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Can you reliably use Wise for mid 6 figures if you have SoF?

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PinkCat

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Dec 20, 2022
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#1
I know they get a lot of hate, but they indeed have pretty good exchange rates and super fast execution of the wires (fastest I've seen)
So, I'm considering to use them to exchange and move mid 6 figures EUR or USD to AED.
I'm going to fund the wise account from regulated crypto exchange, then convert and wire to UAE in AED. I have legit SoF, but even so can I count on them to actually transfer the money or chances are they will freeze them for few months before returning them?
 
#2
My account is being closed by Wise | Wise Help Centre

What going against the Acceptable Use Policy means​

This could mean that we noticed:

  • exchange or trading of cryptocurrencies, or any other virtual currencies
  • payments for other non-regulated or illegal products and services
  • payments for restricted items, such as weaponry, military goods and services, or certain nonprofits
These are just examples — you can find more reasons in our Acceptable Use Policy. Our policies are there to keep your and everyone else’s money safe, and they’re an important part of how we’re regulated.

We know how disruptive and unexpected this can be. We never take decisions to close accounts lightly, and they are handled with utmost attention and consideration.
Click to expand...

And also you will need to fight with some outsourced compliance guys which are really incompetent and very slow .

Acceptable Use Policy - EEA

1.2.2 Financial and other professional services​

  • Binary options.
  • Escrow services.
    1. Using Wise Borderless account as an escrow account.
  • Companies involved in the exchange or trading of cryptocurrencies, or any other virtual currencies.
    1. Including payments for the purpose of purchasing cryptocurrencies.
Click to expand...

But you could use Nexo (Nexo: Buy, Exchange, and Store Bitcoin & Crypto) as an exchange as they provide a sepa account with your name (which looks than like a normal bank account ), but I don't know if they still do this . You would need to check .
 
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#3
No No No
 

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#4
hm crypto is still against their ToS? I thought that changed because it has been working well in the past but for smaller amounts. I guess not, and they can perfectly legit use that as a reason to freeze your assets. Thanks for the heads up.
 
#7
PinkCat said:
for mid 6 figures? u sure?
Click to expand...
If you have a business and use their business accounts it should be okay , they also have better exchange rates . But is your company also incorporated in UAE then Zen is no option .

You could try using nexo in-between wise until it doesn't work anymore .

Why don't you want to use OTC they also offer bank transfer in aed ? . https://kingex.io/
 
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#12
I advise against it. Wise works fine as a personal account for your vacations, daily shopping, cheap wires abroad but that's about it. I wouldn't sleep well if I had more than a few thousand euros in my account on there. I've heard and read too many horror stories, such as several on this forum.

Even established A-tier neobanks like Bunq are closing accounts like it's nothing, without explanation. I read in the news today that a journalist started a lawsuit against them because of it.

I know it's difficult with AED and such, and I can't advise any alternatives as I have no experience with it, but I just wanted to let you know you shouldn't risk your peace of mind with Wise.
 
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#13
FiscalFanatic said:
Even established A-tier neobanks like Bunq are closing accounts like it's nothing, without explanation. I read in the news today that a journalist started a lawsuit against them because of it.
Click to expand...
Do you have a link to that article maybe ?
 
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#14
JohnLocke said:
Do you have a link to that article maybe ?
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It's a paywalled article but here's the link where you can read it. Unfortunately it's in Dutch so you'll have to translate it.

https://archive.md/Fojpp
In summary: a journalist created a bank account with Bunq and his account was frozen without explanation, which is why the man in question filed a lawsuit. On September 9th there will be a verdict, which I'm eager to read because this can set a trend for more transparency (even though I don't expect it)
 
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#15
PinkCat said:
I'm going to fund the wise account from regulated crypto exchange, then convert and wire to UAE in AED. I have legit SoF, but even so can I count on them to actually transfer the money or chances are they will freeze them for few months before returning them?
Click to expand...

PinkCat said:
Because if the banks asks me for documents to show the SoF I won't be able to show any.
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Sorry @PinkCat but I am somehow confused: How it is with this SoF? :)
(I have no intention to investigate ;) but it influences the situation a lot...)

Regardless of this, my answer to your original question (re: Wise) is a firm no (for a more detailed reasoning, look e.g. here If Wise is going to close accounts and is not the best, how diversify the money? ).


Nomado said:
Zen doesn't open UAE business accounts ?
Click to expand...
TBMK, no – see here https://ask.zen.com/hc/en-us/articl...pported-for-ZEN-Business-account-registration

Nomado said:
No problem to open a personal one as a uae resident.
Click to expand...
Are you sure? Oficially they do not onboard, see here https://ask.zen.com/hc/en-us/articl...pported-for-ZEN-Personal-account-registration


FiscalFanatic said:
It's a paywalled article but here's the link where you can read it. Unfortunately it's in Dutch so you'll have to translate it.

https://archive.md/Fojpp
Click to expand...
Thanks, much appreciated.

FiscalFanatic said:
In summary: a journalist created a bank account with Bunq and his account was frozen without explanation, which is why the man in question filed a lawsuit. On September 9th there will be a verdict, which I'm eager to read because this can set a trend for more transparency (even though I don't expect it)
Click to expand...
If you share the results here, it will be really appreciated..
 
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#17
ilke said:
Should not be an issue. Have done it too on Zen.
Click to expand...
I have not but I also think that it should not be an issue, AFAIK.

ilke said:
UAE is listed there, what do you mean?
Click to expand...
UAE is listed in the table for documents and countries supported for identity verifications. Yet follow the information “The full list of supported countries is also available here (List of permitted jurisdictions for onboarding*)” and check this document https://www.zen.com/files/terms-and-conditions/onboarding_permitted_jurisdictions.pdf referenced at the webpage. UAE is missing in this list. I understand this situation as you can be a UAE citizen (then you should use your passport for the identity verification) but not a UAE resident. I am afraid that I am not mistaken ;)
 
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#19
BerlusconiSchmidt said:
Don't worry, crypto or not, for 6 figures and above they can and they will close your account eventually.

I provided them with source of funds and they still closed my account with 200,000 USD on it (this was years ago) and they kept the funds for their BS internal investigation for 6 months!
Click to expand...

Bro let them go through it

They wont listen until they see ( Sorry, we deactivated your account ) then they will learn
 
#20
No problem running six, seven, and eight figure monthly turnover businesses through Wise. Multi-million transactions are no more (or less) invasive with Wise than with banks.

The key, as always, is to use a bank/EMI that understands and accepts your business activities. For transactions involving AED, USD, and crypto, I would probably not use Wise unless the underlying activities are low risk, well documented, and fully compliant with applicable regulations which could include for example only transacting with EU/UK regulated crypto exchanges.
 
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