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Transferring funds from Wise to Bankera a bad idea?

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There won't be any problems with that just due to this fact. Bankera IBAN will‌ look like any other bank IBAN.
 
Are you sure? I’ve‍ seen others say that EMI to EMI would get you blocked. Anyone have any experience⁠ with this route? Could be up to 100k/month
 
I don't know where the EMI to EMI getting blocked nonsense came from but that's‌ what it is: nonsense.

I see six and seven figures flowing across EMIs on a‍ monthly basis with no difference in additional compliance and paperwork headache than banks. Have your⁠ affairs in order, including agreements/invoices and full KYC, and you'll be fine. Just make sure⁤ the EMIs you work with accept your line of business. Some have chosen not to⁣ work with certain industries, territories, or types of transactions.

Wise likely will not care much⁢ about a transfer to Bankera, provided the transfer can be explained. If both accounts are︀ in the same name (i.e. your own or your company's), it's unlikely they will give︁ it much attention beyond asking to see a statement proving that the Bankera account indeed︂ belongs to you/your company.

Where you might run into issues is if you invest in︃ crypto, withdraw to Bankera, and then remit to Wise. Wise might determine that these incoming︄ transactions are too closely affiliated with crypto. Prepare another exit plan.
 
How this can be possible for Wise to know the remitted transactions from Bankera︆ are previously withdrawn from a crypto exchange?!
Can you give a bit of info on︇ this?
 
Wise is picky when it comes to which financial institution you are sending money.

That's the reality.

There are even some real banks they reject to execute the transfer and‌ once you enter the SWIFT they mention "Sorry we are unable to send funds to‍ this bank" - Mashreqbank is one of these.

Why? Lax regulation in the eyes of⁠ Wise and indeed Mashreq verifies it's clients with much less questions then other UAE banks.⁤

Same goes for EMI's:
MisterTango, ePayments, GlobalnetInt - all were already flagged by Wise before⁣ they were finally busted by the regulator.

Wise want's you to use them like they⁢ were original designed - receiving money in currency X and transfering them out in currency︀ Y and in best case a cross boarder transfer.

Transfering from Wise in your name︁ to another financial institution in your name makes them curious as there is no economy︂ substance - it's just redirecting money to avoid crypto currency restrictions that are in place︃ with Wise for a reason so be careful and even be more careful the other︄ way around when you are sending from "Cryptofriendly EMI" to Wise as they tend to︅ not really accept the proof of funds and put you in a loophole with there︆ questions.
 
Regardless what answers you get from here or there I would try it, not everything‌ is static and sometimes you can do things which seems the impossible. Always pay attention‍ to be careful when you do something that you don't think is allowed.
 
I talked to the Wise Twitter support a while ago about sending my funds from‌ Cryptocurrency platform /service to wise balance..
The only way you can do it is that‍ it must be coming from an account WITH YOUR NAME!
Meaning you need to open⁠ an account with a crypto platform that offers you personal IBAN /SWIFT.. For example:
Bankera.com/ Wirex/ibandirect
 
My very recent experience with wise and cryptos:

- As stated in their terms, they‌ ALLOW receiving fund from platforms that deal with cryptocurrencies as long as they are regulated‍ in the EU or the UK. Wich are those platforms? Well, their support team provided⁠ me a public document of the FCA (Financial Conduct Authority) of UK where appear all⁤ the temporary registrated Cryptoasset firms. And they said there is no issue with receiving money⁣ from these platforms. The document: https://register.fca.org.uk/servlet/servlet.FileDownload?file=0154G0000062BtF

There you can see some exchanges like Bitstamp or⁢ Coinfloor.

I've already received two small transactions from Coinfloor with no problems, it just says︀ "Coinfloor Limited just paid you". Now I'm waiting for a third one that will reach︁ the 5 figures if we sum all three transactions.

