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How much trust you put into wise?
- Thread starter aage
- Start date
Don’t keep your money with any bank. Buy crypto and store it on a cold wallet.
Not really a retail bank but I like Swissquote which is a broker. Account can be opened through video ident. They offer credit cards connected to the brokerage account though. Also IBAN for EUR. Support crypto trading, so friendly, haven't used it though. Multi-currency and astonishingly FX rates that are really close to midmarket, which as far as I can see is rare. I buy/sell alot of equity on ASX or TSX exchanges so for me that is a big plus. Fees could be lower so daytraders probably want IBKR instead, but for anyone inside EU they have one big advantage: You can buy equity or ETF in many markets without regard to Mifid2 restrictions. I.e. the whole US universe is open for investing. If you are a EU citizen even IBKR will cut you off if some fund doesn't have the proper EU-style document, which none outside of EU have. Unless you qualify as what they call a "professional". Android app also good. Even wrote a Linux script that consolidates their CSV export into EUR, obeying the FIFO rule, deducting expenses correctly on partial transactions (Degiro and many others fails on this), respect double taxation rules and deduct paid foreign tax accordingly, accounts for reverse-/splits etc.
OPs poll was about how much one trusts Wise with larger sums. Well I stuffed quite the sum into SQ so that is my somewhat tangential answer. ;-)
Since they opened. No more than 2-3 transactions a month to the same entities. No kyc too.
I use them regularly and have done so for a couple of years
Never anything more than about 5K in any one transaction and strictly an in / out arrangement
I use them how they originally were set up - for cheap currency conversion and transfer
Only ever had one delay ( a day or so) at about the 2nd or 3rd transaction - questions asked - information provided and transfer resumed.
While i have no issue with them - I wouldn't "hold" with them
Never anything more than about 5K in any one transaction and strictly an in / out arrangement
I use them how they originally were set up - for cheap currency conversion and transfer
Only ever had one delay ( a day or so) at about the 2nd or 3rd transaction - questions asked - information provided and transfer resumed.
While i have no issue with them - I wouldn't "hold" with them
I've withdrawn money from my stock broker several time to Wise (each transaction under 10k) without issues, however I wouldn't feel comfortable receiving transactions of over 10k each as I know those transactions are classed differently. So far it's the most reliable EMI I've used. N26 & Revolut being the worst ones...Attach files
Yea for large amounts of funds that's definitely the way to go, keep the funds in USDC or PAXG in a cold wallet if not needed within a year. Ideally stack the USDC and get something like a 5% APY.
Do you mean mean a business account or a personal one?
If business, how can one buy groceries on a bussiness account?
If personal, how can one receive a salary on it?
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Everything everywhere in the worlds is a matter of when, not if. But if "when" is 10, 20 or 30 years, or your lifetime, than it's not an issue.
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it is wise not to trust any emi
we were fine until some unknown event unrelated to us caused a number of cancelled accounts and subsequent legal action. As to amounts, irrelevant but expect this to be just a normal retail emi whereby they rather have no money but charge fees, very much like the other low cost emi sh*t shows
we were fine until some unknown event unrelated to us caused a number of cancelled accounts and subsequent legal action. As to amounts, irrelevant but expect this to be just a normal retail emi whereby they rather have no money but charge fees, very much like the other low cost emi sh*t shows
A business account with wise will not last long. Unless the business is so small and simple that the monkeys working in their compliance department understand it.
To receive your salary on a wise account is the same as to receive it on any bank account: just give your employer the wise account number.
Right definition: sh*t shows. Only good for scamming the investors that allowed those sh*t shows to start with their seed capital (or, better, to launder their money).
the same question should be rather asked about Revolut.. How much money are you cool keeping in revolut account?
Never more than €10k. Been using it for 2 years for a small Estonian company, no problems. All transactions below €20k, very dull business model.
I have never even had as much as £5000 in there.
A while ago I opened an account for Vietnamese dong and transferred about £50 into it. That became over 1.5 million dong. I wonder what will happen when that currency appreciates considerably.
A while ago I opened an account for Vietnamese dong and transferred about £50 into it. That became over 1.5 million dong. I wonder what will happen when that currency appreciates considerably.
I had more than 150k with them. Always used as single account for my company, never had any issues. I receive payments from 3-4 companies eah month, always the same companies, business is legal, I've sent them all the contracts with clients and stuff. I trust wise much more than revolut as wise is profitable and for me a solid/serious company.
@Ryanab I was considering to open wise specifically to withdraw from brokerage account and wire it to my home country once a month. Is it ok to make 8-10 withdrawals of <10k from brokerage account per month? Please let me know.
^ I second the question above although this time with Paypal. If I withdraw from my own Paypal into Wise (personal account), do they consider this 'business income' and may start asking questions, or does it count as just wiring personal funds? Does anyone have experience with Paypal to Wise Personal?
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