Transferwise closed 3 Business accounts for me

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Never wait around to find out if they will block your account or simply allow‌ you to transfer your money out. TW has a misguided focus on cracking the US‍ market. They will throw you under the bus in a heart beat to meet US⁠ regulators requirements.
 
US regulators? I have never used USD in my transferwise account and never made transfers‌ into or out of the SEPA zone. I have absolutely nothing to do either far‍ or near with the US. I do not think that's the reason to my problem⁠ with TW.
 
Nothing to do‍ with USD. If TW does business in US they have to follow US laws not⁠ only for activities in US but for everywhere else TW does business, including how and⁤ who they do business for entities outside the US. i.e if U.S has issues with⁣ Cyprus then TW cannot do business with Cyprus. TW will become a vessel company of⁢ U.S government extraterritorial control of even non-US/non-USD clients.

No claim made.
 
thanks for warning mate , i rely on it right now but not sure if‌ i increase volume ...we need more alternatives .

does TW usually ask for source of‍ funds (personal account)?
 
In the past, something like a year⁠ ago if I m not wrong, I had several accounts closed. TW refunded me, few⁤ days after
 
That is really incomprehensible when we know that most banks today prefer to be far‌ from anything that links them to the US and reject all US clients.

With the‍ impressive growth of these fintech in recent years as transferwise, why take the risk of⁠ entering the US market? They do not need that to keep growing.
 
who knows. Greed? Also: the banking system in the US is kind of prehistorical when‌ it comes to transferring money.
 
I would say that it depends on the needs of each. Transferwise met all the‌ advantages in one, accounts in several currencies and countries in your name, exchange of money‍ at reduced price, multi-currency card etc.

Revolut business can be a good alternative, but only⁠ if your businnes is well adapted to their appetite, otherwise it will be a real⁤ headache, and will never accept an offshore company.

Wirex, do not give me confidence for⁣ heigt amounts and more related to crypto, it seems risky. Wirex is good for personal⁢ use. This is only my opinion. In addition, their business offer is not yet very︀ well developed, but accepts several jurisdictions outside the EU.

Mistertango does not have the advantages︁ of TW at all and in my opinion can not be compared, In addition to︂ his bad reputation.

Epayments can be a good alternative for offshore company, the only worrying︃ thing is his relationship with Rietumu, but everything has worked well until now.

Paysera may︄ be? I do not know what their conditions are exactly now to open an account,︅ but it seems to me that they have always offered great service.

And for currency︆ exchange, as an alternative, I think first of currencyfair, OFX and CurrenciesDirect. There are also︇ as alternative ibani.com and b-sharpe.com which are Swiss companies.

Moving money today becomes a real︈ challenge!
 
I totally agree.‌ It's going to be more difficult every day from now on. The good question is,‍ how will it be possible to setup something that will work long term in the⁠ future.
 
I think that here we speak⁠ about the level 1 set up , ie : Uk ltd + emi, cheaper than⁤ this may be a pack of rice. We cannot expect long terms with that, it⁣ s only kleenex set up.
 
TW business accounts are a different beast. Although same currency payments work, it's crucial to‌ acknowledge that their business is FX. They will not hesitate to close safe UK Ltd‍ or German GmbH accounts that derail from their FX or card payment services.

With TW,⁠ it's perfectly fine to send daily cross-border EUR-to-USD payments from Germany to Nicaragua. It's NOT⁤ fine to send daily GBP-to-GBP payments within the UK or EUR-to-EUR payments within the SEPA⁣ zone. People have a hard time understanding why their safe legal bodies are not appreciated⁢ by the fintechs.

Unless you spend 50% of your incoming funds in FX or card︀ payments, do not open a TW borderless account.
 
Greed greed, greed of their shareholders. Their investors are looking for⁠ an exit strategy on their investments. i.e get the company listed on the NYSE sell⁤ there shares to gullible public and to hell with TW as it will sink under⁣ US regulation and fines eventually. The US is not Europe when it comes to openness⁢ in finance sector.
 
Europe is better‌ for welcoming of innovation in finance sector and U.S is not. It's far too much‍ red tape.

TW should learn from Huawei about beating U.S companies at their own game....i.e⁠ they don't allow it now with a protectionist president.
 
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