Estonian company with Wise for bank

[bangkokowl]

Hi, I’m an Estonian e resident with Xollo company. I can’t get to Riga to open a bank account right now. How realistic is it to use Wise for the company bank account for the next 6 to 8 months?

Money will be held in Wise with only expenses taken out


totally legit consultancy company operated remotely from Thailand

 

[Jerry1911]

I guess it depends on the amounts and what kind of consulting you're into

 

[bangkokowl]

around €6000 a month and it’s security consulting (mostly Security awareness training for new staff, all boring stuff)

 

[bangkokowl]

Can I move then money from my wise account to my personal account in Thailand?

 

[StuartG]

Be careful sending money to Thailand - if it is income it is taxable

 

[JohnLocke]

It's actually not a problem to send a Wire transfer or IBAN / SEPA transfer to any bank account, the best would be to ask them if there are any particular countries you need to pay attention to i.e. Thailand.

The support at Wise is very responsive.

 

[JustAnotherNomad]

No guarantees, but it should be fine. Even if Wise were to cause problems, there should be many other EMIs that will be happy to have you as a customer.

 

[bangkokowl]

And it’s ok to leave money in there for 6 months or so?

 

[uplana]

And it’s ok to leave money in there for 6 months or so?

I have had this over the last few years no issue at all.

 

[JustAnotherNomad]

A lot of people use Wise or Revolut as the only bank accounts for their business. The only thing with them is that if they freeze your funds for some reason (which can always happen), then they can be a bit of a pain to deal with and in a worst case scenario, your money could be frozen for a couple weeks. But you will get your money in the end. Just make sure you have enough liquidity to cover your expenses, if that should happen.

 

[bangkokowl]

Thanks guys, really appreciate the info. Very new to this and over my head