Really? Your profile says your in UK. Whats your nationality? Whats the jurisdiction of your company also?
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- Thread starter Alexmorgan
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Really? Your profile says your in UK. Whats your nationality? Whats the jurisdiction of your company also?
My business is 100% with Mercury and im so happy with them their support is well trained
Personal account is Zenus and im happy with them their service is so great
I opened wise and they are a nightmare day and night i was really expecting them to close my account at any time which exactly happened as i said above
People here feel that its a mistake from me because maybe they dont know how the banks are working and how the monkeys in these EMIs are , but once their accounts close they will know
Really? Your profile says your in UK. Whats your nationality? Whats the jurisdiction of your company also?
Im from Mauritania and i live in Bahrain
My company is US LLC which has nothing to do with my problem with wise
I just used to live in UK for so long but didnt like the taxation system there
Well there is your answer my friend.
Mercury can easily shut you down too.
I have many requests for banking from people who got shut down by the Mercury.
They shut down Croatians. I still don't know if it is based on citizenship or residency; I feel like it's based on residency.
Behind every "X closed my account for no reason" there is, in fact, a reason.
You like a psychologist, making people answer their own questions, lol
Just make them dig deeper.
Lol. Its nothing more than common sense when someone claims their account was closed for no reason. He will calm down and see sense eventually.
I mean a Mauritania guy living in Bahrain with a US company wanting to use AED via a European EMI??? I would have closed his account and I don't even work in financial services...lol. It is way beyond Wise's risk appetite I can imagine.
Wise took correct action imho....lol.
I believe that but why now
Why onboarding me in the first place?
I know Mercury can do that
But they are trying so hard not to do but seems so many regulations after them
Let say its true
I told my full actions here
Where is the problem besides someone is saying my nationality and residency as they onboard me to their platform
I contacted a Croatian man, who told me Mercury took them down because of residency, not citizenship.
I know Russians and Belarussians holding a Mercury account but with residency outside their home country.
I'm glad that they aren't xenophobic as Relay etc.
There are some people with brains on this planet.
I know Russians and Belarussians holding a Mercury account but with residency outside their home country.
I'm glad that they aren't xenophobic as Relay etc.
There are some people with brains on this planet.
Their policy has changed, and just don't want to spend more money on the compliance, you probably make them less money than they have to spend on the compliance, so they took you down.
Trigger Warning!
If you are a sensitive person, do NOT read the following message to @Alexmorgan
You have been warned.
Proceed at your OWN risk!
Ignore the naysayers!
-----------------
To all who say there is a reason... they have NO idea what they are talking about!
They all need to spend some time on The Innocence Project!
Their response is a TEXTBOOK case of "Just World Fallacy!"
This cognitive bias is based on the belief that the world is inherently fair and that people get what they deserve. As a result, when some OCT members witness injustice, they may rationalize or justify the behavior of those in "power" (like banks, compliance officers, judges, prosecutors, the tax authorities, etc.), assuming that the victim, i.e., you Alex, must have done something wrong to deserve your fate, i.e., your Wise bank account closed.
This bias arises from a deep-seated need to believe that the world is predictable and just/fair, which provides these people with a sense of security. Absent this, they would be in disequilibrium or have a homeostatic imbalance. It's NOT their fault!
Source: Cognitive dissonance induction in everyday life: An fMRI study.
In case you don't have a background in medicine/neurology, I'll provide an abbreviated explanation...
The study mentions brain areas, particularly the anterior cingulate cortex (ACC) and anterior insula, that are associated with emotional regulation, conflict monitoring, and the processing of adverse effects or discomfort. The ACC is specifically known for detecting discrepancies between expectations and reality, which is central to the experience of cognitive dissonance.
When people are faced with inconsistencies between their beliefs, values, and actions (as the task in the clinical study prompts), this conflict can lead to mental distress, which is reflected in increased neural activity in these regions. This distress can be as dire as physical pain and is often experienced as emotional discomfort, unease, or tension.
Source: How Emotional Pain Affects Your Body. Emotional pain can hurt as much as physical pain
Admitting that innocent people can suffer from injustice would challenge this belief and create cognitive dissonance. To avoid the discomfort of acknowledging that bad things can happen to good people, outsiders/non-parties may blame the victim so the outsiders can maintain and conserve the illusion of a fair and orderly world and SAVE themselves from psychological torment or mental anguish.
Victims should NEVER blame outsiders for acting in their OWN best interest and choosing self-preservation!
I know you do not want to hear this, but think this through. Create a mental construct of how you would design the world if you did not know where you would be born or what ethnicity or socio-economic status you would be born in.
Additional Psychological Concepts That May Be Involved:
(1) Victim Blaming
(2) Authority Bias
(3) Cognitive Dissonance
(4) Systemic discrimination/racism. (A compliance officer making a few grand per month probably can't fathom how someone from Mauritania, where the average monthly salary is €500/month, can earn more than them. This would be mentally very painful for them! Choosing NEVER to deal with you again is their best course of action to avoid additional mental anguish! (Most people are NOT really that professional.)
To summarize, the Just World Fallacy drives people's tendency, i.e., outsiders, to justify unfair or illegal behavior, often leading to victim blaming in situations of injustice.
I hope this helps, buddy!
PS. And I'm sorry this happened to you! Unless you start dealing more in decentralized crypto, this will continue to happen more and more.
If you are a sensitive person, do NOT read the following message to @Alexmorgan
You have been warned.
Proceed at your OWN risk!
Dear Alex,
Ignore the naysayers!
-----------------
To all who say there is a reason... they have NO idea what they are talking about!
They all need to spend some time on The Innocence Project!
