Transferwise Deactivated Account

[wellington]

Been a personal customer of Transferwise since their early days, had about 600k Euro's in there over the years (at one time), never had an issue.

Recently applied for a Commercial Account for a newly established BVI company, as a non UK resident, and Non Dom, I have to use a offshore vehicle if i wish to do anything in the UK, as holding pounds directly voids your remitting status apparently, or holding an asset.

Anyway, applied, gave them full information, sale of property in my current country, funds remitted as an investment into the commercial company, and the commercial company then investing in the UK (property market or similar).

Explained that capital controls, means funds leaving this state have to be authorised by the national bank and they carry out AML so rules out money laundering.

Explained will be using funds for acquisition, lawyers, surveyors.

Just received this in email

After thoroughly reviewing your TransferWise business account information for xxxxx, we have decided that unfortunately we cannot offer our services to you going forward. This means that your whole TransferWise account has been deactivated. Any pending transfers have been cancelled and refunded to their origin. You can read more about refund time frames here. The reason behind our decision is because your business activities exceed our risk tolerance. Please refer to section 1.2 of our Acceptable Use Policy, which states that “we reserve our right to deny our services to any customers who exceed our risk tolerance”. However, please note that we won’t be able to offer you our services going forward does not necessarily imply that we deem your business activities illegal or illegitimate. Only that the nature of those activities is something that we cannot support.

So be very careful, i had about 10k in the account, which they've asked for my personal account to send to - doesn't work for me as it would create a tax event, so gave them the account of a company.

 

[Gediminas]

You are one of many others who face similar issues with Transferwise. I am not surprised at all and that's why I say it's a terrible option for businesses. There are much better business-oriented financial institutions.

 

[wellington]

Yes, unfortunately learned the hardware, its a pain as there's nothing similar on the market that is as useful for holding and moving funds internationally in a breeze.

You are one of many others who face similar issues with Transferwise. I am not surprised at all and that's why I say it's a terrible option for businesses. There are much better business-oriented financial institutions.

 

[Gediminas]

Try Bankera

 

[VESTANON]

You are one of many others who face similar issues with Transferwise. I am not surprised at all and that's why I say it's a terrible option for businesses. There are much better business-oriented financial institutions.

Another transferwise Scenario gone belly up...its 2021 guys take notes.

 

[sarabia]

have also problem with Transferwise, without reason closed account with money and can not tranfer money to my bank

 

[wellington]

An update, Transferwise today after appeal - re-opened my account.

A word of advice, something i've learned from offshore bank formations also, for hecks sake don't mention investing in stocks as they are now bundling stocks up with fear for cryptocurrency or something.