Transferring funds from Wise to Bankera a bad idea?

[Mavec]

Hello:

Is transferring funds from Wise to Bankera likely to get my Wise account banned?

(Yes, I then transfer the funds from Bankera to a crypto exchange but I don't think Wise could know that)

 

[Gediminas]

There won't be any problems with that just due to this fact. Bankera IBAN will look like any other bank IBAN.

 

[Mavec]

There won't be any problems with that just due to this fact. Bankera IBAN will look like any other bank IBAN.

Are you sure? I’ve seen others say that EMI to EMI would get you blocked. Anyone have any experience with this route? Could be up to 100k/month

 

[Sols]

I don't know where the EMI to EMI getting blocked nonsense came from but that's what it is: nonsense.

I see six and seven figures flowing across EMIs on a monthly basis with no difference in additional compliance and paperwork headache than banks. Have your affairs in order, including agreements/invoices and full KYC, and you'll be fine. Just make sure the EMIs you work with accept your line of business. Some have chosen not to work with certain industries, territories, or types of transactions.

Wise likely will not care much about a transfer to Bankera, provided the transfer can be explained. If both accounts are in the same name (i.e. your own or your company's), it's unlikely they will give it much attention beyond asking to see a statement proving that the Bankera account indeed belongs to you/your company.

Where you might run into issues is if you invest in crypto, withdraw to Bankera, and then remit to Wise. Wise might determine that these incoming transactions are too closely affiliated with crypto. Prepare another exit plan.

 

[Member]

I don't know where the EMI to EMI getting blocked nonsense came from but that's what it is: nonsense.

I see six and seven figures flowing across EMIs on a monthly basis with no difference in additional compliance and paperwork headache than banks. Have your affairs in order, including agreements/invoices and full KYC, and you'll be fine. Just make sure the EMIs you work with accept your line of business. Some have chosen not to work with certain industries, territories, or types of transactions.

Wise likely will not care much about a transfer to Bankera, provided the transfer can be explained. If both accounts are in the same name (i.e. your own or your company's), it's unlikely they will give it much attention beyond asking to see a statement proving that the Bankera account indeed belongs to you/your company.

Where you might run into issues is if you invest in crypto, withdraw to Bankera, and then remit to Wise. Wise might determine that these incoming transactions are too closely affiliated with crypto. Prepare another exit plan.

How this can be possible for Wise to know the remitted transactions from Bankera are previously withdrawn from a crypto exchange?!
Can you give a bit of info on this?

 

[Sols]

How this can be possible for Wise to know the remitted transactions from Bankera are previously withdrawn from a crypto exchange?!
Can you give a bit of info on this?

They might ask for SOF (source of funds).

 

[Fred]

Wise is picky when it comes to which financial institution you are sending money.

That's the reality.

There are even some real banks they reject to execute the transfer and once you enter the SWIFT they mention "Sorry we are unable to send funds to this bank" - Mashreqbank is one of these.

Why? Lax regulation in the eyes of Wise and indeed Mashreq verifies it's clients with much less questions then other UAE banks.

Same goes for EMI's:
MisterTango, ePayments, GlobalnetInt - all were already flagged by Wise before they were finally busted by the regulator.

Wise want's you to use them like they were original designed - receiving money in currency X and transfering them out in currency Y and in best case a cross boarder transfer.

Transfering from Wise in your name to another financial institution in your name makes them curious as there is no economy substance - it's just redirecting money to avoid crypto currency restrictions that are in place with Wise for a reason so be careful and even be more careful the other way around when you are sending from "Cryptofriendly EMI" to Wise as they tend to not really accept the proof of funds and put you in a loophole with there questions.

 

[uplana]

Regardless what answers you get from here or there I would try it, not everything is static and sometimes you can do things which seems the impossible. Always pay attention to be careful when you do something that you don't think is allowed.

