Can you reliably use Wise for mid 6 figures if you have SoF?

[cionide]

I've been running 6 figures through Wise for nearly a year, no issues at all. The only thing EVER was a prompt asking why I was transferring money to Jersey which when answered the transfer went through immediately but that might have been because I was doing a USD transfer whereas everything else was in EUR. I did not transfer anything from any crypto exchanges ever.

 

[JohnLocke]

Thanks for your positive review about Wise, have exact same experience with them for the last 4 years.

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[BerlusconiSchmidt]

cionide said:
I've been running 6 figures through Wise for nearly a year, no issues at all. The only thing EVER was a prompt asking why I was transferring money to Jersey which when answered the transfer went through immediately but that might have been because I was doing a USD transfer whereas everything else was in EUR. I did not transfer anything from any crypto exchanges ever.
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You are just one of the lucky ones that they see as low risk.

As soon as you have residency in a different country than your country of incorporation, questions and manual checks get raised.

 

[JohnLocke]

BerlusconiSchmidt said:
As soon as you have residency in a different country than your country of incorporation, questions and manual checks get raised.
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I don't think you can generalize it that way. I know that many people here on OCT have been burned by Wise, and you probably experienced it that way. Nevertheless, I believe it depends on the whole business case. And we know that thousands of users might not have a real setup but primarily a setup without substance.

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[TheCryptoAnt]

If only people read the ToS and acceptable use policy of any service they intend to use. Maybe then they would know what is okay and what is not okay when using said service.

IF ONLY

 

[cionide]

BerlusconiSchmidt said:
You are just one of the lucky ones that they see as low risk.

As soon as you have residency in a different country than your country of incorporation, questions and manual checks get raised.
Click to expand...

No issues thus far - US LLC and I reside in Europe. The US LLC bills almost exclusively US customers.
It may well be a situation where I don't have problems until I have problems, but that's really the case for every bank and EMI.

 

[cryptoshepherd]

I use Wise everyday, (non-crypto business) never had problems, wire in/out 6 figures every month, even keep ~200k USD there. US LLC. Been using it for this usecase since ~2018 or so.
They closed my personal account once for unsatisfactory SoF from crypto but refunded me fully (mid 6 figs). Reopened it with no problem, but will not use it for crypto anymore.

 

[ImKing]

count me in on a happy Wise customer with 6 figures transfers almost daily for 5 different companies under one umbrella.

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[PinkCat]

ImKing said:
count me in on a happy Wise customer with 6 figures transfers almost daily for 5 different companies under one umbrella.
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are you involved in crypto though?

 

[pesto]

Me too, five years using Wise and Kraken together””honestly, it doesn't get any better. Everything runs super fast, and most EMIs, banks, and crypto exchanges just can't compete with this combo.

 

[PinkCat]

pesto said:
Me too, five years using Wise and Kraken together””honestly, it doesn't get any better. Everything runs super fast, and most EMIs, banks, and crypto exchanges just can't compete with this combo.
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Agree for the Kraken&Wise combo, its great! However I had my account suspended once, fought for months to restore it.
What amounts you are working with and did you have at any point to prove SoF?

 

[pesto]

I'm working with 6 and 7 figures amounts, providing SoF a few times but we have all papers i.e. invoices, bills and so on in place. Never the slightest problem.

 

[diro]

With all documents and invoices I never got problems with them to send or get money from others.

 

[ImKing]

PinkCat said:
are you involved in crypto though?
Click to expand...

I do krypto transfers from kraken to Wise almost every day... no problems.

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[PinkCat]

ImKing said:
I do krypto transfers from kraken to Wise almost every day... no problems.
Click to expand...

not even request to prove crypto SoF?