The worst EMI in the world

[Overtrade]

What are the worst EMIs in the world?

Staffed by monkeys and bots, run from coworking offices and Starbucks, suddenly closing and blocking accounts, detecting via app geolocation that you've changed your place of residence and then ceasing to work, demanding ridiculous documents, shutting down at night because Starbucks is closed.

Let's create a list of shame!

 

[JohnnyDoe]

Wise

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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 

[EliasIT]

https://www.zen.com/ & Revolut

 

[JohnnyDoe]

EliasIT said:
https://www.zen.com/ & Revolut
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I use them both successfully (Revolut only for small transactions).
I highly recommend Zen - for as much as a bank/emi can be recommended.
Always keep a backup, and backups of the backup.
There are no good banks or EMIs!

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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 

[diatessaron]

They're all bad. A good friend of mine who has been working for decades in‌ compliance has a lot to say about these EMIs. They have seen more businesses fail‍ because of the compliance department decisions than anything else. Once your account steps on a⁠ trigger and the compliance department gets involved, you're in for a ride.

Wise is currently⁤ number 1 as the worst for me.

 

[void]

I wonder what you guys do with Wise - I'm using them (multiple accounts) from‌ the first year on the market and never had any serious issue with millions transferred‍ over the years

on the other hand I had lots of fun with scumbags like⁠ bankera, mistertango, epayments

 

[JohnnyDoe]

void said:
I wonder what you guys do with Wise
Click to expand...

Nothing out of the ordinary.

void said:
- I'm using them (multiple accounts) from the first year on the market and never had any serious issue with millions transferred over the years
Click to expand...

You are lucky 😀 Like I've been so far with Revolut.

void said:
on the other hand I had lots of fun with scumbags like bankera, mistertango, epayments
Click to expand...

Oh yes these are horrible but they were never intended to exist as genuine EMIs (just scams and/or laundromats).

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[DerAufklaerer]

Paysera (not crypto friendly)

 

[Alexmorgan]

Exactly

 

[Alexmorgan]

Lets talk after few weeks i saw⁤ this before

 

[EliasIT]

Good for you; they’re the worst EMIs I've ever used. It's a definite no-go on⁤ my end.

 

[Forester]

Well, I also think that Zen does⁤ not deserve to be put on par with Revolut. Yeah, they have got worse in⁣ the last time – as well as probably all LT EMIs and it is not⁢ their fail, in fact.

Anyone's mileage may vary...︁

 

[cionide]

It all comes down to what you are doing and probably where you are in‌ the world... I've been using Wise as a current account for over a year. I‍ use it for groceries etc - it's really my "primary" bank card. I've transferred in⁠ and out of various banks. I also use it for US LLC for a year⁤ (software dev business), regularly receiving money from clients, paying vendors etc. I suppose i'm just⁣ not high on their risk profile list.

 

[Steve3000]

September 2021 Wise CEO fined hundreds of thousands of‌ pounds
https://www.telegraph.co.uk/business/2021/09/27/billionaire-wise-founder-fined-uk-tax-violation/
August 2022 Abu Dhabi's free zone financial centre said on Tuesday it had‍ fined the local subsidiary of fintech firm Wise $360,000 for breaching anti-money laundering (AML) requirements.⁠
https://www.reuters.com/technology/fintech-firm-wise-fined-360000-by-abu-dhabi-regulator-2022-08-30/
Oct 2024 The founder of the money transfer service Wise has been fined £350,000⁤ for failing to inform the City regulator that he had failed to pay his taxes.⁣
https://uk.finance.yahoo.com/news/billionaire-tech-boss-fined-failing-091802781.html
Remind me again about their AML requirements? 😉

 

[Nigital Domad]

Anyone heard anything about / used Anna? Looking for reviews.

 

[Forester]

Share the link, please. The keywords “Anna” and “EMI” are really not comfortable for searching‍ 🙂

 

[Nigital Domad]

Doh! Sorry: www.anna.money

 

[bubbledouble]

The thread is rather redundant as it depends on the person or company using a‌ particular EMI (Electronic Money Institution) to determine which they think is bad or good. And‍ then there are those who constantly have problems with banks and EMIs, and those who⁠ never have any issues.

 

[Nigital Domad]

I trust the collective wisdom of our little community here. If a few of us‌ have had either a positive or negative experience (or know of the players behind the‍ entity - as other threads have shown and helped caution OCT members toward or away),⁠ I think you'd agree that could be very helpful in the assessment process.

 

[Forester]

“A distributor of PayrNet Limited”. It says‌ a lot. Who is not familiar with PayrNet / Railsr history, read this https://www.offshorecorptalk.com/th...d-its-electronic-money-licence-revoked.41644/ (a criminal story, in short).
PayrNet Limited was purchased and re-capitalised by a consortium led by‍ D Squared Capital in March 2023; and after all these issues was for some time⁠ unable to accept or onboard any new agents or distributors without the explicit, prior written⁤ consent from the regulator.
FMPOV, these guys must spend much more time performing a fair⁣ business until I eventually trust them.