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The most significant disadvantage of using TransferWise (Wise) is its unregulated status after the revocation of its ASIC license. Without regulation, users lack the same level of protection they might have with fully regulated platforms. Additionally, while Wise offers competitive rates and fees for international transfers, it doesn’t provide other financial products, such as loans or investments, which limits its functionality for users seeking comprehensive financial services. From my experience, the unregulated status is the primary concern, as it leaves users exposed to potential risks.