Wise business is asking for the source of funds when I am applying for a business account

[yikai]

Hi, Wisebusiness is asking for a business bank statement, when I am applying for a business account, which I don't have, what should I do? Can anyone help pls?

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[clemens]

They also give the option for audited accounts etc. If this is an company more‌ than 1 year old you may have that or you may show them a dormant‍ tax report.

 

[yikai]

Thanks, but my company is a new company,⁠ just registered last month. So I do not have audited accounts.

 

[clemens]

Try to explain that to their support. Usually they are very helpsome and will tell‌ you what other documents you can provide. Use their support which is very active and‍ responsive.

 

[yikai]

That is a good idea, I will contact them.⁠ Thank you!

 

[Forester]

I fully⁣ agree with @clemens that this is the way how this problem may be solved.

Nevertheless, I have another advice for you: Consider to avoid Wise and choose another EMI. Quite⁢ generally, Wise is really not an optimal solution for most cases (this wording I consider︀ to be really correct). Search here at forums for detailed reasoning and another possibilities.

 

[yikai]

Thanks for your reply. Wise is a good experience⁣ for me, even if they close accounts often, they refund the balance. I am interested⁢ in other EMI which is good alternatives to WISE, what are the keywords I should︀ search for in the forum? I am holding China passport, I know some EMI are︁ not friendly and not available to open for Chinese.

 

[Forester]

Just as a first recommendation, try to check HK EMI's like Currenxie, Statrys,⁠ Airwallex /OK, they are Australian but Chinese subjects are onboarded by their HK subsidiary/...
And generally, to be able to give you a well-founded advice, please share
- where is⁤ your company incorporated (China, I guess?)
- your current residence country (China, I guess?)
- what is the business of your company
- what currencies you need to operate with⁣
- what are the destinations of future outgoing and incoming payments
- what is the⁢ expected monthly and yearly turnover (summarized for all the currencies)
(Sorry for being so inquisitive︀ but you will hear these questions from any bank/EMI nowadays.)

 

[yikai]

- what is the business of your⁠ company--I register a company to apply for business bank accounts. and I do P2P on⁤ Binance.

I feel I am getting some support here, thank you. My reply is after your questions.︅ Now I am using Wise every day to receive money, I am afraid to receive︆ too much in a day, I guess receiving 1000usd is too much? ! Unless wise︇ will close my personal account. That is why I am applying for business account from︈ wise. I want to receive more and bigger turnover to expand my business. So I︉ am seeking a good solution for payment. and I have to hide from EMI or︊ banks that I am doing P2P business on Binance, cos they dont like. I hope︋ to find a good solution here.

 

[avalanche]

P2P is gonna get you banned on Wise especially when︃ you receive lots of random payments from different banks and people. This may be considered︄ money service that needs a license. Careful not to get involved in a money laundering︅ case..

 

[yikai]

yes, I agree, what kind of license should I get?

 

[avalanche]

Depends on where your business is based and where do you offer your services. Each‍ country has its own regulations. In UK licenses are issued by the Financial Conduct Authority⁠

 

[turtle]

This is‍ against the acceptable usage policy of Wise. They don't want any business related to crypto,⁠ period.

If you still try to use them, you will come back here and complain⁤ about Wise because of the frozen funds/closed account like many people in the forum.

https://wise.com/acceptable-use-policy

 

[Forester]

Well, now︇ I understand your situation much better.
And probably I do not have a lot of︈ good news for you.
@turtle is completely right re: Wise. Forget about any usage of︉ Wise (personal or business account) related to crypto P2P operations, unless you really want to︊ be finished. And be advised that you will not able to hide your business in︋ front of any EMI for a reasonably long time, it is really not so difficult︌ to reveal P2P.
Forget also about Currenxie, as it is strongly anti-crypto. I do not︍ know how it is with Airwallex and/or Statrys but I doubt they are P2P-friendly; but︎ you can check.
Having said that, I can assure you that your situation is not️ unique. Banking for P2P transactions is a well-known problem that was discussed here at OTC‌ several times, IIRC. I do not consider myself being an expert at this field; but‍ if you search here with a keyword P2P, I guess you will learn something...

 

[NicolasMaduro]

I had the same verification for an account this week:
Upload either an auditeted financial‌ report or your latest Company tax return

I simply just took a screenshot of the‍ companies tax return from the tax authority.

And obviously dont tell Wise that yoo do⁠ p2p crypto since crypto is against ToS and they wont open you an account

 

[yikai]

I dont have it yet, cos this is a very new⁣ company, you offered very useful information. Thank you.

Since this is the situation, I will do more research here for p2p trading. I appreciate︊ your help very much!

 

[Forester]

You are welcome.