Are affiliate payments banned for a Wise personal account?
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The truth is there's no single, simple answer.
A lot depends on amounts involved and type of affiliation, as well as jurisdictions involved (your residence/nationality and where the money comes from).
If the affiliate agreement is between you (the human) and someone else, it's usually fine up to a degree. When it stops being small enough to just be a little bit of personal side income, any financial institution may stop it and insist that you open a business account instead.
If you're running ecommerce shopping comparison websites and get commission from Amazon, Shopify, and some merchants, a few hundred to even a few thousand EUR/equivalent per month is probably fine. But if it's high-risk affiliation (gambling, forex, nutra/pharma, adult), questions may arise at lower amounts.
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This is the probably the answer to your question.
A lot depends on amounts involved and type of affiliation, as well as jurisdictions involved (your residence/nationality and where the money comes from).
If the affiliate agreement is between you (the human) and someone else, it's usually fine up to a degree. When it stops being small enough to just be a little bit of personal side income, any financial institution may stop it and insist that you open a business account instead.
If you're running ecommerce shopping comparison websites and get commission from Amazon, Shopify, and some merchants, a few hundred to even a few thousand EUR/equivalent per month is probably fine. But if it's high-risk affiliation (gambling, forex, nutra/pharma, adult), questions may arise at lower amounts.
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This is the probably the answer to your question.
I think it depends on the type of affiliate income. From my experience it is no problem to receive affiliate income in private accounts by Bank's/emi's. Even for higher amounts. But as mentioned before crypto, adult, casino ect is a different story. Same for offshore affiliate companies.
You may consult Wise before you do such transactions with them. If it is adult affiliate payment you are doing I'm sure they are banned. Get in touch with them, most often they reply quickly.
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So people here can confirm that in their experience receiving thousands of dollars in affiliate payments into your personal Wise account is no problem (as long as it's not a gray area affiliation like gambling or P**N)? Wise doesn't contact you about it at all?
I contacted Wise before I started my business and send thousands of euros in the account, never heard anything from them. One of my businesses is affiliate business for fun, making me about 9K a week.
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My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.
I'm also seeing this article on the Wise blog:
Can I Use My Personal Bank Account For Business?
Which clearly says you can use your personal account for business transactions, 'although it's messy and not recommended, it's still allowed' (paraphrased).
How come so many horror stories about doing exactly that and getting shut down?
Can I Use My Personal Bank Account For Business?
Which clearly says you can use your personal account for business transactions, 'although it's messy and not recommended, it's still allowed' (paraphrased).
How come so many horror stories about doing exactly that and getting shut down?
Wise they trick you then by saying it is fine and its ok but then they block your account suddenly with no reason
I don't believe that Wise is up to any tricks, they are simply too big for that. The only ones doing tricks and funny business are probably the users who use them and who think they are smarter than them.
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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.
They all said the same as you said
Few search and you will find that some got approval for the income wire then wise closed their accounts for no reason even after providing them all the requested documents and invoices and after few weeks up to few months they reply by ( We decided to close your account )
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