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The worst EMI in the world

#23
Steve3000 said:
September 2021 Wise CEO fined hundreds of thousands of pounds
https://www.telegraph.co.uk/business/2021/09/27/billionaire-wise-founder-fined-uk-tax-violation/
August 2022 Abu Dhabi's free zone financial centre said on Tuesday it had fined the local subsidiary of fintech firm Wise $360,000 for breaching anti-money laundering (AML) requirements.
https://www.reuters.com/technology/fintech-firm-wise-fined-360000-by-abu-dhabi-regulator-2022-08-30/
Oct 2024 The founder of the money transfer service Wise has been fined £350,000 for failing to inform the City regulator that he had failed to pay his taxes.
https://uk.finance.yahoo.com/news/billionaire-tech-boss-fined-failing-091802781.html
Remind me again about their AML requirements? ;)
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I consider this to be pocket money for him and Wise, still it is one of the best services I ever have been using for several years.
 
#24
bubbledouble said:
The thread is rather redundant as it depends on the person or company using a particular EMI (Electronic Money Institution) to determine which they think is bad or good. And then there are those who constantly have problems with banks and EMIs, and those who never have any issues.
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I don't think it's redundant at all. When a bank examines the details and banking history of a client, they examine data containing both good and bad points over the years. The bank then makes a decision about that individual. This is part of KYC and AML. However, the client also has a duty and even an obligation to do their own due diligence. This may involve public data such as market capitalization, profit, liquidity, history of CEO etc but also information gathered from other sources. Websites like this one serve as a very important source of such information. Since the fiasco that was the Great Financial Crisis, a client's KYB and AML checks are more important than ever. Simply do an internet search for 'bank's name' + court+ fine+ corruption+money laundering...etc and you see what I mean.
 
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#25
EliasIT said:
I consider this to be pocket money for him and Wise, still it is one of the best services I ever have been using for several years.
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Elias, I agree with you. Wise provides a good service. My post was really to emphasise the irony and sarcasm in the hoops through which we have to jump in order to satisfy their 'checks' while the banks continue their own agenda of turning those checks on their head when it comes to their own shortcomings. :cool:
 
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#27
Overtrade said:
What are the worst EMIs in the world?

Staffed by monkeys and bots, run from coworking offices and Starbucks, suddenly closing and blocking accounts, detecting via app geolocation that you've changed your place of residence and then ceasing to work, demanding ridiculous documents, shutting down at night because Starbucks is closed.

Let’s create a list of shame!
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I liked the "run from coworking offices and Starbucks" part the most :D
 
#29
dany said:
how can one say which is the worst EMI in the world ?
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You probably need a large poll covering 1000s of people to get an answer. I think that this forum is perhaps too small to draw any definite conclusions- apart from a few really bad ones. We've all had both good and bad experiences with the same EMIs. e.g. Revolut has been mostly good, but their software has really screwed up at times, asking me the same questions, I.D. that they already have etc. At one point I had a reminder to send my tax code., even though I had sent it years ago. I finally discovered that they had added Ireland to my 'tax residency'. I've never been to Ireland in my life!

But the EMI with the worst name? Definitely Yuh! :rolleyes:
 
#31
bubbledouble said:
The thread is rather redundant as it depends on the person or company using a particular EMI (Electronic Money Institution) to determine which they think is bad or good. And then there are those who constantly have problems with banks and EMIs, and those who never have any issues.
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For people this thread is an option to get something off their chest. For EMIs it is a good indicator they are doing something wrong.

More information on EMIs the better, especially when it comes to obscure ones.
 
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#35
Steve3000 said:
But you must give reasons, examples!
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They emailed me asking about invoices for 2 payments I received, I provided info regarding those 2 transactions and asked if they needed anything else, they replied asking for an actual invoice, I provided that, they never got back to me...

1 week goes by, I receive an email saying my account will be closed because I haven't provided the info they requested. I tried contacting them again, they never replied.
 
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#36
ZEN has closed my account because of crypto related transactions.

Hello,

We have detected activity in your account that violates ZEN Terms and Conditions. That is why, according to point 9 of ZEN Terms for Individual Users and Law of the Republic of Lithuania on Payments we regret to inform you that we must terminate your agreement.

Your ZEN account will be closed within the next 30 days.

If you have any funds available in the account, please transfer them to your external bank account. Please remember to do this within the specified period of 30 days.

From now on, any pending transfers that have yet to be credited to your ZEN accounts will be rejected and returned to senders.

If you cannot transfer the funds within the given period, we will transfer them to a temporary account. If this happens, contact us at [email protected] and we will help you pay out your funds.

We assure you that at ZEN.COM your data is treated with the utmost caution. We have stringent rules to ensure the security of your personal data throughout the entire account closing process.

Best regards,
The ZEN Team
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#38
Steve3000 said:
But you must give reasons, examples!
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It is easy if you look at previous posts they were fined 3 times for illegal activity.

September 2021 Wise CEO fined hundreds of thousands of pounds
https://www.telegraph.co.uk/business/2021/09/27/billionaire-wise-founder-fined-uk-tax-violation/
August 2022 Abu Dhabi's free zone financial centre said on Tuesday it had fined the local subsidiary of fintech firm Wise $360,000 for breaching anti-money laundering (AML) requirements.
https://www.reuters.com/technology/fintech-firm-wise-fined-360000-by-abu-dhabi-regulator-2022-08-30/
Oct 2024 The founder of the money transfer service Wise has been fined £350,000 for failing to inform the City regulator that he had failed to pay his taxes.
https://uk.finance.yahoo.com/news/billionaire-tech-boss-fined-failing-091802781.html

But when I tried to transfer my money to my own company because the bank is in Hong Kong they denied my transaction and closed my account they asked for bank statements etc... which I provided now waiting for them to give me back my money.

Ohh their Compliance & AML is s**t they are saying I'm a scammer and I had the account for 7 years (used it for small transactions up to 1000) a joke especially coming from them.

Currently opening a bank account is Singapore so I can stay away from jokers like wise.
 
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#40
JohnnyDoe said:
Zen is crypto friendly. What kind of transactions did you make?
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Accepted a P2P transaction. Maybe the other guy was high risk and they decided to take down two birds with one stone.
 
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