Customers of the international banking service Wise report receiving warning emails. The bank has notified users from Indonesia that starting May 23, it will cease to serve their cards and accounts.
They won't be able to maintain a balance in their Wise accounts. The main advice for those with money in their Wise account is to urgently withdraw the funds in full. Soon, cards and accounts registered with an address in Indonesia are likely to be canceled. To continue using the service and retain their account, users can update their address to any country in the list where Wise operates.
Wise (formerly known as TransferWise) is a financial company offering international money transfer services with lower fees compared to traditional banks. The service also provides multiple currency accounts for convenient fund management in different currencies, offering real exchange rates without hidden markups. Official representatives of the service have not commented on the email distribution.
What's best is they don't charge on a per transaction basis but instead have a subscription model, so I don't end up losing money per transaction.