"Dumped" by major bank over three territories; need alternatives

[Why]

Try EMI

Given that an EMI just dumped me I wouldn't recommend that either, unless you know of a specific one that would accept Westerners living in Asia

 

[wellington]

Given that an EMI just dumped me I wouldn't recommend that either, unless you know of a specific one that would accept Westerners living in Asia

There must be something more going on here.

100k is peanuts (trust be compared to what i've held with wise).

I've been with wise since inception.

The only time i had issue was when i created a BVI company to hold the proceeds for a property sale.

I applied for an bus account and they froze.

After emailing the CEO directly my personal account was re-established as was with the funds within, business account was beyond their risk control even with a full paper-trail, said no issues with holding funds in my personal account.

Perhaps you've been flagged by computer sais no and that's it.

If that is not 'it' then you have some serious issues (flags) maybe because of business type, HK/China, unexplained wealth or a person of interest via proxy and flashing on the world wide DB they all use, or perhaps mentions on the internet / media.

 

[Sols]

If it's personal accounts, try UOB, OCBC, and DBS in Singapore. Account can be opened remotely. Minimum deposit ranges from

If it's business accounts, try Airwallex, Currenxie, and Statrys in the interim until you find a traditional bank. Your options there depend on what the company does, where it's operations/offices are based, et cetera.

 

[Why]

There must be something more going on here.

100k is peanuts (trust be compared to what i've held with wise).

I've been with wise since inception.

The only time i had issue was when i created a BVI company to hold the proceeds for a property sale.

I applied for an bus account and they froze.

After emailing the CEO directly my personal account was re-established as was with the funds within, business account was beyond their risk control even with a full paper-trail, said no issues with holding funds in my personal account.

Perhaps you've been flagged by computer sais no and that's it.

If that is not 'it' then you have some serious issues (flags) maybe because of business type, HK/China, unexplained wealth or a person of interest via proxy and flashing on the world wide DB they all use, or perhaps mentions on the internet / media.

I can think of 2 things thatbhappened just before: 1) i changed my phone number from he UAE to the Asian one. 2) i invested in their new “interest” and “stocks” features.

here is an excerpt of what they sent after closing the account:

“””
I see it's been a bit of a rollercoaster to getting your verification done and your account was closed earlier after a recent review. I have talked with our teams about the situation and documents and would like to help to resolve this. I will explain why we have arrived here and what we can do.

Wise needs to ensure we understand where the money is coming from that we process and frankly this is something all our customers are required to do at some point. So although you might have used additional services this would likely come up either way.

When the Wise account is closed, you can
1) appeal to get your money back
2) provide documentation and get your account reopened.

What do we need? The main goal is to understand the finance logic. What we see is that you have chosen as your main income description as: salary, investments, and that you are a freelancer. You have provided your taxes for 2022 as well however it seems the team did not see enough info on this.
““”

it didn’t seem so bad, it’s just that i am stuck in the appeal process because of the necessity to provide a new account number. And i don’t want to give my current bank account formtransfer as i don’tmwant to risk having it blocked.

 

[wellington]

their new “interest” and “stocks” features.

Isn't this only open to residents?

These stocks are usually US Centric, or Bonds, it brings them under HEAVY jurisdiction for the US. [Fincen, AML etc]

As a Brit living overseas -> This could be it...

Use a broker in HK/SGD for access to financial markets...

I see it's been a bit of a rollercoaster to getting your verification done and your account was closed earlier after a recent review. I have talked with our teams about the situation and documents and would like to help to resolve this. I will explain why we have arrived here and what we can do.

Wise needs to ensure we understand where the money is coming from that we process and frankly this is something all our customers are required to do at some point. So although you might have used additional services this would likely come up either way.

When the Wise account is closed, you can
1) appeal to get your money back
2) provide documentation and get your account reopened.

That's AML flag...

Compliance process.... These days (since Russia) it's become a problem (hence all the de-banking).

You'd likely get the funds unfrozen.... just explain / evidence.

But in times like these, keep [bulk] funds

:- Digital (USDC/USDT)
:- In a bank near to your circle of Life.
:- Offshore account for UK bank

as near to bearer based as possible.

EMI (Wise) etc passthrough for paying for things/staff?/costs etc.

____

The next couple of years you will have economic collapse / societal collapse / famine / polarisation / dysfunctional Governance / Scapegoating / etc.

My plan has been to get my utilising of the banking system to the bear min of operating requirement and ride it out to the other side (CBDC or more centralisation) - more control).

We expats are not immune to the conditions occurring at home.

In a hindsight in future you might look back as this being your saving grace, as peoples accounts are liquidated to bail in banks, and banks are liquidated to bail in central banks, and governments find it hard to raise debt without increasing interests, cycles dictate 18% interest by 2050...

