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.
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.
Don't you think we don't have more partners than Bankera.
okay guys, please, back to topic!you never mention any other
I think it would be good to remind Gediminas once and for all to stop mentioning bankera or other banks of his interest in any subject. That has gotten really boring.okay guys, please, back to topic!
I think it would be good to remind Gediminas once and for all to stop mentioning bankera or other banks of his interest in any subject. That has gotten really boring.
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.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
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.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.
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.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?
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?
Obviously they probably think you broke the following clause:
- Counterfeit or unauthorised goods.
- Unauthorised sale of designer and/or brand products.
- Sale of illegally imported or exported goods.
- Intellectual property or proprietary rights infringement.
- 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
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.
No, the comparison makes no sense.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.
Yes you mentioned you sell "fashion bracelets".I do not sell magic bracelet, I have a fashion website.
How specifically were you using TransferWise? What sort of incoming and outgoing payments?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.
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