Transferwise closed 3 Business accounts for me

[Martin Everson]

Never wait around to find out if they will block your account or simply allow you to transfer your money out. TW has a misguided focus on cracking the US market. They will throw you under the bus in a heart beat to meet US regulators requirements.

 

[Elve]

US regulators? I have never used USD in my transferwise account and never made transfers into or out of the SEPA zone. I have absolutely nothing to do either far or near with the US. I do not think that's the reason to my problem with TW.

 

[Martin Everson]

US regulators? I have never used USD in my transferwise account and never made transfers into or out of the SEPA zone.

Nothing to do with USD. If TW does business in US they have to follow US laws not only for activities in US but for everywhere else TW does business, including how and who they do business for entities outside the US. i.e if U.S has issues with Cyprus then TW cannot do business with Cyprus. TW will become a vessel company of U.S government extraterritorial control of even non-US/non-USD clients.

I do not think that's the reason to my problem with TW.

No claim made.

 

[extremedox101]

thanks for warning mate , i rely on it right now but not sure if i increase volume ...we need more alternatives .

does TW usually ask for source of funds (personal account)?

 

[Bmw850]

thanks for warning mate , i rely on it right now but not sure if i increase volume ...we need more alternatives .

does TW usually ask for source of funds (personal account)?

In the past, something like a year ago if I m not wrong, I had several accounts closed. TW refunded me, few days after

 

[Bmw850]

@Martin Everson seems you are right. And Uncle Sam come again in the backround
https://venturebeat.com/2019/06/26/...card-in-the-u-s-with-access-to-40-currencies/

 

[Mr Magoo]

then also watch N26, they are also now entering the US market

 

[Elve]

That is really incomprehensible when we know that most banks today prefer to be far from anything that links them to the US and reject all US clients.

With the impressive growth of these fintech in recent years as transferwise, why take the risk of entering the US market? They do not need that to keep growing.

 

[Mr Magoo]

who knows. Greed? Also: the banking system in the US is kind of prehistorical when it comes to transferring money.

 

[JohnLocke]

What alternatives are there for Transferwise? Mister Tango, Wirexx, Revolut other?

 

[Elve]

I would say that it depends on the needs of each. Transferwise met all the advantages in one, accounts in several currencies and countries in your name, exchange of money at reduced price, multi-currency card etc.

Revolut business can be a good alternative, but only if your businnes is well adapted to their appetite, otherwise it will be a real headache, and will never accept an offshore company.

Wirex, do not give me confidence for heigt amounts and more related to crypto, it seems risky. Wirex is good for personal use. This is only my opinion. In addition, their business offer is not yet very well developed, but accepts several jurisdictions outside the EU.

Mistertango does not have the advantages of TW at all and in my opinion can not be compared, In addition to his bad reputation.

Epayments can be a good alternative for offshore company, the only worrying thing is his relationship with Rietumu, but everything has worked well until now.

Paysera may be? I do not know what their conditions are exactly now to open an account, but it seems to me that they have always offered great service.

And for currency exchange, as an alternative, I think first of currencyfair, OFX and CurrenciesDirect. There are also as alternative ibani.com and b-sharpe.com which are Swiss companies.

Moving money today becomes a real challenge!

 

[JohnLocke]

Moving money today becomes a real challenge!

I totally agree. It's going to be more difficult every day from now on. The good question is, how will it be possible to setup something that will work long term in the future.

 

[Bmw850]

I totally agree. It's going to be more difficult every day from now on. The good question is, how will it be possible to setup something that will work long term in the future.

I think that here we speak about the level 1 set up , ie : Uk ltd + emi, cheaper than this may be a pack of rice. We cannot expect long terms with that, it s only kleenex set up.

 

[Tax Cow]

TW business accounts are a different beast. Although same currency payments work, it's crucial to acknowledge that their business is FX. They will not hesitate to close safe UK Ltd or German GmbH accounts that derail from their FX or card payment services.

With TW, it's perfectly fine to send daily cross-border EUR-to-USD payments from Germany to Nicaragua. It's NOT fine to send daily GBP-to-GBP payments within the UK or EUR-to-EUR payments within the SEPA zone. People have a hard time understanding why their safe legal bodies are not appreciated by the fintechs.

Unless you spend 50% of your incoming funds in FX or card payments, do not open a TW borderless account.

 

[Martin Everson]

With the impressive growth of these fintech in recent years as transferwise, why take the risk of entering the US market? They do not need that to keep growing.

Greed greed, greed of their shareholders. Their investors are looking for an exit strategy on their investments. i.e get the company listed on the NYSE sell there shares to gullible public and to hell with TW as it will sink under US regulation and fines eventually. The US is not Europe when it comes to openness in finance sector.

 

[JohnLocke]

The US is not Europe when it comes to openness in finance sector.

What do you think, better or worse?

 

[Martin Everson]

What do you think, better or worse?

Europe is better for welcoming of innovation in finance sector and U.S is not. It's far too much red tape.

TW should learn from Huawei about beating U.S companies at their own game....i.e they don't allow it now with a protectionist president.