Our valued sponsor
The worst EMI in the world
- Thread starter Overtrade
- Start date
-
Nobody is reading this thread right now.
You got lucky I transferred 50k to my company from my personal wise account to currenxie company account as I was investing in my business
The transaction went through with no issues.
The next day we have closed your account.
I appealed and provided payslips, bank statements, a Letter from work (with Salary included), and an Employment contract, but still nothing, and no explanation as to why.
This issue in today's world debanking is common but no one talks about it.
What was I supposed to do more than that? By the way, they did not say they were laundered money or anything they just said due to internal policies and our risk appetite we have decided to close your account.
This should be illegal but it's not as in unless you can prove wrongdoing or if the client is unwilling to provide a source of funds only then you can close the account etc...
As I said wise is the worst EMI out there hope I get my company account with OCBC soon (Currently in the process of opening one) so I don't have to deal with EMI's
In my opinion, all EMI's are bad because for every EMI there are stories like mine above as I don't mind that they asked for evidence, etc... I mind that I gave them everything even more than what they asked for and still closed my account I mean why even ask for it and then when is provided you still go ahead and close the account then just close it outright.
Banks can close your account too but it's very rare especially if you can provide a source of funds as I know a lot of friends and people who had their EMI closed but I don't know a single person who got their bank account closed both personal or corporate (I know two people who got warned and the transaction was rejected because they tried to transfer from a crypto exchange and the bank considered crypto as a high-risk activity)
As I said wise is the worst EMI out there hope I get my company account with OCBC soon (Currently in the process of opening one) so I don't have to deal with EMI's
In my opinion, all EMI's are bad because for every EMI there are stories like mine above as I don't mind that they asked for evidence, etc... I mind that I gave them everything even more than what they asked for and still closed my account I mean why even ask for it and then when is provided you still go ahead and close the account then just close it outright.
Banks can close your account too but it's very rare especially if you can provide a source of funds as I know a lot of friends and people who had their EMI closed but I don't know a single person who got their bank account closed both personal or corporate (I know two people who got warned and the transaction was rejected because they tried to transfer from a crypto exchange and the bank considered crypto as a high-risk activity)
First of all, the thread topic is stupid. What do you expect to get out of it? Your case is presented one sidedly here, and only from your perspective, and just because you’ve been unlucky doesn’t mean I have.
I could say that Zen.com is the biggest garbage you could sign up for, while others might call it the best. I can give my one-sided opinion on why I think Zen.com is trash, but what do you gain from reading that? My case will always be different from yours.
We could keep listing new neobanks/EMIs and sharing our one sided opinions and views about each one! Has anyone here really dug deeper into the people claiming they’ve had a bad experience with a specific EMI? Not as far as I can see!
These tendencies are pretty common here on the forum.
I’m guilty myself of having strong opinions and trying to push them onto others, but I do try to catch myself. In general, there are many who are true masters of manipulating social media and other platforms like OCT.
Sorry If I came off too strong I was not trying to push my opinion I was sharing what happened to me you can take it as you will.
I'm glad Wise works well for you.
The only advice I have is to use proper banks whenever possible and have EMI as backups again this is just my opinion take it as you will.
There’s no need to apologize; this is a free forum where everyone is allowed to say what they want. My entire rant wasn’t directed solely at you but more generally.
And you’re right, it’s important to have multiple EMIs in addition to a couple of real bank accounts, if possible. You never know what might happen in this world; it’s becoming more and more chaotic.
You're missing a point. This thread is meant to share what kind of possible scenarios people may encounter when they deal with EMI.
Its going to be especially useful for those who used traditional banking all their life and decided to try EMI: at least they'll be more careful and keep the amounts lower.
I'm sorry if I missed the point of the thread, but why on earth do 80% of the people posting here feel the need to leave silly replies like, 'This EMI is good,' 'This EMI is bad,' accompanied by poor comments made up of a few words and no real context?
It makes absolutely zero sense whatsoever!
It makes absolutely zero sense whatsoever!
That is partly true, but there are averages. If most people say this EMI is bad, then it usually is. Now, when most people say this EMI is good, it means it's not as bad as the rest.
Furthermore, it will give people the idea and knowledge that they will be more careful when choosing an EMI and how much money they put into said EMI.
As I said use banks and use EMI's as backups in my opinion even the worst banks out there are better than the best EMI.
Take Trustpilot which is not very reliable I know but if you look at bad reviews of EMI most of them are they froze/closed my account and are holding my fund for X months etc...
