Wise froze account - what to do?
- Thread starter Aetherial
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What technical reasons?
Contact regulators first if you have a legit case and try and resolve issue amicably. Don't be threatening them with lawyers and expect them to give you insightful answers that could later be used against them in court. Think logically and good luck.
Contact regulators first if you have a legit case and try and resolve issue amicably. Don't be threatening them with lawyers and expect them to give you insightful answers that could later be used against them in court. Think logically and good luck.
Wise is abusing their monopole in the EMI World and still attracting new clients today with bare minimum KYC requirements and fast verification just to block your account and THEN start to look in your account in detail just to figure THEN out that you are outside their risk appetite.
They have basically students working in the compliance and terrible AI to randomly block funds - you should use Wise only with funding the account from real banks and not EMI to EMI their AI tends to block Accounts with EMI to EMI Transactions way more compared to Bank Account to Wise.
Bottom Line learning︀ is spend a bit more money and time on opening a proper Bank Account and︁ use Wise only what it was designed for - FX and spend in exotic local︂ Currencies like HUF, RON and PLN etc.
They have basically students working in the compliance and terrible AI to randomly block funds - you should use Wise only with funding the account from real banks and not EMI to EMI their AI tends to block Accounts with EMI to EMI Transactions way more compared to Bank Account to Wise.
Bottom Line learning︀ is spend a bit more money and time on opening a proper Bank Account and︁ use Wise only what it was designed for - FX and spend in exotic local︂ Currencies like HUF, RON and PLN etc.
you should use︂ Wise only with funding the account from real banks and not EMI to EMI their︃ AI tends to block Accounts with EMI to EM
I have funded Wise from my︄ Revolut account for the past 5 years with no problem. To be honest, I have︅ never thought about EMI to EMI. Then I use Wise to fund other EMIs. No︆ problem.
In fact, I have a whole chart detailing transfers between my banks and EMIs.︇ No, nothing underhand, illegal or suspicious. Simply that I like to spread funds around and︈ don't want my main bank to know where the funds are going. None of their︉ business.
I have funded Wise from my︄ Revolut account for the past 5 years with no problem. To be honest, I have︅ never thought about EMI to EMI. Then I use Wise to fund other EMIs. No︆ problem.
In fact, I have a whole chart detailing transfers between my banks and EMIs.︇ No, nothing underhand, illegal or suspicious. Simply that I like to spread funds around and︈ don't want my main bank to know where the funds are going. None of their︉ business.
That’s fair, but how did you conclude that Wise has an issue with public exposure?
Have they actually responded to it directly, or is it something you’ve inferred? I’m genuinely curious, especially since this could help others who might end up in a similar situation.
Feel free to share any relevant links or sources if you have them.
Have they actually responded to it directly, or is it something you’ve inferred? I’m genuinely curious, especially since this could help others who might end up in a similar situation.
Feel free to share any relevant links or sources if you have them.
I see recently that Wise fear the power of community and public manifestation, this can hurt badly their reputation.
The founder use this power and public everything in LinkedIn and finally restore their accounts it's almost 400k, the EU law block you︀ first and after investigation they can release the funds if they don't find any issue︁ with money cleaning
I share my proper experience.
The founder use this power and public everything in LinkedIn and finally restore their accounts it's almost 400k, the EU law block you︀ first and after investigation they can release the funds if they don't find any issue︁ with money cleaning
I share my proper experience.
You're talking about these guys?
2022 27 June The Financial Conduct Authority has opened an investigation into the chief executive of Wise almost a year after he was fined by HMRC for deliberately defaulting on︀ his taxes. The Telegraph last year revealed that Kristo Kaarmann had been fined £365,651 for︁ a deliberate default during the 2017/18 tax year on a £720,495 tax bill.
Wise EMI︂ DUBAI, Aug 30 2022 (Reuters) - The regulator of Abu Dhabi's free zone financial centre︃ said on Tuesday it had fined the local subsidiary of fintech firm Wise $360,000 for︄ breaching anti-money laundering (AML) requirements.
https://www.reuters.com/technology/fintech-firm-wise-fined-360000-by-abu-dhabi-regulator-2022-08-30/
2022 27 June The Financial Conduct Authority has opened an investigation into the chief executive of Wise almost a year after he was fined by HMRC for deliberately defaulting on︀ his taxes. The Telegraph last year revealed that Kristo Kaarmann had been fined £365,651 for︁ a deliberate default during the 2017/18 tax year on a £720,495 tax bill.
Wise EMI︂ DUBAI, Aug 30 2022 (Reuters) - The regulator of Abu Dhabi's free zone financial centre︃ said on Tuesday it had fined the local subsidiary of fintech firm Wise $360,000 for︄ breaching anti-money laundering (AML) requirements.
https://www.reuters.com/technology/fintech-firm-wise-fined-360000-by-abu-dhabi-regulator-2022-08-30/
https://twitter.com/x/status/1877700049221587087
This tweet will never stop being funny (CEO of Wise)
Humm I noticed OP never came back to explain the "technical reasons" for account freeze ns2
I genuine believe most people simply don't have a clue about what they have done wrong sometimes or how high risk they are due to passport they hold, activity or residency etc etc. I don't think it is their fault most times and maybe their is some way Wise can inform them beforehand about their risk category before freezing their account.
