Wise Alternatives ?

[Mantastic]

Hello,

Apparently Wise closed my business account with a balance of $150k for the reason of trading, selling Cryptocurrencies. My business has nothing to do with crypto or even accepting one. Just simple e-commerce selling products that have been verified by UK Government, Stripe, and Wise a year ago.

There is an event that I sent one of my suppliers a total of $25K from Wise to Supplier Bank in the Philippines, 12.5k each. Wise blocked half of the payment and ask if the recipient related to my business. I have all proof and documents providing that my supplier actually worked with me for a long time.
But we didn't have a contract when Wise asked one. I said I will include a contract next time if Wise asked and canceled the 12.5k transaction. After 4 days, my account got deactivated. Most of the money on Wise is to pay for my company year-end tax and running costs for the business.

Today is the 9th day of Wise deactivating my account. They only released back to me 7% of my balance.

So I'm in need of a new alternative like Wise. Any suggestions would be appreciated. Payout will be via Stripe and my company registered in the UK

 

[Gediminas]

Hey,

Try registering to Bankera. We get many clients who come to us after their Wise account got frozen and most of them end up opening account with Bankera.

I don't believe Wise will unfreeze your money anytime soon. It usually takes at least a couple of months until the decision was made there.

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[void]

Gediminas said:
Hey,

Try registering to Bankera. We get many clients who come to us after their Wise account got frozen and most of them end up opening account with Bankera.

I don't believe Wise will unfreeze your money anytime soon. It usually takes at least a couple of months until the decision was made there.
Click to expand...

technically you're right

the problem is that Bankera is still very immature and can be hardly considered a full featured replacement for Wise

on the other hand this applies to other EMIs too and the sad fact is that Wise has no serious competitor at the moment

 

[Gediminas]

void said:
the problem is that Bankera is still very immature and can be hardly considered a full featured replacement for Wise
Click to expand...

I don't know for others, but my banking needs are fully covered with them. I operate with them on a daily basis (SEPA and Swift) and never had issues.

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[JohnnyDoe]

Mantastic said:
Hello,

Apparently Wise closed my business account with a balance of $150k for the reason of trading, selling Cryptocurrencies. My business has nothing to do with crypto or even accepting one. Just simple e-commerce selling products that have been verified by UK Government, Stripe, and Wise a year ago.

There is an event that I sent one of my suppliers a total of $25K from Wise to Supplier Bank in the Philippines, 12.5k each. Wise blocked half of the payment and ask if the recipient related to my business. I have all proof and documents providing that my supplier actually worked with me for a long time.
But we didn't have a contract when Wise asked one. I said I will include a contract next time if Wise asked and canceled the 12.5k transaction. After 4 days, my account got deactivated. Most of the money on Wise is to pay for my company year-end tax and running costs for the business.

Today is the 9th day of Wise deactivating my account. They only released back to me 7% of my balance.

So I'm in need of a new alternative like Wise. Any suggestions would be appreciated. Payout will be via Stripe and my company registered in the UK
Click to expand...

If you operate an account legitimately, eventually it will be frozen, with any bank/EMI.

In order to avoid that, you should think and act as a criminal: prepare all sort of documents, invoices, contracts in advance, understand how compliance work and adapt your operations to it. If you miss something simply because you don't need it for your business, create it. It doesn't need to be real, it just has to look real.

For sure no professional money launderer will ever have an account frozen.

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[JamesDonkey]

Mantastic said:
But we didn't have a contract when Wise asked one.
Click to expand...

Why didn't you create one, on the fly, retroactively?

 

[Forester]

void said:
the problem is that Bankera is still very immature and can be hardly considered a full featured replacement for Wise

on the other hand this applies to other EMIs too and the sad fact is that Wise has no serious competitor at the moment
Click to expand...

Could you please elaborate more on that?

I am not advocating Bankera but I really wonder what you consider an unbeated competitive advantage of Wise... (of course I can imagine that in some particular situation it can be so, regardless of fact that IMO Wise sucks 😉 )

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[wellington]

Gediminas said:
I don't know for others, but my banking needs are fully covered with them. I operate with them on a daily basis (SEPA and Swift) and never had issues.
Click to expand...

Tried setting up an account with them before, was issues with doing the mobile app kyc using my phone, gave up in the end (quality of capture).

 

[Jonathan169]

carlo39 said:
If you operate an account legitimately, eventually it will be frozen, with any bank/EMI.

In order to avoid that, you should think and act as a criminal: prepare all sort of documents, invoices, contracts in advance, understand how compliance work and adapt your operations to it. If you miss something simply because you don't need it for your business, create it. It doesn't need to be real, it just has to look real.

For sure no professional money launderer will ever have an account frozen.
Click to expand...

Nail and Head in sinc. That's the real JOKE about all this "Bank Vetting" the real Dudes doing deals covered themselves in correctness decades ago. The Cosa Nostra doesn't play half-games, I remember when Solar started and there was a "EU Grant" available they set up over 500 companies and got 350 approvals...I'm serious when I say they could make even more money outsourcing their processes and methods, of course, that's Golden Goose meets Baby in the bathwater and highly not recommended. < like that. [sic]

Mantastic said:
Hello,

Apparently Wise closed my business account with a balance of $150k for the reason of trading, selling Cryptocurrencies. My business has nothing to do with crypto or even accepting one. Just simple e-commerce selling products that have been verified by UK Government, Stripe, and Wise a year ago.

