Question Wise closed my account and I need a bank account to withdraw my money to

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anass

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Sep 11, 2021
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#1
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Wise closed my account 3 months ago, and they told me that after 60 days they will withdraw the funds in my account to my bank account, and now they told me that the bank they are withdrawing to shouldn't be in my name but my company's name, I don't know any other company other than Wise, that offer bank accounts to non uk residents, and most companies ask for proof of address from my my company which I can't get.

TL;DR: I need a bank account in the name of my UK company to withdraw my WISE funds to.
The bank can be in any country as long as it is in my company's name.
 
Reactions: uplana and JohnLocke
#3
#8
anass said:
If you have a lot of money coming into your account (10K+) from different people and you can't 100% justify them they will close your account.
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The amount and frequency here is basically irrelevant. The flag is the last part "100% justify" what does that mean? You can't explain why they are paying you because you know it violated the ToS?
 
#9
Reactions: anass
#10
Yeah I messed up, it was something related to crypto (I sold usdt vs wise payment), all I want now is my money, and I'll take this a lesson to carefully read TOS before I put my my money, thanks for the advice/links
 
#11
Now it's clear. TW it's very strict about Crypto. However, I have received some crypto money, but only after discussing with them. And it was only a couple hundreds eur. I kept out of it so I don't have problems. Anyway, if your company is in UK, you can open account with FIRE. I worked well with them.
 
Reactions: anass and polonieth
#12
anass said:
I registered with Bankera but I found all the documents they requested kinda overwhelming
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most of them are the same as Wise and other EMI's why do you find this overwhelming? Even if you go into your local bank to open an account they will ask for lot's of same documents and even much more.
 
Reactions: anass
#16
I also plan to start using Wise for getting payments easier way (SEPA, ACH) on virtual IBAN and USD account that they provide by mainly individuals, and when I read experiences like this it scares me. However, you mentioned you were involved with crypto, and Im not, but still it would be very bad if got account with money freezed and unable to unlock it. @anass do you think you were suspended for dealing with crypto , or because of dealing with individuals sending you payments ?
 
#18
I would say they didn't know I was doing crypto, but because they were 10s of transactions from different people that I couldn't prove with documents the source they thought it was risky, I also I know a guy who got over 90k locked and he was doing Ecommerce not crypto,
If I had to do anything different I would keep most of my money in a real bank, EMIs are good for convenient but don't leave a substantial of your money in there, I could have lost another 10k in the Payoneer Wirecard scandal too.
 
#20
JamesDonkey said:
They were 2p2 crypto transactions, right? No mention anything related to crypto anywhere?

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Yep, I had other sellers mention to me that if you surpass the 10k mark your account will be reviewed by Wise and suspended I didn't believe them until it happened
I told people to not mention crypto anywhere, I even created a design services website and told them to put logo design (it was a stupid move, I'm not proud of any of this, I shouldn't have done it, the 3% I made wasn't worth all this hassle)
 
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