testified before the US Congress FinTech Task Force on the need for faster payments in the US.

Direct Payments Access

Only banks have direct access to the payments system in most countries. That means Wise often must rely on competitors to move money. That ultimately results in added costs to the customer and concentrates risk in a handful of the largest banks. Fortunately, several governments, including the UK, EU, Singapore, and Canada, realize that consumers ultimately benefit, and innovation and competition is boosted, when highly regulated payment companies can move money directly. We’ve engaged with governments around the world on payments access, and, in 2018, Wise became the first payments company to join the UK’s Faster Payments Scheme, which allowed us to cut customer fees by 20% on related currency routes. And, in late 2020, became one of the first payment companies to join Singapore's FAST instant payments system.

Open Banking

Open banking is when consumer financial data, with informed and secure consent, is shared between financial institutions and third parties via an application program interface (API). This allows consumers to efficiently manage their finances, take advantage of tailored financial products and services, and make more sound financial decisions. The benefits to consumers are clear - open banking improves the efficiency, utility, and stability of the financial sector by increasing competition and breaking down barriers for new entrants with potentially more innovative consumer-driven business models. We are actively working with regulators and financial institutions on designing, building, and testing open banking efforts in a number of countries. For example, in the UK, some financial institutions are already required to make approved consumer data available to approved third parties. Several governments will soon implement open banking regulations of their own, while other countries may instead rely on private sector innovation to set open banking standards.

Immigration

We’re founded by immigrants, built by immigrants, and used by immigrants. Immigration policies should be fair and humane. When they’re not, we’re willing to speak out. It’s about doing the right thing. In October 2019, we showed support for our “Dreamer” employees and customer community by signing an amicus brief to the US Supreme Court backing the program providing protection from deportation to young undocumented immigrants brought to the US as children. And, in April 2019, our London office hosted a pop-up shop to help Europeans fill out applications to remain in the UK post-Brexit.

Diversity and Inclusion

Wise customers come from all over the world. So do our employees, who represent more than 70 nationalities. Our employees are evenly split between male and female and we actively support the LGBTQ+ community. We’re proud of the inclusive and diverse culture we’ve fostered at Wise, but know we can always do better. That’s why we’ve implemented a salary benchmarking program to ensure everyone is evaluated and paid appropriately for their skills, experience, and role. We’ve partnered with local schools and organizations - hosting school visits, researching the tech skills gap, and forming coding camps - to increase interest in technology. We’re also big believers in flexibility and building a workplace that fits around modern lives. We’ve implemented policies such as enabling our people to work remotely, generous shared parental leave, and bring your kids to work days.

Part of our mission is to create a more open world. We don’t have all the answers, but we have a responsibility not to be silent, to speak out against racism, and to stand with our employees, customers, and communities against injustice. We stand against anti-Black racism and racism in any form. We stand with the Black community. We stand with protests around the world. Black lives matter.

Climate Change

Climate change poses a significant threat to our immediate future. That’s why we’re seeking to reduce our own carbon footprint and become more sustainable in our offices. We know that as a global company we have a responsibility to do our part. We recently switched our servers to the cloud, which significantly increases sustainability, we’ve made a green commitment in Estonia where our largest office is located, and our annual company gathering will be carbon neutral in the future.

Taxation

Wise believes corporations have a responsibility to pay their fair share of taxes. We do not and will not use tax havens. We only open offices in low tax jurisdictions when necessary to serve that jurisdiction. That’s because taxes are important and fund vital public services. As a profitable tech company, we paid millions in taxes around the world last year. We’ve also worked with the Organisation for Economic Co-operation and Development (OECD) as it seeks a global consensus on international taxation of the digital economy.

Data Privacy

Data privacy is a human right. Wise does not sell customer data to third parties. We take data security very seriously and do everything we can to protect our customers from outside threats. We utilize the highest standards possible and implement them in markets across the world. We support sensible and reasonable data privacy laws that allow us to communicate a clear and consistent framework and allow consumers to take control of their own data.