Dont trust Wise

[bibing]

I don't think that's the reason your account was closed...lol.

Not trying to excuse OP, but you all can't imagine how many times big corps close accounts because their algorithms were wrongly triggered by false signals.

It can happen with your social media account (FB, Google) online marketplaces (eBay is quite known for that) and unfortunately also with EMIs.

 

[Martin Everson]

Not trying to excuse OP, but you all can't imagine how many times big corps close accounts because their algorithms were wrongly triggered by false signals.

From my understanding account "blockage" can occur due to a algorithm but "closure" is more often only after a follow up human intervention in banking. Never heard of software that closes accounts but have heard of software that can block/freeze accounts and stick in queue for human review.

It can happen with your social media account (FB, Google) online marketplaces (eBay is quite known for that) and unfortunately also with EMIs.

Social media and banks/emi's are totally different. Not sure if your trying ti draw some sort of parallel here.

 

[jesuschrist]

WFOE and his suppliers in China have to exchange USDT into ¥ within a day or so.

I heard that too, they usually exchange it quickly to ¥, so maybe most Chinese merchants will be unaffected.
Btw who gave Tether the billions of USD for its reserve, why would anyone give them USD when they smell so fishy?
My theory is the US wants Tether, we just don't know why.

Some of my friends kept high 8 figures in USDT for farming and fun because it gave the highest interest, at least they could swap 1/3 to USDC and 1/3 to DAI for a basic derisk...

Ps. I believed XMR would go down after the Binance delisting, it went down first but looks like I was wrong, it kinda decoupled from the rest of the market.
Usually XMR even goes up a bit when BTC and other altcoins go down, maybe XMR is a good hedge for BTC.

 

[Houdini]

WTF - You guys really know how to go off-topic with all your crypto discussions, can’t you read the thread title and stick to the subject?

As a long-time customer of Wise, I can only say that I haven’t had any problems at all.

I heard that too, they usually exchange it quickly to ¥, so maybe most Chinese merchants will be unaffected.
Btw who gave Tether the billions of USD for its reserve, why would anyone give them USD when they smell so fishy?
My theory is the US wants Tether, we just don't know why.

Some of my friends kept high 8 figures in USDT for farming and fun because it gave the highest interest, at least they could swap 1/3 to USDC and 1/3 to DAI for a basic derisk...

Ps. I believed XMR would go down after the Binance delisting, it went down first but looks like I was wrong, it kinda decoupled from the rest of the market.
Usually XMR even goes up a bit when BTC and other altcoins go down, maybe XMR is a good hedge for BTC.

 

[Oakgrove]

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.

i think I found a workaround - I'm able to set up a 'Connected U.S. bank account via ACH' where the commission isn't that much higher than converting existing USD (in my USD bucket) to other currencies. I'm merely using the USD detail on Wise to receive USD (from a US bank account) so I can convert them to other currencies (cheaply).

Hopefully that should work (and keeps me out of trouble).

I did notice that instead of seeing my usual USD bank detail (when I go to my USD bucket), I now see a 'Join Account details waitlist' link (and of course I clicked it). Maybe I should just close my USD down like @martin suggested..

 

[ShillGates]

wise software works that if they close an account, they will record all beneficiaries and recipients of that account and put it on a global shitlist. So if you receive money or try to pay the same of someone who so happens to be on that block list, you get fucked, byebye. So its full of boobytraps yes. If you receive and send to known sources that you know are yourself, no problems. Other than that f 'em


also wise performs global fx for some emis and they share compliance. SO of they would do the backend fx of "superdupermoney emi in lithuania" also you will get your account closed there if wise closes your account. SO you might think you have 5 emi acocunts, but if they all do wise corporate fx , byebyebyebyebyebey.......... There is no human intervention, they are a listed or billion dollar company that dont need the "legit" customers of offshorcorptalk. They want mom and opop to send in their salary so they can charge a monthly fee, like revolut

 

[EliasIT]

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.

Unfortunately, I don’t think the decision-makers at Wise are paying attention to OCT or giving your words as much importance as the rest of us do. So, I doubt they’ll stop allowing U.S. citizens to open accounts anytime soon. It’ll probably take something going wrong before they even consider it, and that’s if they manage to survive the fallout.

 

[jafo]

As a long-time customer of Wise, I can only say that I haven’t had any problems at all YET.

There! I fixed it for you!

 

[Houdini]

maybe you are right, maybe not we will see.

 

[jesuschrist]

Obviously USD is the most useful and the one I use most to receive from time to time, I never send from it

You think that's enough to "de-risk" a bit or it doesn't matter?

Receiving USD (especially from many 3rd party) is much higher risk for them compared to sending. The reason I heard is because the scammers usually use EMIs as intermediaries to move stolen USD and EUR bank transfers.

