If Wise is going to close accounts and is not the best, how diversify the money?

[wellington]

I think if you stay away from $ on these things you end up ok.

Mind I just sent a small dollar amount to a chap stateside for something (data I came across which he had on his site - hobby) that can’t be attained without a lot of fuckery - gift my end to him as a thanks - but that was wise to wise tag so not using the banking system - probably another reason people have issues is using swift or using wise -> external account at some point it will flag up an issue and the compliance costs are just not worth it.

Perhaps get the counterparties to also use wise and provide their tag then it’s all internal DB to internal DB and technically should reduce the compliance concerns as it’s all internal and not something wise has concerns from regulators external over as they’ve carried out KYC and AML on both ends.

 

[Why]

The wise closure epidemic just stroke me too... Now looking for alternative for receiving and sending USD funds internationally for non-Us and non-Eu resident.

Welcome to the club. I am still searching. I did reach out to Swissmoney who sponsors this site, but it's been weeks and still no news on mu submission.

What are the roots? Just that's a pure offshore or some high-risk business, “toxic” citizenship or residence of UBO(s) and directors, ...? It's important for making a suggestion.

Yes, extremely probably.

Negatively – in general.
Revolut (as well as Wise, BTW) is known to have one pitfall: Closing the (especially business) accounts without any warning or notice, without any reasonable explanation and freezing the cash for undefined time. Yes, it is true that a big, even perhaps major part of horror stories that you can read here and elsewhere is de facto concerning an account misuse or abuse; but it is not always so. There is really a very remarkable number of cases where their AI machine just makes a false deduction / misinterprets data (or/and some poorly paid trained monkey at the first line of compliance departement does the same); and the dispute takes eons. Yes, AFAIK, nobody lost the money, finally they return it to the owner but even freezing your cash for some months can ruin your life and/or business perfectly. Of course, it can happen with another EMI, too; but with Revolut/Wise it is IMO quite frequent.
I guess that the core problem there is that they are
– too big (and probably underpowered in resources) to handle all the agenda properly;
– too known not to attract very different people, sometimes definitely with really shady intentions...
As a result, you can simply have a bad luck quite often...
OK, they are not second to evil but definitely not sufficiently reliable – and generally there is a lot of another (better) financial institutions.

So I consider it usable/recommendable only for a really limited set of use-cases. Perhaps the well acceptable use-cases for Revolut/Wise are if you work as a porter, pay for your groceries and from time to time send some amount to your parents somewhere, or if you have a grocery shop and pay to local farmers.

So you need a personal account, not a business one – correct?
What is your citizenship and residence and how much money you are willing to deposit? Again, it's important for making a suggestion.

IIRC, Currenxie asks for something like 8 USD for a SWIFT transaction – it's not expensive, IMO...

You applied for an Italian company? What business are you into?

European citizen in SE Asia

 

[Forester]

The wise closure epidemic just stroke me too... Now looking for alternative for receiving and sending USD funds internationally for non-Us and non-Eu resident.

Welcome to the club. I am still searching. I did reach out to Swissmoney who sponsors this site, but it's been weeks and still no news on mu submission.


European citizen in SE Asia

As for personal accounts, if you reside in the country that is accepted by Zen or Paysera, give them a try.
Otherwise try Zenus – but I'd rather use it just as a pass-through...

Or consider establishing a company – your situation will improve remarkably.

 

[cyprusbanker]

Welcome to the club. I am still searching. I did reach out to Swissmoney who sponsors this site, but it's been weeks and still no news on mu submission.

They are active around here @swissmoney did you try to get in touch with them here?

 

[Why]

I think if you stay away from $ on these things you end up ok.

Mind I just sent a small dollar amount to a chap stateside for something (data I came across which he had on his site - hobby) that can’t be attained without a lot of fuckery - gift my end to him as a thanks - but that was wise to wise tag so not using the banking system - probably another reason people have issues is using swift or using wise -> external account at some point it will flag up an issue and the compliance costs are just not worth it.

Perhaps get the counterparties to also use wise and provide their tag then it’s all internal DB to internal DB and technically should reduce the compliance concerns as it’s all internal and not something wise has concerns from regulators external over as they’ve carried out KYC and AML on both ends.

Do you accept direct messages?

They are active around here @swissmoney did you try to get in touch with them here?

Thanks for sharing, will geet in touch with them here

 

[Forester]

Perhaps get the counterparties to also use wise and provide their tag then it’s all internal DB to internal DB and technically should reduce the compliance concerns as it’s all internal and not something wise has concerns from regulators external over as they’ve carried out KYC and AML on both ends.

Yes, this is (or at least can be) an advantage of internal payments – in any financial ecosystem, not only inside Wise. But it of course depends on that how they monitor internal transactions; it can differ radically between various providers, I guess.

 

[clemens]

Perhaps get the counterparties to also use wise and provide their tag then it’s all internal DB to internal DB and technically should reduce the compliance concerns as it’s all internal and not something wise has concerns from regulators external over as they’ve carried out KYC and AML on both ends.

that's not a bad idea if you frequently trade with each other.

 

[justnew]

Why should you hold 6 figures cash fiat?

I do for the last year with my bank, why not?

 

[JohnnyDoe]

I do for the last year with my bank, why not?

That’s fine if you enjoy holding a depreciating asset that can be frozen/confiscated at the blink of an eye.