Our valued sponsor
Dont trust Wise
- Thread starter Alexmorgan
- Start date
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.
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 !
Like for example any connection to the UAE oil trade !
Last edited:
Thing is most transactions especially if using the swift system in different currencies exchange in the US (SDNY) anyway.
The art now to avoid such is to ensure the banks have access to SEPA outside of Europe via their corresponding banks so say Taiwan merchant bank has Euros (Swift) to French bank with ECB in the Centre and then SEPA to Dutch bank.
If doing for example MYR to ZAR it will likely via swift go through SDNY or banks corresponding with banks in SDNY which basically convert against $ in the BG giving the US jurisdiction.
Another one ofcourse is stables that are not changed to FIAT and not US Companies - Tether ofcourse is connected to SDNY these days for its underlying but what you hold isn’t connected apart from backed by - laws will need changing there or case law generated to give full authority to police - hence tether playing ball and there’s no push back as yet from cases that its jurisdiction overreach based on backing by underlying connected to the federal banking system - note the transactions do not use the federal banking system either
Circle in the other hand does and doesn’t - but there’s push back to follow due process hence freezing orders deferred to court order not phone call or the FBI etc having access to freeze capabilities etc.
With the continued adoption of currency to currency exchange in goods and services that will open up additional transactional routing outside of Us extraterritorial jurisdiction as the world’s policeman.
They once closed my account for opening a business account connected to a newly formed BVI company as a holding company for assets.
Was immediately re-opened on emailing the CEO but the holding company approach couldn’t be used with them - they advised if a productive company then fine.
Sometimes it’s a case of reaching out…
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.
|
if you changed your adress to the UAE and you contact Wise about it, they block your cards
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.
wise is utter dogS.. they sent me this too but for a closed account I had with them.
Be happy they did not whack your whole account.
Correct
"Right now you can only get new USD account details if you have a personal Wise account and live in the US. If you already have USD account details, they’ll work as normal."
Can I get USD account details? | Wise Help Centre
Right now you can only get new USD account details if you have a personal Wise account and live in the US. If you already have USD account details, they’ll work as normal. Learn more below It dep...
wise.com
Their compliance requirements around USD has changed yet again overnight. Read betweeen the lines it is likely they are reviwing existing USD account holders also. USD is a high risk currency for FI's outside the US. In any case I have said it before but wise, revolut etc should all abandon the US market and USD use and de-risk their businesses from US extraterritorial control. Nothing good for these companies will come from entering the US market or maintaining US correspondence accounts other than fines, criminal charges and damage to their business model long term.
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.
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.
Think this through... CT preferred to go and sit in a US federal prison than move with his billions to China and live in peace! How f*cking brainwashed must one be?
Same as the West did here Killing C.I.A. Informants, China Crippled U.S. Spying Operations in China! , and here it was their own flesh and blood, and they stuck their tails up their asses and exited left!
Mossad agents REFUSE to station in China! They KNOW what's up! The Jews are smart AF!
Of course, Mossad may get some Indian or Pakistani or Mexican and train them and station them in China, knowing full well that their days are numbered.
As long as Tether keeps freezing "scammers/drug dealers/etc.," China doesn't give AF as the US DOJ is doing their dirty work for them for free. The moment they take out legitimate suppliers in China, all H3LL will break loose! The distinction is clear!
PS. A few countries in the world import billions from China using USDT, and the West knows it, but it isn't willing to engage in tortious business interference because of China. Also, some of us started trading in ¥ a while back and don't even use €, $, CHF, £, etc.; so much easier and so much more peaceful! No gender-confused purple-haired compliance officer asking stupid questions! That BS about them being independent from the business owner can only fly in the CRAZY West! Just imagine, one of my employees telling me that I am NOT allowed to do business and accept money from some buyer because of his race, ethnicity, or residency....I'd defenestrate that b1tch!
PSS. You best believe that China has the "dirt" on EVERY Tether employee and director in Hong Kong. Will they indict them? Not really, unless they cross the line!
That is true, in many Chinese online stores the first and cheapest payment option is usually USDT on Tron.
No USDT would be terrible for people who buy Chinese products, however I'm not sure the governments care about them or that.
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.
Tether also stores that $ in treasury bills, if they deem them criminal maybe they can easily get rid of 100-200b $ US debt, two birds with one stone.
I use USDT almost every day to pay for stuff, and I never used USDC for payments, but I feel more comfortable keeping money in USDC.
US can stop Tether or Circle (USDC), China can only stop Tether if they want, but not Circle.
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?
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. 
I have used Wise for the past six years without any issues. I regularly update my information if there are any changes and otherwise use the account for standard business purposes. Salaries are paid monthly, and taxes and VAT are handled through this account, ensuring everything runs smoothly.
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.
A friend of a friend said something very profound to me:
"I always use the profits of USDT or any other non-RIPCORD "currency" as a casino-profit "medium of exchange."
The principal and additional profits beyond those necessary to continue the day-to-day "trading/manufacturing" go into equities, bonds, Bitcoin, Monero, and a few other "vehicles" I would rather not mention openly, but they have been discussed extensively in the Mentor Group Gold.
- Never ever lose your "seeds" (= analogous to the unit of reproduction of a flowering plant, capable of developing into another such plant).
- Sow your seeds on your OWN inaccessible and publicly unknown farmland. Never give them to ANYONE else, so they can sow YOUR seeds on their farmland and abscond with your seeds and the fruits they bore.
- Never doxx yourself, your farmland, and your possessions
- Exchange your excess "seeds" for different seeds and expand your "farm" by "sowing" into other types of "vegetables, fruits, and food-producing animals."
If your sending first party wires in USD but receiving third-party wires in USD then its still a high risk. Not sure if you are receiving third-party wires in USD. But if one sticks to all first party wires it lowers risk but does not eliminate it.
WIres to/from accounts held in your name is first party. Wires to/from accounts not in your name is third party.
Latest Threads
-
Critique My Lean US - Mauritius Structure (2.1% Effective Tax Rate)- Started by Leo Vanguard
- Replies: 5
-
-
-
-
Review about ViaCarte please
- Started by GlobalConsult
- Replies: 0
