How does verification work in TransferWise?

TransferWise is regulated just like a regular bank, so they need to know their customers for making sure all handled money is legal and safe. Therefore, whenever an account is opened, customers’ ID is required (including customers’ photographs, proofs of address and pictures of customers holding their IDs; a similar procedure occurs for companies, as Transferwise must also check these companies’ information.

A verification process is confirmed depending on factors such as amount of currency (for example, how much currency is exchanged, which currency is exchanged and how many transfers are made in a determined period).

Sometimes, Transferwise requests additional documents once the transfer has started; at other times, Transferwise may automatically verify their customers when a transfer is made, but such automatic verification is made for individual accounts.

Please refer to the following link for finding out about how Transferwise can check your IBAN.