Wise deactivated my business account

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MessedUp

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Dec 22, 2022
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Hi guys, hope all is well.

I'm going to start off by saying I messed up by keeping this amount of money in Wise, just so we have that cleared up.

A few days ago, my Wise Business account got deactivated, as I apparently have exceeded their risk tolerance. Funny, given I've passed these reviews with a larger balance in the past. But that's that.
In the process of requesting the funds sent to an external bank account, I've been requested to provide a business bank account, in the same business name as the name registered on Wise. Problem is, I'm a sole trader, operating under my legal name, NOT the business name (this was never an issue for Wise when I registered initially, by the way) hooked up to the Wise account.

Have any of you guys gone through the same? If so, how did it turn out, and did you have to provide a business bank account?

I'm keeping low 7 figures in this account, so it's safe to say I'm eager to get it out as soon as possible.

Additionally, if anyone has any recommendations for EMIs (or other solutions) who would support a "high risk" business model in the marketing industry, I'm all ears.

Thanks in advance, and Merry Christmas!
 
MessedUp said:
MessedUp said:
A few days ago, my Wise Business account got deactivated, as I apparently have exceeded their risk tolerance. Funny, given I've passed these reviews with a larger balance in the past. But that's that.
In the process of requesting the funds sent to an external bank account, I've been requested to provide a business bank account, in the same business name as the name registered on Wise. Problem is, I'm a sole trader, operating under my legal name, NOT the business name (this was never an issue for Wise when I registered initially, by the way) hooked up to the Wise account.

Have any of you guys gone through the same? If so, how did it turn out, and did you have to provide a business bank account?
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Not the exact same situation but similar. Have you explained to Wise that you are a sole trader and that any bank account in your name is therefore effectively what they want? If you are registered as a sole trader, show them documentation confirming that. It shouldn't be more dramatic than that. Make it easy for them.

MessedUp said:
MessedUp said:
I'm keeping low 7 figures in this account, so it's safe to say I'm eager to get it out as soon as possible.

Additionally, if anyone has any recommendations for EMIs (or other solutions) who would support a "high risk" business model in the marketing industry, I'm all ears.
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Click to expand...
What stands out the most to me here is that, if I'm reading this right, you have a business that's doing very well (having accumulated over a million) but you're still operating as a sole proprietor. That's a lot of potential personal liability. I'd take this as an opportunity to consider incorporating.

Are you doing affiliate marketing for a high risk industry?

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This is the probably the answer to your question.
 
Sols said:
Sols said:
Not the exact same situation but similar. Have you explained to Wise that you are a sole trader and that any bank account in your name is therefore effectively what they want? If you are registered as a sole trader, show them documentation confirming that. It shouldn't be more dramatic than that. Make it easy for them.


What stands out the most to me here is that, if I'm reading this right, you have a business that's doing very well (having accumulated over a million) but you're still operating as a sole proprietor. That's a lot of potential personal liability. I'd take this as an opportunity to consider incorporating.

Are you doing affiliate marketing for a high risk industry?
Click to expand...
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Thanks for your response and insights. I was actually looking to incorporate in 2023, so I guess the timing is just unfortunate.

Yes, I offer services to businesses operating in highly restricted and regulated industries, including crypto, however, as I was not exchanging, purchasing, or selling cryptocurrencies; Wise had no problems with that part. I have clients in the cannabis field as well, something which the government of my country wasn't the biggest fan of I believe, but nothing that should warrant my Wise account being closed.
 
MessedUp said:
MessedUp said:
Hi guys, hope all is well.

I'm going to start off by saying I messed up by keeping this amount of money in Wise, just so we have that cleared up.

A few days ago, my Wise Business account got deactivated, as I apparently have exceeded their risk tolerance. Funny, given I've passed these reviews with a larger balance in the past. But that's that.
In the process of requesting the funds sent to an external bank account, I've been requested to provide a business bank account, in the same business name as the name registered on Wise. Problem is, I'm a sole trader, operating under my legal name, NOT the business name (this was never an issue for Wise when I registered initially, by the way) hooked up to the Wise account.

Have any of you guys gone through the same? If so, how did it turn out, and did you have to provide a business bank account?

I'm keeping low 7 figures in this account, so it's safe to say I'm eager to get it out as soon as possible.

Additionally, if anyone has any recommendations for EMIs (or other solutions) who would support a "high risk" business model in the marketing industry, I'm all ears.

Thanks in advance, and Merry Christmas!
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Click to expand...
High five, my account is also in termination although I did not even do any transactions for a new business model. I just notified them about change of my business model for the sake of transparency. Now I lost even personal account 😀
 
i believe they cant check account name
the problem is reveive bank, some banks reject transfer with wrong beneficiary name
 
anyone knows what is the limits per day for nebeuse? or for zen to receiv emoney or exchange to crypto per day or month?
 
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