Avoid Wise crypto deactivation

[gear]

jakubko666 said:
If you want to issue invoice, put that info in your P2P term, so if Wise ask the other party too, they can confirm that.
Invoice it like "Digital service no. 057"
Click to expand...

Makes sense, thanks for the suggestion

 

[NicolasMaduro]

gear said:
Makes sense, thanks for the suggestion
Click to expand...

Most banks will tell you not to conduct business transactions on a personal account. This is default for all banks. I understand there is a misconception from many users on this forum

and of course you are not allowed to do business transaction on your personal wise account

Bad advice”¦

Wise Acceptable Use:
“

• You may not use your personal Wise account to receive business payments.

“

Last edited: Apr 1, 2022

 

[gear]

NicolasMaduro said:
Most banks will tell you not to conduct business transactions on a personal account. This is default for all banks. I understand there is a misconception from many users on this forum

and of course you are not allowed to do business transaction on your personal wise account

Bad advice”¦

Wise Acceptable Use:
“

• You may not use your personal Wise account to receive business payments.

“
Click to expand...

Contacted a p2p firm selling crypto that way and they basically confirmed what you're saying. They were blocked in the past and after providing invoice had to open a business account (with verification of course).

What do you think about a money borrowing with agreement between 2 people? That seems to fall under Wise "personal use between people you know". Also good for periodic payments.

 

[wellington]

NicolasMaduro said:
Most banks will tell you not to conduct business transactions on a personal account. This is default for all banks. I understand there is a misconception from many users on this forum

and of course you are not allowed to do business transaction on your personal wise account

Bad advice”¦

Wise Acceptable Use:
“

• You may not use your personal Wise account to receive business payments.

“
Click to expand...

It's pretty standard in the UK for personal accounts to be used for businesses (i.e a account strictly for a business).

Nothing illegal in it either, just a lot of companies don't see the benefit in opening a business account (costs), in addition a business account is harder to secure as you have to jump through so many hoops.

 

[NicolasMaduro]

wellington said:
It's pretty standard in the UK for personal accounts to be used for businesses (i.e a account strictly for a business).

Nothing illegal in it either, just a lot of companies don't see the benefit in opening a business account (costs), in addition a business account is harder to secure as you have to jump through so many hoops.
Click to expand...

Many sole traders use their personal accounts for business transactions for their Company as they are same entity.

A Ltd is a seperate legal entity and you cant use your own personal account.