For banking identification purposes, especially in the context of international transfers, the Wise entity in the United States is known as WISE US INC.
Wise, formerly TransferWise, is a global financial technology company that offers services like international money transfers, multi-currency accounts, and debit cards. While it functions similarly to a bank in many aspects by holding customer funds and facilitating transactions, it is generally considered an electronic money institution or a money services business, not a traditional licensed bank across all jurisdictions. However, for specific banking operations, particularly those involving the SWIFT network, it is assigned bank identifiers.
Understanding Wise's Banking Identification
When conducting international transactions that require a SWIFT/BIC code, Wise utilizes its own unique identifiers. In the United States, the details associated with its banking identification are as follows:
| Detail | Value |
|---|---|
| Bank Name | WISE US INC. |
| SWIFT Code | TRWIUS34XXX |
| Branch Code | XXX |
| City | NEW YORK |
| Country | United States |
This information is crucial for sending or receiving money internationally via the SWIFT network to a Wise account in the US. The TRWIUS34XXX SWIFT code specifically identifies WISE US INC. as the institution for routing these funds.
How Wise Operates
Wise's operational model differs from conventional banks. Instead of sending money directly across borders via traditional banking channels for every transaction, Wise often uses a system of local bank accounts. For example:
- When you send money from the US to the UK, your dollars are deposited into Wise's US account.
- Wise then pays out the equivalent amount in pounds from its UK account to the recipient, effectively bypassing costly international wire transfers for each individual transaction.
This innovative approach allows Wise to offer more competitive exchange rates and lower fees compared to many traditional banks. It partners with regulated financial institutions globally to hold funds and facilitate these local transfers, ensuring compliance and security.
Key Aspects of Wise's Services
- Multi-Currency Accounts: Users can hold and manage money in over 50 currencies.
- International Transfers: Facilitates fast and low-cost money transfers to over 80 countries.
- Debit Cards: Offers a Wise debit card for spending in multiple currencies worldwide.
- Regulation: Wise is regulated by various authorities globally, including the Financial Crimes Enforcement Network (FinCEN) in the US, the Financial Conduct Authority (FCA) in the UK, and other relevant bodies in countries where it operates.
For more information on Wise and its services, you can visit their official website: wise.com
