Is it possible to transfer money from Kraken to Wise account ?

[CoinMaster]

Does anyone know if it is possible to send money from Kraken to Wise ?

It the FAQ from wise it says:

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.

Kraken is from the USA isn't it?

 

[ih8socialism]

Yes but they don't transfer it directly to you. It comes from third party processor. I recently sent money from Kraken to Revolut via Paywall, didn't give me any problems despite revolut being really harsh to crypto.

 

[Jerry1911]

Does anyone know if it is possible to send money from Kraken to Wise ?

Yes, I did it successfully but only with small amounts (few hundred euros). Should be fine though as Kraken is doing business as Payward Ltd in the UK.

Btw I did the same with Revolut. Clear Junction SEPA to Revolut is near-instant and same goes for deposits from Revolut to Kraken. But they were also small amounts; first transaction was pending but got cleared (I'm talking about Revolut).

didn't give me any problems despite revolut being really harsh to crypto.

https://www.revolut.com/help/making-payments/spending/which-merchants-are-not-supported-by-revolut
"As for crypto merchants, we currently support the following list: Xapo, crypto.com, MoonPay, Bitstamp, Kraken, Coinbase, Gemini, Bitpanda, Coinfloor, Binance, and we are reviewing this list on a regular basis."

 

[CoinMaster]

I opened a ticket with Wise to ask them directly how it works. Need to be sure that it is possible. Setting up a Swiss & UK company with kraken and wise.

 

[void]

technically possible, with pennies maybe even long-term, surely a way how to get your wise account closed

 

[CoinMaster]

technically possible, with pennies maybe even long-term, surely a way how to get your wise account closed

they can confirm it and if positive I can do.. if they reject (I don't think they will do) I will find another way.

 

[JohnnyDoe]

they can confirm it and if positive I can do.. if they reject (I don't think they will do) I will find another way.

Their confirmation is completely useless. Whatever they say they can and will contradict themselves the next day. Wise is the most untrustworthy emi.

 

[CoinMaster]

With another setup I asked them about their opinion of the business model 3 years ago, all they confirmed at this time is still valid.

 

[Tr0nad0r]

Moving a couple of hundreds or thousands from time to time probably won't get you into trouble if they're happy to have you as a profitable customer (e.g you use your account regularly for other activities beyond withdrawing from exchanges or you do transfers involving currency conversion).

Using Wise for big withdrawals or regularly as a pass-through account to withdraw from an exchange and move to another bank account (e.g Kraken [SEPA] -> Wise [SEPA] -> EUR bank account) probably is going to raise some flags even if you don't violate the ToS. Wise won't be happy to take the risk of your transactions just to earn some cents, it's just common sense.

 

[lostguy]

if you keep amounts below 10K each time there are so far no problems. Have done a few hundred transactions like that. Wise also confirmed, there are no problem to receive funds from kraken.

 

[JohnnyDoe]

if you keep amounts below 10K each time there are so far no problems. Have done a few hundred transactions like that. Wise also confirmed, there are no problem to receive funds from kraken.

And you trust what they say?
At any time they can close your account stating that the reason is exactly that.

 

[void]

if you keep amounts below 10K each time there are so far no problems. Have done a few hundred transactions like that. Wise also confirmed, there are no problem to receive funds from kraken.

maybe possible but very unlikely, I wouldn't recommend this to anyone unless one is really desperate and doesn't care about the account being closed

 

[CoinMaster]

So what you guys are saying is, even though Wise has confirmed that I can make transfers from the kraken, they will close my account? They know my business, and I do not trade with crypto but receive it exclusively as payment for services that they are also familiar with. But you still think Wise can't be trusted?

 

[bonox]

have done it a few times, they have not asked any questions!

 

[lostguy]

yeah so far I don't have any issues neither.

 

[EliasIT]

I searched on Google for a good alternative way to transfer money from Kraken to Wise and came across this thread.

For those who end up here for the same reason, I can tell you that it is very difficult to find something as fast as Kraken to Wise! If you use Clear Junction (SEPA & SEPA INSTANT) in Kraken to transfer the money, it usually takes only a few minutes, even with amounts up to 7000 euros at a time.

I haven't been able to find any other service that is as fast. If anyone else has suggestions, they are welcome; I would like to have more options just in case.