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TransferWise holds money since early January 2019

#61
@neweraoffshore : Nothing illegal and no hidden information, just a business that can be considered high risk (but they knew that from the beginning) . But still I had to wait 4 months.

@georgehotze: No notice from TW, I found out about the refund by the notification received from my bank. In fact, yesterday (1 days before refund) TW was still responding to me by email the same that his policy was not going to change regarding his fucking due diligence, although I denounced his practices in social networks.

People who are in the same situation and who have nothing to reproach themselves, have to put pressure on TW, because they are dishonest people and practice to the limit of being a scam. The excuses of regulations to save your money for several months are bulls**t.
 
#64
@georgehotze After the maximum 60 working days announced due to due diligence have passed, I have not stopped writing to them on a regular and claim my rights. Make them understand that you would not hesitate to take that to court if it is not resolved quickly. I also complained in Ombudsman. Publicly denounce their practices on social networks by mentioning their regulator, certain media etc.

I don't know if in my case it helped, but I think it accelerated the process a little.

@dmitrip Yes I have observed your case, sincerely I hope that it will be resolved quickly also for you.
 
#65
The increasingly more restrictive regulations on AML (anti-money laundering) are being used by less than serious financial institutions to keep the money of some of their customers or to not pay them when they are lacking cash. It happened to many offshore operators that, when requesting a transaction, the financial institution asked them for various documents; the money for the transaction or, at times, the account itself is frozen until the requested documentation is presented. This can, in certain cases, take up to several weeks, while the person requests certificates and has them apostilled, translated and sent. The result is that nowadays commercial transactions made through banks or cards can be slow, tedious and unsafe.
Well, this is the price you have to pay to combat money laundering and financing terrorism and/or criminal activity.
Actually there is an abuse of AML policies because of a lack of regulation and more and more the assistance of an expert lawyer is needed to unblock funds.
 
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#67
Elve said:
After 17 weeks, I was finally reimbursed today by transferwise. But that removes nothing but their practice is unacceptable.
Click to expand...

they deactivated Transferwise account and asked me for another bank to send money to.

I have another bank in the state of Puerto Rico and Nevis
Can they send money to all states?
can you write me in which state you opened the other bank?

my company is difficult to open bank

thanks
 
#69
Osleak said:
good news, you think that ombudsman have speed up this process?
Click to expand...

I do not really know, the ombudsman only confirmed to me that he had received my complaint, but they never gave me a follow-up later. But you do not lose anything by doing it, it will only take a few minutes to complete their complaint form.
 
#70
Response from Ombudsman:
Thanks for your email.

We are currently experiencing a back log because of the high number of cases we've received in the recent past. As a result, the time it's taking before a case is allocated to a case handler is in excess of three months. I can only apologise for the wait, request your patience and assure you that we'll be in contact as soon as your complaint is allocated to a case handler,

Kind regards
 
#73
Btraveler said:
I'm EU resident but have USA LLC company. It has been a little hardy, but they have opened my account for the LLC. Some experience from your part?
Click to expand...
No (personal) experience gladly. But even with Transferwise I would avoid any USD transactions and connections with USA like having an LLC or dealing with wires to/from the US. TW must also be thinking: better safe than sorry.
 
#74
Yes, I understand you. I'll only make use of Transferwise account as "transactional", so no mucho money holded there. I think is the best way to use them.

By the way, do you think they will report something to my EU home conutry as I'm UBO of the company account?
 
#75
If you are waiting for a refund, make sure you complain to the Ombudsman. It seems this is something TW takes more or less seriously. Here's their final response:

The amounts left in both your personal and business TransferWise profiles have been refunded on Friday, the 20th of September 2019 - I have attached two transfer receipts illustrating the corresponding sums being sent back to your bank account. Please allow a maximum of 2 business days for the money to clear into your account.

Meanwhile, we have received correspondence from the UK Financial Ombudsman Service regarding your complaint, and have responded accordingly.
 
#76
So as I undertstand guys ths TW is scam, fraud, crooks... if they do this... Same like cardinity. the biggest scam from Lithuania. They got huge amount from me (and many other people) and never ever refund it. Their government seems to cover this. and don't care for respect of victims/customers
 
#79
OP never got back here it seems to let us know if he got his money after all or not. I can't believe that they will keep the money TW is after all a large company and I believe they will release the money after some time.

The problem is if no one will take the time to get back here and report if they got the money so we will never figure this out.
 
#80
Hello. I had two transferwise business accounts deactivated for 4 months more than 400k. When the case arrived at the ombudsman transferwise refunded the money and informed ombudsman that the case closed. But the reference from transferwise return of capital might case problem to the account you send for refund. So if the bank sees return of funds they might close the acccount also or not accept the refund from transferwise.
 
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