USDT to Wise (Personal)

[menderes]

I have a personal Wise account opened a few months ago with a couple of transfers from my personal bank account (~€10k).

I need to deposit €20-€30k to that account as a proof of solvency (has to be a European account and Wise seemed to be my only option).

Due to local regulations I can't send large amounts from my local bank account (anything above $3k) without a reason (contract, invoice etc. fml), so my only option is to somehow send USDT to Wise.

Now, this Wise account is crucial to my personal life for the time being and I absolutely cannot risk losing it.

Given my circumstances, what options do I have for transferring USDT to a personal Wise account (EUR)?

 

[daniels27]

menderes said:
Due to local regulations I can't send large amounts from my local bank account (anything above $3k) without a reason (contract, invoice etc. fml), so my only option is to somehow send USDT to Wise.
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Which country do you have the money in?

 

[EliasIT]

very simple, open an kraken account and transfer the payment from kraken to Wise, no problems at all.

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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!
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[menderes]

daniels27 said:
Which country do you have the money in?
Click to expand...

European, non-EU, non-EEZ, absolutely impossible to send more than $3k without a documented reason.

 

[menderes]

EliasIT said:
very simple, open an kraken account and transfer the payment from kraken to Wise, no problems at all.
Click to expand...

I've seen this option in recent threads, but some older posters (from 2-3 years ago) claimed they had their Wise accounts closed or deposits returned. (These are all from the time they were known as Transferwise)

Have you had any recent experience with Kraken to Wise? If I lose this account my whole family is f'd

Also does anyone have any experience with Volet (ADVCash) to Wise?

Thank you!

 

[EliasIT]

menderes said:
Have you had any recent experience with Kraken to Wise? If I lose this account my whole family is f'd
Click to expand...

doing it every day, everything between 5000K and 25K euro, I have been doing this for years.

It is the opposite why people get their account closed, using Wise to Fund their kraken account. Or there can be 1000 other reasons.

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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.

 

[menderes]

EliasIT said:
doing it every day, everything between 5000K and 25K euro, I have been doing this for years.

It is the opposite why people get their account closed, using Wise to Fund their kraken account. Or there can be 1000 other reasons.
Click to expand...

One more question,

What method to use?
Bank Frick (SEPA)
Bank Frick (SWIFT)
Etana Custody (Wire)

To transfer from Kraken to my personal Wise account?

Thank you for your help!

 

[EliasIT]

menderes said:
Bank Frick (SEPA)
Bank Frick (SWIFT)
Click to expand...

you can use both

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.

 

[Martin Everson]

menderes said:
European, non-EU, non-EEZ,
Click to expand...

Don't risk it if your from higher risk country or have higher risk passport.

menderes said:
I need to deposit €20-€30k to that account as a proof of solvency (has to be a European account and Wise seemed to be my only option).
Click to expand...

Just open an account with some service like wirexapp and produce your statement from there. You get a Malta account and IBAN. Just send crypto funds there and convert to fiat. Make sure you have source of funds for crypto in case they ask.

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

 

[AndyAresa]

EliasIT said:
doing it every day, everything between 5000K and 25K euro, I have been doing this for years.
Click to expand...

Hello EliasIT, thanks for sharing this. I am at the beginning of a similar approach. I've had a Wise account for some time sitting idle, with a couple of thousands. now I would like to make frequent transfers of tens of thousands, in and out. Did you ever get questions from Wise on your payments 5-25k euro? like source of funds etc.? did you slowly increase the sums over a some time to build a history?

 

[menderes]

I couldn't let this go, so being the goober that I am, I straight up asked their live chat support for clarification. They told me it's perfectly fine to send EUR transfer from Kraken to Wise.

Now whether it is smart to take advice from a support agent that is probably outsourced and has no idea what Kraken is is up to you to decide, for me it was enough.

This is what they say on their website:

Cryptocurrencies​

....