Being forced out of retail focused domestic banking and EMI's which sit on top of that system, might be to your advantage.

 

[Why]

Isn't this only open to residents?

These stocks are usually US Centric, or Bonds, it brings them under HEAVY jurisdiction for the US. [Fincen, AML etc]

As a Brit living overseas -> This could be it...

Use a broker in HK/SGD for access to financial markets...


That's AML flag...

Compliance process.... These days (since Russia) it's become a problem (hence all the de-banking).

You'd likely get the funds unfrozen.... just explain / evidence.

But in times like these, keep [bulk] funds

:- Digital (USDC/USDT)
:- In a bank near to your circle of Life.
:- Offshore account for UK bank

as near to bearer based as possible.

EMI (Wise) etc passthrough for paying for things/staff?/costs etc.

____

The next couple of years you will have economic collapse / societal collapse / famine / polarisation / dysfunctional Governance / Scapegoating / etc.

My plan has been to get my utilising of the banking system to the bear min of operating requirement and ride it out to the other side (CBDC or more centralisation) - more control).

We expats are not immune to the conditions occurring at home.

In a hindsight in future you might look back as this being your saving grace, as peoples accounts are liquidated to bail in banks, and banks are liquidated to bail in central banks, and governments find it hard to raise debt without increasing interests, cycles dictate 18% interest by 2050...

Being forced out of retail focused domestic banking and EMI's which sit on top of that system, might be to your advantage.

Thanks for the detailed reply. I am new to this so not sure i understand all.

i am from EU not UK.
unfortunately my account is not frozen, it is blocked. They deleted my access and all.
HK and SG are getting highly regulated as well. Etrade is not taking any new customers for years. Was thinking of Schwab as a broker, but again, US based and lots of headache. Doors are closing from all sides.

 

[jafo]

Offshore account for UK bank

What does this mean? Can you give an example?

 

[wellington]

What does this mean? Can you give an example?

HSBC Offshore etc

https://www.expertsforexpats.com/expat-resources/useful-sites/best-expat-bank-accounts/

 

[Why]

Has anyone had experience with Swissquote?

 

[Sols]

Swissquote is good but only suitable for first-party transfers (to/from yourself).

 

[jafo]

Swissquote is good but only suitable for first-party transfers (to/from yourself).

Which bank, exchange, or FI would you recommend for third-party transfers?

 

[Sols]

Which bank, exchange, or FI would you recommend for third-party transfers?

Depends on who's asking and what they're asking for/about.

I mentioned some alternatives earlier in this thread:
https://www.offshorecorptalk.com/th...es-need-alternatives.43168/page-2#post-280969

 

[Why]

If it's personal accounts, try UOB, OCBC, and DBS in Singapore. Account can be opened remotely. Minimum deposit ranges from

If it's business accounts, try Airwallex, Currenxie, and Statrys in the interim until you find a traditional bank. Your options there depend on what the company does, where it's operations/offices are based, et cetera.

I tried the singapore route but there seems to be only one bank that accepts to o-en remotely and they need a letter of recommendation from a singaporean.
i wouldn’t mind to fly there to open an account but the choice seems to be very limited, and doesn’t look very optimistic

 

[wellington]

I tried the singapore route but there seems to be only one bank that accepts to o-en remotely and they need a letter of recommendation from a singaporean.
i wouldn’t mind to fly there to open an account but the choice seems to be very limited, and doesn’t look very optimistic

Not sure where you are based but if in Thailand you can go to Kasikorn and open a EUR, HKD, USD, SGD etc account.

Funds are held in their overseas branches, and you have to do transactions physically in the main branch in the town/city... (convert to local) or send out.

Might be a safe way to 'freeze' funds in situ till you get sorted.

--

I imagine its similar for main banks in a few ASEAN based countries.

 

[slink]

The only purpose behind the transaction is to recover my funds from my blocked Wise account.

This is why I never ever use EMIs now. The same happened to me with Revolut, with money locked up for months without reason. I wince every time someone recommends EMIs to me. I have absolutely zero trust in them, especially for large sums.

There must be something more going on here.

100k is peanuts (trust be compared to what i've held with wise).

I've been with wise since inception.

The only time i had issue was when i created a BVI company to hold the proceeds for a property sale.

I applied for an bus account and they froze.

After emailing the CEO directly my personal account was re-established as was with the funds within, business account was beyond their risk control even with a full paper-trail, said no issues with holding funds in my personal account.

Perhaps you've been flagged by computer sais no and that's it.

If that is not 'it' then you have some serious issues (flags) maybe because of business type, HK/China, unexplained wealth or a person of interest via proxy and flashing on the world wide DB they all use, or perhaps mentions on the internet / media.

No one has an issue with EMIs until they have an issue, then many are burned hard enough to stay well away from them.