Their response is a TEXTBOOK case of "Just World Fallacy!"
This cognitive bias is based on the belief that the world is inherently fair and that people get what they deserve. As a result, when some OCT members witness injustice, they may rationalize or justify the behavior of those in "power" (like banks, compliance officers, judges, prosecutors, the tax authorities, etc.), assuming that the victim, i.e., you Alex, must have done something wrong to deserve your fate, i.e., your Wise bank account closed.
This bias arises from a deep-seated need to believe that the world is predictable and just/fair, which provides these people with a sense of security. Absent this, they would be in disequilibrium or have a homeostatic imbalance. It's NOT their fault!
Source: Cognitive dissonance induction in everyday life: An fMRI study.
In case you don't have a background in medicine/neurology, I'll provide an abbreviated explanation...
The study mentions brain areas, particularly the anterior cingulate cortex (ACC) and anterior insula, that are associated with emotional regulation, conflict monitoring, and the processing of adverse effects or discomfort. The ACC is specifically known for detecting discrepancies between expectations and reality, which is central to the experience of cognitive dissonance.
When people are faced with inconsistencies between their beliefs, values, and actions (as the task in the clinical study prompts), this conflict can lead to mental distress, which is reflected in increased neural activity in these regions. This distress can be as dire as physical pain and is often experienced as emotional discomfort, unease, or tension.
Source: How Emotional Pain Affects Your Body. Emotional pain can hurt as much as physical pain
Admitting that innocent people can suffer from injustice would challenge this belief and create cognitive dissonance. To avoid the discomfort of acknowledging that bad things can happen to good people, outsiders/non-parties may blame the victim so the outsiders can maintain and conserve the illusion of a fair and orderly world and SAVE themselves from psychological torment or mental anguish.
Victims should NEVER blame outsiders for acting in their OWN best interest and choosing self-preservation!
I know you do not want to hear this, but think this through. Create a mental construct of how you would design the world if you did not know where you would be born or what ethnicity or socio-economic status you would be born in.
Additional Psychological Concepts That May Be Involved:
(1) Victim Blaming
(2) Authority Bias
(3) Cognitive Dissonance
(4) Systemic discrimination/racism. (A compliance officer making a few grand per month probably can't fathom how someone from Mauritania, where the average monthly salary is €500/month, can earn more than them. This would be mentally very painful for them! Choosing NEVER to deal with you again is their best course of action to avoid additional mental anguish! (Most people are NOT really that professional.)
To summarize, the Just World Fallacy drives people's tendency, i.e., outsiders, to justify unfair or illegal behavior, often leading to victim blaming in situations of injustice.
I hope this helps, buddy!
PS. And I'm sorry this happened to you! Unless you start dealing more in decentralized crypto, this will continue to happen more and more.
What do you like about Zenus? I have never used it, but I heard many times on OCT that people are happy.
Any idea why they have such a bad rating on the trustpilot?
Me and others here are happy with it
They value their clients and they really reliable
In my case i take cash from ATMs and i buy a lot through them and they fine with it there is no surprises at all
I had an issue before on transaction through debit card to My Dukascopy bank which is failed and i just sent them an Email and then same day they called me international call to hear my problem and second day issue solved
Only sad thing is when you move money from your company to your personal zenus it takes 3 to 4 days which is long
Thanks really
Seems Crypto is the solution for us all
But i dont know but i smell a trap in this Crypto
The regular banks keep bothering us to push us to Crypto while Blackrock is putting hand in it
It's possible to check the card and bank account availability for the different countries on their website.
Lots of the countries are unsupported by the cards.
But it's kind of cool to have a US bank account and a card with the ACH. I think you can even get payments from Stripe.
I think we better to create a separate topic about Zenus and discuss it.
"Zenus Bank will not open any account or process any transactions from countries which have been sanctioned by the United States Department of the Treasury, Office of Foreign Assets Control 'OFAC' and others selected by Zenus. These include Belarus, Crimea, the Democratic Republic of Congo, Cuba, Iran, Iraq, Libya, Nicaragua, North Korea, Russia, Somalia, Syria, the Balkans, the Central African Republic, the Donetsk and Luhansk regions of Ukraine, Venezuela, Yemen, and Zimbabwe."
Does it mean citizenship or residency?
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Compliance checks can happen in real time these days following any action. And you almost certainly had a high enough risk score in their system that your account was blocked went into review queue and they could not defend keeping your account open after a manual review.
What Wise would onboard yesterday may not be what wise would onboard today. Risk appetites of financial institutions are constantly changing on a weekly basis
.An interesting take that I've never heard before. I doubt it though - what could the trap exactly be? It's international un-censorable money - It doesn't care what some government or big company thinks of it.
I don't think it's fair but the reality is that you have risk factor after risk factor stacked on top of each other. It would've been better if Wise had rejected you right away instead.
Did you declare that you would send/receive AED or transactions to/from UAE during onboarding?
Mauritania is considered a high risk country. You live in Bahrain which is considered a semi risky jurisdiction. Then you throw a US company into the mix. US by itself isn't a concern but it's a third and (seemingly) unrelated jurisdiction. As icing on the cake, you want to hold AED, which isn't the currency of US or Bahrain. UAE and by extension its currency are still considered elevated risk, even if no longer on the FATF gray list.
Country Reports – KnowYourCountry is a very useful tool to get some insight into how financial institutions evaluate jurisdictions.
To a financial institution with as low a risk appetite as Wise, this combination of risk factors is enough to off-board a client. It oozes of money laundering, tax evasion, or worse. You would need to work with a bank that understands Mauritania, Bahrain, and UAE better. A local bank, maybe a regional bank like Arab Bank, Habib Bank, or Mashreq.
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