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CFPB Amends Consent Order with Wise Over Remittance Fee and Exchange Rate Disclosures
The Consumer Financial Protection Bureau updated its January 2025 consent order with international money-transfer company Wise, which had resolved charges that the company advertised inaccurate fees and did not properly disclose exchange rates and other transfer costs to customers.
What this means for you
Consumers who send money abroad are legally entitled to clear, upfront disclosures of fees, exchange rates, and the exact amount the recipient will receive — rights established under the federal Remittance Transfer Rule. When those disclosures are inaccurate or incomplete, senders can end up paying more than they expected with little warning. Regulators periodically amend consent orders to sharpen or update the requirements a company must follow, which can affect how affected customers receive remedies. Consumers in this situation often benefit from comparing the pre-transfer disclosure they received against what was actually charged or delivered.
The facts
- The CFPB amended a consent order it had originally issued on January 30, 2025, involving Wise's remittance transfer practices.per CFPB Newsroom · as of May 15, 2025
- The original order resolved agency claims that Wise advertised inaccurate fees to customers sending international transfers.per CFPB Newsroom · as of May 15, 2025
- The CFPB also charged that Wise failed to properly disclose exchange rates and other costs associated with its remittance transfers.per CFPB Newsroom · as of May 15, 2025
- The amended order was announced on May 15, 2025, updating the terms the company must follow going forward.per CFPB Newsroom · as of May 15, 2025
What you can do
Before sending an international transfer, request and save the full written disclosure showing the fees, exchange rate, and recipient amount — federal law requires providers to give you this before you pay. If the amount delivered differs from what was disclosed, file a written complaint with the provider and keep a dated copy. Unresolved disputes can be reported to the CFPB at consumerfinance.gov/complaint.
Common questions
What did the CFPB's action against Wise involve?
The CFPB's original January 2025 consent order resolved agency claims that Wise advertised inaccurate fees and failed to properly disclose exchange rates and other costs on international money transfers. The bureau then amended that order in May 2025, updating the requirements Wise must meet. Both actions stem from the federal Remittance Transfer Rule, which guarantees consumers clear cost disclosures before they send money abroad.
What is a CFPB consent order amendment, and does it affect customers?
A consent order is a formal agreement between a regulator and a company spelling out what the company must do to resolve charges — without necessarily being a court judgment. When the CFPB amends one, it revises those obligations, which can include how a company handles customer remedies, changes its disclosures, or adjusts its business practices. Customers who were affected by the original practices may want to check the CFPB's website for any updated information about relief.