Is Wise Safe and Legit in Australia?

The regulatory basics

Wise's own Australian safety page states: "Non-cash payment and foreign currency exchange services are provided by Wise Australia Pty Ltd ACN 616 463 855. Wise Australia Pty Ltd holds an Australian Financial Services licence (AFSL) number 513764 and is a Purchased Payment Facility (PPF) provider authorised by the Australian Prudential Regulation Authority (APRA)." (wise.com/au/safety-and-security/, fetched 11 September 2026). ACN, AFSL number and the specific PPF category are all on the record in that one sentence — worth checking against ASIC's own register rather than trusting any single page, including this one.

Two Wise entities, two different licences — don't mix them up

The same page immediately follows with a second, separate entity: "Assets service is provided by Wise Australia Investments Pty Ltd ACN 659 961 083. Wise Australia Investments Pty Ltd holds an Australian Financial Services licence (AFSL) number 545411." (wise.com/au/safety-and-security/, fetched 11 September 2026).

AFSL 513764 belongs to Wise Australia Pty Ltd and covers the transfer and card service. AFSL 545411 belongs to the separate Wise Australia Investments Pty Ltd and covers only the Interest/Assets investment product. If you're checking the safety of an ordinary money transfer or the multi-currency account, 513764 is the number that applies — not 545411.

Is Wise regulated the same way as a bank?

Not quite. A Wise help article on how the company is regulated by country states: "Wise Australia Pty Ltd is regulated by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services Licence (AFSL) and Australian Prudential Regulation Authority (APRA) authorised as an Authorised Deposit-taking Institution (ADI) limited to a provider of purchased payment facilities ('PPF licence'). Its AFSL licence number is 513764. It is also a reporting entity with the Australian Transaction Reports and Analysis Centre (AUSTRAC)." (wise.com/help/articles/4Mo9V7MyXos6scM7xvhg15/licences-and-regulators-when-holding-money-as-interest-and-stocks, fetched 11 September 2026).

A PPF-limited authorisation is a narrower category than the full banking licence an ordinary bank holds — it lets Wise issue payment facilities without taking deposits in the way a bank does. Combined with ASIC regulation and AUSTRAC reporting-entity status, that's the specific regulatory shape Wise operates under in Australia, rather than an informal "is it regulated, yes or no" answer.

How your money is protected while it's with Wise

Wise's safety page states: "Your money is safeguarded, and held completely separate from ours, so it's available to you all the time," and separately: "From the moment your money enters our system it's safeguarded. That means it's held with major names like Barclays and JP Morgan Chase, and we'll never use it to run our business — that's regulation." (wise.com/au/safety-and-security/, fetched 11 September 2026).

The same page also states: "Wise safeguards your money and will never lend it out, so we don't need FSCS protection. FSCS protection is there to get your cash back if the bank was to ever fail." That sentence describes the UK's Financial Services Compensation Scheme (FSCS), which has no application to an Australian customer — it's shared marketing copy served on the Australian URL. The page names Barclays and JP Morgan Chase as safeguarding partners and doesn't reference an equivalent Australian deposit-guarantee scheme for these funds, which is worth noting as an absence rather than assuming one way or the other.

How to verify this yourself

ASIC's own registers page describes a "Professional registers" search: "Find information about a person or company and if they are registered or licensed with ASIC to perform a service. Be sure to check the details of what they are licensed to do, such as provide advice or offer investments," searchable by "Name, licence number, registration number, ACN or ABN" at service.asic.gov.au (asic.gov.au/online-services/search-asic-registers, fetched 11 September 2026).

1. Go to ASIC's professional registers search.

2. Search by AFSL number 513764, or by the entity name "Wise Australia Pty Ltd".

3. Check what the licence actually authorises — the same search will also return AFSL 545411 under the separate Wise Australia Investments Pty Ltd entity, so check you're looking at the right one for what you're doing.

Wise's complaints process, if something goes wrong

Wise's own complaints page states it aims to "acknowledge your complaint within 1 working day" and "send a final response to your complaint within 15 calendar days", extending only where more time is needed to investigate (wise.com/help/articles/2235393/how-do-i-make-a-complaint, fetched 11 September 2026).

If you're not satisfied with that response, the same page lists an external dispute-resolution path: "In Australia you can make a complaint with the Australian Financial Complaints Authority (AFCA). Website: www.afca.org.au Email: info@afca.org.au Phone: 1800 931 678 (free call)", naming Wise Australia Pty Ltd's own AFCA membership number as 76929. That's a genuine, independent escalation path outside Wise itself.

Scams that impersonate Wise

Wise's safety page lists "How do I report phishing?" among its published FAQs (wise.com/au/safety-and-security/, fetched 11 September 2026) — a sign that impersonation attempts using Wise's name are a known category it deals with, not evidence of a problem specific to any individual account. As with any transfer provider, the standard precautions apply: use the official app or a site you navigated to yourself rather than a link in an unsolicited message, and treat any request to move money to a "safe account" or to pay a fee to release your own money as a red flag industry-wide.

Does Wise hold an Australian Financial Services Licence?

Yes. Wise Australia Pty Ltd holds AFSL 513764, covering the transfer and card service (wise.com/au/safety-and-security/, as at September 2026). A separate entity, Wise Australia Investments Pty Ltd, holds AFSL 545411 for the Interest/Assets investment product only — the two shouldn't be conflated.

Is Wise a bank?

No. It's authorised by APRA as a Purchased Payment Facility provider, a narrower category than a bank's Authorised Deposit-taking Institution licence. Wise describes customer funds as "safeguarded" rather than covered by a bank-style deposit guarantee.

Is Wise registered with AUSTRAC?

Wise's own help article on how it's regulated by country states Wise Australia Pty Ltd "is also a reporting entity with the Australian Transaction Reports and Analysis Centre (AUSTRAC)" (as at September 2026).

How do I make a complaint about Wise?

Wise states it acknowledges a complaint within 1 working day and gives a final response within 15 calendar days. If you're not satisfied, you can escalate to the Australian Financial Complaints Authority (AFCA) — Wise Australia Pty Ltd's AFCA membership number is 76929 (as at September 2026).

How do I check Wise's licence myself instead of trusting a website?

ASIC runs a public professional registers search at service.asic.gov.au, searchable by licence number, name, ACN or ABN (asic.gov.au, as at September 2026). Search AFSL 513764 or "Wise Australia Pty Ltd" to see what the licence currently covers.