I have US company with US brick and mortar bank accounts but their service is so terrible that I'm considering switching to Wise business account. However is it safe to use for 6 figures, keeping and making paymens all over the world? Do they tend to freeze often?
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Is wise safe for 6 figures biz accounts?
- Thread starter PinkCat
- Start date
Safest and most profitable EMI in the game.
Yes they freeze accounts from time to time like all other EMIs
You probaly wont have any issue if you only have transfers in the US and your business doesnt violate acceptable use policy.
Yes they freeze accounts from time to time like all other EMIs
You probaly wont have any issue if you only have transfers in the US and your business doesnt violate acceptable use policy.
I wouldn't recommend this with 6 figures even for an absolutely legit business. In a situation where you have many options it's simply not worth the risk putting yourself into position where you're fully dependent on some monkey working in a compliance department.
As long as your business activities are supported by Wise and you can produce evidence (invoices/agreements) if requested, no problem moving six figure sums through Wise.
https://mobile.twitter.com/horror_wisehttps://www.consumeraffairs.com/finance/transferwise.htmletc. Just google it a bit and search in this forum
Yep no issues with them (As long as you have an adequate SOF).
And you can also apply for Bricks, mercury, novel, relay...etc. They are also good.
I would strongly advise against using Wise for any and all business activities. You can read my thread on here about how Wise has closed my business account with $X,XXX,XXX in it, and their customer support is non-existent.
Important to note that my business activities are legitimate, and my books are clean. Account still closed. There are better alternatives out there.
Important to note that my business activities are legitimate, and my books are clean. Account still closed. There are better alternatives out there.
Wise is good as someone mentioned for your regular payments and receivables. Transfer 5 digits is no problem, 56 digits I wouldn't trust the.
Important I believe as with all EMI and banks is to build up some transaction history with wise and not immediately jump to large transaction amounts, but more gradually increase the amounts.
In the first month's transferring large amounts might raise some red flags.
If you have have legit proof of the funds it should be no problem.
Wise before was quite straightforward if they ran through a KYC or needed some proof, you provided it and within 2 working days it was approved.
But our last experience in December was not that good. Wise just required some new KYC docs, for an account of more than 4 years with regular transactions.
This was provided within 2 working days, but still after 2 weeks they blocked the account, even no more documents were needed.
It took in the end 4 weeks to validate one document. Meanwhile all our funds were blocked and even incoming funds do not reflect on the account.
So I wouldn't trust wise with large amounts. Regular banks don't block your account out of nowhere if they require some new kyc documents.
Important I believe as with all EMI and banks is to build up some transaction history with wise and not immediately jump to large transaction amounts, but more gradually increase the amounts.
In the first month's transferring large amounts might raise some red flags.
If you have have legit proof of the funds it should be no problem.
Wise before was quite straightforward if they ran through a KYC or needed some proof, you provided it and within 2 working days it was approved.
But our last experience in December was not that good. Wise just required some new KYC docs, for an account of more than 4 years with regular transactions.
This was provided within 2 working days, but still after 2 weeks they blocked the account, even no more documents were needed.
It took in the end 4 weeks to validate one document. Meanwhile all our funds were blocked and even incoming funds do not reflect on the account.
So I wouldn't trust wise with large amounts. Regular banks don't block your account out of nowhere if they require some new kyc documents.
Wise is good for receiving your salary as a state employee and buying groceries. Maybe. Nothing more.
I disagree. if you run your business legitimately and you don't violate their TOS, then you are fine 90% of the time.
If you work in a grey business then your only option is to have A good SOF and be a client that matches their customer persona.
what I mean by good SOF is documents that came from credible sources (documents from high street banks, documents (contracts/invoices) that are notarized/certified by government offices, documents from market places, documents from app store/google play..etc) and when you have that, you shouldn't have a problem. I maxed 4 wise accounts this way and never had a problem.
But yeah, let's photoshop these documents and hope they never knew is not a good strategy long term, it will work 3 times and fail a 100 times.
As long as your documents has a government stamp or something equivalent, you are good to go.
90pct of the time, and 10pct, let's say once every two years you might run in some issues.
If your business is not legit or you use darks ofcourse you will have anywhere one day some issues, this is not the topic.
Even as a legit business you can have issues just as we couldn't use our account for 4 weeks. The issue was their internal system, the document uploaded was not processed by them and then they just block the account. Normally I. 90pct of the time validation takes 2-3 days.
Finally it was resolved but this time we couldn't use our account 4 weeks, next time 8 weeks?
In general I haven't had any serious issues with wise and we use it for our business, but to transfer 200k usd, no, I prefer a normal bank transfer.
If your money is sent out from wise they also can't help you, let's say you typed a wrong account number or the beneficiary doesn't receive it for some reason. A normal bank can and will investigate and can push to recover the funds or add amendments to correct the account number /beneficiary details
Nope. My account was closed near end of December. I've been told that they have to complete their "due diligence checks" which "may" take up to 60 working days. But reading similar stories as mine, this may actually take way longer. I have a legal team standing by to full-send a case once those 60 working days have passed. Will keep people updated on that specific thread if you want to keep tabs on it.
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