Transferwise Refund after Account Closure

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dxbkk

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Dec 6, 2019
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Transferwise are claiming they will only refund money from my business account to a bank account under my business name.

I don't have such an account, do I assume these funds are now lost, even if I am the sole shareholder? Has anyone else had any success in this situation?
 
Would they not accept another EMI or only traditional bank?

Also funds are not lost, you just need to open a business account in your business name?
 
I forgot to mention I cannot open a business account for this company. The only way I can receive funds is to a personal account.
 
The company is in the UAE. The whole reason for using Transferwise was because I couldn't open an account anywhere else I tried.
 
Just curious why did they close your account? Did you make transfers against their acceptable use policy, or did you not provide invoices when they requested you to?

If they accept business account from other EMI, then Satchelpay opened an account for my UAE company.
 
dxbkk said:
dxbkk said:
The company is in the UAE. The whole reason for using Transferwise was because I couldn't open an account anywhere else I tried.
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I see that you didn't solved your problem since more than 6 months... Maybe the covid restrictions didn't help you as well. Fujairah FZ are advertising their good relations with RAK bank, did you tried them?

Why not to open a DMCC company with same business name?
 
Yes Satchel Pay, Bilderlings, Liv, Hayyek or even register a UK limited and use any of the EMI's
 
You can also try to open a corporate account for your UAE company with Saxobank. They should give you a dedicated iban in your company name so at least you can withdraw the funds.

You can also use your TW corporate card and draw down if they allow you. Otherwise start applying to those EMI's mentioned conf/(%.

P.S Hope yout not talking about just like $80 in your business account ns2

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
NicolasMaduro said:
NicolasMaduro said:
Just curious why did they close your account? Did you make transfers against their acceptable use policy, or did you not provide invoices when they requested you to?

If they accept business account from other EMI, then Satchelpay opened an account for my UAE company.
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The closure was random.

Honestly I don't have the energy to apply for any more accounts/EMI's. The amount is relatively small (low 5 figures) and would write it off as a mistake on my part for leaving the money there (the account was dormant).

I created this thread to see if anyone could chime in on the notion of them sending the money to my personal account. Should I keep pushing this, letter from a law firm? My last contact with them was sending my share certificate implying nobody else but myself is entitled to the funds held by the company. Now just waiting the usual 9-10 days for a response!
 
Your trapped by their terms and conditions. You might be lucky but it's worth spending a little bit to get your money back.
Happy to help if you want to farm out the recovery.
 
They don't close accounts randomly. You should check TransferWise's acceptable usage policy.

You mentioned several months ago, you reached TransferWise's $5.000.000 yearly turnover limit. You're very lucky if you only stuck low 5 figures in your account.
 
rowena said:
rowena said:
They don't close accounts randomly. You should check TransferWise's acceptable usage policy.

You mentioned several months ago, you reached TransferWise's $5.000.000 yearly turnover limit. You're very lucky if you only stuck low 5 figures in your account.
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I've checked their AUP, I didn't violate any policies. In the eyes of the consumer it's random, since I didn't do anything wrong. They simply don't like something about my jurisdiction/turnover and cut me loose.

I hit the $5m limit in Jan so the account has been dormant since then. You're absolutely right, it's a very cheap lesson to remind me never to trust my business with an EMI again!
 
i had the same problem with transferwise ; i opened a uk co the same day with the same name they sent me the money there the next week ; they are getting too big for their shoes imho
 
Try AdvCash. Since they don't allow 3rd party incoming transfers, opening an account with them is pretty simple. And they should work for your purpose.
 
dxbkk said:
dxbkk said:
The closure was random.

Honestly I don't have the energy to apply for any more accounts/EMI's. The amount is relatively small (low 5 figures) and would write it off as a mistake on my part for leaving the money there (the account was dormant).

I created this thread to see if anyone could chime in on the notion of them sending the money to my personal account. Should I keep pushing this, letter from a law firm? My last contact with them was sending my share certificate implying nobody else but myself is entitled to the funds held by the company. Now just waiting the usual 9-10 days for a response!
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I got same story but they replied that private director's account work for them. I sent it and now I wait.
 
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