TransferWise no questions asked

[NicolasMaduro]

I have been wondering the reason behind TransferWise being able to open business accounts instantly.
I have a legitimate business and with TransferWise I had no issue opening business accounts close to instantly
with both United Arab Emirates and low tax european countries.

Then because of the MasterCard limits I had to open more accounts with other EMIs to get more
debit cards. But all other EMI than TransferWise have a much more strict KYC and alot of annoying questions.

So how come the biggest player in the game can get away with it, while the other EMIs have to go
trough alot of annoying KYC and question?

 

[Tax Cow]

After around 25-40K turnover, they ramp up the checks. Revolut does the same to ease their compliance burden, except that they also impose a few more criteria from the get-go.

As you've observed, it's a little different in the mainland EU where EMIs do the compliance heavy-lifting at the account opening.

 

[dirtyharry]

Maybe questions or demands will come later. You may need to be prepared for that.

 

[Martin Everson]

Xzars summed it up. You get suckered in with TW and later when they see volume and activity then comes the questions, issues and freezes. Generally speaking with a clean business with TW you will be fine.

@NicolasMaduro When you say other EMI's can you name names? Are these EMI's that have had their wrists slapped in the past by regulators? Or over zealous Eastern European laundromats?

Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[extremedox101]

yes i can say the account opening and verification with tw was easier than some emi's .

 

[JohnLocke]

Transferwise is extremly easy. If you go and write their support you get quickly a good and professional reply back. This is one of the best EMI's I have been working with.

Toggle signature

>> Unlock the Power of OffshoreCorpTalk: Become a Member of the Mentor Group Gold <<​

Latest Video Interviews, Offshore Company Resources, Payment Processing Tips & Tricks, Articles and Anonymity Hints only a click away!
Support the Freedom of Speech of our Community

Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.​

 

[BossBabe]

I would order the debit card, but first i had to wire 20€ from my bank account to tw?

can I skip this or do I have to do it?

 

[Sols]

There is no way around that. You must have 20 EUR on your account to order the card.

Toggle signature
This is the probably the answer to your question.

 

[JohnLocke]

Don't you have the 20 EURO or what is the problem? sorry to ask!

Toggle signature

>> Unlock the Power of OffshoreCorpTalk: Become a Member of the Mentor Group Gold <<​

Latest Video Interviews, Offshore Company Resources, Payment Processing Tips & Tricks, Articles and Anonymity Hints only a click away!
Support the Freedom of Speech of our Community

Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.​

 

[BossBabe]

i had the 20€, but i dont want wire it from my real bank account...

 

[Sols]

Pretty sure you can top up by card or other payment methods. Might depend on your country.

Toggle signature
This is the probably the answer to your question.

 

[BossBabe]

Its the only payment method. i use wrong name, too,

that's why i don't want to disclose my correct bank details. Is that only for the € 20 or what is the bank account still needed for? then i want to withdraw money with the card, the sendne the card wherever you want.

Does the account have to be the one in whose name I signed up? know some who would otherwise charge me.

 

[Martin Everson]

I don't think a transferwise card is for you 😕

Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[BossBabe]

Öh why?

 

[Martin Everson]

BossBabe said:
Öh why?
Click to expand...

You seem shifty when you say things like below ns2.

BossBabe said:
Its the only payment method. i use wrong name, too,
Click to expand...

Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[BossBabe]

Yes, youre right😛... we are all shifty-a little...thats why the most are here..😛awe¤""%

 

[Martin Everson]

BossBabe said:
Yes, youre right😛... we are all shifty-a little...thats why the most are here..😛awe¤""%
Click to expand...

Well don't share your shiftyness with TW. They will smell it s mile away and you will be back complaining TW closed my account for no reason.

Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[BossBabe]

I heard, Tw works fine with fakedata? Isnt it right?

 

[JohnLocke]

BossBabe said:
I heard, Tw works fine with fakedata? Isnt it right?
Click to expand...

So please continue this discussion in the Mentor Group if you want to discuss this further.

Toggle signature

>> Unlock the Power of OffshoreCorpTalk: Become a Member of the Mentor Group Gold <<​

Latest Video Interviews, Offshore Company Resources, Payment Processing Tips & Tricks, Articles and Anonymity Hints only a click away!
Support the Freedom of Speech of our Community

Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.​

 

[Nasters]

Admin said:
Transferwise is extremly easy. If you go and write their support you get quickly a good and professional reply back. This is one of the best EMI's I have been working with.
Click to expand...

What do you think of others who are well too? Not like Revolut, BNC10, better avoid them ?

Thank you

Regards.