Transferwise closed 3 Business accounts for me

[Martin Everson]

Starting an invite only Wickr group chat might be a better and more secure alternative.

Using a San Francisco based company to setup a private group is like renting space in a police station to commit money laundering.

 

[Elve]

Since the end of April my personal and business accounts have been closed on transferwise, and I am still not reimbursed my 16k EUR until today.

Attention with Transferwise, it seems that the policies have changed because in the past it was an EMI that allowed to transfer significant amounts, but now we can read more and more cases of closed account and funds frozen.

They are doing the financial police now with their shitty excuse of due diligence and their FCA regulator which forces them to freeze funds. I had never seen this before with a company regulated by the FCA.

 

[James Doe]

Hello Everyone,


I just had Transferwise close 3 business accounts for me... 2 of them on the same day and the third one
was closed today.

The first 2 accounts had a lot of activity on them but the third one was quite new with very little activity.

I wondered if anyone had the same issue in the past week, or if you have any suggestions what might
have been the reason.

Both accounts would received funds from C2B and B2B for a few months already and both past a verification
process where I was asked to provide Invoices, website and other details.


Thanks.

Hi Javier,

Since I read UK and your business type I think you can try to open an account with OroundaPSP, it looks like they will accept you.

 

[Sols]

Hi Javier,

Since I read UK and your business type I think you can try to open an account with OroundaPSP, it looks like they will accept you.

Why is it that the only times I hear about Orounda, it's from someone unknown? Either it's some dodgy, fake-looking LinkedIn profile or, in this case, a newcomer to a forum. Or someone I know hears about them through some irreputable source.

Not calling the company unreliable. Just that all interaction I've had with OroundaPSP has been a bit suspicious.

 

[Bmw850]

Why is it that the only times I hear about Orounda, it's from someone unknown? Either it's some dodgy, fake-looking LinkedIn profile or, in this case, a newcomer to a forum. Or someone I know hears about them through some irreputable source.

Not calling the company unreliable. Just that all interaction I've had with OroundaPSP has been a bit suspicious.

Each time you will see a shady company linked it will be from a new member. I m in your case always suspicious. But well the Admin here clean fast

 

[lookingforward]

Got my account closed there today

 

[Mr Magoo]

Got my account closed there today

Business/personal? What jurisdiction? What industry? How long did you have the account?

 

[Martin Everson]

Hi Javier,

Since I read UK and your business type I think you can try to open an account with OroundaPSP, it looks like they will accept you.

Interesting that Orounda Finance LP is a Scottish LP founded by two Seychelles offshore companies (Winton associates Limited and Carberry investments limited) that were services providers involved in the Moldova bank fraud. They were replaced by what looks like new Seychelles partners with a Bulgarian woman claiming controlling person....lol.

https://beta.companieshouse.gov.uk/company/SL020584/filing-history
Stay well away from this company and this new member who joined and on their very first post promoted this BS company. Otherwise you may end up creating a thread such as the below

https://www.offshorecorptalk.com/th...-high-risk-merchant-account.26398/#post-99935
@Admin

 

[Bmw850]

I have double checked my accounts for now is still fine. But maybe it's time to take out the money,not because TW is bad ( they are good ) but they may have changed or adds things to their algorithms.

 

[Martin Everson]

This is worrying if it becomes a trend. Would be interesting to know if those that opened Seychelles business accounts still have them open now?

 

[alexundu]

yep, tw also closed my uk ltd account, even with uk resident, legal business.

 

[Bmw850]

yep, tw also closed my uk ltd account, even with uk resident, legal business.

Interesting. I m also with UK Ltd's. Is your set up build with legit owners or a bit dark?

 

[alexundu]

Interesting. I m also with UK Ltd's. Is your set up build with legit owners or a bit dark?

legit owner and also business

 

[Bmw850]

legit owner and also business

So I don't know what happened. I have moved my money this morning from my accounts, putting attention on what it is said here. But still my set up are working.
Curious to know the TWs reasons

 

[Martin Everson]

legit owner and also business

What area of activity?

 

[alexundu]

What area of activity?

selling and installing industrial components

 

[Martin Everson]

selling and installing industrial components

Ok.

I just wired out my funds.....why take chances

 

[void]

selling and installing industrial components

components for nuclear research to Iranian companies :-D

just kidding, couldn't resist... hopefully TW is not the next one to sink

 

[Martin Everson]

components for nuclear research to Iranian companies :-D

just kidding, couldn't resist... hopefully TW is not the next one to sink

To be honest I did think the same but never said it....lol. I was thinking he may have been an S400 SAM installation engineer or something.

 

[Elve]

One thing is that they close the accounts, but another thing is that they freeze the funds for several months for due diligence and without good reason and without knowing whether they will meet the 60 business days that they mention for refund.

Did someone here have to wait 60 business days to be refunded?

In the past, I have had closed accounts with other EMIs regulated by FCA, but I have always been reimbursed immediately, It is very worrying this situation with transferwise.