Is this possible and allowed? My real bank SWIFT wire transfer > My Wise balance

[noname]

For some time already I am trying to find the best way to receive ACH and SEPA bank payments from my USA / EU clients and to use the SEPA transfer myself to purchase crypto. But there are many obstacles, whatever idea I had so far I got disappointed after I found that either EMI is not crypto friendly, or restrictions on my country, etc. So I came up with one idea that I want to share here and you tell me do you think would it work or not.

I opened Wise EUR balance and now I have my personal IBAN in Belgium. When I want to deposit money to it Wise gives me option to send with SWIFT because SEPA is not supported in my country Bosnia and Herzegovina. However, because of some laws when any Individual is sending SWIFT wire transfer to a Company (TransferWise as receiver) banks here require that you show them an invoice so they see why you are making the payment. Without invoice, you can't send money by SWIFT to any company. Since, Wise not issue any invoices for deposits I can't do it this way.

So, I thought to send SWIFT wire transfer from my own personal real bank account to my Wise EUR bank account, since both are in my own name I guess I shoudn't have any problem. I would have to pay some SWIFT transfer costs 15-25 EUR but on a 5-10K Euro each month it is okay much better compared to deposits with Debit card directly to exchange where the fee is 5.2% (This is how much Kraken was charging me so far)

After I load my Wise EUR through SWIFT, I would send SEPA from Wise EUR balance to my personal IBAN at Bankera and from it purchase Crypto on Binance or Kraken with low fee

::

I want to add that I was thinking to do SWIFT wire from my real bank directly to my IBAN at Bankera, but it seems they not allow it. Only SEPA is supported.

 

[Member]

Hey,
The idea is pretty much solid. I myself used the same approach, but in my case I didn't have to top-up my Wise account because I receive my profit payouts from my origin of income directly to my Wise IBAN. And from Wise to Bankera and then to the specific Crypto exchange.

I don't know about your country's law but for invoices you can generate an invoice on Wise's behalf or something like that and print it in hard copy, submit it to the bank along with your wire transfer slip.
https://invoice-generator.com/#/1This should work.

Give me more info about the requirement of the invoice, maybe I come with an another idea.

 

[noname]

Hey,
The idea is pretty much solid. I myself used the same approach, but in my case I didn't have to top-up my Wise account because I receive my profit payouts from my origin of income directly to my Wise IBAN. And from Wise to Bankera and then to the specific Crypto exchange.

I don't know about your country's law but for invoices you can generate an invoice on Wise's behalf or something like that and print it in hard copy, submit it to the bank along with your wire transfer slip.
https://invoice-generator.com/#/1This should work.

Give me more info about the requirement of the invoice, maybe I come with an another idea.

Hey mate, I thought about it as I would receive payments to Wise from clients but because I want to pay income tax and not hide then I would first withdraw all from Wise to my real bank, pay tax, and return by SWIFT enough to buy crypto. I thought too about making a fake reverse invoice in Wise name to me even I think nobody would ever check it, I would not involve with falsifying anything.

One thing that worry me I readed here that EMI to EMI is not allowed, is this true?

 

[Member]

Hey mate, I thought about it as I would receive payments to Wise from clients but because I want to pay income tax and not hide then I would first withdraw all from Wise to my real bank, pay tax, and return by SWIFT enough to buy crypto. I thought too about making a fake reverse invoice in Wise name to me even I think nobody would ever check it, I would not involve with falsifying anything.

One thing that worry me I readed here that EMI to EMI is not allowed, is this true?

I didn't get this. You can receive payouts from your clients to your Wise IBAN and still pay for your taxes and don't hide anything.
If your bank manager is filing your taxes, that's another case.

No that's not true, EMI to EMI should work fine. Last month I had an experience from Wise to Bankera and there was no issue.
If you are moving 5 figures across EMIs, prepare for all legal documents beforehand to avoid interruption and delays in your process.

 

[noname]

I didn't get this. You can receive payouts from your clients to your Wise IBAN and still pay for your taxes and don't hide anything.
If your bank manager is filing your taxes, that's another case.

No that's not true, EMI to EMI should work fine. Last month I had an experience from Wise to Bankera and there was no issue.
If you are moving 5 figures across EMIs, prepare for all legal documents beforehand to avoid interruption and delays in your process.

It's little complicated here. I fill taxes for myself I don't have a manager. After I receive payment to my Wise account I need to withdraw first to my real bank account (then take a bank statement with visible amount I received with bank stamp and signature) pay the tax within 5 days, and bring papers to the tax agency. If I move anything to Bankera right away then I won't be able to withdraw full amount I received on Wise. I think you mean that I could report to my tax agency that I own a second bank account abroad and pay tax as soon as I get money on Wise and this would be easiest way, but that is not possible because I can't get valid statement from Wise with signature that they would accept here. I might ask someone from tax agency about advice on this, but I think they not know what to do in this case.

