Okay I see. I am not big user of EMIs I also prefer real bank, but I can get SWIFT wire transfer payments only. Been using Payoneer for 2 years and recently they rejected one of my payments for unknown reasons even I get the payment from same company for 2 years nothing changed. They blocked my ATM card, luckily allowed me to withdraw which I sent money to friend's Revolut. I requested from them to close my account permanently, its useless now. I wonder how did Wise knew you involved with p2p crypto transaction when it was not mentioned anywhere and you had a design service website to mask all. Coudn't you just make some invoice or they want more documents than that.
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Question Wise closed my account and I need a bank account to withdraw my money to
- Thread starter anass
- Start date
Ok. Sorry to get back with questions. But it's still strange. So, you are saying you get more than 10k from many private individuals and you got your account blocked. Even if your business was properly set, and you had website and everything in order. So, here is the question: did wise required you to prove the source of funds(received funds)? Like asking for invoices, contracts, etc..? Or did they blocked the account directly?
The keywords I used is "if you can't justify them", if you business is set up properly you should be able to provide all the documents they ask for, and to answer you question yeah they did ask for papers.
This post isn't about bashing wise, I'm just asking for ways to get my money out.
Sorry, it's pretty clear now. As mentioned before, I work well with wise. My advice was to try Fire.com. I have an account with them as weel and sent several payment from Wise to them without questions. The process of opnening was very smooth and simple, however I opened my account in 2017. I needed a good website and there were no problem. Maybe nothing changed by now.
I find it truly freaking pathetic that these EMIs or shitty virtual banks like TransferNotSoWise close or freeze accounts for receiving or sending a few bucks, or ask you about all kind of documents with the excuses of KYC, AML, CRS, bla bla. What a bunch of idiots.
In the other corner you have criminals like evergrande moving 300-1000 billions, getting lots of debts and moving a lot of money without any justification, and when they go bankrupt and create huge global economic crisis, nobody is guilty and nobody ask them any questions at all.
In the other corner you have criminals like evergrande moving 300-1000 billions, getting lots of debts and moving a lot of money without any justification, and when they go bankrupt and create huge global economic crisis, nobody is guilty and nobody ask them any questions at all.
@OP with frequency on the rise at which wise bans and freezes user accounts, A decision toward having a wise account would require a user having a physical biz acct, prior to operations as wise.
So as to negate grumpiness from wise 60day acct freeze policy..at least user has a physical bank account in biz name, provided to wise and funds received...
TopTip...Dealing with Emis should be a plan B, morelike an addon to primary biz company,physical biz acct...having biz comp+biz acct sets the user towards using EMIs longterm as EMIs on initial setup of acct using the above provides peace of mind to EMIs and user accts wouldnt get too much attention as verification is confirmed via physical bank info and Biz company Tax/Reg No..
No shortcut guys...
Emis where not and cannot be superior to a physical bank.
A physical bank far outweighs an EMI in all aspects..liquidity levels,overall use case,product portfolio,lending and investment protocols,overall networth etc
An add-on is more of a symbiotic part that works hand in hand with an original entity as the case maybe...having a physical bank added to an Emi, automatically covers the need for proof of address,strengthens Kyc levels,Tax ,VAT.etc
Take sometime around the OCT,do some reading,subcribe to the MG and more light would be revealed towards the numerous limitations of an EMI VS A physical Bank..
Just a case in note an EMI is highly likely to freeze your acct several times within a given period, against a physical bank acct which easily outlives the average lifecycle of an EMI..
NB: physical banks easily handle more cash acct limits than an Emi which gets finickky over an incoming 10k...
Yes, they can and they are, but not in all, but in certain ways. And that's why they're in business.
does Wise require that a bank account of your company to be incorporated in same country, or in any country? Will they accept any business bank account from any country as long as it belongs to a company named as your company? Namely, you could open a company in Dubai with the same name.
I'm not aware about whether physically or not.
Also, you could open it with the same name, and then after you've received the money, and if, you can always rename the company. Right?
Came across this post and got interested. Like a quote I love referring to; failure is an opportunity to begin again more intelligently.
To start with, the sellers that mentioned to you regarding the 10k cap, they were correct. The truth is this, in d uk, when u exceed 10k spend weekly; your account wl be under a watch. When you then exceed it too frequently, a ban is certain.
I personally reached out to wise regarding situations like this long before I started using it. See the scrennshot below to read.
Keep using wise. Just understand how the 'wise algorithm works. As long as you outsmart the not, u will definetely be swimming in glory.
As for getting your money to be withdrawn to other account, here is my salient advice:
If your balance is a over 10k pounds, this can easily be solved in this few steps.
+ Open a domiciliary bank account in nigeria(Gbp).
+ For proof of address, this isn't a problem in a country like nigeria.
+Once your account is setup, send wise your IBAN details and all.
+Once your money is in the account; you can on daily basis, withdraw it and exchange your funds to the local currency e.g say your balance 50,000 pounds, you can decide to withdraw 5000 pounds a day, exchange it to naira, do that for 5days. Once you have your funds in naira, head back to binance p2p, exchange the naira back to usdt. Then transfer it to wherever u like.
This is a flawless process. So, be relaxed and grab some cup of coffee. Your funds will come out safe. Forget the virtual banks in this regard.
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true as it is with all banks and EMI's now a days. The world has entirely changed because of all this AML1-6 s**t that is going on including Governments in need of money to fill their own pockets.
Sad, all very sad. You really need to reach deep into your pockets to find the best solution.
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