Wise personal and business account deactivated during opening for NPO

[balltijama]

Hello

During registration of a Wise account for non-profit orgaisation Wise deactivated my personal account and account used by my company. Wise provided an explanation that the account has exceeded their risk tolerance. After providing documentation about source of income, Wise refunded all money from both accounts as after the appeal they decided to keep to account closed.

Until trying to register an account for non-profit organisation everything worked fine with Wise and there were no issues. The non-profit organisation was registered under the law of one of EU countries and for the purpose of representing interests of companies from this country and China, and strengthening relations between these two countries.

Is it possible that this objective of the organisation which could be the reason behind decision to deactivate my personal and business accounts?

 

[JohnnyDoe]

There is no reason for this, or at least not one that humans can understand, since Wise is run by psycho monkeys. It happens all the times and you are in good company.

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[TheCryptoAnt]

balltijama said:
The non-profit organisation was registered under the law of one of EU countries and for the purpose of representing interests of companies from this country and China, and strengthening relations between these two countries.
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bruv

 

[uplana]

Very difficult to say what the reason is or if there is no reason for it. All we have of information on this public forum is your thread!

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[Sols]

Many if not most financial institutions do not work with non-profits and charities. They are complicated, at high risk of corruption, and don't generate much revenue.

If the mission of your NPO is to foster trade with China, the overall risk of the NPO goes up even more.

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This is the probably the answer to your question.

 

[pfser]

balltijama said:
Hello

During registration of a Wise account for non-profit orgaisation Wise deactivated my personal account and account used by my company. Wise provided an explanation that the account has exceeded their risk tolerance. After providing documentation about source of income, Wise refunded all money from both accounts as after the appeal they decided to keep to account closed.

Until trying to register an account for non-profit organisation everything worked fine with Wise and there were no issues. The non-profit organisation was registered under the law of one of EU countries and for the purpose of representing interests of companies from this country and China, and strengthening relations between these two countries.

Is it possible that this objective of the organisation which could be the reason behind decision to deactivate my personal and business accounts?
Click to expand...

Sols is correct in pointing out that many financial institutions shy away from working with NPOs, as these organizations may fall outside of their risk appetite. It's worth noting that in some EMIs, an individual's personal risk level may be associated with the companies they own and run. As such, once you revealed your connection to the NPO, it's possible that your risk score increased, and that's why your personal account was closed.

 

[jafo]

JohnnyDoe said:
psycho monkeys.
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OK...I'll bite. I tried Googling it to no avail. What's the definition of monkeys in this context? A link will suffice...

 

[JohnnyDoe]

jafo said:
OK...I'll bite. I tried Googling it to no avail. What's the definition of monkeys in this context? A link will suffice...
Click to expand...

A monkey is a type of primate that belongs to the suborder Haplorhini, which includes monkeys, apes, and humans. They are characterized by their long tails, opposable thumbs, and relatively small brains. Monkeys come in a variety of species, ranging in size from the tiny pygmy marmoset to the larger mandrill and baboon. They are found in many parts of the world, including Asia, Africa, Europe, and Central and South America, and can be arboreal (living in trees) terrestrial (living on the ground), or bankerial (living in banks).

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[jafo]

JohnnyDoe said:
bankerial (living in banks).
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NGL, you had me in the first half 😛. After reading your whole response, it clicked. I got it now. Thanks for making me laugh. I needed that!