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Wise closed an account with 100.000 uds in it after approving my request
- Thread starter mdmo
- Start date
After 3 weeks (they promised to reply in 10 days max) they came back saying:
"While I understand how frustrating this situation must be, unfortunately there's no way for us to either omit or speed up our due diligence checks.
As a regulated financial institution, we’re required by law to perform them.
That being said, we'll do our best to sort this out as quickly as possible and will let you know when we have any updates.
In the meantime we would ask you to provide your refund details through the following link: www.wise.com/appeals Once we have received them this will speed up the refund."
Here is my feedbacks:
1. I already submitted the appeal and it looks like that after 3 weeks they still didn't realize (in fact I tried to appeal again and I'm not allowed).
2. I requested multiple times to send me over the bank statements and they ignoring my requests, I don't know exactly how much I've but it was around 100.000 usd.
3. My business is soon going to bankrupcy because I cannot pay the due invoices and clients cannot pay me either.
Be very careful with WISE!!!!
"While I understand how frustrating this situation must be, unfortunately there's no way for us to either omit or speed up our due diligence checks.
As a regulated financial institution, we’re required by law to perform them.
That being said, we'll do our best to sort this out as quickly as possible and will let you know when we have any updates.
In the meantime we would ask you to provide your refund details through the following link: www.wise.com/appeals Once we have received them this will speed up the refund."
Here is my feedbacks:
1. I already submitted the appeal and it looks like that after 3 weeks they still didn't realize (in fact I tried to appeal again and I'm not allowed).
2. I requested multiple times to send me over the bank statements and they ignoring my requests, I don't know exactly how much I've but it was around 100.000 usd.
3. My business is soon going to bankrupcy because I cannot pay the due invoices and clients cannot pay me either.
Be very careful with WISE!!!!
Surely your accounting will tell you exactly how much money you had with them?
No bankruptcy process if you have assets that are frozen, you just get a freeze order and pay upto annual 8% interest until active again.
More than 1 month and half and my funds are still freezed, and I don-t have any more funds for living. Can you imagine how Wise is cruel? They do not even share a date when they will release the funds!!!!
Always find a lawyer from the same country as the one you have troubles with. It makes it easier and cheaper.
btw. did you try to call them by phone, live chat maybe?
The guy on thia threat had the account freezed for 3 months. Check it out, maybe it gives you some.comfort that money should eventually be out.
https://www.offshorecorptalk.com/th...a-bank-account-to-withdraw-my-money-to.35231/
https://www.offshorecorptalk.com/th...a-bank-account-to-withdraw-my-money-to.35231/
This case should be documented. I know people who have been using Wise for years without any trouble, while others face terrible problems. I'd like to know how their compliance software is working.
Wise is the best EMI on the market(for people who dont break their ToS).
I've had 500k EUR on my account for ages without any issues. Also been trough the same check as you, where they requested contracts, invoices etc.
Since Wise was your only account, and you haven't managed to open another EMI,
I assume your business model is high risk, and that you might be breaking their ToS?
I've had 500k EUR on my account for ages without any issues. Also been trough the same check as you, where they requested contracts, invoices etc.
Since Wise was your only account, and you haven't managed to open another EMI,
I assume your business model is high risk, and that you might be breaking their ToS?
happened to me too. i got my money after 2 months I think. one of the reasons I am holding cash in crypto. higher cost but at least no one can freeze it for 3+ months.
And Wise is definitely NOT the best emi out there. They are perhaps one of the cheapest in currency exchange, and one of the smoothest to do so (in terms of process), but not the best. all other institutions will ask you questions and for documentation BEFORE they freeze your funds. Wise closes your account without warning, then take 2+ months to do "due diligence" without asking you a single question. total bull. I complained like mad all over their social media, did not speed up their response at all. they just suck.
And Wise is definitely NOT the best emi out there. They are perhaps one of the cheapest in currency exchange, and one of the smoothest to do so (in terms of process), but not the best. all other institutions will ask you questions and for documentation BEFORE they freeze your funds. Wise closes your account without warning, then take 2+ months to do "due diligence" without asking you a single question. total bull. I complained like mad all over their social media, did not speed up their response at all. they just suck.
Simply not true. In most case Wise works just like other EMIs. Ask questions without freezing. All depends how risky the transaction(s) is/are and whats going on.
Other EMIs first ask, then freeze. Wise first freezes, then, maybe, asks. It’s the worst EMI I ever used, and the one with the worst feedbacks from people I know.
However, it is very good for laundering money once you know how their compliance works, but you can’t rely on it for a legitimate business account.
I have been using Blackcatcard for 2 years, never a problem.
Currenxie is good too.
Nuri seems fine.
Aion Bank is ok.
OuiTrust is slow but seems to be working.
Of course you need to be ready to feed them with what they want to see to tick their boxes, keep your activity plain vanilla and don’t deposit more than what you can afford to lose.
Paysera works decently but the management is lunatic and care more about politics than clients, so it must be avoided (or be taken advantage of)
Are there EMI that are not a pain in the a*s, asking all kind of documentation when you start having a decent amount of money on them?
I am talking like 10k, I would not keep more than 10k on a single EMI.
I would need a "safe" EMI, where to withdraw money from "dark" gambling accounts, to withdraw from "dark" paypals (attaching EMI's IBAN or card), receiving money throw SEPA from other "dark" EMI's.
I heard that Revolut, N26 are quite safe and don't make much problems, do you agree?
Or should I just avoid to have more than a certain amount of money on the account, for example staying under 10k, to stay off the radar?
I would like to avoid to get the balance frozen and have to wait for months to get it back, while having to photoshop documentenation...
Every EMI will ask for documentation and a business description that matches the use of the account.
Revolut and N26 are a pain in the a*s.
If you stay under 10k and do many transactions you could try with Juni.
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