What are your single highest transaction using EMI like wise ?

[troubled soul]

In one transfer....What are the highest transfer you ever made with EMI like Wise ?‌
At what point you think It is better to use tradition bank than Depending on‍ EMI like wise ?
What are your experience with high value transfer ?
Wise claim⁠ there is no limit......But At which highest amount you can trust or comfortable using wise⁤ ?
After which point or which turn over you switch to tradition bank ?

Thanks

 

[stronco]

I think this distinction emi/bank is pointless.

Better approach is to judge and evaluate the‌ capability and willingness of the compliance teams you have to deal with and the institutions‍ internal (risk) policies.

 

[Mike Forman]

Personal or corporate account? Corporate accounts are under much less⁢ scrutiny to transfer large amounts then personal accounts of they have gone through some KYC.︀

Corporate 100k usd transfers no problems after going once or twice in the beginning providing︁ some invoice.

Anything above 100k usd corporate, highstreet bank is preferred.

Traditional banks will seldom︂ block a transfer or even your bank account if they require more information. You can︃ contact them or go to a branch office trying to resolve the issue. With an︄ EMI sometimes you talk to a wall and in worst case scenario your funds will︅ be blocked for 6 months.

Wise customer service in general is reactive and helpful. They︆ might have some glitches and we know some will comment here wise is the worst.︇ We have had only positive experiences except once, but usually don't use wise for amounts︈ above 50k as we don't want to risk hitting a wall and having funds blocked︉ for a long period.

Payoneer transfers above 100k usd., never had any issues, just some︊ questions asked why we transfer this amount. But there are other horror stories online.

For personal over 10k in one transfer I find risky unless you can provide proof this︋ is income from sales of your property or your savings acquired over time from a︌ highstreet bank etc. Still personal prefer it to use for daily expenses abroad

 

[Martin Everson]

FYI All EU EMI's are limited by the capital they⁢ hold as to the highest value transfer they can conduct under EU Directive 2015/2366 Article︀ 9. So under some regulators - depending on their method of calculation choice, some EMI's︁ simply won't be able to handle large Arab Prince payments period. In my experience only︂ a very well capitalized EMI can comfortably handle large transactions without infringing on the directive.︃ Other smaller EMI's may not credit large payments, compliance may hold up payment or EMI︄ may just break the rules and get into trouble later during an audit. In any︅ case most people won't get much issues with a EMI that has 1m+ in capital.︆

 

[Wellington]

Once transferred upper 6 figs Euro without even knowing what⁢ a EMI was, from bank in Europe to Wise as was no longer in the︀ country and the bank required residence to retain.

Never had a issue with the transfer,︁ then left it in wise for year(s).

 

[EliasIT]

Wise has been working well for me the last few years in connection with other‌ International banks they have been a good replacement for some banks here and there.

 

[Alexmorgan]

Mercury i did 6 figures and nothing bad happened i feel Mercury are good

All what EMI needs is an active department to deal with Compliance from their partner banks‌ to work exactly as you would with your regular bank

They need to open a‍ room inside these partner banks and follow up the cases hour by hour then im⁠ sure those EMIs will be better solution that traditional banks

 

[markymark]

never had an issue with WISE. Have transferred 100k+ with no hassle on personal account‌

 

[Alexmorgan]

8 figures now without problem with Mercury

But all invoices and contracts are ready 24/7⁢ because i know they will ask for it sooner or later