Skip to main content
TransferWiseTransferWiseTransferWise
  • Register
  • TransferWiseTransferWiseTransferWise
    • Money transfer
      • Send money

        Make a one-off payment. You'll get the real exchange rate with the low fee we're known for.

      • Send large amounts
      • About TransferWise
    • NewMulti-currency accountNew
      • Multi-currency account

        Manage your money across 50+ currencies. Send at the real exchange rate, and spend with a TransferWise debit Mastercard®.

      • Pricing
      • See how it works
    • Business
      • TransferWise for Business

        A free international business account to send, spend and receive in multiple currencies with the real exchange rate.

      • Business pricing
      • Open API
      • Mass Payouts
      • TransferWise for Banks
    • Help
      • Hallo WeltHello worldHola mundoBonjour le mondeCiao mondoHelló VilágWitaj, świecieOlá, MundoSalut lumeMerhaba DünyaЗдравствуй, мирHello worldHello world
      • TransferWiseTransferWiseTransferWise
    • Log in
    • Register
    • Home
    • What is TransferWise?

    Is my money covered by a financial protection scheme?

    Is my money covered by a financial protection scheme?

    TransferWise doesn’t protect your money in financial protection schemes like the Financial Services Compensation Scheme (FSCS) and the Federal Deposit Insurance Corporation (FDIC).

    Traditional banks are required to put customers' money in a financial protection scheme. This is because they make profit by lending and risking customers' money, and need to insure it up to a certain amount in case something goes wrong.

    TransferWise isn't a bank. We don't lend your money or make high-risk investments with it. So, we don't insure it in a financial protection scheme.

    Instead, we use safeguarding to protect 100% of your money.

    What is safeguarding?


    Safeguarding means that, by law, we have to keep all of your money in accounts that are completely separate from the ones we use to run our business. So, if anything were to happen to TransferWise, your money would be safe.

    Where is my money stored?


    TransferWise keeps your money in established financial institutions like JP Morgan Chase and Barclays. Where your money is depends on which country your TransferWise account address is in — if your account address in the UK, for example, we keep your money in Barclays, or other financial institutions in the EEA.

    What would happen if TransferWise became insolvent?


    Because your money is always kept separately from the accounts we use to run TransferWise, it wouldn’t be affected if we were to become insolvent. We’d return all of your money to you.

    If something were to happen to one of the banks we store your money in (like Barclays or JP Morgan Chase), then your money wouldn’t be protected. We wouldn’t be able to give your money back in that situation.

    Who regulates TransferWise?


    TransferWise follows strict rules set by regulators in every country we operate in. These include the Financial Conduct Authority (FCA) in the UK and EEA, the Financial Crimes Enforcement Network (FinCEN) in the US, the National Bank of Belgium in Belgium, and many other regulators around the world. The address on your TransferWise account determines which regulator you’re covered by.

    These agencies are there to protect you. And they make sure that we’re always acting honestly and fairly.

    Still need help? Log in to contact us
    TransferWise
    Company and team
    • Company and team
    • News and blog
    • Press
    • Careers
    • Affiliates and partnerships
    Help and support
    • Help centre
    • Mid-market rate
    Learn more
    • Send money abroad
    • Swift/BIC codes
    • Currency converter
    • IBAN codes
    • Rate alerts
    • Compare exchange rates
    Follow us

    TransferWise
    Legal
    Privacy policy
    Cookie Policy
    Country site map

    © TransferWise Ltd 2021

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