Wise Suspended, Looking for EMI bank options
- Thread starter arjunsuru
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Didn't they say what the reason is? what did you use the account for?
Do you tried Revolut, Airwallex ?
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Do you tried Revolut, Airwallex ?
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wise said they couldn't give any specific reason for security concerns, i used wise to receive payouts from stripe and pay my vendors, nothing shady and it was a 3 year old wise, also alot of my friends experienced this ban, so many wise accounts were suspended in last few weeks for no reason.
i guess revolut won't work for me i'm canadian. i will try airwallex thanks for suggesiton
"No reason"? Of course, there is a reason. Wise thrives on fees, so banning an account due to third-party transfers doesn't make sense. I believe your counterparty, especially if they are involved in P2P transactions, could be the cause. Additionally, having a personal account doesn't help in this situation
Payoneer could work
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Why were you using a personal account to receive Stripe? And what vendors were you paying? That's not normal personal account usage, especially if it's as you say a lot of money.
Anyway, there's your reason ”” or at least one of them. You're using a personal account for business purposes.
Other EMIs are going to come to the same conclusion sooner or later. Just open a company and a business account instead next time.
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This is the probably the answer to your question.
As soon as I heard this ( for a personal account) your whole suspended for no reason argument disappeared.
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I bet my SCROTUMS he was NOT paying vendors owned by institutional investors (e.g., Vanguard, Fidelity, etc.). 😉
Source: https://finance.yahoo.com/quote/WISE.L/holders/
you get it back if you provide them with a bank account in your name!
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What about Revolut or Payoneer?
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Both of them will throw this client out if they keep using a personal account as a business account. Payoneer might be slightly more forgiving, but even they have a limit.
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This is the probably the answer to your question.
If you are an EU Citizen I recommend using N26 for personal use. I had to call their customer service on several occasions and they were responsive + helpful which is as you know quite rare with these providers. They offer cashback as well, albeit a minimum percentage (but should at least cover your costs).
Been using it for my business myself but there's 2 annoying things about that: a maximum monthly spending of 20k per month with your card (which is ridiculous but transfers are unlimited though) and even though you have a corporate account it'll be still in your own personal name. However, so far it's been headache-free ride so I'm still quite fond of them.
Last edited: Jul 7, 2024
Been using it for my business myself but there's 2 annoying things about that: a maximum monthly spending of 20k per month with your card (which is ridiculous but transfers are unlimited though) and even though you have a corporate account it'll be still in your own personal name. However, so far it's been headache-free ride so I'm still quite fond of them.
Last edited: Jul 7, 2024
N26 and Revolut beside Wise have been working very well and smooth in various setups of mine. I have personal and business accounts with all of them.
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One of my favorit articles in Mentor Group ~ Sending money anonymously archieve Financial Anonymity
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One of my favorit articles in Mentor Group ~ Sending money anonymously archieve Financial Anonymity
N26 is good but @arjunsuru claims to be a Canadian 🙂 , so no-go.
Nevertheless, the root of the problem was well depicted by @Sols and @Martin Everson ”“ using a personal account clearly for business purposes.
@arjunsuru, if you do not like to have a company (what is quite possible), seek for a freelancer account, or for a provider which allows freelancers to use personal account. The former available for Canadians you can find e.g. with Zen.com, I guess.
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Novel is a scam and a cheap replica of Mercury! Mercury is a much better options out of these. Haven't tried relayfi.
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