There must be something else with your application because I have a personal account with them for more than 3 years and every month I receive a small payment of USD 8k without issues. Wise is an option for people/businesses with expected and easy to understand behaviors. For my businesses I prefer to use real banks instead of Wise.
Wise personal account is Joke
- Thread starter Alexmorgan
- Start date
- Status
There must be something else with your application because I have a personal account with them for more than 3 years and every month I receive a small payment of USD 8k without issues. Wise is an option for people/businesses with expected and easy to understand behaviors. For my businesses I prefer to use real banks instead of Wise.
Absolutely no. Wise has a bank account in Belgium and in that bank account it holds all the money for they accounts. So Wise gets reported to belgian authorities. This is clearly explained in their cashback article How does balance cashback work? | Wise Help Centre
This is why currently Wise has no CRS on personal accounts currently ( it's not a bank ), while Revolut does ( it's a Bank ). EMIs must keep money somewhere, so they keep it in a bank.
They say you get your own Belgian IBAN (EUR currency) that is under your own name. It's not one IBAN for all users + reference number. However I'm not sure what happens if you have 20 accounts for 20 different currencies...do all these acounts get reported? Brokerage accounts and mutual fund accounts are also not banks, but they get reported via CRS/FATCA.
p.s. only for some jurisdictions and for some functionalities (Assets product):
https://wise.com/help/articles/2932394/how-does-tax-work-with-my-wise-accounthttps://wise.com/help/articles/4vA3...-i-need-to-pay-when-i-use-interest-and-stocks
Last edited: Jun 22, 2023
It's fun the 99% of times I hear people have filed a case against a huge company it is simply a lie - but good luck with your dreaming!
rof/% rof/%
The following was given to me by someone who files daily claims against EMIs and banks. This person used to work at FCA and does this for free now. He doesn't charge anyone. He's retired. I guess he just enjoys the fight! 😎
I really think @magicmat meant this:
" NewRegister
The authorities indicate that to report Wise/Transferwise, we must go to three links:
(1) Ombudsman
https://help.financial-ombudsman.org.uk/help
(2) FCA
Instructions:
https://www.fca.org.uk/consumers/how-complain/report-information-payment-services-e-money-firm
Contact:
https://www.fca.org.uk/contact
Email the report of the complaint to:
[email protected]
(3) Anti-fraud
https://reporting.actionfraud.police.uk/registration "
I need his contact please!
Toggle signature
@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
Give me some time to dig this up. I have his info on another "phone" backed up as this was the Transferwise era. I'll revert back to you 😉
I have a belgian IBAN account like everybody else,otherwise I would not be able to receive money from normal banks. that doesn't mean that I have an account with a Belgian bank. Only WISE has it, all the rest is internal routing of money. If you had an account in your name with a Belgian bank, and that account was reported, you would also have the 100k EU insurance. But you would also have a contract with that bank
Assets from Wise do get reported, and they clearly state that.
I have been please with my personal Wise bank account the last few years. Works like a clock work.
Toggle signature
If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability!
My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.
Toggle signature
If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability!
My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.
We employ over 400 people and have lawyers on 3 continents. What part of having a case against WISE with the FCA don't you understand?
Is Wise now available for UAE residents or do you use some other residence with them?
Btw. how do you deal with UAE proof of address long-term for foreign banks/brokers? I remember you were writing about renting and then cancelling (to get utility bills), which is OK as a short-term solution...
Last edited: Jul 3, 2023
As the pics
Wise was great before this was 9 years ago
Now its about closing accounts
I guess all this closing and not opening accounts is a problem that the EMI and the partner bank participate in
Most EMI that participate with Evolve Bank and Trust or Community Federal Saving Bank they close accounts without any notice and the process of the AML takes too long because of the investigation that takes too long between the bank and the governments sectors
Thats why they close it without telling you and they wont ever say why they cloae your account
Wise was great before this was 9 years ago
Now its about closing accounts
I guess all this closing and not opening accounts is a problem that the EMI and the partner bank participate in
Most EMI that participate with Evolve Bank and Trust or Community Federal Saving Bank they close accounts without any notice and the process of the AML takes too long because of the investigation that takes too long between the bank and the governments sectors
Thats why they close it without telling you and they wont ever say why they cloae your account
We can only guess. I wonder if there is a site where former Wise or employees of other EMIs detail their odyssey at Wise and other EMIs?
There are a few sites I found here: https://www.glassdoor.com/Reviews/Employee-Review-Wise-RVW32933368.htm
and here
I'm a former TransferWise employee and I cannot speak more highly of them. Yes, ... | Hacker News.
and
https://www.indeed.com/cmp/Wise-6/reviews
Although there are other sites that claim "transparency", I haven't found many.
Maybe someone else is luckier than me.
Based on past experiences, I "guesstimate" Transferwise/Wise got cocky and is also kowtowing to regulators.
Use wise as a passthrough... same with Revolut... never for a holding account, open a proper company account for that...
Wise/Revolut etc are all about expenses *&* currency transactions.
Wise/Revolut etc are all about expenses *&* currency transactions.
Even this is getting more difficult -> Wise Account in the Philippines | Wise Help Centre
... and pricey. Wise charges 12% VAT in PH on its already very high fees. Using a local bank for an outbound SWIFT is much cheaper.
Last edited: Sep 23, 2023
I opened a Wise account while living in the UK, and kept it at the UK address when leaving the UK. That was 9 years ago now, never had any problems, but of course I use it for transactions/exchanges, not for holding money.
If you have multiple home bases including in high tax/European countries, you can use the European home base(s) to keep and open EMI/Bank accounts. Many European countries allow you to own property without becoming a tax resident.
You can also use a mail forwarding service to have an address (and potentially receive bills) in a European country without owning or renting property.
- Status