TransferWise holds money since early January 2019

[lavel]

Thank you for this nice share of information. Story is similar to what we have seen posted here for Mister Tango.
https://www.offshorecorptalk.com/threads/mister-tango-s**t-service.24832/

 

[reesek]

transferwise continues to close accounts here and there ;(
not a reliable counterparty

 

[EliasIT]

transferwise continues to close accounts here and there ;(
not a reliable counterparty

strange I have read a few of guys saying that. I have not had a single request from them yet. Total turnover used with the TW account 120K in 5 months.

 

[Btraveler]

strange I have read a few of guys saying that. I have not had a single request from them yet. Total turnover used with the TW account 120K in 5 months.

Which type of business are you running out? and the payments you receive are via Stripe or direct from clients?

 

[sonato]

Can anyone report back here if they have received their frozen funds from Transferwise if they were frozen at all?

 

[offshorewebhosting]

Essentially there is a global "tightening" of regulations (been slowly happening over 20 years) which is putting more and more pressure on compliance teams to perform. Larger companies will likely be a bit easier but the smaller ones are generally managed by "compliance bullies" who will demand anything and the kitchen sink making the process of doing business, very painful.

If you are using TW to save a few basis points on exchanges, then better to rather negotiate a better rate with your high street bank.

 

[Singa]

TransferWise is very good in SEO to dissimulate real issues with them. But when you search in deeper, you find lot of similar cases, but you don't find the end of stories or used ways to recover funds.

You goddamn right (walter white QUOTE)
TransferFUCKINGWise very fucking good SEO... And Marketing..
So i mean let's find if they worth the trouble of deal with in the first place..
Put any feedbacks any experiences would be benefits

Thanks

 

[Singa]

Maybe TW is just like white hat ponzi scheme .. They fucking froze u funds and then invest it..... And their trap is the "LOW FEES Story"
Man i don't know about u but if experienced somthing like these stories of frozing funds DAMN MAN I will would like to hack they fucking ponzi servers
And i will invite all my Black hat hackers to the party
i mean if u became my enemy that's mean in my book u just opened the HELL gates for you

 

[Singa]

I just made a fresh meme
Transferwise be like, check the meme down below

 

[dirtyharry]

Not all, they are one of the biggest EMI's around backed with million of $$ I'm sure they are not a ponzi scheme.

Maybe TW is just like white hat ponzi scheme .

 

[Singa]

Not all, they are one of the biggest EMI's around backed with million of $$ I'm sure they are not a ponzi scheme.

How do you explain the high rate of closing accounts??? I mean that's what count at the end of the day..
Look for example advcash, the reliable, they never ever will close u accounts no matter what u have Freedom...
It's about Freedom, not big connection..

 

[PaulKruger]

Thank you for your reply. About Transferwise, we have to contact Financial Conduct Authority (UK) or the similar in Lithuania?

Same situation. I really thought they were a reliable service. Be careful, the customer service is terrible, it takes a long time to respond.

I've been in the same situation with other banks before and have some empathy, but you're a little optimistic here.

So guys, how does it went, did you get your money at the end? It's 17th months since this thread was created, someone must have received something?

 

[sonato]

So guys, how does it went, did you get your money at the end? It's 17th months since this thread was created, someone must have received something?

no one is going to reply here... wonder why?

 

[FezKo]

So guys, how does it went, did you get your money at the end? It's 17th months since this thread was created, someone must have received something?

I too have had my account deactivated with TransferWise, in very similar circumstances i.e. - not really sure what I did wrong? I moved funds from my own company into TW, provided all docs for proof of funds, they accepted funds and all seemed ok. I then tried to move funds from one currency to another (EUR to GBP) and when it didn't execute properly, I complained. A few days later I received an email saying there was an issue with the transaction and it had been returned to them and that I needed to fix the transfer; but when I tried to log in, they had deactivated my account! I have appealed, still early days but will let you know how it goes...