 

[Singa]

I talked to the Wise Twitter support a while ago about sending my funds from Cryptocurrency platform /service to wise balance..
The only way you can do it is that it must be coming from an account WITH YOUR NAME!
Meaning you need to open an account with a crypto platform that offers you personal IBAN /SWIFT.. For example:
Bankera.com/ Wirex/ibandirect

 

[FullLender]

My very recent experience with wise and cryptos:

- As stated in their terms, they ALLOW receiving fund from platforms that deal with cryptocurrencies as long as they are regulated in the EU or the UK. Wich are those platforms? Well, their support team provided me a public document of the FCA (Financial Conduct Authority) of UK where appear all the temporary registrated Cryptoasset firms. And they said there is no issue with receiving money from these platforms. The document: https://register.fca.org.uk/servlet/servlet.FileDownload?file=0154G0000062BtF

There you can see some exchanges like Bitstamp or Coinfloor.

I've already received two small transactions from Coinfloor with no problems, it just says "Coinfloor Limited just paid you". Now I'm waiting for a third one that will reach the 5 figures if we sum all three transactions.

- About wise-bankera relationship. As far as I know they allow transactions from crypto-related platforms if it's coming from an IBAN under your name. That's bankera's case, in my experience I've only tried it once, I sent 500€ from a bankera's personal account to Wise. The money was in the Wise account instantly, in seconds. And no problems at all so far.
I never sent money from Wise to Bankera, but if the other way around works, I don't see any reason why it shouldn't be possible.

It would be welcome if any others can share their experience with this matter. Good luck folks.

 

[Singa]

My very recent experience with wise and cryptos:

- As stated in their terms, they ALLOW receiving fund from platforms that deal with cryptocurrencies as long as they are regulated in the EU or the UK. Wich are those platforms? Well, their support team provided me a public document of the FCA (Financial Conduct Authority) of UK where appear all the temporary registrated Cryptoasset firms. And they said there is no issue with receiving money from these platforms. The document: https://register.fca.org.uk/servlet/servlet.FileDownload?file=0154G0000062BtF

There you can see some exchanges like Bitstamp or Coinfloor.

I've already received two small transactions from Coinfloor with no problems, it just says "Coinfloor Limited just paid you". Now I'm waiting for a third one that will reach the 5 figures if we sum all three transactions.

- About wise-bankera relationship. As far as I know they allow transactions from crypto-related platforms if it's coming from an IBAN under your name. That's bankera's case, in my experience I've only tried it once, I sent 500€ from a bankera's personal account to Wise. The money was in the Wise account instantly, in seconds. And no problems at all so far.
I never sent money from Wise to Bankera, but if the other way around works, I don't see any reason why it shouldn't be possible.

It would be welcome if any others can share their experience with this matter. Good luck folks.

really good experience!! I like it

 

[Tr0nad0r]

My very recent experience with wise and cryptos:

- As stated in their terms, they ALLOW receiving fund from platforms that deal with cryptocurrencies as long as they are regulated in the EU or the UK. Wich are those platforms? Well, their support team provided me a public document of the FCA (Financial Conduct Authority) of UK where appear all the temporary registrated Cryptoasset firms. And they said there is no issue with receiving money from these platforms. The document: https://register.fca.org.uk/servlet/servlet.FileDownload?file=0154G0000062BtF

There you can see some exchanges like Bitstamp or Coinfloor.

I've already received two small transactions from Coinfloor with no problems, it just says "Coinfloor Limited just paid you". Now I'm waiting for a third one that will reach the 5 figures if we sum all three transactions.

- About wise-bankera relationship. As far as I know they allow transactions from crypto-related platforms if it's coming from an IBAN under your name. That's bankera's case, in my experience I've only tried it once, I sent 500€ from a bankera's personal account to Wise. The money was in the Wise account instantly, in seconds. And no problems at all so far.
I never sent money from Wise to Bankera, but if the other way around works, I don't see any reason why it shouldn't be possible.

