Re: Is safe to keep money into transferwise?
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.
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