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Issues with transferwise, looking for alternatives

#22
no1d said:
TW closed my FZE account last week after an intra company transfer. I closed a bank account and wanted to move the funds there. They asked for invoices, company audited financial statements. Couldn't provide all the documents and bam, personal and business accounts deactivated.
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Sounds fair for TW to do that.
 
#23
I am relatively new to the forum and so far I have only been reading and collecting experience, I was curious about one thing: Did Transferwise returned the remaining balance to anyone if they have Closed your account?
I have heard that about deactivated account they return the money (2-5 workig days up to 30 days in some cases) but I have never read about positive news on Transferwise returning remaining balance to your local bank account if your Tw account is closed, any experience or informations?
 
#26
Got my money back, took ages (close to 2 months) but eventually they transferred the funds back to a personal and business account in same name.

I think they do rely on an ai to flag and investigate these things, as throughout the whole process received no questions/nothing basically. They just kept money for two months and sent it back causing me a lot of issues over nothing at the end...

And I wasn’t even using TW for any offshore scheme. Literally had a UK limited company, on my name officially on it. So now is it safe to assume that if I try to reopen a diff account with them they will ban me again straight away just because of same name? Have I been flagged for something, would be interesting to know. Never had these issues with Revolut and I had an account with them same time as TW and did all same, funny how that works lol
 
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#27
TW is cool if you don't have business considered high risk or as they explained in the e-mail in another thread it exceed their risk tolerance, it means they simply consider your business shady!

If you have a simple business with low volume you won't face troubles.
 
#30
rey skywalker said:
so if i have low business and i want become a great business i should not use it, great i must remain shitty business, great model of business
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A "great" business is conducted with a proper street bank where you go face2face and talk to your personal banker if needed and he advises you and takes care of any potential problems before they happen so you don't get shut off, and not a online new world bank of types ofTW, Revolut etc..
 
#31
Shitty business will sooner or later face troubles with any business partner they do business. This will apply for all EMI's regardless Transferwise, Reovlut, Bankera, Perversk or Mister Tango, s**t goes out of the body, that's why it's s**t.
 
#32
I think most people have not read TW's acceptable use policy. It is very aggressive in nature. Everyone both new and old customer should read it fully before carrying out another transaction or it may be your last. Simply sending money to an FX broker can get you banned or having an offshore company can be perceived as tax evasion.


i.e

-------

1.1 You may use our Services only for lawful purposes. You may not use our Services:​

  • in any way that would locally or internationally evade any applicable taxes or facilitate tax evasion.

1.2.2 Financial and other professional services​

  • Platforms allowing the trading and/or exchanging of FX/CFD/options.
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#33
PaulKruger said:
TW is cool if you don't have business considered high risk or as they explained in the e-mail in another thread it exceed their risk tolerance, it means they simply consider your business shady!

If you have a simple business with low volume you won't face troubles.
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Exactly, if i sell lemonade and make a couple of 100 $ a month, it surely is ok. ;)
 
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