Let's hear your EMI woes - mine: Frozen Wise card for a week while on vacation

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WorldCitizen99

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Feb 11, 2022
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I'm on vacation. I need access to MY money that is loaded on my Wise card but the buggers froze it and I can't pay for things including the membership fee for this website.
They asked me to upload a tax return (which isn't done yet). They offer me the alternative of proving my income some other way.
Then I get a more specific message that makes it all clear.
(Paraphrasing) "You have withdrawn more funds than you deposited in the last 12 months"

Then it dawns on me.....
I deposited all of my current Wise funds back in Feb 2022 (MORE than a year ago) and just let it sit there
Evidently, Wise only thinks in 12 month blocks? They don't keep a cumulative tally of your monetary movements?
Anyway, as proof of income, I uploaded my Wise statement from Feb 2022 🙂
Not sure if that makes me a 'Wise Guy.'
We'll see if that solves the problem
Yes I always carry backup cards and cash so I'm ok but geez....

Not sure if this merited its own thread.
Maybe we can make it into a venting session for EMI frustrations...

Last edited: Apr 4, 2023
 
koohl said:
koohl said:
Why don't upload the tax return and you are good to go?

Don't you have any invoices or documents that can proof your income?
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Meeting with the accountant next week so return isn't done yet. And there is only one dividend slip and accountant is preparing that this week.
But I shouldn't have to - the money I moved out of the Wise account is the same money I moved in 14 months ago - there is no new money but bc they only look back 12 months, nothing you do before that counts. so it should be a simple matter of them just acknowledging that fact.
Anyway they got back to me and told me that my card is active and yet it doesn't work online or in person where I am now. So we are still trying to figure it out and I will retry it today.
They are of course concerned about money laundering. But what I want to know from them is if they froze my card bc I could not immediately prove the source of my funds.
 
bb8 said:
bb8 said:
Do you have any recommendations?
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There are plenty ”“ it depends on your use-case. Either search here at forum or specify for what you plan to use an account, your citizenship and current residence (all this matters).

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...
 
JohnnyDoe said:
JohnnyDoe said:
crypto + one or more of the many crypto credit cards available (binance, Wirex, nebeus etc).
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interesting, is it possible to just deposit money to these credit cards and use it as a payment methods? would it be possible to fund these cards with a UAE bank account?
 
There are many EMI are there...better to open as many as possible to avoid trouble.......or IF it is possible do not use them...Just use you traditional full fledge bank account
 
I did not know that they still freeze accounts in this way. Revolut once did that to me when I wanted to transfer a small amount to our son at uni. They just wanted proof of I.D. .....again, but their communication was so bad that it took a few days to sort it out. I threatened to report them for fraudulent/criminal activity and claim for damages, and they apologised, but since then I make sure to have plenty of other fintech accounts, just in case! Do your own due diligence and be aware that many of these organisations will be involved in money laundering and other illegal activities. Their AML crap is just to try and pretend to the authorities that they are being good boys! PS Sogexia also requested similar info, but did not freeze my account and gave me 3 months to supply source of funds.

Re. Wise:
2022 27 June The Financial Conduct Authority has opened an investigation into the chief executive of Wise almost a year after he was fined by HMRC for deliberately defaulting on his taxes.
The Telegraph last year revealed that Kristo Kaarmann had been fined £365,651 for a deliberate default during the 2017/18 tax year on a £720,495 tax bill.
 
Update: everything seems to be in order with my account after I pointed out that the money in my account was put in 14 months ago and therefore was not picked up by their 12 month screening period. My account is fully functional now but I didn't even get an acknowledgement that yes, I was correct.
 
WorldCitizen99 said:
WorldCitizen99 said:
Update: everything seems to be in order with my account after I pointed out that the money in my account was put in 14 months ago and therefore was not picked up by their 12 month screening period. My account is fully functional now but I didn't even get an acknowledgement that yes, I was correct.
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Not sure where Wise is registered, but if still in the UK, you should tell them that you will be complaining to their CEO and the FCA if this happens again, as well as writing to the press and financial websites. This practice of suddenly freezing accounts has to stop!
 
Can someone please enlighten me and explain why the fact that he ''withdrawn more funds than he deposited in the last 12 months" was a problem at all? I really don't get why it should've been an issue
 
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