True
Seems its not only with since this guy spoke about it
Thing is most transactions especially if using the swift system in different currencies exchange in the US (SDNY) anyway.That is what they call a content churning video. But anyway I don't possess a single USD currency account anywhere. I am already in a high risk category due to residency and don't want to increase it any further...lol. I have totally de-dollarized..lol.
Use of USD outside of US is risky anyway due to US overreach and hefty penalties, blacklisting etc if any dodgy transaction gets discovered.
On a side note at least Trump gets it when it comes to the dollar. Just first 5 minutes shows he gets. Something needs to change with how the US police the dollar or it wont end up good for US.
They once closed my account for opening a business account connected to a newly formed BVI company as a holding company for assets.Perhaps it's due to the review they made UPON AED account opening, then they obviously find something not palatable ....
Like for example any connection to the UAE oil trade !
Your local USD account details no longer work. | |||||||||||||
Unfortunately, we weren’t able to verify your residency because the information you provided doesn’t meet our verification requirements. So, from August 23, 2024, your USD account details will no longer work. | |||||||||||||
This means that: | |||||||||||||
• any scheduled payments, like Direct Debits, set up with your USD details will fail | |||||||||||||
• any money sent to your local USD account details will be automatically refunded to the sender | |||||||||||||
Nothing else about your account is changing. You can still top up, convert and send from your USD balance, as well as receive money in other currencies.
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if you changed your adress to the UAE and you contact Wise about it, they block your cardsI loved my Wise account, until I moved my personal/tax residency to UAE and updated Wise. They disabled my entire account across all currencies.
But after living in UAE for a year, I realized this is more of a UAE thing not Wise. My EMIs started dropping like flies. The Emirates likes to control people's money and communication with an iron fist. Wise probably backed out because of the UAE not you.
Avoid AED everywhere if possible; it's inviting the UAE into your business.
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.
wise is utter dogS.. they sent me this too but for a closed account I had with them.While we're all loudly berating Wise, here's mine. Wise Support sent a request for me to verify my EU address (which I did, on the app) and they requested a recent utility bill (which I sent). Got a confirmation email saying your address has been verified successfully. A few days later, got this in my email. Now I'm confused - my address is good enough to use Wise but NOT good enough to hold a USD detail?? Anyone else got this on their personal account (assuming they haven't shut you down completely)?
Your local USD account details no longer work. Unfortunately, we weren’t able to verify your residency because the information you provided doesn’t meet our verification requirements. So, from August 23, 2024, your USD account details will no longer work. This means that: • any scheduled payments, like Direct Debits, set up with your USD details will fail • any money sent to your local USD account details will be automatically refunded to the sender Nothing else about your account is changing. You can still top up, convert and send from your USD balance, as well as receive money in other currencies.
How to reactivate your USD account details To get your USD details back you need to update your address by October 22, 2024. Once we successfully verify your new address, your account will start working again as usual. How else you can receive USD You can still receive USD to your Wise account. Here’s how: • From people with a Wise account • Using Swift GBP account details
Thanks, The Wise team
While we're all loudly berating Wise, here's mine. Wise Support sent a request for me to verify my EU address (which I did, on the app) and they requested a recent utility bill (which I sent). Got a confirmation email saying your address has been verified successfully. A few days later, got this in my email. Now I'm confused - my address is good enough to use Wise but NOT good enough to hold a USD detail?? Anyone else got this on their personal account (assuming they haven't shut you down completely)?
Your local USD account details no longer work. Unfortunately, we weren’t able to verify your residency because the information you provided doesn’t meet our verification requirements. So, from August 23, 2024, your USD account details will no longer work. This means that: • any scheduled payments, like Direct Debits, set up with your USD details will fail • any money sent to your local USD account details will be automatically refunded to the sender Nothing else about your account is changing. You can still top up, convert and send from your USD balance, as well as receive money in other currencies.
How to reactivate your USD account details To get your USD details back you need to update your address by October 22, 2024. Once we successfully verify your new address, your account will start working again as usual. How else you can receive USD You can still receive USD to your Wise account. Here’s how: • From people with a Wise account • Using Swift GBP account details
Thanks, The Wise team
Nahhhh..... I deal 99.99% with suppliers in China, paying them in USDT. Tether sits in Hong Kong, China. If the West f*cks around with Chinese money, Tether will get a beating, and the SDNY/DOJ will just scribble a bunch of BS on paper and imitate Pontius Pilatus.Don't you feel anxious holding large amounts of USDC/USDT? I'm in crypto space for 3 years and there is always a fear of a stablecoin crackdown.
That is true, in many Chinese online stores the first and cheapest payment option is usually USDT on Tron.PS. A few countries in the world import billions from China using USDT
P.S If you have a USD account and suspect your activity or nationality could be an issue you may just want to close down your USD account and de-risk a little.
I thought about this, too, but even my "friend of a friend's" WFOE and his suppliers in China have to exchange USDT into ¥ within a day or so. My friend's friend keeps extra USDT when his buyers outside China pay him, e.g., 100K USDT, and he has to pay his Chinese supplier 96K USDT for the products. He then keeps his 4K in USDT as he won't exchange and tolerate compliance officers asking him for invoices or whatever else they hallucinate. Of course, depending on his expenses and a few other factors, he may exchange into XMR or Bitcoin. It all depends.What if this is the US plan? Convincing many Chinese merchants to use USDT and keep their money in it, and when they feel like China became too strong they will shutdown Tether to cause chaos in China.
I remember loosing 15% in USDT previously when there was talk of a crackdown or backing of it (think was 2018/19).Don't you feel anxious holding large amounts of USDC/USDT? I'm in crypto space for 3 years and there is always a fear of a stablecoin crackdown.
A friend of a friend said something very profound to me:I remember loosing 15% in USDT previously when there was talk of a crackdown or backing of it (think was 2018/19).
Now, no Tether is the 6th largest holder of US Debt, they need them buying because Japan is a seller, China buys and sells seasonality, Russia no longer buys, middle east is trying to get out of.
Basically the plebs will hold US Debt indirectly.
I have GPB, EUR and USD with wise ..
Obviously USD is the most useful and the one I use most to receive from time to time, I never send from it (Unless it's to my own bank account). And for years, if I'm not sending that money to my main bank directly, I convert it to EUR .. So 99% of the time I have 0 on my USD account.
You think that's enough to "de-risk" a bit or it doesn't matter?
sending first party wires in USD but receiving third-party wires in USD
What do you mean by first party and third party wires?