New business account with Wise: brand new or should I add to existing ones?

[DiscoveredAttack]

Hello!

I've been a user of TransferWise for quite a while. First as an individual, then as a business. Then it became Wise.
For the business, I have then created one of their multicurrency accounts with VISA card.

I am now opening a new business, in a different legislation than that I already have.

Should I try to open it under a new e-mail/phone number (without wanting to lie about my identity, of course), or should I leverage on being an existing customer with Wise and add this new legal entity to the existing accounts?

I'm thinking about the risk of putting all the eggs in one basket...

Thanks for any thoughts

 

[Martin Everson]

See what Wise says:

https://wise.com/help/articles/2932130/can-i-have-more-than-one-account
Personally I would not keep all my eggs in one basket as you say. Also having multiple businesses might move you into a higher risk category for Wise. You could be seen as a complex client at a guess and I like to keep things simple.

However I would like to know if anyone is using multiple companies from same personal account with Wise out of interest.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[DiscoveredAttack]

Ah, they really write it out. Thanks Martin.

 

[NicolasMaduro]

I have 3 business accounts with same personal Wise account. I havent had any issues.

 

[fshore]

When I opened 2nd business account 2-3 years ago I was told that the only way was to open a separate personal account linked to this business. Wise is aware that I'm the owner of both two personal/business accounts.

 

[DiscoveredAttack]

Update. I have create a business account ex-novo. But I can't order a bank card (not that I need it very soon).
Apparently bank cards for a purely business Wise account are coming "very soon" and you can join a waiting list. You are also being offered the possibility of opening a personal bank account with them, which should then give you access to the bank card ordering already.

I'll see what I can do with their customer service. I don't think I can open another personal bank account with them because it seems you are allowed to have one only.

 

[Sols]

fshore said:
When I opened 2nd business account 2-3 years ago I was told that the only way was to open a separate personal account linked to this business. Wise is aware that I'm the owner of both two personal/business accounts.
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DiscoveredAttack said:
I'll see what I can do with their customer service. I don't think I can open another personal bank account with them because it seems you are allowed to have one only.
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It used to be that you needed one personal account per business account, but since about a year ago, you can have multiple business accounts linked to the same personal account.

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This is the probably the answer to your question.

 

[DiscoveredAttack]

Sols said:
It used to be that you needed one personal account per business account, but since about a year ago, you can have multiple business accounts linked to the same personal account.
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Sounds like it's fixable with customer service, but it essentially means that you can't have a full account with card that is untied from your personal account and, in the case, your other business accounts that are already tied to your personal one.

 

[NicolasMaduro]

Yes its because your business debit Card is linked to your personal identity. So on the Card it says:
John Smith
Random Company Ltd

 

[DiscoveredAttack]

NicolasMaduro said:
Yes its because your business debit Card is linked to your personal identity. So on the Card it says:
John Smith
Random Company Ltd
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Makes sense, and there was hardly any KYC on me as a person when I opened this new bank account.

 

[NicolasMaduro]

DiscoveredAttack said:
Makes sense, and there was hardly any KYC on me as a person when I opened this new bank account.
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Yes Im so confused. They dont even require video kyc. I think maybe they only trigger it on some individuals or businesses?

 

[Martin Everson]

NicolasMaduro said:
Yes Im so confused. They dont even require video kyc. I think maybe they only trigger it on some individuals or businesses?
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Thats interesting but KYC its mandatory. But I have seen EMI's delay it until account is actually funded or used. I mean why do KYC on 1000 new opened accounts when only 5% or 50 account may be actually funded and used. It's painful for the client who suddenly gets his account blocked after opening to perform KYC. But for EMI doing just 50 KYC's is cheaper than 1000 KYC's conf/(%.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Sols]

NicolasMaduro said:
Yes Im so confused. They dont even require video kyc. I think maybe they only trigger it on some individuals or businesses?
Click to expand...

It seems that they do video KYC when you reach a certain threshold or transact in a way that trips up their risk monitoring system.

Toggle signature
This is the probably the answer to your question.