Our valued sponsor

Sword and Shield

Transferwise personal accounts and business transactions

X

Xanthos

New member
Dec 18, 2020
1
0
1
43
#1
Hey everyone,

Just wondering if any Transferwise users on here with personal accounts ever do business transactions with their accounts? I've made the odd transfer here and there (sub $300) that were for business purposes but I'm considering a payment (under 10k) to pay a supplier and re-considering it due to risks of getting shut down. Any thoughts? Needless worrying?

Thanks!
 
#2
Xanthos said:
Hey everyone,

Just wondering if any Transferwise users on here with personal accounts ever do business transactions with their accounts? I've made the odd transfer here and there (sub $300) that were for business purposes but I'm considering a payment (under 10k) to pay a supplier and re-considering it due to risks of getting shut down. Any thoughts? Needless worrying?

Thanks!
Click to expand...
Whatever you do will cause your wise account to be blocked/closed. Business transactions on a personal account will definitely make this happen quicker.
 
  • Like
Reactions: Forester and Xanthos
#3
years ago, yes under the laws of my birth nation, it's legal to use a personal account for business, but you can't co-mingle, moved 600,000 into wise and paid staff overseas over the proceeding year, didn't really know about locking etc or problems with wise, and never had any.

Not until i tried to open a company account for BVI lol, then my account (with 15k) was frozen, and ended up contacting the CEO who had the account reinstated just not with the BVI account (outside their risk profile as a asset holding company).

Never had issues since (touch wood) and been with wise since they first existed.

Probably paid close to 2m through it commercially over the years for staff, outsourcing, etc.
 
  • Like
Reactions: troubled soul
#5
Xanthos said:
Hey everyone,

Just wondering if any Transferwise users on here with personal accounts ever do business transactions with their accounts? I've made the odd transfer here and there (sub $300) that were for business purposes but I'm considering a payment (under 10k) to pay a supplier and re-considering it due to risks of getting shut down. Any thoughts? Needless worrying?

Thanks!
Click to expand...
There is a risk that you would get shut down. If the supplier is inside EU(and not Malta/Bulgaria) and not some shady s**t, then probaly nothing will happen for 1 payment.
 
#8
EternalRecurrence said:
Would it cause problems to receive Stripe payouts to personal Wise, Revolut or N26 account?
About 2000-6000€ monthly and to use their debit card to pay Google Ads?

Unfortunately Transferwise business account is not currently available in my country in Scandinavia.
Thanks in advance!
Click to expand...
yes it will bring troubles to the table. Don't do that. either get a business account or find somewhere else to get your money to.
 
  • Like
Reactions: Forester
#9
disconnected said:
I regularly transact between 3 and 10K a month, every month, and haven't had problems for the past two years.
Click to expand...
Would you mind sharing if you got payments from like ebay , etc or you got payments from individual bank accounts...
I ask as i sell real things no shady stuff to USA people , just wanted to know if receiving money from different personal accounts is ok with wise ...
 
#12
Wondering is anybody successfully transfered money from their paypal business account to their wise personal account. I read that its possible to send paypal funds to a business account but business accounts are not available in the country where my business is. How to send money from PayPal to Wise?

I don't want to keep the funds in paypal, generating 0 interests and I'm trying to move them to IBKR. I've received 5 digits amounts in personal wise account in the past without issue, but it was coming from clients, never had any issue so far.

Thanks

wellington said:
years ago, yes under the laws of my birth nation, it's legal to use a personal account for business, but you can't co-mingle, moved 600,000 into wise and paid staff overseas over the proceeding year, didn't really know about locking etc or problems with wise, and never had any.

Not until i tried to open a company account for BVI lol, then my account (with 15k) was frozen, and ended up contacting the CEO who had the account reinstated just not with the BVI account (outside their risk profile as a asset holding company).

Never had issues since (touch wood) and been with wise since they first existed.

Probably paid close to 2m through it commercially over the years for staff, outsourcing, etc.
Click to expand...
which country is your personal wise account registered in?
 
#13
You should register a company somewhere, for instant UK (it is cheap) and open a Wise business account to move your money from PayPal to Wise.

I would not recommend anyone to leave their money on an PayPal account, you never know when they will freeze and close your account. Ours got closed after 10 years doing the same business, just out of the blue.
 
  • Like
  • Wow
Reactions: 12345, Don and wellington
#14
JohnLocke said:
You should register a company somewhere, for instant UK (it is cheap) and open a Wise business account to move your money from PayPal to Wise.
Click to expand...
Can this be done without going or living in Europe? If so, what's the way to do it cheaply?

JohnLocke said:
I would not recommend anyone to leave their money on an PayPal account, you never know when they will freeze and close your account. Ours got closed after 10 years doing the same business, just out of the blue.
Click to expand...
Did they allow to transfer your funds somewhere else when they closed it or did you lost all your funds?

It's weird, I tried to send $100 as a trial from Paypal corp to Wise personal and it worked, but the next day I got a message from Wise saying that my usd bank account info had changed as of immediately, I wonder if it's related. What would be the reason for wise closing the account if they're receiving an influx of money. And what would be paypal's issue if the account in Paypal is set up for a real operating business?

Deepbarrels said:
Wondering is anybody successfully transfered money from their paypal business account to their wise personal account. I read that its possible to send paypal funds to a business account but business accounts are not available in the country where my business is. How to send money from PayPal to Wise?

I don't want to keep the funds in paypal, generating 0 interests and I'm trying to move them to IBKR. I've received 5 digits amounts in personal wise account in the past without issue, but it was coming from clients, never had any issue so far.

Thanks


which country is your personal wise account registered in?
Click to expand...
Panama
 
#15
It's unrelated. Hundreds of thousands of Wise customers got the same email at the same time.
Deepbarrels said:
Can this be done without going or living in Europe? If so, what's the way to do it cheaply?


Did they allow to transfer your funds somewhere else when they closed it or did you lost all your funds?

It's weird, I tried to send $100 as a trial from Paypal corp to Wise personal and it worked, but the next day I got a message from Wise saying that my usd bank account info had changed as of immediately, I wonder if it's related. What would be the reason for wise closing the account if they're receiving an influx of money. And what would be paypal's issue if the account in Paypal is set up for a real operating business?


Panama
Click to expand...
 
You must log in or register to reply here.

Forum Announcement

Latest Threads

The Kingdom Bank
Offshore Bank Accounts
Top Bottom
Back