 

[fshore]

For some time already I am trying to find the best way to receive ACH and SEPA bank payments from my USA / EU clients and to use the SEPA transfer myself to purchase crypto. But there are many obstacles, whatever idea I had so far I got disappointed after I found that either EMI is not crypto friendly, or restrictions on my country, etc. So I came up with one idea that I want to share here and you tell me do you think would it work or not.

I opened Wise EUR balance and now I have my personal IBAN in Belgium. When I want to deposit money to it Wise gives me option to send with SWIFT because SEPA is not supported in my country Bosnia and Herzegovina. However, because of some laws when any Individual is sending SWIFT wire transfer to a Company (TransferWise as receiver) banks here require that you show them an invoice so they see why you are making the payment. Without invoice, you can't send money by SWIFT to any company. Since, Wise not issue any invoices for deposits I can't do it this way.

So, I thought to send SWIFT wire transfer from my own personal real bank account to my Wise EUR bank account, since both are in my own name I guess I shoudn't have any problem. I would have to pay some SWIFT transfer costs 15-25 EUR but on a 5-10K Euro each month it is okay much better compared to deposits with Debit card directly to exchange where the fee is 5.2% (This is how much Kraken was charging me so far)

After I load my Wise EUR through SWIFT, I would send SEPA from Wise EUR balance to my personal IBAN at Bankera and from it purchase Crypto on Binance or Kraken with low fee

::

I want to add that I was thinking to do SWIFT wire from my real bank directly to my IBAN at Bankera, but it seems they not allow it. Only SEPA is supported.

The wise account is in your own name (not company) also for swift transfers.

 

[Member]

It's little complicated here. I fill taxes for myself I don't have a manager. After I receive payment to my Wise account I need to withdraw first to my real bank account (then take a bank statement with visible amount I received with bank stamp and signature) pay the tax within 5 days, and bring papers to the tax agency. If I move anything to Bankera right away then I won't be able to withdraw full amount I received on Wise. I think you mean that I could report to my tax agency that I own a second bank account abroad and pay tax as soon as I get money on Wise and this would be easiest way, but that is not possible because I can't get valid statement from Wise with signature that they would accept here. I might ask someone from tax agency about advice on this, but I think they not know what to do in this case.

I got it. There should be certainly a way for this idea. Automatically generated statements do not require signatures and are acceptable sources of proof.
Yeah, I encourage you to seek advice in this regard.

EMIs are strictly monitored by the relevant regularities. They don't care who you are, and how much you have! If they think something is not right, it's done, your account is gone. Just like thousands of others.
Keep in mind that receiving third-party payouts to Wise, then withdrawing it to your bank account and then again depositing it in Wise. I guarantee you will not last a week before they kick you out without asking anything!

The wise account is in your own name (not company) also for swift transfers.

For receiving payments, it's in your name, i.e the electronic IBAN which they provide.
But for depositing or adding money to Wise, the transfer should be sent to the company's name. i.e TransferWise.

Both are different concepts and have different risk factors, but work the same if you are topping up your account.
The legitimate way is to top up by the deposit option which they provide. Otherwise, they count it as a third-party transfer if you choose to send directly to your electronic IBAN, and they don't like such types of transfers.

 

[fshore]

I got it. There should be certainly a way for this idea. Automatically generated statements do not require signatures and are acceptable sources of proof.
Yeah, I encourage you to seek advice in this regard.

EMIs are strictly monitored by the relevant regularities. They don't care who you are, and how much you have! If they think something is not right, it's done, your account is gone. Just like thousands of others.
Keep in mind that receiving third-party payouts to Wise, then withdrawing it to your bank account and then again depositing it in Wise. I guarantee you will not last a week before they kick you out without asking anything!


For receiving payments, it's in your name, i.e the electronic IBAN which they provide.
But for depositing or adding money to Wise, the transfer should be sent to the company's name. i.e TransferWise.

Both are different concepts and have different risk factors, but work the same if you are topping up your account.
The legitimate way is to top up by the deposit option which they provide. Otherwise, they count it as a third-party transfer if you choose to send directly to your electronic IBAN, and they don't like such types of transfers.

You can send from your own account to your personal iban.
Deposit to their account is mostly for people that don't have their own iban, and also for currencies where they don't offer personal ibans.

 

[noname]

I've just purchased USDT with EUR on Binance with my real bank acc Visa card (non-EU) and it took just a 2% fee which is much better than the Kraken fee of 5.2%. Since my planned purchase of crypto will be a few thousand per month max 10K, I can take a 2% fee, to not bother with Swift > Wise > Bankera > Crypto, etc.

I just hope it stays this way that they do not block a card or something, on the Binance side or by my bank, as here they not like crypto related transactions.