It would be welcome if any others can share their experience with this matter. Good luck folks.

After confirming that is fine for them I've used Wise for withdrawals from Kraken on multiple occasions (4 figures - low 5 figures)

I use Wise to exchange and send money on a daily basis so I'm paying a good amount on fees (~2% per remittance) to the company, I don't think Wise want customers that want just to cash out receiving 10,000 EUR from a crypto exchange and just paying 0.41 EUR in fees to move it to a bank account, it's just not worth it.

I talked to the Wise Twitter support a while ago about sending my funds from Cryptocurrency platform /service to wise balance..
The only way you can do it is that it must be coming from an account WITH YOUR NAME!
Meaning you need to open an account with a crypto platform that offers you personal IBAN /SWIFT.. For example:
Bankera.com/ Wirex/ibandirect

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That seems to be the case for Crypto.com as well, I've used Wise for transfers to Crypto.com in the past without problems.

 

[Marventus]

Hello, everyone! Let me first say I'm really loving this forum and all the info you guys share, so thank you all!
I've had a very bad experience with Bankera's verification system (tl;dr: reached level 2, then they gave me crap when applying to level 3), so I'm seeking other alternatives.
What I'm trying to do is find a path from Wise to crypto exchanges, as there is absolutely no doubt in my mind that doing stuff like what some claim on this thread (transfer to advcash, crypto.com, or any other crypto platform) will end in your account getting closed. I have asked them as much and they confirmed what others on this thread have already informed.
Any thoughts or experiences on this matter would be greatly appreciated.

 

[uplana]

Bankera is not a crypto platform as far as I understand how they work. Why would Wise block them?

@Marventus transfering crypto to Wise is not possible you need to find EMI's to put in-between discussed here many times already, you are hijacking this thread btw!

 

[Marventus]

I didn't mean to hijack the thread, I was simply sharing my own experience with the OP's transfer method: Wise -> Bankera.
What I wanted to say is that I wouldn't recommend Bankera at all, thus why I shared my experience.
You misread completely what I meant about Wise and crypto, but I won't elaborate further to keep the thread on the right track.

 

[FullLender]

I've always used the opposite path, exchange--> bankera --> Wise. Everything fully verified of course.
So far no problems, only one question from Bankera about my ownership of my exchange account. With very fast replies tbh.

I also made several withdrawals directly from a crypto exchange to Wise, Coinfloor (which from weeks ago no longer exists). The reason why they accept that is because they are in the list of temporary regulated crypto companies of the UK (Wise support sent me directly that public list of companies).

I also transfered from crypto CEX to Nuri, and then from Nuri to Wise. No problems so far.

And also from Wise to Nuri.

What I'm trying to say is that I don't really see many problems from Wise side. You could try to send from Wise to Nuri, and from Nuri to crypto.

 

[pesto]

Why? Lax regulation in the eyes of Wise and indeed Mashreq verifies it's clients with much less questions then other UAE banks.

but they are growing bigger every day, why, because they can.

 

[04372]

Wise accepts crypto withdrawals from exchanges regulated/licensed by the UK/EU.
This includes Coinbase, Bitstamp, Kraken, Bitpanda, etc...

Now that Binance has gotten the regulatory 'OK' from the French government, I'd assume it will be ok to withdraw from them too at some point.

 

[JohnLocke]

Where did you read that Wise accept crypto from regulated exchanges ?

 

[04372]

Where did you read that Wise accept crypto from regulated exchanges ?

https://wise.com/help/articles/2932118/incompatible-accounts-and-payments
'You can receive money to your Wise account from a platform that deals with cryptocurrencies — as long as the platform is regulated and/or supervised in the EU or UK.'

I wouldn't stress it with big amounts tho, unless I had trading records to demonstrate where the money comes from.
We all know this is an EMI at the end of the day.

Btw James, I have contacted the admin team through the 'Contact Us' form, would you mind take a look at it?
Thank you