CFPB reduces fine in revised action against Wise US

The revised order, dated 15 May 2025, replaces an earlier version issued on 30 January 2025 and adjusts both the financial penalty and required remedial actions. 

Wise, which operates in the US market through mobile platforms and debit products, was previously found to have failed in properly disclosing exchange rates, ATM fees, and other costs related to international remittance services. The company was also cited for not issuing timely refunds when funds did not reach recipients as scheduled, an obligation under federal law governing electronic fund transfers. 

Under the initial consent order, Wise was directed to pay roughly USD 450,000 to affected consumers and a civil penalty of USD 2.025 million to the CFPB’s victims relief fund. The amended order reduces that fine to approximately USD 45,000 while maintaining requirements for consumer redress.

Enforcement adjusted during regulatory updates

According to CFPB officials, the change reflects updated legal guidance and enforcement priorities. The revised penalty aligns with provisions of the Consumer Financial Protection Act, as well as a February 2025 executive order and the CFPB’s recent rescission of guidance related to deceptive marketing claims concerning remittance services. 

Wise US operates without physical locations, offering services through a mobile application and account-linked debit and prepaid cards. Through these platforms, customers can send and receive funds internationally, store money in multiple currencies, and access funds via card-based transactions. 

While the Wise group is headquartered in the UK and listed on the London Stock Exchange, its US entity is incorporated in Delaware and headquartered in New York. It processes remittance transfers both within and outside the United States and maintains US-based accounts to support fund flows for domestic users.