- About wise-bankera relationship. As far︂ as I know they allow transactions from crypto-related platforms if it's coming from an IBAN︃ under your name. That's bankera's case, in my experience I've only tried it once, I︄ sent 500€ from a bankera's personal account to Wise. The money was in the Wise︅ account instantly, in seconds. And no problems at all so far.
I never sent money︆ from Wise to Bankera, but if the other way around works, I don't see any︇ reason why it shouldn't be possible.

It would be welcome if any others can share︈ their experience with this matter. Good luck folks.
 
After confirming︉ that is fine for them I've used Wise for withdrawals from Kraken on multiple occasions︊ (4 figures - low 5 figures)

I use Wise to exchange and send money on︋ a daily basis so I'm paying a good amount on fees (~2% per remittance) to︌ the company, I don't think Wise want customers that want just to cash out receiving︍ 10,000 EUR from a crypto exchange and just paying 0.41 EUR in fees to move︎ it to a bank account, it's just not worth it.

That seems to be the case for⁤ Crypto.com as well, I've used Wise for transfers to Crypto.com in the past without problems.⁣
 
Hello, everyone! Let me first say I'm really loving this forum and all the info‌ you guys share, so thank you all!
I've had a very bad experience with Bankera's‍ verification system (tl;dr: reached level 2, then they gave me crap when applying to level⁠ 3), so I'm seeking other alternatives.
What I'm trying to do is find a path⁤ from Wise to crypto exchanges, as there is absolutely no doubt in my mind that⁣ doing stuff like what some claim on this thread (transfer to advcash, crypto.com, or any⁢ other crypto platform) will end in your account getting closed. I have asked them as︀ much and they confirmed what others on this thread have already informed.
Any thoughts or︁ experiences on this matter would be greatly appreciated.
 
Bankera is not a crypto platform as far as I understand how they work. Why‌ would Wise block them?

@Marventus transfering crypto to Wise is not possible you need to‍ find EMI's to put in-between discussed here many times already, you are hijacking this thread⁠ btw!
 
I didn't mean to hijack the thread, I was simply sharing my own experience with‌ the OP's transfer method: Wise -> Bankera.
What I wanted to say is that I‍ wouldn't recommend Bankera at all, thus why I shared my experience.
You misread completely what⁠ I meant about Wise and crypto, but I won't elaborate further to keep the thread⁤ on the right track.
 
I've always used the opposite path, exchange--> bankera --> Wise. Everything fully verified of course.‌
So far no problems, only one question from Bankera about my ownership of my exchange‍ account. With very fast replies tbh.

I also made several withdrawals directly from a crypto⁠ exchange to Wise, Coinfloor (which from weeks ago no longer exists). The reason why they⁤ accept that is because they are in the list of temporary regulated crypto companies of⁣ the UK (Wise support sent me directly that public list of companies).

I also transfered⁢ from crypto CEX to Nuri, and then from Nuri to Wise. No problems so far.︀

And also from Wise to Nuri.

What I'm trying to say is that I don't︁ really see many problems from Wise side. You could try to send from Wise to︂ Nuri, and from Nuri to crypto.
 
but they are‍ growing bigger every day, why, because they can.
 
Wise accepts crypto withdrawals from exchanges regulated/licensed by the UK/EU.
This includes Coinbase, Bitstamp, Kraken,‌ Bitpanda, etc...

Now that Binance has gotten the regulatory 'OK' from the French government, I'd‍ assume it will be ok to withdraw from them too at some point.
 
https://wise.com/help/articles/2932118/incompatible-accounts-and-payments
'You can receive money to your Wise account from a platform‍ that deals with cryptocurrencies , as long as the platform is regulated and/or supervised in⁠ the EU or UK.'

I wouldn't stress it with big amounts tho, unless I had⁤ trading records to demonstrate where the money comes from.
We all know this is an⁣ EMI at the end of the day.

Btw James, I have contacted the admin team⁢ through the 'Contact Us' form, would you mind take a look at it?
Thank you︀
 
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