Now if you do the same for banks most people will say they did not approve a loan or something or customer service was slow or whatever else but you will rarely see a bad review ohh they froze/closed my account and are holding my money for X months
That’s not entirely correct either; apologies for jumping in here. The problem with EMIs is that they approve businesses or private customers much more easily than a traditional bank, that's why they exist, and there are thousands of them!
With the high acceptance rate for new customers, the risk of attracting really bad customers also increases, people who have been rejected everywhere else but found a loophole here. A bad customer could also be criminals exploiting this weakness in an EMI's approval process. These are the very people who will end up ruining it for the rest of us because it will eventually make it harder to get approved, even with an EMI!
And when things go wrong, these people, who should never have been allowed to open an account in the first place, do nothing but play the victim and post all over the place that this EMI is bad and a scam, nonsense! They are the real problem, and it has nothing to do with the EMI.
Trustpilot is probably the worst example you can bring up; it’s 90% deceitful and fake reviews! It’s nothing more than a money-making machine for the Danish company behind it.
That’s why you can’t just post something like, “I think EMI XYZ is terrible because they closed my account, and I’m innocent, they’re the ones in the wrong, stay far away!”
A post like that should raise at least 10 follow up questions for the poster, requiring a deeper dive into the situation. It demands details that people most likely don’t want to (or shouldn’t) share on a public forum. And since they shouldn’t, we’re back to square one, it’s nonsense. I’d even go as far as to say that only thoughtless individuals would post something like that.
This is true as well but with one caveat because EMI's are easier to open this is why they close them more easily as in we don't care what evidence you have if we find even something minor out of the ordinary bye bye.
Saying that it is always the customer's fault its false as I have a personal example of this and I have seen the same in 3 of my friends with EMI's where it was the EMI's fault.
It's strange how myself everyone I know (small sample size I know) had all kinds of issues with EMI's as in accounts blocked or closed but not with banks except when it was actually my friend's fault he tried to transfer money from a crypto exchange the transfer was blocked and the bank contacted him told him crypto is not a permitted activity and that was it he never transferred from a crypto exchange he still has the bank account.
The point of all this is not that you don't use EMI's that you know what you are in for if you do or at least there is a good chance of it.
Btw I use EMI's as well but only when I must and there is no other choice otherwise use banks X100 times better.
Well, that’s a prime example of exactly what we’re discussing here. You say you have a personal experience with this, are you willing to elaborate on it enough so that readers can determine whether it’s your own mistake or the EMI’s? How are we supposed to verify that the information you might share here is accurate?
Have you possibly altered the story slightly? Or did you experience it differently than, for example, the EMI that closed your account? It’s just impossible to know and as flawed as much of the junk on Trustpilot.
I’m genuinely glad that you’ve found a way to navigate the business world and that you’re clearly doing what works best for you and your situation, big congratulations on that. But could you also tell me what I should do with my business and which EMI I should choose that’s really good?
That is the thing I swear I have not altered my statement at all
I transferred 50k to my company from my personal wise account to currenxie company account as I was investing in my business
The transaction went through with no issues.
The next day from wise: we have closed your account.
I appealed and provided payslips, bank statements, a Letter from work (with Salary included), and an Employment contract, but still nothing, and no explanation as to why.
What was I supposed to do more than that? By the way, they did not say they were laundered money or anything they just said due to internal policies and our risk appetite we have decided to close your account.
This should be illegal but it's not as in unless you can prove wrongdoing or if the client is unwilling to provide a source of funds only then you can close the account etc...
In my opinion, all EMI's are bad because for every EMI there are stories like mine above as I don't mind that they asked for evidence, etc... I mind that I gave them everything even more than what they asked for and still closed my account I mean why even ask for it and then when is provided you still go ahead and close the account then just close it outright.
And for my EMI I use https://currenxie.com/en-hk for my company and have an account with https://stlucia.provenbank.com/ in Saint Lucia and am in the process of opening an account in Singapore with OCBC (https://www.ocbc.com/group/gateway.page)
I had no issues transferring 50k to Currenxie but I would never risk transferring more than that as I'm afraid they might block the account or something like that even if I can prove anything and everything is legit. Look what happened with Wise I used them for 9 years for up to 1000 to transfer and the moment I transferred 50k they closed my account.
Even closing the account is not a problem they take months to release the funds. (if you have any stuck there)
Last edited:
Latest Threads
-
-
Insurance for corporate investment account- Started by Nicholas Van Orton
- Replies: 1
-
-
-
