Hello,
I have been using Wise for years and never been asked to provide SSN.
Today, I tried to make a transfer for less than $1000 and was asked to provide SSN.
Has anyone done this?
I'm a little worried to provide a very sensitive info.
Thanks,
Posted by
Minnesota🌲
10398 posts
Yes, I just made a transaction a few days ago for around $400, and was asked for my SSN. This is a requirement for financial institutions (which WISE is) so I had no qualms about giving it (it's encoded as you key the numbers in) and everything went through fine.
It's no different than providing it to a credit card company when you apply, or a bank when you open an account.
Posted by
Eastern Iowa, USA
8933 posts
Probably some cracking down on money transfers going on. Services like Wise have become useful for moving drug proceeds and money gained from theft.
Posted by
34 posts
I just used Xoom, a subsidiary of PayPal to send money to a host in Italy, and used my PayPal balance to pay, never was asked for SSN.
Posted by
Singapore
1023 posts
It's a requirement for US account holders making USD transfers, to help them comply with anti money laundering regulations:
"If you live in the US, we might need your Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN) when making a transfer from USD, ordering a Wise card or opening USD account details."
As I understand it, if you are uncomfortable with providing your SSN you can contact them and they may give you the option of verifying your ID in another way.
Posted by
36 posts
It’s pretty normal for Wise (and other fintechs) to ask for extra ID now, compliance rules in the US have gotten stricter, so even smaller transfers sometimes trigger it. If you’re not comfortable giving your SSN, you might want to look at alternatives. Ria Money Transfer is one I’ve used, and they don’t always require the same level of info for smaller transfers. They’ve got a big global network, and in my experience the transfers were quick and cheaper than a bank wire.