Wise to Crypto best strategy?

[aiello]

Hi, I want to buy crypto with my wise funds, to avoid violating their policy, I need some bridge/strategy

Skip P2P as there are plenty of accounts frozen for this, they monitor this kind of activity as well

I was thinking about neteller/skrill (crazy fees tho) or Bankera ( I read bad reviews here)

Any suggestions? Thanks a lot

 

[Sols]

The best strategy is to not do it. Wise is great, if you use it‌ right and fit within their AUP.

Going through a transit account only works if it's‍ a small fraction of your overall turnover. If you're doing 100,000 USD/month on your Wise⁠ account and a few thousand a month come in from another account your company has⁤ with Bankera or other crypto friendly EMI, Wise probably won't mind.

But if the activity⁣ on your Wise account is heavily transactions incoming from Bankera, Wise will eventually ask to⁢ see the source of funds of the source of funds; i.e. where did the money︀ on the Bankera account come from.

 

[diatessaron]

Your first best option is to not use Wise for something like this. Your second‌ best option is P2P. People use Wise accounts for P2P, as long as you know‍ what's up it will work.

 

[Mssquirrel]

What if you use banxa or simplex?

 

[wisemoney]

How do we know flagged⁠ accounts when p2p?

 

[myhand]

and in 3 days you open a thread. Wise close my⁣ account, what now, I didn't do anything??

 

[Lincoln Burrows]

Wise let you use your card to purchase crypto; only transfers are supported, so as‌ long as they're making a profit in the process, it's okay.

You can buy from‍ Kraken or Binance if the pricing is okay for you.

 

[TheCryptoAnt]

This is the answer.

Transfer OUT | NO
Transfer IN | YES but only⁠ from EU licensed exchange (Kraken, CB, BitStamp, etc)
Card purchases | YES

Nexo will open you a virtual IBAN in EUR⁣ so you can send 1st party transfers to their exchange, Wise is cool with this⁢ (so far)

 

[Lincoln Burrows]

Correct, I also meant to say "only transfers are NOT supported", but you explained⁠ it perfectly.

 

[aiello]

I'm in Panama, no card for me

 

[aiello]

Wise is NOT⁤ cool with that, I just had an official feedback from their customer support

 

[EliasIT]

how many times you have bought crypto with‍ a Wise debit card ?

 

[Lincoln Burrows]

Not much, around 6~7 times. I'm an OTC trader, and buying with‍ a card incurs high fees for me.

 

[TheCryptoAnt]

With what exactly?

Countless, confirmed its⁠ ok to do by with through multiple channels

 

[aiello]

Sending funds to your Nexo account, the customer support replied it's‍ a violation of their policy

 

[TheCryptoAnt]

your EUR deposit IBAN at Nexo is an acc‍ in your name, so Wise sees it as 1st party transfer (not a transfer to⁠ Nexo but to yourself)

 

[aiello]

Yes, but it seems they can know someone what is the bank,⁠ otherwise you could send the funds to your crypto.com or binance iban (using an eu⁤ bill as proof of address) without any issue

 

[TheCryptoAnt]

g i dont think you⁠ understand.

They see you sending EUR to yourself, they cannot see Nexo anywhere.

When you⁤ send money to Binance you are sending it to a financial institution so they can⁣ clearly see what you are doing.

POA has nothing to do with this.

 

[aiello]

I know exactly what I'm talking about⁤ because I did it, when you send the funds to your crypto.com account, you send⁣ to yourself with an Iban, you don't mention crypto.com anywhere

 

[TheCryptoAnt]

the what is the issue? Wise only sees⁠ a 1st party transfer, feel free to continue doing so.