 

[birdcay7788]

Hi, here is my experience with my 2k EUR in my TW account.
They closed our company account on 19 Nov 2020, replied with those 60 days due dilligence cheks they needed. They were replying within 1 business day. There was an issue with our next account, so it took some time to register. TW even reached out first to ask for the new account details one more time.
Unfortunately, I could give other IBAN only on 15 Jan 2021. I gave them director's account as they notified me- it works for them.
It's already 2 months around or 40 business days. Still waiting. Thing is they don't even reply since 15 Jan 2021. Last thing they replied was that they "received account details and will reach out if needed".
I ask them about refund progress once a week. For last 2 weeks no replies.
Have someone experienced ignored emails?
Will notify you guys what happens next.

 

[uranio]

Don't lose time do this and contact the financial ombudsman. After this open a complain with resolver.co.uk.
I had 15k frozen on revolut i did from the first day these steps and i had the money back on 45 days. If i didn't i don't know how long they will keep them.

 

[FezKo]

Don't lose time do this and contact the financial ombudsman. After this open a complain with resolver.co.uk.
I had 15k frozen on revolut i did from the first day these steps and i had the money back on 45 days. If i didn't i don't know how long they will keep them.

Thanks for this, I’ll wait to see what comes of the appeal first though

 

[FezKo]

Don't lose time do this and contact the financial ombudsman. After this open a complain with resolver.co.uk.
I had 15k frozen on revolut i did from the first day these steps and i had the money back on 45 days. If i didn't i don't know how long they will keep them.

Just looked at resolver.co.uk out of interest and it looks like TransferWise aren’t reaponding to complaints via Resolver... still, the ombudsman is a good next step

 

[uranio]

Doesn't really matter if they don't respond to resolver, you can show to obdusman that you did your side of work for dealing with them.

 

[FezKo]

I too have had my account deactivated with TransferWise, in very similar circumstances i.e. - not really sure what I did wrong? I moved funds from my own company into TW, provided all docs for proof of funds, they accepted funds and all seemed ok. I then tried to move funds from one currency to another (EUR to GBP) and when it didn't execute properly, I complained. A few days later I received an email saying there was an issue with the transaction and it had been returned to them and that I needed to fix the transfer; but when I tried to log in, they had deactivated my account! I have appealed, still early days but will let you know how it goes...

So as promised here is my update... after a few days TW accepted my appeal and reactivated my account! A fair and sensible outcome or so I thought... I then came to make a very small transfer to pay the U.K. account of one of my suppliers (under 2K) and my payment went under ‘review’... after contacting customer services and receiving the same generic response from them several times, I was eventually contacted by the team conducting the review some 2 weeks later, who asked zero questions about the transfer but instead wanted me to verify source of funds. For context, my Funds were derived from a personal U.K. property sale which I leant to my new formed U.K. Ltd company in the form of a directors loan. The review team asked me to provide copies of bank statements and for a copy of the contract signed by both parties - now clearly this shows you what a sh*t show TW compliance is as no such document exists - anyone with half a brain knows that the buyer and seller sign identical but separate copies of the contract which is then sent by post to the counterparty’s solicitor (contract exchange). I pointed this out to TW and they quickly back tracked and said they just wanted to see bank statements showing receipt and retention of funds, as I had already provided copy of deed from HMLR, contract, settlement statement, Director loan agreement blah blah blah - to which I obliged the same day. A couple of days later, they closed my account without notice regardless and hid behind T&Cs and then Terms of Use after a subsequent appeal. So, the moral of the story is don’t put all your eggs in one basket and do diversify your banking portfolio before you start moving any serious money.

I am now desperately trying to open a corporate account to receive the sizeable chunk stuck in TW... I could receive it back to my personal account but that is going to raise questions with any future banks as to why the funds went from personal to corporate to personal - erm... because TW closed my account doesn’t sound great does it? Anyone know any good banks willing to open a corporate account quickly and remotely for a U.K. Ltd company and European Director/UBO? Most U.K. banks aren’t opening accounts at present, apparently it’s because fraudsters ripped the arse out of the bounce back loan scheme... who would have thought?