Terms.Law › Privacy Watchdog › Remittance › Wise
⚠ See also: Terms of Service Review View ToS Review →

Wise Privacy Policy

Last updated: January 2026 | Reviewed: February 2026

Best-in-category privacy transparency with published transparency reports and clear data policies. Extensive KYC data collection required by law, but minimal unnecessary data gathering.

62
Grade B
Privacy Summary: Wise sets the standard for privacy transparency in money transfer. They publish transparency reports showing government data requests, clearly explain what data they collect and why, and limit data sharing to what's legally required. However, as a regulated financial service, they must collect extensive identity documents and maintain detailed transaction records for years.

Category Scores

Data Collection 55/100
Data Sharing 68/100
Data Retention 62/100
Security Measures 72/100
User Controls 65/100

Key Findings

✓ Transparency Reports Published
Wise publishes regular transparency reports showing how many government data requests they receive and how many they comply with. This level of transparency is rare in the remittance industry.
"We publish transparency reports detailing the number of requests we receive from law enforcement and government agencies, how many we complied with, and which jurisdictions they came from."
✓ Limited Marketing Data Use
Wise explicitly limits use of your data for marketing purposes. They don't sell data to advertisers and provide clear opt-out mechanisms for marketing communications.
"We don't sell your personal data to third parties. We limit marketing communications and provide easy opt-out options."
🔎 Extensive KYC Data Collection
As required by law, Wise collects identity documents (passport, driver's license), proof of address, source of funds documentation, and biometric data for identity verification. This is legally required but creates a significant data footprint.
"We collect identity documents, proof of address, and in some cases biometric data to verify your identity as required by anti-money laundering regulations."
🔎 Long Retention Periods
Financial regulations require Wise to retain transaction records and KYC documents for 5-7 years after account closure. Your data cannot be fully deleted while these legal obligations apply.
"We retain your personal data for as long as required by applicable law, typically 5-7 years after account closure for financial records."

Data Collection Summary

Data TypeCollectedRisk Level
Identity DocumentsYes (legally required)High
Biometric VerificationYes (selfie matching)High
Transaction HistoryYes (legally required)High
Bank Account DetailsYesHigh
Location DataLimited (fraud prevention)Medium
Marketing ProfilingMinimalLow

Recommendation

Best in Category: Wise offers the most transparent and privacy-respecting practices among major remittance providers. Their transparency reports and limited marketing data use set an industry standard.

For Privacy-Conscious Users: Understand that extensive data collection is legally mandated for money transfer services - no provider can avoid this. Wise at least minimizes additional collection and is transparent about what they have. Review their transparency reports to understand government access patterns.