Wise business trading address

[aragon]

wise whacking accounts as normal.
The forum is full of this and it should not be trusted for crucial operations.

I agree, if business owners have alternatives available to them they should prepare that and manage their finances defensively. When Wise works, it does work very well though. No subscription fees, low transaction fees, and an EU IBAN with access to many currencies in many jurisdictions. Few alternatives can match that.

In my case, this business trading address has been inconsequential for over 2 years now, and was the last time the business ever heard from Wise.

 

[intlman]

wise whacking accounts as normal.
The forum is full of this and it should not be trusted for crucial operations.

Agreed.

Funnily enough, I just got asked by WISE for this yesterday. It was an account for a company I once had in Singapore (which has since been closed but I forgot to shutdown the WISE account).

As others have pointed out, I wouldn't be surprised if this is data that will be used to determine substance and/or permanent establishment at some point in the near future.

 

[MrGoodman]

Do you know whether a rental contract is enough to confirm the trading address or Wise requires utility bills?

 

[intlman]

Do you know whether a rental contract is enough to confirm the trading address or Wise requires utility bills?

Yes, a rental contract should suffice.

 

[chisholmpaul947]

They prob send this only to directors with an IP address different from the company's country of registration

 

[intlman]

They prob send this only to directors with an IP address different from the company's country of registration

Possibly.

Or they detect those who are using PO boxes or other common (registered agent) addresses. Mine was using my old PO box in a shopping mall, so it was rather obvious

 

[diatessaron]

They prob send this only to directors with an IP address different from the company's country of registration

Which is stupid, because I will not connect to a public IP address without a VPN.

 

[CrazyPanda]

Which is stupid, because I will not connect to a public IP address without a VPN.

Actually, using a VPN is stupid because it is extremely easy to detect one. What you are looking for are residential proxies, but these are more complicated to use compared to VPNs and expensive.

 

[wozman]

I dont even work with USD account, so don't mind if they close it for me.

Yes, a rental contract should suffice.

Not even sure they will ask for any supporting documents, might be case by case situation. Last year they asked me to updated my address, no docs were asked,

 

[JackAlabama]

Actually, using a VPN is stupid because it is extremely easy to detect one. What you are looking for are residential proxies, but these are more complicated to use compared to VPNs and expensive.

no its not and many banks dont care about vpn usage at all. Id ditch all which do.

 

[diatessaron]

Actually, using a VPN is stupid because it is extremely easy to detect one. What you are looking for are residential proxies, but these are more complicated to use compared to VPNs and expensive.

And? It will still add a layer of security to my connection which is the whole point of using it in public wifi.

 

[Sols]

VPN is usually only a problem for financial service providers like banks if you happen to share IP address with someone they have banned recently, or if the IP address is in a prohibited territory.

These days, people use VPN so much to get around geo restrictions on Netflix, Spotify, and whatnot. It used to be suspicious by itself, but not so much anymore.

 

[Redindiannight]

Yeah actually today I got an email to update my trading address or my account will be suspended by 22th August.

I also have UK LTD and I am not UK citizen, not Bangladesh as well. Anyways that's what they said:

If you work remotely, from home or at a co-working space, we’ll need the address you work from. This address doesn’t need to be in the same country as the one where you registered your business. Operating a remote business is a valid, common and authorized use case.​

We won’t send any mail to the address you give us — we just need it for regulatory purposes.​

So that sounds like you can put any address you want?

We can only verify your physical address. This means that we can’t accept any of the following options:​

• PO box​

• Mail forwarding or receiving service​

• Virtual address​

• Business registration agency​

• Attorney offices​

Don't see any problems with that, I just put my home address as trading address, in case they need some proof of address document, I can easily provide it. Before I updated it to my home address, my trading address was the same as my business registration agency address.

Hello @wazon
Hope you’re doing well ?
I’am also in the same situation like you and I’m from Morocco if you are also from Morocco and have added your home address or office addres as a trading addres please let me know to do it ?

 

[aniglo22]

VPN is usually only a problem for financial service providers like banks if you happen to share IP address with someone they have banned recently, or if the IP address is in a prohibited territory.

These days, people use VPN so much to get around geo restrictions on Netflix, Spotify, and whatnot. It used to be suspicious by itself, but not so much anymore.

It's more about the AFS(anti-fraud-systems) which will directly flag you if you use a vpn.

 

[CrazyPanda]

no its not and many banks dont care about vpn usage at all. Id ditch all which do.

And? It will still add a layer of security to my connection which is the whole point of using it in public wifi.

They’re not stupid. You will most likely be flagged as high risk. I mistakenly connected to one of the EMIs using a VPN and received the email below after several months. This EMI is much smaller than Wise, meaning that WISE has much more advanced controls and checks.

 

[intlman]

They’re not stupid. You will most likely be flagged as high risk. I mistakenly connected to one of the EMIs using a VPN and received the email below after several months. This EMI is much smaller than Wise, meaning that WISE has much more advanced controls and checks.

What a joke.

You exercise some typical OPSEC and you get that from an EMI?

I'd tell them to go pound sand.

 

[JackAlabama]

They’re not stupid. You will most likely be flagged as high risk. I mistakenly connected to one of the EMIs using a VPN and received the email below after several months. This EMI is much smaller than Wise, meaning that WISE has much more advanced controls and checks.

good candidate to be ditched then.
I use vpns exclusively on all my accounts and not one issue bc if one doesnt play ball, Id ditch em like a ehm I mean rowdy dog.
Gotta treat banks like underpants, a commodity and Im ready to throw one away if it has a hole or itches my pack and get a new one instantly.

 

[diatessaron]

They’re not stupid. You will most likely be flagged as high risk. I mistakenly connected to one of the EMIs using a VPN and received the email below after several months. This EMI is much smaller than Wise, meaning that WISE has much more advanced controls and checks.

And that makes no sense. During my time in finance I've seen more businesses fail because of what their compliance department came up with than any other reason. I'd suggest you stop using that EMI because I've used Wise with VPN on before and they never emailed me about it specifically. So this smaller EMI is doomed to fail sooner or later, just like Bankera.

Back to Wise, Wise has a bunch of monkeys in the compliance department but they're orangutangs so flagging people for VPN's is above their IQ lvl for now.

 

[drolive0]

Just got the same request today by Wise to register a business place, for a foreign-owned US LLC. But my country of residence is not in the list of accepted countries, so that I cannot fill in my "trading" address. I guess I will lose this USD account, after losing Mercury account due to lack of US operations. I am left without USD account... I do not need one at the moment, but this can be a problem in the long run...

 

[aniglo22]

Just got the same request today by Wise to register a business place, for a foreign-owned US LLC. But my country of residence is not in the list of accepted countries, so that I cannot fill in my "trading" address. I guess I will lose this USD account, after losing Mercury account due to lack of US operations. I am left without USD account... I do not need one at the moment, but this can be a problem in the long run...

https://jspaint.app/