Transferwise to AdvCash to avoid reporting?

[alder]

Hello, I saw few people here recommending AdvCash and it looks really great but I have read at their website they dont accept bank transfers sent to you by other people - so I wouldn't be able to receive payouts from affiliate networks.

I'm currently using Transferwise which still claims they are not reporting anything but still I would like to rather move slowly to AdvCash as I'm working also with crypto.

So my idea looks like this:

CRS is being reported at 31. December which means at December my account should be empty.. so from now I would:
Receive money to Transferwise -> Transfer to AdvCash -> Flip to Monero to anonymize -> Flip back to cash

What do you think.. would this work? Is this "setup" safe? I dont understand these things as much as you guys so please definitely tell me if im missing something 🙂

Thank you all!

 

[djspynze]

Well... I'm more curious about won't they report the year balance variations?

 

[Volex]

TransferWise can close your account if you transfer money to Advcash.

 

[JohnLocke]

Wenoff said:
TransferWise can close your account if you transfer money to Advcash.
Click to expand...

Why do you think they will do that, anything you read or know about?

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[Chopper94]

Last time I tried to send money from Transferwise to AdvCash it was declined by adv because the sender name was "TransferWise on behalf of COMPANY NAME" instead of just the company name as well as IBAN mismatch

 

[alder]

Admin said:
Why do you think they will do that, anything you read or know about?
Click to expand...

So I asked support today about Transferwise to AdvCash transfers and here is the reply:

Chopper94 said:
Last time I tried to send money from Transferwise to AdvCash it was declined by adv because the sender name was "TransferWise on behalf of COMPANY NAME" instead of just the company name as well as IBAN mismatch
Click to expand...

This should be solved now as from 1st July Transferwise changed account numbers and also account holder name to your name so there is no more "Transferwise"

djspynze said:
Well... I'm more curious about won't they report the year balance variations?
Click to expand...

From what I have read CRS report contains only balance at 31. December.. please someone correct me if im wrong

 

[alder]

So currently main question - how to get money from any online business to AdvCash? Maybe simply open personal bank account at let's tell AmeriaBank in Armenia, receive money and then send to AdvCash?

I guess now it depends on what is really reported in terms of CRS.. if its only balance due to 31. December then any crypto friendly EMI would do the job. But if lets tell monthly turnover is being reported then most of EMI's would be no way..

Any ideas how to solve this?

 

[Spinat]

I don't believe that AdvCash is going to report anything so fra no one can confirm it. You transfer money by crypto to AdvCash and from there to your personal account in Armenia bank if that is where you bank, it works well.

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[Volex]

Admin said:
Why do you think they will do that, anything you read or know about?
Click to expand...

TransferWise is not compatible with criptocurrencies. The first time TransferWise declines the transfers to Advcash, but if you try several times they can close the account. I know people which account was closed.

 

[Agrant]

Transferwise is crypto "selective", in fact you can transfer to crypto.com with no fees (from paypal too) and buy monero or any other crypto that you like

 

[alder]

blueweb said:
I don't believe that AdvCash is going to report anything so fra no one can confirm it. You transfer money by crypto to AdvCash and from there to your personal account in Armenia bank if that is where you bank, it works well.
Click to expand...

Yea but at first I need to receive that money somewhere - im not paid by crypto so I need to figure out where to receive money without being reported

Agrant said:
Transferwise is crypto "selective", in fact you can transfer to crypto.com with no fees (from paypal too) and buy monero or any other crypto that you like
Click to expand...

How much you tried to transfer to crypto.com from Transferwise and how often please?

 

[ikan]

alder said:
I guess now it depends on what is really reported in terms of CRS.. if its only balance due to 31 december
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Balance + paid interest are to be reported. 31 December or 31 October : that could depend on each bank/software/juridiction.

Don't believe or dream all those thousands CRS banks and Emis report at D Date the 31 December each year.
Worst some banks can miss-report 100% of all your statements => balance + Paid interest + monthly balances + all year movements (in and out).

alder said:
Yea but at first I need to receive that money somewhere - im not paid by crypto so I need to figure out where to receive money without being reported
Click to expand...

You start very first to open in Armenia, Georgia, Montenegro, Serbia for non CRS report. Or anyother non CRS juridiction of your choice.

 

[avalanche]

Spinat said:
I don't believe that AdvCash is going to report anything so fra no one can confirm it. You transfer money by crypto to AdvCash and from there to your personal account in Armenia bank if that is where you bank, it works well.
Click to expand...

Have you tried sending from AdvCash to Armenian bank account?

 

[cyprusbanker]

Some time ago, I made a transfer from AdvCash to Wise - or rather, I attempted to do so. The money has never arrived at Wise and it's also not back with AdvCash??

 

[wellington]

cyprusbanker said:
Some time ago, I made a transfer from AdvCash to Wise - or rather, I attempted to do so. The money has never arrived at Wise and it's also not back with AdvCash??
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Advcash pretty much is dead currently

 

[drphantom]

wellington said:
Advcash pretty much is dead currently
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Does anyone know if they'll get it sorted out and has anything been announced?

 

[wellington]

Also charging fees for accounts which are not using their services but their services have been down for months

drphantom said:
Does anyone know if they'll get it sorted out and has anything been announced?
Click to expand...

Not looking likely - rebrand to get licenses appears to have failed

 

[ilke]

wellington said:
Advcash pretty much is dead currently
Click to expand...

Majestic Financial UAB, the Slovak-Lithuanian Payment Institution (which was offering services like an EMI), had been stripped of its license in March after not conducting proper AML analysis. Since this was the provider for AdvCash, it is probable that this caused the off-railing of Volet on SEPA. It is true that there are hardly any available functions on Volet now and it is practically dead, unfortunately.

 

[wellington]

ilke said:
Majestic Financial UAB, the Slovak-Lithuanian Payment Institution (which was offering services like an EMI), had been stripped of its license in March after not conducting proper AML analysis. Since this was the provider for AdvCash, it is probable that this caused the off-railing of Volet on SEPA. It is true that there are hardly any available functions on Volet now and it is practically dead, unfortunately.
Click to expand...

Ah / now it all makes sense

Though I couldn't find any news on them

Last edited: Apr 22, 2024

 

[ilke]

wellington said:
Ah / now it all makes sense

Though I couldn't find any news on them
Click to expand...

Foreign news didn't write anything about the license being stripped; I read it on a Lithuanian news site and the Lithuanian Central Bank's newsroom (in Lithuanian, they don't post to the English one too much).