Which Bank Does Wise Use

Wise, previously known as TransferWise, is a financial technology company that facilitates international money transfers. It operates independently of any specific bank and instead utilizes a network of local bank accounts in various countries to execute its money transfer services. This allows Wise to bypass traditional correspondent banking relationships, significantly reducing the fees and exchange rate markups typically associated with international money transfers.

Wise partners with multiple banks across the globe to hold and facilitate the movement of funds. These partnerships allow Wise to offer competitive exchange rates and low transfer fees by leveraging local payment infrastructure and avoiding intermediary banks. While the specific banks used by Wise may vary depending on the countries involved in a particular transfer, some of the commonly used partner banks include:

  • Barclays Bank: Barclays is a British multinational investment bank and financial services company headquartered in London. It is one of the largest banks in the United Kingdom and has a significant presence in international markets. Wise utilizes Barclays’ banking services for certain currency routes, particularly those involving British pounds (GBP).

  • HSBC: HSBC is a British multinational banking and financial services company headquartered in London. It is one of the largest banks in the world and has an extensive global network. Wise partners with HSBC for various currency routes, including transfers involving major currencies like the US dollar (USD) and the euro (EUR).

  • Bank of America: Bank of America is an American multinational investment bank and financial services company headquartered in Charlotte, North Carolina. It is one of the largest banks in the United States and has a significant international presence. Wise utilizes Bank of America’s banking services for certain currency routes involving the US dollar (USD) and other currencies.

  • Citibank: Citibank is an American multinational investment bank and financial services company headquartered in New York City. It is one of the largest banks in the world and has an extensive global network. Wise partners with Citibank for various currency routes, including transfers involving major currencies like the US dollar (USD), the euro (EUR), and the Japanese yen (JPY).

These are just a few examples of the banks that Wise partners with to facilitate its international money transfer services. The specific banks involved in a particular transfer may vary depending on the countries and currencies involved, as well as any regulatory or compliance considerations.

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