Question Should I give Wise access to one of my accounts via Truelayer?

[jafo]

Should I give Wise access to one of my accounts via Truelayer?

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Background: I woke up and saw in my Wise app: "We need important information from you by such-and-such date, so you can keep using your account."

Now, I only use Wise to pay for daily regular things like groceries, household things like phone bill, utilities, etc etc. It's probably about $6K per month. No more than that.

Wise wants access to one of my accounts, but the only accounts where I have real money in them are at Wealth Management/private banks. The other accounts are just regular local accounts I send money in from Wise to pay local expenses in the local currencies where I have things to pay (utilities etc).
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Would any of you give Wise access to your regular bank accounts via TRUELAYER (.com) ?

 

[Sols]

When you grant the permission, they will tell you what the needed permissions are. In this case, it will probably just be to get details about your name, address, and transactions on your account. Sometimes banks ask for bank statements as assurance that you have a certain income level and relationship with another financial institutions. Doing it via an AISP like TrueLayer is slowly going to start replacing such requests.

At 6,000 USD/month, you are an above average customer of Wise and you have probably reached some threshold where they need to perform SOF/SOW (Source of Funds/Wealth) checks. Being able to do it via TrueLayer is faster, easier, and more reliable than asking for documents.

In addition to being limited in scope, the permission you grant is likely limited in time as well. Some banks let you manually revoke permissions. Check with your bank if you're unsure.

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This is the probably the answer to your question.