Transferwise - Do's and Don'ts - How to avoid trouble

[keggo]

I have a transferwise business account for a shell/fake company. Therefore, I want to avoid any problems such as account freezing, asking for documents/ invoices etc. It seems here are some experienced users who can give advice on how to avoid this.

Background: I will receive about 10-15k monthly. Around 5k of this will be withdrawals from paypal. The rest will be sepa transfers from different european countries.

1. What kind of actions trigger transferwise to freeze your account or ask for documents/ invoices?
2. What do you recomend to do to make the account look more natural? Does it help if I frequently use the debitcard and make some sepa payments to purchase small things or is that just a waste of time?
3. My other emi account started to ask questions after I have made 3 sepa transfers (less than 1k each) within 1 month to an east european country. Can I expect that transferwise will do the same for such small amounts?
4. Can I use TW for small and frequent payments (for example 100 sepa payments per months, average 75-100€) or will that cause trouble?
5. How is your experience with cash withdrawals? Does it raise a red flag if I cash out the maximum possible amount every month (as far as I know this is 3k)?

Looking forward to any type of advice and experience regarding this topic.

 

[JohnLocke]

This is really not a good idea to discuss on the public forums! The more experience forum users here will know why it's a bad idea. You may want to discuss such things in the mentor group https://www.offshorecorptalk.com/account/upgrades which is the closed forums and not indexed by Google!

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[keggo]

Ok, fair enough. - will do that ------------( 50 characters needed)

 

[speedster]

keggo said:
Ok, fair enough. - will do that ------------( 50 characters needed)
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What would be the harm in sharing the don'ts publicly?

 

[LegitBananas]

speedster said:
What would be the harm in sharing the don'ts publicly?
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Probably that TW can see the tips and adjust accordingly, close loopholes, etc. I think this forum is a lot bigger than people realize, you never know who is reading.

 

[speedster]

joseph15 said:
Probably that TW can see the tips and adjust accordingly, close loopholes, etc. I think this forum is a lot bigger than people realize, you never know who is reading.
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The don'ts would be loopholes that are already closed though

 

[hernanday]

speedster said:
The don'ts would be loopholes that are already closed though
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Good point, but I can see both sides of it.
If you say don't send $50k in a lump sum. person ask why. They say more scrutiny. Tw sees it and then they cut the number to 20k.

 

[Silvio]

Pay attention to WHO is sending you money. Getting money from weird countries (Serbia, etc) is bound to raise some red flags.

 

[noticojaru]

joseph15 said:
Probably that TW can see the tips and adjust accordingly, close loopholes, etc. I think this forum is a lot bigger than people realize, you never know who is reading.
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then CRS could also see the loopwholes and close them accordingly. And Paypal. And a dozen of other EMIs that are discussed here on the public forums. And other countries and banks. Why don't they? Since we discuss them here in public.

 

[speedster]

noticojaru said:
then CRS could also see the loopwholes and close them accordingly. And Paypal. And a dozen of other EMIs that are discussed here on the public forums. And other countries and banks. Why don't they? Since we discuss them here in public.
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As I mentioned earlier, the don'ts are things they already prohibit

 

[keggo]

maxmmm said:
Pay attention to WHO is sending you money. Getting money from weird countries (Serbia, etc) is bound to raise some red flags.
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Does that also apply to whom I send money? Do countries like latvia, estonia, lithuania, poland, hungary, czech republic raise a red flag?

 

[daxbr]

keggo said:
Does that also apply to whom I send money? Do countries like latvia, estonia, lithuania, poland, hungary, czech republic raise a red flag?
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All depends where your tw is domiciled. If it is in one of those countries, definitely not.

 

[JohnLocke]

hernanday said:
If you say don't send $50k in a lump sum. person ask why. They say more scrutiny. Tw sees it and then they cut the number to 20k.
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After reading another thread again I see someone pulled 5M USD through Transferwise so I believ 20 or even 50K is nothing to be afraid of.
https://www.offshorecorptalk.com/threads/emi-for-uae-dubai.27561/
We should get back to topic and not discuss in this thread why you should discuss certain things in mentor group and other in the public forums, you want to continue such discussion in a new thread in the proper forum The talk about everything lounge

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[busdriver]

TW might ask questions earlier than 5 M. EG if you sen money regularly from HK to PH. It seems they have a total limit. They might ask for proof of source of funds and reason for payment.

 

[speedster]

I asked TW support about crypto exchanges, here is their reply


Simply put - we don't support transfers to cryptocurrency through our services. However, you're able to receive funds from a cryptocurrency platform. More information available here. This is also stated in our Acceptable Use Policy under the section 1.2.2 Financial and other professional services.

 

[Spinat]

But they can't detect it depending on how you are doing it. Transferwise has been a great solution maker for many of us.

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