Heads up: just had my Wio account suspended

#43
Now we know why
I'm sure you got this email today. They sent it to everyone;

Your security is our top priority. As part of the measures we've taken to protect our customers, some accounts may be partially restricted. Rest assured that in this case, your money is safe.



If you think you may have been affected by this scam, please report to the relevant authorities and get in touch with Wio Care. We're dedicated to resolving any issues promptly and transparently.



Stay Vigilant, Stay Protected



Team Wio
 
Reactions: JohnLocke, 0xDEADBEEF and jafo
#45
Yes all clean, i have daily trx of around 7 8 and amount is around 5k AED sometime a bit more like 8k. Nothing unusual or like that. Still they're delaying.
 
Reactions: jafo
#48
The issue with Wio since this happened has been that they haven't been transparent.

If they were transparent it would have been a non issue for most people to begin with.

Everyone is shitting on their customer support (including me), but it's not their fault and they're the ones that are getting all the misdirected anger which should be with management. Management provided them with the script to tell about police investigations and so on. This is the f**k up beyond the freezing of funds and is what makes things worse IMHO.

As @Martin Everson eluded to in his message, if you have issues with the police in the UAE and the wider region, then yeah, you're potentially turbo fucked.

Internally, I guess they're scrambling. But as this is the UAE, there will be no negative press, social media or anything. It's a non-issue. If Wio lose a few customers so what. They just recorded a profitable year and have more than AED 11bn in deposits. The folks that withdrew funds won't even be a rounding error for them.

Plus let's face it. What good alternatives are there in the UAE when it comes to banking? The old international banks with s**t services and relationship managers, terrible savings rates and so on.

@bigbite100, I can't elaborate on the channels I used, except there was an element of wasta involved. And I have a certain skill set when it comes to these kinds of situations.
 
Reactions: 0xDEADBEEF, dany and jafo
#49
csp dubai said:
good luck with pakistan customer service, i toldyou many time whe ni is too good to ne true is too good to be true
Click to expand...
No that's Indian people and customer service ppl mostly Filipinos

good luck with them , i am sure they are beter than pakistani , the indian competence is much higher

let us know when your funds will be unfroze , please
 
#50
Fo you tried this method? sounds like you hav been in the same boat?
 
#55
I think it would be fair to judge Wio on overall period than this small incident.
I'm sure all people got their accounts unfrozen already without doing anything.
Wio is the easiest bank account to get in UAE and for startup, it is probably the best. And when your business is growing then you can scale up to higher local banks.
Because if you are new in dubai and just incorporated, it is not easy to get bank account, banks prefer big companies not startups.
 
Reactions: Nomado, alich345 and jafo
#56
you not get it the problem is not wio , the problem is they have correspondent banks , as soon as they notice business is exploding they start to put pressure and they will become even worst than traditional banking as it happends in lithuania
 
Reactions: jafo
#58
csp dubai said:
you not get it the problem is not wio , the problem is they have correspondent banks , as soon as they notice business is exploding they start to put pressure and they will become even worst than traditional banking as it happends in lithuania
Click to expand...
Sir, you have been dropping some incredible intel gems lately!
You have some battle scars that you've earned along the way. These are priceless.

Thank you for sharing these gems.

IYKYK!
csp dubai said:
correspondent banks , as soon as they notice business is exploding they start to put pressure and they will become even worst than traditional banking
Click to expand...
uranium said:
What did they ask for ?
What kind of pressure?
Click to expand...

On May 24th of this year, a recently retired correspondent bank VP disclosed the same thing (& confirmed what I already knew a long time ago). His (recently) young wife is an attorney at a bank in Latin America. Her father is my customer, a client at the bank where his daughter is in-house counsel. The father/my client moves a TON of crypto in purchasing and selling from his distribution centers in Latin America because if he sends all of it in US dollars to Asia (via correspondent banks), the CB will freeze his purchases unless he starts to purchase from US-based public companies/distributors (that purchases from Asia ) that the correspondent banks ALSO own. One example out of dozens: https://fintel.io/so/us/snx







and on and on. We can go like this until the cows come home. For example, Blackrock, which owns shares in TD Synnex Corp, also owns shares in every correspondent bank.
This is NOT limited to Blackrock! Dozens of institutionalized investors are in the same position. I just use one well-known example for simplicity.

That is why when @Martin Everson posts articles about this: China: Project Mbridge - New Payment network outside SWIFT to empower Global South

I know exactly what it will mean for my growth and the growth of my suppliers and clients in non-Western countries. We are going to GROW massively! I can allocate more resources for them.

That's why it doesn't matter which attorney, accountant, lobbyist, etc., you hire to set up your company or which jurisdiction. Compliance officers at the bank you have your company account with will ALWAYS hinder you from doing business unless it is with THEIR "FREE MARKET & INSTITUTIONALIZED-OWNED businesses." (Their = institutionalized investors).
The compliance officers at banks do not even know how or what they are doing because the whole system is geared toward a specific group: the institutional investors!
The compliance officers just get their marching orders, and they follow them—no different than cops following orders without understanding them. They get a salary to do as they are told! They aren't allowed to think or question their "superiors."

Ponder on this, think it through, and ruminate on it. I've been doing this for more than 40 years. The elderly Jewish guys in New York (may they all RIP) who taught me this in the early 80s were very circumspect about their "crew" being consciously aware of this to make sure we didn't step on ANY toes, hence why the Hawala system was a way to stay under the radar and circumvent "institutionalized" Intel meant to "swallow" the competition!

 
Reactions: kislokan, yoyodubai, Martin Everson and 5 others
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