Wirex going down?

Sadhu

Sadhu

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Jan 8, 2020
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FYI, just got email from Wirex for my business account:

Our current banking partner has just informed us that, as of 00:01 on Tuesday (04.08), they may cease to provide support for Wirex Business IBANs. We will not know with any certainty whether or not this will happen until Monday afternoon - there is still a good chance that this could be a false alarm.

Although the abruptness of the notice leaves us no time to implement a fully-fledged alternative solution, we do have some temporary workarounds in place and will communicate these as more information becomes available.

In the meantime, your balances remain safe and secure, but you may not be able to send funds to or from your account using the current bank details ”“ effective immediately. Exchange services remain unaffected.

We apologise for any inconvenience caused. We are extremely grateful to you for your loyalty and hard work beta testing the Wirex Business services - your input and feedback has been invaluable and we are counting on your support and trust going forward.


We will be in touch to communicate the next steps imminently.

Kind regards,


Your Wirex Business team
 
I've heard that Onpex has been in trouble for some time now, especially in the last few weeks. Maybe someone has more info?
 
Onpex is indeed in trouble due to some regulatory problems. They are working together with BNP Paribas Luxembourg to provide the IBAN accounts. BNP is kicking them out, as cryptos became a compliance nightmare after 5AMLD and Onpex is not fulfilling everything. That was also the problem why Onpex very often took more than a week to transfer via SEPA (mostly for amounts over 20k). Onpex always said it is a problem on the site of BNP, however it looks like they had problems fulfilling the documentations for BNP.
WireX has a backup with IBANs, however they will only be able to accept and send GBP, no EUR or other currencies.
If Onpex will really cut off the service WireX will still be able to process transfers via a manual method via GBP, however it will take time, how long it will take depends on the quantity clients want to transfer. (WireX for business only has a few hundred clients, by the way. WireX business is still in a "testing phase". However they have around 3500 businesses on the waiting list)
The founders of WireX are already looking into this problem and try to fix the problem on Monday to at least get a grace period until they are able to integrate a new processor. They will have a talk with BNP and Onpex on Monday.
The funny part. Onpex was even offering WireX a better solution to speed up transfers to regular 1-2 day SEPAs and told them they will be able to start with the new integration next month and now they say they have to stop completely, wtf, haha ?!

Exchanging FIAT to crypto and sent out crypto will continue to work.
Very sad that this happens now as WireX is almost done to get cards for business accounts... .
https://www.cnbc.com/2020/07/20/mas...urrency-card-deal-with-uk-start-up-wirex.html
In case there are some breaking news I will let you know. I am in touch with one of the WireX founders.
 
Good to know info @neweraoffshore

Does the backup IBAN's happen to be the LT one they switched people too and back a few weeks ago if I remember?

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This had to come sooner or later, shame that this happen to a useful service.

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@Martin Everson as far as I know they will be GB IBANs and can only accept and send GBP. He named the bank providing them but I sadly don't remember the name. He will update me on monday...because I have a fucking lot of my money and money from clients laying there... .

I was already contacted beginning of the week but I believed it was a method to scam me as I never thought about the WireX founders trying to contact me. Anybody else got contacted directly by the founders? However after being in a conference call yesterday with multiple representatives of WireX and speaking about possible solution and now everybody receiving this email one day after it's the sad truth that WireX is in trouble. Wish it was a scam method, haha.

WireX is really working with high pressure on this issue. We will know more on monday. I am quite confident that they will get at least a grace period by Onpex/BNP. He said he will update me as soon as he has any news. Will keep you guys updated in here. Hope with good news...WireX was/is truly essential for me... Corona, Wirecard, WireX... 2020 is really the worst, haha.
 
Very sad. I was with them from the very beginning when wirex used to be called www.e-coin.io. Domain still exists and pints to wirexapp. I have seen them grow and have had email conversation once with founder. Not nice to see them in this situation.

Hope they can pull through the drama. I use them because they send wires out in my name which is unusual for most EMI's. I already moved my money many weeks ago when they suddenly switched IBAN's from an LU one to a LT one and then switched back with no reason or notice given as to why 😕. I never wait and see if I see odd behavior.

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This sucks very much, I hoped this was a long lasting solution which was backed by money and experience... sad sad 🙁

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Ok so they have ditched ONPEX. We now have LHV Bank Estonia details with EE IBAN's.

Well that was quick.

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@Martin Everson that's for personal. We were talking about the business accounts. Business accounts are dead. Transfers either rejected or will stuck in "processing". So let's hope they will at least start with the GBP backup plan soon.

Personal and Business are completely different for the documentations and rules, as business can accept and send 3rd party SEPA in high amounts and usually transact more than personal accounts. Finding a processor which can comply for the personal rulesets is not a big deal. For businesses it indeed is 🙁

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Thats sad but most online business users use wirex via personal accounts and have done for years.

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For the Business Accounts:
The manual method will start working this week. However it is only in GBP and you have to write WireX support first. Don't know the processing times, though.
 
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