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 use︀ the debitcard and make some sepa payments to purchase small things or is that just︁ a waste of time?
3. My other emi account started to ask questions after I︂ have made 3 sepa transfers (less than 1k each) within 1 month to an east︃ 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 payments︅ per months, average 75-100€) or will that cause trouble?
5. How is your experience with︆ cash withdrawals? Does it raise a red flag if I cash out the maximum possible︇ amount every month (as far as I know this is 3k)?

Looking forward to any︈ 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!

 

[keggo]

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

 

[speedster]

What would be the harm in sharing the don'ts publicly?

 

[LegitBananas]

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]

The don'ts would be loopholes that are already closed though⁠

 

[hernanday]

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]

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]

As I mentioned earlier, the don'ts are things they already prohibit

 

[keggo]

Does that also‍ apply to whom I send money? Do countries like latvia, estonia, lithuania, poland, hungary, czech⁠ republic raise a red flag?

 

[daxbr]

All depends‍ where your tw is domiciled. If it is in one of those countries, definitely not.⁠

 

[JohnLocke]

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

 

[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.