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SWISSMONEY Iban Accounts with Sepa

TRANSFERWISE SCAMMED ME

#21
rowena said:
They are regulated by 13 countries: Australia, Belgium, Canada, Hongkong, India, Indonesia, Japan, Malaysia, New Zealand, Singapore, UK, US, UAE. Most EMIs generally regulated by 1 or 2 authorities(also generally in low profile countries). They're the biggest EMI in the world in terms of offices, employees, turnover, customers. Their latest valuation is 5 Billion USD.

As I mentioned before, I'm using TW for more than 3 years and transacted more than $4M without any issues also one of my friends using it and almost transacted the same amount and again zero problems. I mean about $10M transaction without problems since 2017.

Problems can always happen that's why I have a backup business account but this is not specific for Transferwise. Someday TW can close my account and I will switch to the backup account but before that, I will use TW since it is the best IMO. I have a personal bank account with the world's biggest private bank but still, have another good personal bank account to hold money. Always expect, unexpected.
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They are good for retail customers, I agree on that. But I would never ever have a business relationship with ignorant companies. Doesn't matter if that's a financial institution, or different kind of business.
 
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#22
now let's just be honest, you would have nothing to do with any other EMI than Bankera: D Your argument just does not last long at all, you generalize without having evidence I'm sure Bankera closes as many accounts as TW does, we just do not read about it here on the forum yet.

Transferwise is by no means a SCAM - it's probably more that OP got some s**t done, thought they did not discover it and now he is tooting.
 
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#26
#29
Anytime you put out a title like this is extremely alarming to any reasonable businessman here. Sure it's awful that they locked your funds, but these things don't happen for no reason. I wouldn't worry if you're clean. And I'd suggest to tread lightly with TransferWise, they don't respond well to threats.
 
#30
This is not a scam, it is called a freeze of funds and is done by all payment processors, banks and financial institutions if necessary

You must answer the questions, send the documents and solve all the pending issues in the coming weeks and you will get your money back... if this is not a problem for you, then there is no reason to worry.

I had money locked for 16 months in Ecopayz and after that they returned the money, there are complicated institutions to deal with, but that doesn't mean they are scammers.
 
#31
Fajosst said:
This is not a scam, it is called a freeze of funds and is done by all payment processors, banks and financial institutions if necessary
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second that. You have to provide documents to them and source of funds for example invoices, bank statements etc. so they will release your money.
 
#32
AMD said:
second that. You have to provide documents to them and source of funds for example invoices, bank statements etc. so they will release your money.
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Yes, I agree, I've dealt with Stripe on a similar issue, I just replied to them how can I help you resolve this, they requested docs and 1-2 days later they said you're clear and we've reactivated your account and payouts.
 
#33
needhelp said:
Transferwise blocked my company 35,000 EUR and closed my account (legit online business, registered with Tax, low risk).


No explanation provided.

Now they want to do a 60-day diligence check but I am not sure if I'll ever see this money again.

It's my business funds and also they blocked my personal funds.


What to do? contact a lawyer? FCA? UK Financial ombudsman?


I need to get my money back within a week, or else my business will fail.

There is no other choice.

What is the most aggressive angle I can use in this case?
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How specifically were you using Transferwise for business purposes? Nobody can advise without knowing a few more details as to what sort of incoming and outgoing transfers the account had.
 
#34
NicolasMaduro said:
You the guy selling those holy bracelets and advertising them as you will get forever lucky in life or you just selling some "fashion" bracelet that is counterfeit or look a bit too much similar to a famous brand? :cool:

Obviously they probably think you broke the following clause:
  • Counterfeit or unauthorised goods.
    1. Unauthorised sale of designer and/or brand products.
    2. Sale of illegally imported or exported goods.
  • Intellectual property or proprietary rights infringement.
    1. Any product or service that directly infringes or facilitates infringement upon the copyright, patent, trademark, trade secrets, proprietary, or privacy rights of any third party.
    • Products and services which are not legal in the jurisdiction they are being offered in.


Follow the rules and TransferWise is probably the best EMI on the market. Making a thread saying they scammed you only make yourself look silly.

Disclaimer: I am transferwise fanboy
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No, you are just a pro-Transferwise marketer on this forum.
I do not sell magic bracelet, I have a fashion website.

So they should also close bank accounts of websites such as ASOS.COM and Nike.com if that is the case.

Before talking about other people's businesses you should know more about them.

So Transferwise should too, the only reason I see a bank should freeze a business funds is FRAUD,
and my business did not commit any, otherwise I wouldn't be here writing this post.
 
#35
Fajosst said:
This is not a scam, it is called a freeze of funds and is done by all payment processors, banks and financial institutions if necessary

You must answer the questions, send the documents and solve all the pending issues in the coming weeks and you will get your money back... if this is not a problem for you, then there is no reason to worry.

I had money locked for 16 months in Ecopayz and after that they returned the money, there are complicated institutions to deal with, but that doesn't mean they are scammers.
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The problem here is: they just freeze the funds without asking any questions or documents.

I'm happy to provide any document or answer if needed, there is nothing to hide here.

They just take that decision without consulting you first.


It's fine, I am going to stick to a REAL bank such as HSBC or LLOYDS, which I already have bank accounts with,
and not with an ignorant one such as Transferwise where their customer support takes a week to reply to their customer inquiries (if you are lucky).
 
#36
needhelp said:
No, you are just a pro-Transferwise marketer on this forum.
I do not sell magic bracelet, I have a fashion website.

So they should also close bank accounts of websites such as ASOS.COM and Nike.com if that is the case.

Before talking about other people's businesses you should know more about them.

So Transferwise should too, the only reason I see a bank should freeze a business funds is FRAUD,
and my business did not commit any, otherwise I wouldn't be here writing this post.
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No, the comparison makes no sense.

its highly plausible that TransferWise believes that you sold replica fashion clothing. They might have checked the reviews on your website etc, and if you have had customers complaining about replica items, then they might have just concluded that.
 
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#38
Unfortunately not, they are just simple bracelets without brand and that does not resemble any brand.

I produce them.


Anyway, if anyone knows how to deal with this situation, please let me know.
 
#40
you have 2 option
ombudsman , but they will act only after 8 weeks, eventully you are entittled for compensation

2 take a lawyer sue them but in uk this is terrible expensive but i you will be entitle for all legal cost and compasation

not use uk or w emi bank , the sytem in uk is design to protect fat cat layers and banks

transferwise is bxxxx just not use it

i suggest report it to trust pilot
 
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