Receiving money​

You can receive money to your Wise account from a platform that deals with cryptocurrencies ”” as long as the platform is regulated and/or supervised in the EU or UK and is within Wise's risk appetite and per Wise's discretion.
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Kraken is regulated in the UK from what I could gather, but the second part about their appetites is of course the carte blanche they grant themselves to completely stick it up your you-know-what.

So... spray and pray.

 

[EliasIT]

AndyAresa said:
Hello EliasIT, thanks for sharing this. I am at the beginning of a similar approach. I've had a Wise account for some time sitting idle, with a couple of thousands. now I would like to make frequent transfers of tens of thousands, in and out. Did you ever get questions from Wise on your payments 5-25k euro? like source of funds etc.? did you slowly increase the sums over a some time to build a history?
Click to expand...

never got questions, but hey, my account is 8 years old or more. From the very beginning I used it for normal stuff and never for anything doubtful.

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.

 

[JackAlabama]

menderes said:
I couldn't let this go, so being the goober that I am, I straight up asked their live chat support for clarification. They told me it's perfectly fine to send EUR transfer from Kraken to Wise.

Now whether it is smart to take advice from a support agent that is probably outsourced and has no idea what Kraken is is up to you to decide, for me it was enough.

This is what they say on their website:



Kraken is regulated in the UK from what I could gather, but the second part about their appetites is of course the carte blanche they grant themselves to completely stick it up your you-know-what.

So... spray and pray.
Click to expand...

why dont you open up another emi? And let wise be since your whole life depends on it (id rec to work on this first).

 

[JackAlabama]

EliasIT said:
never got questions, but hey, my account is 8 years old or more. From the very beginning I used it for normal stuff and never for anything doubtful.
Click to expand...

did you use the wise account for swift? Or always with their inbuilt local payment rails?

 

[EliasIT]

IBAN transfers 99% of all times, same goes when kraken pays out to Wise.

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.

 

[providenceventurer]

Martin Everson said:
Don't risk it if your from higher risk country or have higher risk passport.



Just open an account with some service like wirexapp and produce your statement from there. You get a Malta account and IBAN. Just send crypto funds there and convert to fiat. Make sure you have source of funds for crypto in case they ask.
Click to expand...

We can withdraw to a bank account from wirex?

 

[providenceventurer]

JackAlabama said:
why dont you open up another emi? And let wise be since your whole life depends on it (id rec to work on this first).
Click to expand...

And which other emis are you recommending him to open an account with can you let us know?

 

[JackAlabama]

providenceventurer said:
And which other emis are you recommending him to open an account with can you let us know?
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well revolut is a start and whatever he can get his hands on. Hes cool with wise still, so revolut stands a decent chance (but they are all the same: bad).

 

[EliasIT]

If Wise can work for you, Revolut can, you want to use both.

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.

 

[menderes]

JackAlabama said:
why dont you open up another emi? And let wise be since your whole life depends on it (id rec to work on this first).
Click to expand...

The options are so unimaginably limited for non-EU/UK/US people when it comes to most reliable EMIs. I probably didn't make this clear, my life depends on a reliable EMI that I'm able to FUND, and provides me with an EU IBAN that allows me to send SEPA transfers in my name.

My Wise account is irrelevant to me without the ability to fund it with €30-40k (which I can only do with USDT because of national bank limitations), so I can demonstrate them as proof of solvency, and conduct initial payments for key life expenses until I obtain an EU residence permit, at which point my options are limitless and I have breathing room to experiment.

If you or someone else know of a reliable, crypto-friendly EMI that allows non-EU/UK/US customers to have an IBAN account in their name and conduct SEPA transfers please let me know, it will be much appreciated.

So far, I have tried Wirex which is useless for non-EU residents, can only play with crypto, and I have tried Nexo, which seems very Bulgarian mafia-ish, but aside from that they do not pretend to be a normal financial institution like Wise, but rather have their own weird little quirks like "oh it's not EUR it's xEUR" making them possibly not a good choice if you need to present any of their generated documents with offline institutions/individuals.