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At what receiving/sending amounts Transferwise asks for additional verification?

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maikoz

New member
Hi, I have personal Transferwise account, that I just created & verified, it's completely fresh and has no transactions.
I just wanted to ask you - at what receiving or sending amounts Transferwise asks for any extra verification ? (any verification , either extra passport photo or selfie or some extra documentation regarding funds).
I receive 2-5k EUR/USD transfers monthly from 3rd party marketplaces and I just need to know if transferwise makes any problems with such amounts.
 

bizniz

Active Member
In my case it worked well for about 6 months and up to about 50k per transaction, they never asked for any additional verification verification, but one day they closed not only my account, but the accounts of anyone who had sent money to me internally or received money from me. Moral of the story: if you have multiple accounts in TW (business partners, family members etc) try to avoid linking them by doing internal transactions. It' s a good service while it works, but if something goes wrong there is no chance to fix it. I wouldn't recommend TW. In my case I was relatively lucky as they did not block a lot of money, but I know people who had funds blocked there for months. Better to pay a bit extra and use one of the services where you have a chance to talk to someone on the phone, submit documents and explain transactions.
 

Sols

Staff member
Mentor Group Gold
It's not only based on amount. It's based on overall risk score of a transaction. Amount is a big factor here but there are other aspects as well such as who and where the sender is, frequency of transaction, how the transaction fits in your overall profile, and so on.

If you're getting 5,000 EUR per month from Ebay or Etsy, they are probably not going to care.
 

nomad999

Entrepreneur
My guess is the number of different third party matters a lot, whatever the amount if you only receive or send money to the same few third parties you wont have any issues, especially if its from well established third parties.
I would bet people who complaint of account closure are mostly stupids who send and receive money to anyone without any considerations.
The whole banking system is hostile, if you dont learn how it works to play along with it, it will bite you sooner or latter ...
 

AltMain

New member
Used TW for Kraken withdrawals for 50+ monthly.
Last month Kraken said they can't send payment to TW anymore.
TW doesn't say anything about it.
Only only time IW asked me about Montenegro payment.
Nothing more.
 

Singa

Active Member
If i can sum it up in 1 sentence :
"They look for a Pattern!! "
They start from there , then they connect the dots and put together the puzzle pieces, to draw the big picture and then decide if you are suspect :) :-D

It's more like an Antivirus Software, or a Firewall lol
 
Last edited:

JackAlabama

Entrepreneur
If i can sum it up in 1 sentence :
"They look for a Pattern!! "
They start from there , then they connect the dots and put together the puzzle pieces, to draw the big picture and then decide if you are suspect :) :-D

It's more like an Antivirus Software, or a Firewall lol
As a hipster fintech they surely apply " their sophisticated and proprietary machine learning and data analysis secret sauce". lol
 

georgio

New member
Used TW for Kraken withdrawals for 50+ monthly.
Last month Kraken said they can't send payment to TW anymore.
TW doesn't say anything about it.
Only only time IW asked me about Montenegro payment.
Nothing more.
How did you make money on Kraken with all these big fees they have? Holdling?
 

AltMain

New member
If i can sum it up in 1 sentence :
"They look for a Pattern!! "
They start from there , then they connect the dots and put together the puzzle pieces, to draw the big picture and then decide if you are suspect :) :-D

It's more like an Antivirus Software, or a Firewall lol
Yes, it's regular scoring system.
Are you going to withdraw to TW directly ? - As I mentioned, my last payments was declined by Kraken cause TW doesn't accept it from them any more.
But you can try also

How did you make money on Kraken with all these big fees they have? Holdling?
If you trade a lot, the fees are like Binance or other big platform.
So it doesn't matter. Kraken provide good service in good volumes.
CEX, for example can't do it with SEPA so good as Kraken.
 

Singa

Active Member
Yes, it's regular scoring system.
Are you going to withdraw to TW directly ? - As I mentioned, my last payments was declined by Kraken cause TW doesn't accept it from them any more.
But you can try also
I worte about this before, look TW accept deposits and withdraws from crypto platforms, (NOTE: pure crypto Exchanges, like Binance, Kraken, Bitstamp.. etc they don't accept )
if they give u personal IBANs, because TW says the money must send from an account that matches your name and vice versa for withdraws..
for example : Swissquote.com which is im using.. They give you IBAN with your name in it..
..
But i also asked them if they accept deposits from 3rdPartys EMI like Advcash, and they said that ok.. You can send SEPA from advcash to TW..
I mean if saw the big picture here, They try as much as possible to include crypto in their transaction, (because they smart enough, to know that crypto is a big deal, with great deman) but since their platform is regulated, they must restrict some features like no transactions from pure crypto Exchanges, yet again you can send and receive with a freindly crypto platforms like Advcash, Swissquote.. etc
That's it
 

Piano

Active Member
I worte about this before, look TW accept deposits and withdraws from crypto platforms, (NOTE: pure crypto Exchanges, like Binance, Kraken, Bitstamp.. etc they don't accept )
if they give u personal IBANs, because TW says the money must send from an account that matches your name and vice versa for withdraws..
for example : Swissquote.com which is im using.. They give you IBAN with your name in it..
..
But i also asked them if they accept deposits from 3rdPartys EMI like Advcash, and they said that ok.. You can send SEPA from advcash to TW..
I mean if saw the big picture here, They try as much as possible to include crypto in their transaction, (because they smart enough, to know that crypto is a big deal, with great deman) but since their platform is regulated, they must restrict some features like no transactions from pure crypto Exchanges, yet again you can send and receive with a freindly crypto platforms like Advcash, Swissquote.. etc
That's it
Does Swissquote accept transfers from Binance , Kraken ?
 

Cetme308win

Entrepreneur
I formed a WY LLC,applied for an account and had my account blocked in just 3 days after the approval without receiving a single dollar lol
 
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