Banks need information about the remitter or recipient in order to prevent cross-border money laundering or financial crimes. While providing the information requested by the bank makes it more difficult to send money, the bank does also protect our accounts from online fraud. If you send money through online banking or a bank app, you usually only need to register our payee information once and it will be available permanently thereafter. If you use Wise to initiate a bank transfer, even the most basic of our payee information is all that is needed to complete the transfer.