P.S I have walked through examples in other threads of people complaining about Wise freezing their accounts for no reason. Only later to find out they fall into high︀ risk category and they didn't even realize it.
I genuine believe most people simply don't have a clue about what they have done wrong sometimes or how high risk they are due to passport they hold, activity or residency etc etc. I don't think it is their fault most times and maybe their is some way Wise can inform them beforehand about their risk category before freezing their account.
P.S I have walked through examples in other threads of people complaining about Wise freezing their accounts for no reason. Only later to find out they fall into high︀ risk category and they didn't even realize it.
It may also be due to the people that Wise employ and the power (or lack︁ of it) that they have.
I once had my Revolut account frozen when trying to︂ send a small amount of money to our son who was a student.
Their web︃ chat was a joke. A different person each time and their English was terrible. I︄ speak 4 languages and asked them to communicate but it was like talking to our︅ dog.
Finally I threatened to contact the police in Lithuania and the FCA in the︆ UK.
Suddenly I had an apology and my account restored.
Remember that they are borrowing︇ YOUR money!
I once had my Revolut account frozen when trying to︂ send a small amount of money to our son who was a student.
Their web︃ chat was a joke. A different person each time and their English was terrible. I︄ speak 4 languages and asked them to communicate but it was like talking to our︅ dog.
Finally I threatened to contact the police in Lithuania and the FCA in the︆ UK.
Suddenly I had an apology and my account restored.
Remember that they are borrowing︇ YOUR money!
This CEO is liar
There is nothing shady when i recharge my account of wise from my personal account in zenus or transfer from my personal account of wise to my other personal account in Bulgarian bank
So its from me to me where is the shady game here?
There is nothing shady when i recharge my account of wise from my personal account in zenus or transfer from my personal account of wise to my other personal account in Bulgarian bank
So its from me to me where is the shady game here?
I agree to a certain extent.
But their employees wield too much power, they have too︁ much automation for their own good, and they flag things just for the fun of︂ it. I have seen many European low-risk businesses frozen with Wise absolutely unnecessarily. For example,︃ Revolut is also compliance heavy (and I wouldn't recommend it, but the Revolut Business managers︄ (something that does not even exist on Wise) are able to assist with issues, you︅ can send them a form about a higher incoming amount than usual (which helps prevent︆ locks), and so on.
As @Fred stated, Wise likes to onboard with easy compliance and︇ then scrutinize and freeze whenever you have a decent amount coming in. They also have︈ extremely strange crypto policies.
I personally had an individual Wise account frozen for a few︉ months for transferring a few thousand dollars to my own account in Puerto Rico (via︊ ACH). Well, at least the payment went through right away and there was only a︋ couple bucks left smi(&%
But I simply do not see a use case. Their risk tolerance︌ for business is very low - if you can open with Wise, I am practically︍ sure you can also with Amnis, Worldfirst, etc. which have practically the same services but︎ won't lock you out like crazy.
But their employees wield too much power, they have too︁ much automation for their own good, and they flag things just for the fun of︂ it. I have seen many European low-risk businesses frozen with Wise absolutely unnecessarily. For example,︃ Revolut is also compliance heavy (and I wouldn't recommend it, but the Revolut Business managers︄ (something that does not even exist on Wise) are able to assist with issues, you︅ can send them a form about a higher incoming amount than usual (which helps prevent︆ locks), and so on.
As @Fred stated, Wise likes to onboard with easy compliance and︇ then scrutinize and freeze whenever you have a decent amount coming in. They also have︈ extremely strange crypto policies.
I personally had an individual Wise account frozen for a few︉ months for transferring a few thousand dollars to my own account in Puerto Rico (via︊ ACH). Well, at least the payment went through right away and there was only a︋ couple bucks left smi(&%
But I simply do not see a use case. Their risk tolerance︌ for business is very low - if you can open with Wise, I am practically︍ sure you can also with Amnis, Worldfirst, etc. which have practically the same services but︎ won't lock you out like crazy.
Yes, of course. Amnis is licensed in Liechtenstein and Switzerland, its main target are EU and Swiss companies. It can onboard quite a lot of jurisdictions but it charges a compliance fee (TBMK, 1000 EUR) for higher risk countries. The offering of currencies and local details is very good and you get an active support person to talk to directly. They also have some features quite unique for EMIs - interest on some currencies, safeguarded funds at Erste Bank.
Worldfirst is part of the Chinese Ant Group, it has︀ a strong reputation. Mainly focused on eCom but they serve a lot of other business︁ areas. You also get a lot of local IBANs/accounts and the fees are little to︂ none.
In general, I recommend European companies to use physical banks, because they are better︃ a majority of the time. But, if you want to use an EMI, these are︄ pretty good choices.
Worldfirst is part of the Chinese Ant Group, it has︀ a strong reputation. Mainly focused on eCom but they serve a lot of other business︁ areas. You also get a lot of local IBANs/accounts and the fees are little to︂ none.
In general, I recommend European companies to use physical banks, because they are better︃ a majority of the time. But, if you want to use an EMI, these are︄ pretty good choices.
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