Most trusted Fintech EMI

[Kakarot]

Whats everyones opinions of who is currently the safest fintech emi to be using as a trasnactional merchant account for receiving and sending bank wires regularly.

Basically which fintech has better reputation for not freezing clients accounts, etc.

Seems to me thats the major concern with these fintechs is how trigger happy they are to freeze accounts to so many clients. Too many horror stories out there, which apparently have nothing to do with dodgy activities on the account holders, but just the fintechs freezing clients to rob them.

Who can we trust best? If any..

 

[tomboy]

An EMI will never be as safe as a big brick and mortar bank in‌ a reputable jurisdiction. I've never heard of a reputable bank closing account without notice and‍ keeping funds for an undetermined time.
They might close your account but they will give⁠ you a 30 day notice at least.
With an EMI, you should take into account⁤ that your account might be frozen at any time and should leave as little money⁣ as possible there.
That being said, I'd say that Transferwise is the most influent, the⁢ biggest and the most trusted EMI (they closed my account though after two years of︀ perfect relationship, never had any issue with them, not even a single question on an︁ incoming wire - The reason they closed my account is because I received a 6︂ digit wire and that was unusual... although the money came from a big European country︃ and I was able to provide all documentation related to that wire... but seems like︄ making money is forbidden over there. Trust me it's very frustrating not being able to︅ login to your account from a minute to another)
I believe Revolut is the second︆ biggest EMI you can 'trust' but have no experience with them.
to my opinion, the︇ third one is Payoneer but they are way too restrictive on the possible companies you︈ can receive money from.

 

[For Free]

Hi @tomboy. Did you receive︉ 6-figure amount of Euro? And did you often receive similar amount or was it a︊ sudden incoming fund? I believe that if 6-figure amount but under 200k, it should not︋ be any problem. But if it is 900k then it is very strange.

 

[tomboy]

Yes 6 digit amount in euros. It was the first time I was receiving more‌ than 5 digit amount. amount above EUR 200,000.00
I understand they investigated the wire, I‍ have no issue with that. Money was coming from one of the biggest european bank,⁠ I was able to provide all documentation justifying the amount of money, they decided to⁤ close my account, that's the game.
they did not hold money though - money was⁣ returned immediately to the sender - I believe because it was such a big amount⁢ they could not hold it, they knew they would get a law suit on the︀ spot.
it's just a shame because before that, I had a very good relationship with︁ them as I said but again it's an EMI, I knew this could happen

 

[For Free]

Thank you. Actually, your experience helps us to understand well when︃ doing transactions via EMIs. Not only TransferWise but to consider other EMIs also

 

[FinTech Avenger]

No surprises here. While Transferwise (now Wise) is one of the︃ most prominent FinTechs out there, they have to cramp down on many risks and challenges︄ of today financial world. including money laundering. 200 k EUR transfer has probably triggered an︅ alarm as this amount was out of your account regular turnover.

Good relationships you've mentioned︆ here is a dangerous delusion. No FinTech mass unicorn like TW or Revolut has personalized︇ approach and your relationships are all good until you do something that triggers automated risk︈ alert.

 

[Kakarot]

but does anyone have suggestions of fintechs that are at least more reliable? Less horror‌ stories of random accounts locked? Or are they all shady.

 

[tomboy]

I don't think you can find more reliable than TW in the EMI's world.

 

[Konstanz]

I would advise to use Bankera. No problems. I have both personal and corporate account‌ with them. They also issue cards to companies and persons.

 

[Kakarot]

ive heard lots of stories of ppl being robbed by Wise.‍ So i don't feel comfortable with them. Bankera I haven't heard negative feedback so far,⁠ so I'll try them.

How about Neat? Ppl's thoughts?

 

[rey skywalker]

do not use wise , they systematlcly block your account , also ecb recieved complain‌ about their strategy , soon they will be santioned

 

[MurrayRothbard]

Funny thread. There is no such thing as a trusted EMI.

Remember EMIs get panick‌ attacks when you transfer 100 Euros to your account. They believe you are a criminal‍ for sending 100 Euros of your money to your EMI IBAN and they freeze and⁠ block and close or ask about a trillion different documents.

EMIs are just fu-c.king stupid⁤ and worthless. Same as CEOs of EMIs, too fu-ck.in.g stupid to understand people need to⁣ transfer money from one place to another.

 

[tomboy]

A bit over⁢ exaggerating, but overall u right.

 

[tomboy]

Which banks are behind bankera⁠ ? Which bank is receiving euro for them ?