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Help with Transferwise/Payoneer transactions

Loopylicious

Loopylicious

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Apr 2, 2021
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#1
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Hello I just want to know if there would be any kind of problem/risk with Transferwise or/and Payoneer if I do the following kind of transactions using SEPA transfers? All accounts are mine with my name and I'm planning to move approx. under 10k$ per month. The final purpose is to use the money to buy crypto. (I know crypto.com would work too but on the South American country I live I can't open an account)

1. Paypal → Transferwise → Binance P2P SEPA Transfers
2. Paypal → Transferwise → Bankera
3. Paypal → Transferwise → Dukascopy
4. Paypal → Transferwise →Swissquote

and Payoneer:

5. Payoneer → Bankera
6. Payoneer → Dukascopy
7. Payoneer → Swissquote

Sorry if its a bit too long but if you could be specific with every one of the transactions or the one you know about, I would appreciate a lot, thank you
 
#2
Transferwise will NOT tolerate crypto so you shouldn't be making payments from transferwise to Binance as this will probably gives you a hard time with Wise.

Dukascopy on the other hand has no problem with crypto but they will prefer you to use a partner exchange like ZBX.

To be specific about your question, I have made the following transactions before without any problem:
Payoneer → Dukascopy
PayPal → Payoneer (community federal saving)
Transferwise → Dukascopy
Dukascopy → Transferwise

Payoneer will not allow you to transfer money directly to EMI like Transferwise or Bankera but they will accept transfers to Dukascopy.

I hope you find this helpful.
 
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#3
TW will close your account for any crypto transaction.

You may also have a few issues when continuously transfering to another account eventhough it's in your name.
 
#5
@terminator5505 Thank u for ur response buddy.

Talking about TW → Dukas and Payoneer → Dukas, have you done this transactions regularly let's stay within a month? Or just occasionally when you needed to?

CaptK said:
You may also have a few issues when continuously transfering to another account eventhough it's in your name.
Click to expand...
@CaptK Why would you say that? Transferwise isn't meant to receive and make payments? And all the payments received and sent will be to accounts in my name.
 
#6
Gediminas said:
What would be the reason for Payoneer not to allow transfers to Bankera? Have you tried it?
Click to expand...
Yes, two years ago I have tried to add Paysera EUR IBAN (a very similar Lithuanian EMI like Bankera) to Payoneer as a personal bank account for withdrawal. Payoneer support didn't approve this action back then and replied to me that Paysera is not a real bank and I'm only allowed to link a real bank account to Payoneer.

Then I've added Dukascopy and payoneer approved it (no questions asked) obviously because Dukascopy is a fully regulated Swiss bank. So I think from my experience they will not approve Bankera either. OP can still try to do so and give us some updates here if things have changed with Payoneer now.
 
#7
Loopylicious said:
Hello I just want to know if there would be any kind of problem/risk with Transferwise or/and Payoneer if I do the following kind of transactions using SEPA transfers? All accounts are mine with my name and I'm planning to move approx. under 10k$ per month. The final purpose is to use the money to buy crypto. (I know crypto.com would work too but on the South American country I live I can't open an account)

1. Paypal → Transferwise → Binance P2P SEPA Transfers
2. Paypal → Transferwise → Bankera
3. Paypal → Transferwise → Dukascopy
4. Paypal → Transferwise →Swissquote

and Payoneer:

5. Payoneer → Bankera
6. Payoneer → Dukascopy
7. Payoneer → Swissquote

Sorry if its a bit too long but if you could be specific with every one of the transactions or the one you know about, I would appreciate a lot, thank you
Click to expand...
Use Localbitcoin.com For 10K per month I do not see any problem. It is easy to buy Bitcoin with Paypal there.
Do not make things complicated.
It does not required.
 
#8
azb1 said:
Use Localbitcoin.com For 10K per month I do not see any problem. It is easy to buy Bitcoin with Paypal there.
Click to expand...
I find localbitcoins to be a very insecure way to exchange bitcoins. On the other hand, I can't find really bad / negative reviews about them, so if you can transfer this way to your Wise or bank account it may be a valid solution.
 
#9
Loopylicious said:
@terminator5505 Thank u for ur response buddy.

Talking about TW → Dukas and Payoneer → Dukas, have you done this transactions regularly let's stay within a month? Or just occasionally when you needed to?


