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TransferWise rebrands as Wise and temporarily pauses Brazil's remittance route

Wise confirmed that "Brazil's remittance route [remittances from Brazil to other countries] is temporarily unavailable

Photo: Transferwise/Courtesy
  • Last week its correspondent MS Bank interrupted operations with Wise;
  • Wise also stated that it is an entity authorized by the Brazilian Central Bank and that continues operations in the country.

A decade after its foundation, the fintech TransferWise is rebranding itself as Wise. In Brazil, Wise operates international remittances with the commercial rate of the currency. That used to happen via a foreign exchange correspondent in Brazil, serving only those who make transfers for their own availability or other residents. However, last week its correspondent MS Bank interrupted operations with Wise and launched its own platform.

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In talks with LABS, Wise confirmed that “Brazil’s remittance route [remittances from Brazil to other countries] is temporarily unavailable due to operational adjustments resulting from the termination of the partnership with MS Bank.” Remittances from other countries to Brazil, however, remain in full operation.

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Wise also stated that it is an entity authorized by the Brazilian Central Bank and continues to operate in the country. Wise said it would notify customers in due course when the service is again available for transfers from Brazil.