By Milton Kirby | May 15, 2025 | Washington, D.C.

The Consumer Financial Protection Bureau (CFPB) has changed the terms of a previous enforcement order against the international money transfer company Wise. On May 15, the CFPB announced an amended consent order that reduces the company’s fine and updates how Wise must repay harmed customers.

Wise, which is based in the United Kingdom, lets people send, store, and receive money using a mobile app, prepaid accounts, and debit cards. More than three million U.S. customers use Wise to transfer money internationally. The company does not operate any physical locations in the United States.

In January 2025, the CFPB found that Wise had misled its customers about ATM fees and failed to properly show the actual cost of sending money, including exchange rates. Wise also broke the rules by not refunding fees quickly when money transfers didn’t arrive on time.

The earlier order, issued on January 30, required Wise to pay $450,000 to customers and a $2.025 million fine to the CFPB’s victims’ relief fund. That order has now been replaced.

Under the new May 15 order, Wise will still have to pay harmed customers, but the fine has been cut to about $45,000. The CFPB said the change was made to follow consumer protection laws better and reflect Wise’s cooperation with the investigation.

The revised order also considers new rules under Executive Order 14219 and the Bureau’s recent decision to cancel specific older guidelines, including one about how companies advertise remittance fees and delivery speeds.

Wise operates in 48 states, Washington D.C., Puerto Rico, Guam, and the U.S. Virgin Islands. It uses U.S. bank accounts to move money to and from other countries. It offers services for customers who send money entirely outside the U.S.

The CFPB is a government agency that protects consumers by enforcing financial laws and making sure financial markets are fair and open.

For more information, visit www.consumerfinance.gov.

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