@CaptK Why would you say that? Transferwise isn't meant to receive and make payments? And all the payments received and sent will be to accounts in my name.
Click to expand...
It has happened to a few members in this forum where the transfer large amounts to another account in the name often. I know that is what the account is for but TW get funny when you hit a certain limit
 
#10
Loopylicious said:
@terminator5505 Thank u for ur response buddy.

Talking about TW → Dukas and Payoneer → Dukas, have you done this transactions regularly let's stay within a month? Or just occasionally when you needed to?
Click to expand...
Yes, Dukascopy usually don't ask when the transaction is in your name and account limits which is pretty low. However they are very strict when you ask to increase your account limits without a Tax return from your home country.
 
#11
terminator5505 said:
Transferwise will NOT tolerate crypto so you shouldn't be making payments from transferwise to Binance as this will probably gives you a hard time with Wise.

Dukascopy on the other hand has no problem with crypto but they will prefer you to use a partner exchange like ZBX.

To be specific about your question, I have made the following transactions before without any problem:
Payoneer → Dukascopy
PayPal → Payoneer (community federal saving)
Transferwise → Dukascopy
Dukascopy → Transferwise

Payoneer will not allow you to transfer money directly to EMI like Transferwise or Bankera but they will accept transfers to Dukascopy.

I hope you find this helpful.
Click to expand...
luta said:
You should send money to Dukascopy and use their zbx.one. Or you can use kraken and send with SWIFT to them.
Click to expand...
Does Dukascopy give you a USD account or CHF, and what are the fees to deposit from Payoneer for example?
 
#16
Hello, any person that have regularly sent money from Wise to Crypto.com Dedicated IBAN or Bankera Dedicated IBAN has had any kind of problem? If not, how long have you been doing this? I'd apprecciate the info to avoid any blocked account.
 
#18
Loopylicious said:
Hello, any person that have regularly sent money from Wise to Crypto.com Dedicated IBAN or Bankera Dedicated IBAN has had any kind of problem? If not, how long have you been doing this? I'd apprecciate the info to avoid any blocked account.
Click to expand...

I did it some times some months ago before knowing that is prohibited by the ToS of Wise, I preferred to stop doing it since I can use other deposit methods for Crypto.com.


CaptK said:
Do not send anything to or from Crypto.com to Wise they will shut down your account.
Click to expand...

I'm curious, can Wise detect that the IBAN is associated with a Crypto.com account? or are they just discriminating all IBANs associated with Transactive (https://transactiveltd.com)?

Edit:

Some weeks ago Crypto.com obtained a crypto license on Malta (Crypto.com Becomes The First Global Cryptocurrency Platform to Receive a Class 3 VFA Service Provider Licence from the MFSA), perhaps this is enough to allow withdrawals from Crypto.com to Wise?

You can receive money to your Wise account from a platform that deals with cryptocurrencies — as long as the platform is regulated and/or supervised in the EU or UK.
Click to expand...
 
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#19
guilleiguaran said:
I did it some times some months ago before knowing that is prohibited by the ToS of Wise, I preferred to stop doing it since I can use other deposit methods for Crypto.com.




I'm curious, can Wise detect that the IBAN is associated with a Crypto.com account? or are they just discriminating all IBANs associated with Transactive (https://transactiveltd.com)?

Edit:

Some weeks ago Crypto.com obtained a crypto license on Malta (Crypto.com Becomes The First Global Cryptocurrency Platform to Receive a Class 3 VFA Service Provider Licence from the MFSA), perhaps this is enough to allow withdrawals from Crypto.com to Wise?
Click to expand...
People said numerous times on here and everywhere else that Wise DOES NOT TOLERATE crypto transactions. As soon as they discover you, they will close your account and you will never be able to open private account with them. Anything connected to crypto is a big no for them. You can fly under the radar for some smaller transactions (perhaps), but as soon as they notice you, it is game over.
 
#20
I know, but I'm just citing what they actually say on their website and in my communications with the support team

We don't support transfers to Bitcoin or any other cryptocurrency platforms — but there's no restriction on receiving money from these platforms to your balances if they’re regulated in the UK/EU.

Before you make any payments to your balance, please check with the company to find out if they are regulated.
Click to expand...

This message is even part of their public communications with users, e.g:
https://twitter.com/x/status/1401832054157893633

Other forums members have mentioned that they've been able to do regular withdrawals from Kraken as me, can't speak about any other exchanges since Kraken is my primary one.
 
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