Wise offers two services that are not that easy to differentiate. The first is a straight money transfer service, but the second is what they refer to as a "balance" which gives you access to a foreign bank account number.
In a tax group I've had some discussions about whether this requires FBAR reporting. Although the account is held by Wise, they are giving the user access to this account and giving the user the use of the account numbers. My personal opinion is that this requires FBAR reporting.
Also, the 10,000 limit for FBAR reporting is all accounts that a person has access to. Therefore an employee of an organization that has an account back home with 9500 USD equivalent will have to report the 500 USD in the account at work that they have access to.
Note: Liability insurance works differently in different countries. For example in the US if I work as a doctor for three years and pay premiums for liability insurance during those three years, then any liability for any actions during that time are covered forever. If someone sues me for something that happened during that time period after I've retired I'm covered because I paid premiums during the time of the incident.
In other countries you are only covered if you have paid for insurance during the time period that you are sued. (They have additional policies to cover you after you leave a job or profession.)