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Wise closed an account with 100.000 uds in it after approving my request

#41
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JohnnyDoe said:
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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I have Revolut and N26 as personal accounts, not business one.
I don't think I need a business account for my purposes.

N26 after moving like in and out 2-3k closed my account but gave me like 1 week notice and let me withdraw the current amount, just 1K, to another IBAN, without asking documentation.

But maybe this is because I was using 2 different N26 account from the same cellphone... My mistake.

Juni is only for business accounts, they don't accept individuals, and I wrote to che customer support and they said they don't approve gambling activities.
 
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#46
After over 3 months they finally sent me back the 100.000 usd. Please be very careful, never keep such big amount on Wise, they never respected the timing they were saying via email, they were saying up to 1 week to reply and they came back every time after 2 or even 3 weeks, they were not able to provide a timining to pay the amount even if they admitted they were going to pay.

A friend of mine who got his bank account blocked with 200 euro was paid in a matter of days so my question is >

Why Wise takes 3 months to pay big balances and 3 days to pay small balances? ONE DAY THEY WAKE UP AND DECIDE TO FREEZE 10 ACCOUNTS WITH A TOTAL OF 10 MIL FOR EXAMPLE FOR 5 MONTHS, WHAT ARE THEY DOING WITH THOSE FUNDS DURING THOSE 5 MONTHS? WHY THEY PAY SMALL BALANCES VERY FAST?
 
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#47
mdmo said:
After over 3 months they finally sent me back the 100.000 usd. Please be very careful, never keep such big amount on Wise, they never respected the timing they were saying via email, they were saying up to 1 week to reply and they came back every time after 2 or even 3 weeks, they were not able to provide a timining to pay the amount even if they admitted they were going to pay.

A friend of mine who got his bank account blocked with 200 euro was paid in a matter of days so my question is >

Why Wise takes 3 months to pay big balances and 3 days to pay small balances? ONE DAY THEY WAKE UP AND DECIDE TO FREEZE 10 ACCOUNTS WITH A TOTAL OF 10 MIL FOR EXAMPLE FOR 5 MONTHS, WHAT ARE THEY DOING WITH THOSE FUNDS DURING THOSE 5 MONTHS? WHY THEY PAY SMALL BALANCES VERY FAST?
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Wise basically freezes them in their accounts for your sub-account, whilst investigations occur, sometimes they even release funds and then there's additional ongoing investigations to determine where said funds go... sort of like giving a rope to hang people...

So it's standard practice...
 
#48
IllIlllIII said:
I'm using Wise for 2 years without any issues with moving 6 figures sums. For me Wise is clear winner since it doesn't report to CRS while Revolut, Blackcatcard, N26 and many more report to CRS.
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Wait what? Why would you think Wise doesn't do that? I've seen it multiple times here on this forum, but I think that's a little naive to say the least.
 
#50
Where was the company incorporated, I didn't catch that part? Whats OPs citizenship / residency? I guess it all plays a part in the risk profile.

Not defending Wise, but it's like with any bank, some people love HSBC some say it's a scam. I'd be mad AF if they closed my account too without any notice tho.
 
#51
i don't believe the hype wise or payoneer and any electronic service , banks are much more reputable kyc is lax compared to online alternatives. they can scam all the day

i used to be unbanked when i started online marketing but over the time i learned that that waking up every morning to problems on emi isn't a good reward .
 
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#53
extremedox101 said:
i don't believe the hype wise or payoneer and any electronic service , banks are much more reputable kyc is lax compared to online alternatives. they can scam all the day

i used to be unbanked when i started online marketing but over the time i learned that that waking up every morning to problems on emi isn't a good reward .
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They're publicly traded companies. Do you really think that they're in the scam business? They're bigger than average traditional banks. As long as you comply with their ToS, you shouldn't have any issues even for millions of USD turnover.
 
#58
rowena said:
It is the truth. I have used Payoneer and Wise for 5 years and never faced a problem(7 figures turnover). Just because you have a high-risk profile or they didn't like your business, it doesn't mean they scammers :D
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Tell this to the thousands of other people who had their accounts closed for no reason whatsoever
 
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#59
JohnnyDoe said:
Tell this to the thousands of other people who had their accounts closed for no reason whatsoever
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Actually, most of them know the real reason. Wise has simple acceptable use of the policy. If you want to use Wise, stick to the rules.

I remember a guy who had a business account with Wise and sent company dividends to his mother's bank account. His mother was not a shareholder or even an employee of the company. Obviously, Wise closed the account and the guy started to blame Wise smi(&%
 
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#60
@JohnnyDoe is the kind of guy who goes around recommending people to deceive financial institutions and to provide false information to them, and is then acting all shocked and surprised when banks keep closing his accounts.
 
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