Our valued sponsor

Sword and Shield
SWISSMONEY Iban Accounts with Sepa

how to move money from Wise to crypto without using visa/mastercard

J

juice99

New member
Nov 12, 2019
14
0
1
23
#1
I want to move money from Wise to cryptocurrencies or alternatively to advcash/binance or even some other service. Direct payment from Wise to advcash/binance is not possible (they block such an attempt).

It is fully legal money that I only want to use to pay salaries to my employees - but those employees are often from Venezuela, so direct transfer is not possible.

Any solution that doesn't even involve crypto would be fine too.
 
#2
Sending to Venezuela huh? Then people wonder why some EMI's don't like crypto :confused:.
 
#3
I don't think you understood my post... I have employees in Venezuela, they need to be paid normal salaries but their official banking is a mess. If there is one moral reason to circumvent the official financial system it is to pay poor people for food in countries where they are oppressed.

As mentioned, money comes from a legal source and I would gladly pay them officially via normal transfer but it is impossible in their country. So is there any way to do it? Could be Wise -> crypto but can also be some EMI that allows Venezuelans to withdraw money and for example pay for groceries. Binance payment allows it, they can pay via Binance app in shops but Wise -> Binance doesn't work.
 
#4
juice99 said:
I don't think you understood my post...
Click to expand...

I don't think you understand me either. Venezuela is blacklisted globally by most banks and EMI's including Wise due to risk of running foul of US & EU sanctions on Venezuela.

Crypto might be option but unless you've been living under a rock for last few years I am wondering how you plan on sending money to Venezuela by "normal transfer" unless you live in some non-aligned nation.

You can use localbitcoins to buy crypto or p2p sites selling crypto. But I don't feel comfortable discussing activity around Venezuela.

Good luck.
 
#5
Venezuela is foremost a country with 28 million breathing people, not some shitty government that oppresses them. Giving advice to rich 1st world guys to avoid lawful taxes is fine, but helping Venezuelans get their hard-earned salaries so they can buy food is not :) What an interesting piece of... logic. It's xenophobic and racist to react like that at the sound of some country.

Buying crypto via LocalBitcoins might get me in trouble with Wise I guess. Any crypto-friendly EMI that accepts transfers from Wise?
 
#6
juice99 said:
Any crypto-friendly EMI that accepts transfers from Wise?
Click to expand...
Use swissquote and invest some money in low-risk index funds with them, and then transfer the salaries from wise to swissquote and to kraken or CEX.com afterwards, then buy the crypto from any of these exchanges and send it to your employees.

the most important thing is to keep some money invested with swissquote because they don't like being treated as a bank account, but since you are mentioning salaries, it means that you would do 1-2 transactions a month maximum (to and from swissquote), so it shouldn't be a problem.

Not the most efficient way, but at least it works. Also don't buy crypto directly from swissquote because their fees are terrible.

Good luck!
 
  • Like
Reactions: uplana
#7
juice99 said:
Venezuela is foremost a country with 28 million breathing people, not some shitty government that oppresses them.
Click to expand...

Ok.

juice99 said:
Giving advice to rich 1st world guys to avoid lawful taxes is fine, but helping Venezuelans get their hard-earned salaries so they can buy food is not :) What an interesting piece of... logic.
Click to expand...

Ok.

juice99 said:
It's xenophobic and racist to react like that at the sound of some country.
Click to expand...

Explain that to the compliance officer of Wise or any bank or EMI and let me know how you get on.

juice99 said:
Buying crypto via LocalBitcoins might get me in trouble with Wise I guess. Any crypto-friendly EMI that accepts transfers from Wise?
Click to expand...

You need to send from Wise to a smaller EMI like maybe Mistertango then purchase crypto from MT's exchange - btc-exchange.com.

Good luck
 
#8
MiddleEuroAsia said:
Use swissquote and invest some money in low-risk index funds with them, and then transfer the salaries from wise to swissquote and to kraken or CEX.com afterwards, then buy the crypto from any of these exchanges and send it to your employees.

the most important thing is to keep some money invested with swissquote because they don't like being treated as a bank account, but since you are mentioning salaries, it means that you would do 1-2 transactions a month maximum (to and from swissquote), so it shouldn't be a problem.

Not the most efficient way, but at least it works. Also don't buy crypto directly from swissquote because their fees are terrible.

Good luck!
Click to expand...
Thank you, sounds good!

I will be sending max 10 000 EUR per month there. How much should I keep invested in stocks to be safe?
 
#9
juice99 said:
Thank you, sounds good!

I will be sending max 10 000 EUR per month there. How much should I keep invested in stocks to be safe?
Click to expand...
10 - 20% of the amount you send every month.

so if you want to send 10k, make sure you have 1-2k in your account invested with them. and you then sell your positions 2-4 months later and reinvest the profits into other low-risk investments, and keep doing that in autopilot.

you appear as a semi - active trader and you do what you want, they make some money, and everyone is happy.

but don't push it too much, and have some commonsense and you will be left alone.

Good luck!
 
#10
any backup idea? This doesn't even have to be Wise, it just has to be IBAN account provider that supports SEPA payments and allows transfers from accounts not in my own name and then allows to send it to some crypto provider. Binance or Advcash only accept incoming transfers if receiver=sender. So maybe some more crypto-friendly account for an offshore company?
 
#11
juice99 said:
any backup idea? This doesn't even have to be Wise, it just has to be IBAN account provider that supports SEPA payments and allows transfers from accounts not in my own name and then allows to send it to some crypto provider. Binance or Advcash only accept incoming transfers if receiver=sender. So maybe some more crypto-friendly account for an offshore company?
Click to expand...
then use flowbank. they accept third part transfers, so it might be what you are looking for.

You can also use bankera (Don't know if they accept third party transfers or not, haven't tested it). and I think @Gediminas might be able to help you with that.
 
  • Like
Reactions: joffreylol
#13
juice99 said:
I want to move money from Wise to cryptocurrencies or alternatively to advcash/binance or even some other service. Direct payment from Wise to advcash/binance is not possible (they block such an attempt).

It is fully legal money that I only want to use to pay salaries to my employees - but those employees are often from Venezuela, so direct transfer is not possible.

Any solution that doesn't even involve crypto would be fine too.
Click to expand...
Hey have you tried Revolut? I ran into similar restriction with Wise few months ago. My mate told me Revolut is crypto friendly. So my routine is to fund my Wise account(fastest to accept deposit from Tradfi institutions). Then use their card to fund Revolut(30 minutes to open a Revolut account for me, then funding Revolut with Wise card is instant)

As soon as you get your Revolut virtual card, you can use it to buy crypto anywhere.
 
#14
  • Like
Reactions: CaptK
You must log in or register to reply here.
SWISSMONEY Iban Accounts with Sepa

Forum Announcement

Latest Threads

The Kingdom Bank
SWISSMONEY Iban Accounts with Sepa
Offshore Bank Accounts
Top Bottom
Back