There is an event that I sent one of my suppliers a total of $25K from Wise to Supplier Bank in the Philippines, 12.5k each. Wise blocked half of the payment and ask if the recipient related to my business. I have all proof and documents providing that my supplier actually worked with me for a long time.
But we didn't have a contract when Wise asked one. I said I will include a contract next time if Wise asked and canceled the 12.5k transaction. After 4 days, my account got deactivated. Most of the money on Wise is to pay for my company year-end tax and running costs for the business.

Today is the 9th day of Wise deactivating my account. They only released back to me 7% of my balance.

So I'm in need of a new alternative like Wise. Any suggestions would be appreciated. Payout will be via Stripe and my company registered in the UK
Click to expand...

Set up at LLC in WY, acquire the LTD as a 100% sub., open a Mercury account and at least that would give you a second arm...and maybe a leg to stand on.

 

[Mantastic]

Gediminas said:
Hey,

Try registering to Bankera. We get many clients who come to us after their Wise account got frozen and most of them end up opening account with Bankera.

I don't believe Wise will unfreeze your money anytime soon. It usually takes at least a couple of months until the decision was made there.
Click to expand...

Jonathan169 said:
Nail and Head in sinc. That's the real JOKE about all this "Bank Vetting" the real Dudes doing deals covered themselves in correctness decades ago. The Cosa Nostra doesn't play half-games, I remember when Solar started and there was a "EU Grant" available they set up over 500 companies and got 350 approvals...I'm serious when I say they could make even more money outsourcing their processes and methods, of course, that's Golden Goose meets Baby in the bathwater and highly not recommended. < like that. [sic]


Set up at LLC in WY, acquire the LTD as a 100% sub., open a Mercury account and at least that would give you a second arm...and maybe a leg to stand on.
Click to expand...

Thank you. I will have a try on these suggestions.

 

[wellington]

Mantastic said:
Thank you. I will have a try on these suggestions.
Click to expand...

I once set up a BVI company to invest in UK Property, liquidating a asset i had in asia.

Applied for a Wise Commercial Account for my BVI company, connected to my half a decade old Wise Account (which had 7 figs go through it).

Wise froze my personal account.

I contacted them, and asked when / where / how they were going to release my personal funds, and what was the issue, and what had i done wrong, and also their legal department(s) details.

Account was un-frozen immediately.

Sometimes you just need to reach out to a human as systems just lock down

 

[burden]

void said:
on the other hand this applies to other EMIs too and the sad fact is that Wise has no serious competitor at the moment
Click to expand...

the most true in this thread.

Did you try to call them or used their live chat ?

 

[Mantastic]

wellington said:
I once set up a BVI company to invest in UK Property, liquidating a asset i had in asia.

Applied for a Wise Commercial Account for my BVI company, connected to my half a decade old Wise Account (which had 7 figs go through it).

Wise froze my personal account.

I contacted them, and asked when / where / how they were going to release my personal funds, and what was the issue, and what had i done wrong, and also their legal department(s) details.

Account was un-frozen immediately.

Sometimes you just need to reach out to a human as systems just lock down
Click to expand...

I have sent an appeal to them and they forwarded it to their appeal team. Apparently, they kept the decision and continue to deactivate my business account. Also, I just saw my business account name was changed to Odin Nominees Ltd and sent out my balance to another bank that is not mine with a balance of 230K Pound and I only have like 150K USD in balance, only received 7% of those. Should I worry about this and contact legal service? Today is already the 10th day and it is hard for me to keep up with business for day-to-day basis cost.

 

[Jonathan169]

Odin Nominees Ltd is the old name they changed it in Oct/21, to Odin Investments Ltd, new co. (May/21) not filled fins yet take a peek at companies house #13399980. If that's your co then you should know. xoxo

 

[wellington]

Mantastic said:
I have sent an appeal to them and they forwarded it to their appeal team. Apparently, they kept the decision and continue to deactivate my business account. Also, I just saw my business account name was changed to Odin Nominees Ltd and sent out my balance to another bank that is not mine with a balance of 230K Pound and I only have like 150K USD in balance, only received 7% of those. Should I worry about this and contact legal service? Today is already the 10th day and it is hard for me to keep up with business for day-to-day basis cost.
Click to expand...

Probably quarantine the funds for allotted period, whilst filing SAR's or something, like Paypal does.

 

[Sean Restling]

wellington said:
I contacted them, and asked when / where / how they were going to release my personal funds, and what was the issue, and what had i done wrong, and also their legal department(s) details.

Account was un-frozen immediately.

Sometimes you just need to reach out to a human as systems just lock down
Click to expand...

How exactly one can contact them if they closed your account?

 

[JohnLocke]

JohnnyDoe said:
If you operate an account legitimately, eventually it will be frozen, with any bank/EMI.

In order to avoid that, you should think and act as a criminal: prepare all sort of documents, invoices, contracts in advance, understand how compliance work and adapt your operations to it. If you miss something simply because you don't need it for your business, create it. It doesn't need to be real, it just has to look real.

For sure no professional money launderer will ever have an account frozen.
Click to expand...

This is one of the best pieces of advice given so far here on the forum in situations where people are nervous about an EMI closing their account. Being well-prepared makes things much easier in the end, should something happen.

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