You can keep using TransferWise without any interruption, when the Brexit transition period ends — even if the UK and the EU haven’t agreed on a trade deal. There won’t be any impact to how you send, spend, or receive money with us. And, any money already in your balances will continue to be just as safe and easy to use.
The only change is behind the scenes. Starting 14 December 2020, we’ll serve customers in the European Economic Area (EEA) from our new office in Brussels. We’ll be licensed and regulated by the National Bank of Belgium.
Will there be any change to how I use TransferWise?
No, there will be no impact on how you use TransferWise. Regardless of where you live or what your nationality is.
What does the new license mean for me?
Because we’ll be serving customers from our new office in Brussels, all EEA customers will enter a new Customer Agreement with the European arm of our company: TransferWise Europe SA. Entering this new Customer Agreement is automatic — you don’t have to do anything for it to happen.
TransferWise Europe is licensed and regulated by the National Bank of Belgium. That means Belgian laws will apply to EEA TransferWise accounts, your transactions, and your rights under the Customer Agreement.
How do I know if I’m affected by this?
Your transfers and activity will now be provided by TransferWise Europe if you:
send money from the EEA
live in the EEA and have a multi-currency account with TransferWise
Are there new terms and conditions?
Yes, there are new terms and conditions . The new terms and conditions are not much different from the previous. Except, we have a new regulatory body and making a complaint about TransferWise will go to a new dispute body.
How do I make a complaint?
If you fall under our European license you can still make a complaint to TransferWise . This’ll be through the dispute body in Belgium, rather than the UK.
Is my personal information still protected under GDPR?
Yes, your personal information is still protected.
TransferWise Europe, as a Belgian company, is required to comply with GDPR and other applicable data protection laws in Belgium. TransferWise will also continue to process your personal data in compliance with GDPR.
What if I don’t want to use TransferWise under the new license?
If you don’t want to use TransferWise under our new license, you’ll have to close your TransferWise account — though we’re sad to see you go.
What happens to my transfers that are in progress, on 14 December?
Your transfers will be processed as usual — you won’t need to do anything differently.
The only difference will be behind the scenes, here’s what will happen:
Transfers created before 14 December 2020 and completed between 14 and 29 December will be completed under our UK license.
Transfers created before 14 December 2020 and completed after 29 December will be completed under our Belgian license.