Money transfer platform Wise has been hit with a $2.025 million penalty from the Consumer Financial Protection Bureau (CFPB) for misleading customers about fees and charges.

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London-headquartered Wise illegally advertised inaccurate fees and failed to properly disclose exchange rates and other costs, says the CFPB.

In multiple emails and blogs to its customers around the globe, Wise announced lower ATM fees, free withdrawals, and other customer perks. “Wise led customers in the US to believe these perks applied to