Wise account gone

[galadrel]

wise and appeal success is very low and they can't

That they can is obvious. They are an EMI, they can freeze your account for any reason -- citing AML/KYC procedures. A bank can too, but banks tend to be more serious, and as ironic as it is they treat their clients properly.

 

[diatessaron]

That need to be fact checked - there is no evidence for your statement.

Go ahead and do that please. If you do it, and it can be proved that your information is authentic, I will buy a Gold membership and upload a call with an ex Wise employee in the hidden forums. A call which will prove what I said.

 

[Forester]

Just a few remarks...

It wouldn't happen with a local bank, not for such a sum as barely breaking 10k a year.

But I am now gonna try to detach from these online banks entirely, too much risk.

Be advised that an account freezing can happen with any financial institution, nowadays.

This is something their algorithms would pick up on almost immediately and would not wait 3 years to ban you,

Not necessarilly.

and I've never had such thing happen to me.

This means nothing.

you dont get it - you receive payment from Innocent trading company ltd in 2018. All fine. In 2024 Innocent trading opens account with wise. All fine, then innocent trading company receives a payment from "Missiles r US" in afghanistan. That is when the story starts for you

Yes, this is one of possible explanations. But I guess that more likely @Sols is right here https://www.offshorecorptalk.com/threads/wise-account-gone.46334/post-325608

No, not a business account. Not that you need a business account to use Stripe. Maybe that's the reason. But consider that it's probably less than 10k annually, and some months I don't have payments coming in at all.

The amount of money is not a decisive factor for such a case.

From what I know, Wise has a very paranoid compliance department, and that paranoid compliance department made the bot which bans accounts. What's worse is that Wise refuses to pay a team of people who will check if the bot has gone rogue or not, if it bans accounts for no reasons, etc.

That need to be fact checked - there is no evidence for your statement.

It corresponds to an information that I possess.

They are an EMI, they can freeze your account for any reason -- citing AML/KYC procedures. A bank can too, but banks tend to be more serious, and as ironic as it is they treat their clients properly.

Well... in my deep opinion (and according to my experience), it depends on the particular bank and particular EMI. It might seem that such a problem is better to solve with a bank than with an EMI, as with the bank you usually can approach some clerk personally; but in many cases, it does not help you as this frontline clerk has zero decision-making power. And try to reach someone competent e.g. in Societe Generale or a similar bank – next to impossible. Yes, small local banks are usually better re: this; but there are other risks (as they are small).

In general, my long-term opinion re: Wise (and Revolut) is quite well-known here, I think. Anyone interested can look e.g. here https://www.offshorecorptalk.com/th...est-how-diversify-the-money.43188/post-282826..

 

[galadrel]

Just a few remarks...

Be advised that an account freezing can happen with any financial institution, nowadays.


Not necessarilly.


This means nothing.


Yes, this is one of possible explanations. But I guess that more likely @Sols is right here https://www.offshorecorptalk.com/threads/wise-account-gone.46334/post-325608



The amount of money is not a decisive factor for such a case.




It corresponds to an information that I possess.



Well... in my deep opinion (and according to my experience), it depends on the particular bank and particular EMI. It might seem that such a problem is better to solve with a bank than with an EMI, as with the bank you usually can approach some clerk personally; but in many cases, it does not help you as this frontline clerk has zero decision-making power. And try to reach someone competent e.g. in Societe Generale or a similar bank – next to impossible. Yes, small local banks are usually better re: this; but there are other risks (as they are small).

In general, my long-term opinion re: Wise (and Revolut) is quite well-known here, I think. Anyone interested can look e.g. here https://www.offshorecorptalk.com/th...est-how-diversify-the-money.43188/post-282826..

I hear you, I'm just saying for such an amount a bank would never freeze your account cause it's such an insignificant amount. Well, they don't have the regulators breathing down their necks. Wise's a pretty good service, never had an issue before this, if I did it was usually to confirm my identity and that always was resolved very quickly. Though, I should have just used Payoneer. Interesting thing about Payoneer is that they might freeze your account, but I've never actually had them freeze the ability to transfer money to a local bank or use the card, which I think is a bit more respectful.

 

[Forester]

I'm just saying for such an amount a bank would never freeze your account

Be advised that I have already witnessed exactly this. With an European bank. Today's situation is ... as it is.

Interesting thing about Payoneer is that they might freeze your account, but I've never actually had them freeze the ability to transfer money to a local bank or use the card, which I think is a bit more respectful.

I cannot comment. TBH, I have never been interested in having an account with Payoneer nor following closely what they were doing, so I am lacking the information...

 

[JohnnyDoe]

I will buy a Gold membership and upload a call with an ex Wise employee in the hidden forums. A call which will prove what I said.

Please do that. Keep exposing the banks’ behavior.

Everyone remember that Wise, like any other emi/bank, is not safe.
Keep on any account only the money that you can afford to lose, only the amount you need for the next 30 days. Everything in excess, convert to crypto.

 

[JohnnyDoe]

I hear you, I'm just saying for such an amount a bank would never freeze your account cause it's such an insignificant amount.

It’s not about the amount. The cause of the problem is scientifically explained here: https://www.offshorecorptalk.com/threads/the-brain-of-a-public-servant.46323/

Btw, it also applies to non financial entities. For example, I have been battling for the last 7 days to have my Steam games account reactivated - it was frozen due to “suspect fraudulent activity”
I am not a 14yo kid who stole his parents’ credit card, just a normal guy who likes to spend a few hundred bucks with his own card to buy some games to play on his Rog while on the plane. To convince the monkeys I had to provide them with all sort of supporting documentation.

 

[Oakgrove]

@galadrel I sympathize with your issue and my opinion (as a long time Wise user - let's hope I don't jinx myself!) is similar to others here. Your personal Wise account (in Wise's mind) needs to be used for personal use only, understanding that you're a small-time web developer taking in occasional pay for whatever big/small jobs you did. "Personal" use in their mind: convert your USD/EUR to whatever currency, send it to your (own) bank account in other countries, or to your aunt in Timbuktu on a monthly basis, use their Visa card to pay for something (legal!), top it up from your own bank account, rinse, lather, repeat.

Payoneer, on the other hand, is a complete opposite. They DO NOT want you to use it for personal purpose; if your Timbuktu aunt feels like paying you back (to your Payoneer account), they WILL reject it. They want you to use it strictly for business - they want ALL your payees to be a business (that doesn't belong to you, if they can somehow prove it). Connect it with Stripe, PayPal, Amazon, whatever. It sounds perfect for your web development gig. Payoneer isn't "cheap" but it works (for me).

And goes without saying, never the Twain shall meet, keep your business business, your personal personal.

Good luck with the "appeal", go email the CEO maybe, at least to get your money back.

 

[Oakgrove]

By the way - found a post from this Canadian guy in July who was in the same boat as you. Got his personal Wise account suspended, allegedly because he was using it with Stripe, was "OK for 3 years"..

A

Thread 'Wise Suspended, Looking for EMI bank options'

Jul 3, 2024

I had a wise (personal, not business) is suspended for no reason. now lot of money stuck.

Any suggestions for EMI banks who accept individuals?
mercury, novel, relayfi only taking businesses

• arjunsuru
• Replies: 16
• Forum: Offshore Bank Accounts & EMI Accounts

• 

A cautionary tale right there..