Dont trust Wise

[bibing]

Not trying to excuse OP, but you all can't imagine how many times big‍ corps close accounts because their algorithms were wrongly triggered by false signals.

It can happen⁠ with your social media account (FB, Google) online marketplaces (eBay is quite known for that)⁤ and unfortunately also with EMIs.

 

[Martin Everson]

From my understanding account "blockage" can occur due to a algorithm but "closure" is⁠ more often only after a follow up human intervention in banking. Never heard of software⁤ that closes accounts but have heard of software that can block/freeze accounts and stick in⁣ queue for human review.

Social media and banks/emi's are totally different. Not sure if your trying ti︀ draw some sort of parallel here.

 

[jesuschrist]

I heard that too, they usually exchange it‍ quickly to ¥, so maybe most Chinese merchants will be unaffected.
Btw who gave Tether⁠ the billions of USD for its reserve, why would anyone give them USD when they⁤ smell so fishy?
My theory is the US wants Tether, we just don't know why.⁣

Some of my friends kept high 8 figures in USDT for farming and fun because⁢ it gave the highest interest, at least they could swap 1/3 to USDC and 1/3︀ to DAI for a basic derisk...

Ps. I believed XMR would go down after the︁ Binance delisting, it went down first but looks like I was wrong, it kinda decoupled︂ from the rest of the market.
Usually XMR even goes up a bit when BTC︃ and other altcoins go down, maybe XMR is a good hedge for BTC.

 

[Houdini]

WTF - You guys really know how to go off-topic with all your crypto discussions,‌ can’t you read the thread title and stick to the subject?

As a long-time customer‍ of Wise, I can only say that I haven’t had any problems at all.

 

[Oakgrove]

i think I found a workaround - I'm able to set up︄ a 'Connected U.S. bank account via ACH' where the commission isn't that much higher than︅ converting existing USD (in my USD bucket) to other currencies. I'm merely using the USD︆ detail on Wise to receive USD (from a US bank account) so I can convert︇ them to other currencies (cheaply).

Hopefully that should work (and keeps me out of trouble).︈

I did notice that instead of seeing my usual USD bank detail (when I go︉ to my USD bucket), I now see a 'Join Account details waitlist' link (and of︊ course I clicked it). Maybe I should just close my USD down like @martin suggested..

 

[ShillGates]

wise software works that if they close an account, they will record all beneficiaries and‌ recipients of that account and put it on a global shitlist. So if you receive‍ money or try to pay the same of someone who so happens to be on⁠ that block list, you get fucked, byebye. So its full of boobytraps yes. If you⁤ receive and send to known sources that you know are yourself, no problems. Other than⁣ that f 'em

also wise performs global fx for some emis and they share compliance.⁢ SO of they would do the backend fx of "superdupermoney emi in lithuania" also you︀ will get your account closed there if wise closes your account. SO you might think︁ you have 5 emi acocunts, but if they all do wise corporate fx , byebyebyebyebyebey..........︂ There is no human intervention, they are a listed or billion dollar company that dont︃ need the "legit" customers of offshorcorptalk. They want mom and opop to send in their︄ salary so they can charge a monthly fee, like revolut

 

[EliasIT]

Unfortunately, I don’t think the decision-makers at Wise are paying attention to︄ OCT or giving your words as much importance as the rest of us do. So,︅ I doubt they’ll stop allowing U.S. citizens to open accounts anytime soon. It’ll probably take︆ something going wrong before they even consider it, and that’s if they manage to survive︇ the fallout.

 

[jafo]

There! I fixed it for‍ you!

 

[Houdini]

maybe you are right, maybe not we will see.

 

[jesuschrist]

Receiving USD (especially from many⁠ 3rd party) is much higher risk for them compared to sending. The reason I heard⁤ is because the scammers usually use EMIs as intermediaries to move stolen USD and EUR⁣ bank transfers.

Sending USD (especially if originates from a bank account in your name) is⁢ okay, they don't care about that.
A few times they stopped my USD transfers to︀ the Philippines but when I double verified I want to do it, they allowed it.︁

Something similar happened with︃ USDC too last year, when they stored 10% of their USD reserve in Silicon Valley︄ Bank during its bank run.
Wasn't pleasant to see the value of my USDC to︅ be 100k $ less than the balance...

https://www.reuters.com/business/cr...-bln-exposure-silicon-valley-bank-2023-03-11/
The rules I learned in crypto is︆ to never store your coins in an exchange for long time, and never store everything︇ in 1 stablecoin, distribute it to at least 3-5 depending on the amount and time.︈
The stablecoins must be distinct, for example DAI use part of its reserve as USDC︉ so when USDC went down DAI followed it.

 

[Alexmorgan]

Wow

Thats something new

Many said about the international black list but didnt think it︆ going to be this tough to isolate anyone from using banking services

This is how︇ they are creating a money launderers and push people to illegal papaer money leaking

a lot who are legit and their business is 200% legit but they got international problems︈ because of their nationality and they went to ( one way GPI MT103 )

Now because of these banks more people got into money laundering game

 

[jafo]

Only if the (illegal) proceeds are from a‌ crime! I explained this before! Don't let lawyers or accountants or know-it-all idiots hoodwink you‍ into believing this BS so they can extort money from you or overcharge you!
Source: Re-introduce crypto gains to brick and mortar fiat bank

PS. I know judges who have⁠ a hard time understanding this. It's like they are in a cult! It's like abuse⁤ victims....they don't "understand" what happened to them decades later. stupi#21

 

[0xDEADBEEF]

The "as long as it is not our‍ undeclared money we will take it" cult.

 

[jafo]

Touché! 😉

 

[Houdini]

It's not that simple! If you receive illegal money to a Wise account or⁢ any other bank account you should expect your account to be closed! Same goes for︀ mickey mouse KYC you provide to any bank as well as Wise.

 

[lonizzita]

I can say the opposite.
they closed my corporate account overnight with an email, no reason no previous request or freeze.⁤

an email where it is stated that the account is disabled without being able to⁣ request an appeal.

wise account opened for years.

 

[JackAlabama]

well since they pretty much legally own our banking balance, they⁤ can basically do what they want providing any argument.

 

[Martin Everson]

Cool.

P.S Too tired to walk through this case today.

 

[Matade]

If that is really the truth you can sue them to hell and⁣ back in court of law. Stealing money is illegal. So just go and hire a⁢ lawyer, close and shut case.

 

[brianK]

hmmm are you sure the story is like this ?