Sending USD (especially if originates from a bank account in your name) is okay, they don't care about that.
A few times they stopped my USD transfers to the Philippines but when I double verified I want to do it, they allowed it.

I remember loosing 15% in USDT previously when there was talk of a crackdown or backing of it (think was 2018/19).

Something similar happened with USDC too last year, when they stored 10% of their USD reserve in Silicon Valley Bank during its bank run.
Wasn't pleasant to see the value of my USDC to be 100k $ less than the balance...

https://www.reuters.com/business/crypto-firm-circle-reveals-33-bln-exposure-silicon-valley-bank-2023-03-11/

The rules I learned in crypto is to never store your coins in an exchange for long time, and never store everything in 1 stablecoin, distribute it to at least 3-5 depending on the amount and time.
The stablecoins must be distinct, for example DAI use part of its reserve as USDC so when USDC went down DAI followed it.

 

[Alexmorgan]

wise software works that if they close an account, they will record all beneficiaries and recipients of that account and put it on a global shitlist. So if you receive money or try to pay the same of someone who so happens to be on that block list, you get fucked, byebye. So its full of boobytraps yes. If you receive and send to known sources that you know are yourself, no problems. Other than that f 'em


also wise performs global fx for some emis and they share compliance. SO of they would do the backend fx of "superdupermoney emi in lithuania" also you will get your account closed there if wise closes your account. SO you might think you have 5 emi acocunts, but if they all do wise corporate fx , byebyebyebyebyebey.......... There is no human intervention, they are a listed or billion dollar company that dont need the "legit" customers of offshorcorptalk. They want mom and opop to send in their salary so they can charge a monthly fee, like revolut

Wow

Thats something new

Many said about the international black list but didnt think it going to be this tough to isolate anyone from using banking services


This is how they are creating a money launderers and push people to illegal papaer money leaking

a lot who are legit and their business is 200% legit but they got international problems because of their nationality and they went to ( one way GPI MT103 )

Now because of these banks more people got into money laundering game

 

[jafo]

money launderers

Only if the (illegal) proceeds are from a crime! I explained this before! Don't let lawyers or accountants or know-it-all idiots hoodwink you into believing this BS so they can extort money from you or overcharge you!
Source: Re-introduce crypto gains to brick and mortar fiat bank

PS. I know judges who have a hard time understanding this. It's like they are in a cult! It's like abuse victims....they don't "understand" what happened to them decades later.

 

[0xDEADBEEF]

I know judges who have a hard time understanding this. It's like they are in a cult!

The "as long as it is not our undeclared money we will take it" cult.

 

[jafo]

The "as long as it is not our undeclared money we will take it" cult.

Touché!

 

[Houdini]

Wow

Thats something new

Many said about the international black list but didnt think it going to be this tough to isolate anyone from using banking services


This is how they are creating a money launderers and push people to illegal papaer money leaking

a lot who are legit and their business is 200% legit but they got international problems because of their nationality and they went to ( one way GPI MT103 )

Now because of these banks more people got into money laundering game

It's not that simple! If you receive illegal money to a Wise account or any other bank account you should expect your account to be closed! Same goes for mickey mouse KYC you provide to any bank as well as Wise.

 

[lonizzita]

From my understanding account "blockage" can occur due to an algorithm but "closure" is more often only after a follow up human intervention in banking. Never heard of software that closes accounts but have heard of software that can block/freeze accounts and stick in queue for human review.

I can say the opposite.
they closed my corporate account overnight with an email, no reason no previous request or freeze.

an email where it is stated that the account is disabled without being able to request an appeal.

wise account opened for years.

 

[JackAlabama]

I can say the opposite.
they closed my corporate account overnight with an email, no reason no previous request or freeze.

an email where it is stated that the account is disabled without being able to request an appeal.

wise account opened for years.

well since they pretty much legally own our banking balance, they can basically do what they want providing any argument.

 

[Martin Everson]

I can say the opposite.
they closed my corporate account overnight with an email, no reason no previous request or freeze.

an email where it is stated that the account is disabled without being able to request an appeal.

wise account opened for years.

Cool.

P.S Too tired to walk through this case today.

 

[Matade]

Wise is non trusted monetary institution that they just close your account for no reason

In my case my usage wasn't heavy and wasnt risky at all

Except one move i did that i added AED account in it in order to add a beneficiary company located in UAE

Then suddenly account closed and this move i guess its AI move then human took over

and the picture is after 30 days from appealing

Dont trust wise at all they will just close it for no reason

If that is really the truth you can sue them to hell and back in court of law. Stealing money is illegal. So just go and hire a lawyer, close and shut case.

 

[brianK]

I can say the opposite.
they closed my corporate account overnight with an email, no reason no previous request or freeze.

an email where it is stated that the account is disabled without being able to request an appeal.

wise account opened for years.

hmmm are you sure the story is like this ?