This is Wise's US terms of service for personal accounts, covering how you can send, receive, and convert money internationally using Wise. The most important thing to know is that by using Wise, you agree to mandatory arbitration and waive your right to join a class action lawsuit if something goes wrong, meaning you cannot sue Wise alongside other customers in court. You should read the arbitration opt-out instructions carefully — Wise typically allows a limited window after account creation to opt out of this clause.
This document is Wise's US Customer Agreement governing the contractual relationship between Wise US, Inc. (a licensed money services business) and US-based personal account holders, operating under the Electronic Fund Transfer Act (EFTA), Bank Secrecy Act (BSA), and applicable state money transmission laws. The agreement imposes significant obligations on users including providing accurate identity information for KYC/AML compliance, maintaining account security, and accepting that Wise may freeze or close accounts at its discretion for suspected policy violations or regulatory requirements. Notably, the agreement includes a binding mandatory arbitration clause with class action waiver, limits Wise's liability for indirect or consequential damages, and reserves broad rights to suspend or terminate accounts with minimal notice, which collectively represent material restrictions on consumer legal recourse. The agreement engages FinCEN regulatory oversight under the BSA/USA PATRIOT Act, CFPB jurisdiction under EFTA (Regulation E) for electronic fund transfers, and state money transmission licensing frameworks; compliance teams should note that the mandatory arbitration provision and the broad account suspension rights may face scrutiny under CFPB rulemaking on arbitration and state consumer protection statutes.
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This is a new explicit provision renaming and expanding upon the previous generic 'AML and Sanctions Compliance Obligations' with specific KYC verification requirements and account suspension authority pending verification.
This new provision shifts security liability to users and creates an affirmative notification obligation, establishing user responsibility as a high-severity term that limits Wise's liability.
This new provision expands on the previous generic 'Data Collection and Use Consent' by explicitly authorizing broad third-party data sharing including with regulatory authorities and for business purposes.
The removal of this high-impact provision reduces user liability exposure by eliminating the requirement to indemnify Wise, though liability limitations remain in place.
The removal of this separate provision has been subsumed into the more comprehensive 'Limitation of Liability' provision in the current version.
Previous version had empty excerpt; current version now explicitly includes class action waiver language with detailed arbitration and individual capacity requirements.
Previous version had empty excerpt; current version now explicitly details suspension/termination conditions including suspension without cause or prior notice.
Previous version (Liability Cap) had empty excerpt; current version now explicitly excludes indirect, incidental, special, consequential, punitive, and exemplary damages.
Previous version (Unilateral Terms Amendment) had empty excerpt; current version now explicitly details the unilateral modification process with automatic acceptance via continued use.
Previous version (Fee and Exchange Rate Terms) had empty excerpt; current version now explicitly discloses mid-market exchange rate methodology and timing of rate application.
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