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Transferwise personal accounts and business transactions

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Xanthos

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Dec 18, 2020
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Hey everyone,

Just wondering if any Transferwise users on here with personal accounts ever do business transactions with their accounts? I've made the odd transfer here and there (sub $300) that were for business purposes but I'm considering a payment (under 10k) to pay a supplier and re-considering it due to risks of getting shut down. Any thoughts? Needless worrying?

Thanks!
 
Xanthos said:
Xanthos said:
Hey everyone,

Just wondering if any Transferwise users on here with personal accounts ever do business transactions with their accounts? I've made the odd transfer here and there (sub $300) that were for business purposes but I'm considering a payment (under 10k) to pay a supplier and re-considering it due to risks of getting shut down. Any thoughts? Needless worrying?

Thanks!
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Whatever you do will cause your wise account to be blocked/closed. Business transactions on a personal account will definitely make this happen quicker.

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years ago, yes under the laws of my birth nation, it's legal to use a‌ personal account for business, but you can't co-mingle, moved 600,000 into wise and paid staff‍ overseas over the proceeding year, didn't really know about locking etc or problems with wise,⁠ and never had any.

Not until i tried to open a company account for BVI⁤ lol, then my account (with 15k) was frozen, and ended up contacting the CEO who⁣ had the account reinstated just not with the BVI account (outside their risk profile as⁢ a asset holding company).

Never had issues since (touch wood) and been with wise since︀ they first existed.

Probably paid close to 2m through it commercially over the years for︁ staff, outsourcing, etc.
 
There is a risk that you would get shut⁣ down. If the supplier is inside EU(and not Malta/Bulgaria) and not some shady s**t, then⁢ probaly nothing will happen for 1 payment.
 
Would it cause problems to receive Stripe payouts to personal Wise, Revolut or N26 account?‌
About 2000-6000€ monthly and to use their debit card to pay Google Ads?

Unfortunately Transferwise‍ business account is not currently available in my country in Scandinavia.
Thanks in advance!
 
I regularly transact between 3 and 10K a month, every month, and haven't had problems‌ for the past two years.
 
yes it will bring troubles to the table. Don't do that.⁤ either get a business account or find somewhere else to get your money to.
 
Would you mind sharing if‍ you got payments from like ebay , etc or you got payments from individual bank⁠ accounts...
I ask as i sell real things no shady stuff to USA people ,⁤ just wanted to know if receiving money from different personal accounts is ok with wise⁣ ...
 
Is it possible to fund a crypto exchange, like Bitfinex, from an individual Wise Account,‌ without getting problems with Wise.com?
 
Wondering is anybody successfully transfered money from their paypal business account to their wise personal‌ account. I read that its possible to send paypal funds to a business account but‍ business accounts are not available in the country where my business is. How to send⁠ money from PayPal to Wise?

I don't want to keep the funds in paypal, generating⁤ 0 interests and I'm trying to move them to IBKR. I've received 5 digits amounts⁣ in personal wise account in the past without issue, but it was coming from clients,⁢ never had any issue so far.

Thanks

which country is your personal wise account registered in?
 
You should register a company somewhere, for instant UK (it is cheap) and open a‌ Wise business account to move your money from PayPal to Wise.

I would not recommend‍ anyone to leave their money on an PayPal account, you never know when they will⁠ freeze and close your account. Ours got closed after 10 years doing the same business,⁤ just out of the blue.
 
Can this be done without going or living in Europe? If so, what's the⁠ way to do it cheaply?

Did they allow to transfer your funds somewhere else when they︀ closed it or did you lost all your funds?

It's weird, I tried to send︁ $100 as a trial from Paypal corp to Wise personal and it worked, but the︂ next day I got a message from Wise saying that my usd bank account info︃ had changed as of immediately, I wonder if it's related. What would be the reason︄ for wise closing the account if they're receiving an influx of money. And what would︅ be paypal's issue if the account in Paypal is set up for a real operating︆ business?

Panama
 
It's unrelated. Hundreds of thousands of Wise customers got the same email at the same‌ time.
 
yeah i figured after searching online.. Any ideas why‍ they went back to federal community bank?
 
Me too had my local USD account replaced. Community Federal Bank previously was for using‌ SWIFT only. Now it will do ACH and wire as well.
 
They Stoped even Community and Federal Bank from a lot of people

Basically wise⁠ lost a lot of Wise users dont have any US accounts right now either local⁤ or international
 
So, will the Plaid feature of Wise keep on‍ working for those who have no USD accounts available?
 
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