Issues with transferwise, looking for alternatives

[Kraze]

Long story short, transferwise decided to close both my business and personal accounts beginning of July, just as I was about to receive huge client payments too... after messaging them for weeks they finally replied back saying they will return the money, BUT only to a bank account with the same exact company name. Is this real? I mean I understand why, but to me it just seems like their pathetic last attempt to force us to pay for conversion... I supplied them with details of my revolut under a different business name, but they refused.

The money they froze was USD. My company was just formed this January, UK Ltd, so the borderless business account was mainly used for international payments... I have no options where to send the USD to! Either I pay ridiculous conversion rate and lose client funds... or I have to find an alternative system that accepts dollars. Revolut isn’t an option as I already use them for another company and you apparently can’t have duplicate accounts.... ??

so my question is, what can I do!? are there any payment systems that will work for this, or I should just bite the bullet, convert and accept the losses... I know I can open a Barclays account but that will probably take weeks to do, I don’t really have time to sit around and send documents back and forth just to open another account.

 

[Granwasa]

Good morning OP,
You may want to inquiry Revolut deeper. Two accounts for two separate businesses should not be a problem.
Otherwise, my advice would be to open a company in Georgia with the same name. Transferwise would not see the company formation date.
Opening a company in Georgia, plus USD bank account, requires only one week. You could travel there or use a POA.

 

[KJK]

Revolut will probably be much more strict than TW. Not a good choice, though I don't understand why you couldn't have two accounts for two different entities.

Whatever you will choose, it can take weeks; so you may as well try a bank rather than an EMI.

 

[fshore]

You mean the "ridiculous" 0.7% conversion fee?
You wrote client funds, you mean you hold other peoples money in the account?

 

[3Sure]

selective scamming (Spectrocoin, HitBTC)

Hello Granwasa,
Thanks for the list. What do you mean by "selective scamming"? Are they picking a "random victim" to strip them of their Bitcoin?

 

[JohnLocke]

I know I can open a Barclays account but that will probably take weeks to do, I don’t really have time to sit around and send documents back and forth just to open another account.

If that is the case, go with Barclays and forget about transferwise for now. They will request a account number from you once they finish their compliance check and notice that you won't send anything. It is the same procedure as Mister Tango and most of the other more "reliable" EMI's.

Thanks for the list. What do you mean by "selective scamming"? Are they picking a "random victim" to strip them of their Bitcoin?

Where did he post that?

 

[Martin Everson]

The money they froze was USD.

Serves you right for touching USD.

Either I pay ridiculous conversion rate and lose client funds... or I have to find an alternative system that accepts dollars.

Are you saying Transferwise has ridiculous conversion fees?

Sorry this all sounds like BS. Sounds like TW knew what they were doing to get shot of you...lol.

 

[Gediminas]

@Kraze, Open account at Pervesk. They will accept your USD payment.

 

[reesek]

when people finally realise that usd is dead for transactional purposes?

 

[NicolasMaduro]

when people finally realise that usd is dead for transactional purposes?

Transactions in USD will have much more compliance and aml checks than EUR? What about GBP?

 

[reesek]

Transactions in USD will have much more compliance and aml checks than EUR? What about GBP?

like 20 times more

gbp is more or less same as eur

 

[Neoben]

GBP easy if within the UK payment schemes (faster payments/ CHAPS/ BACS), reason for USD to be a pain in the *** is that all USD are routed via the FED's and banks have stricter regulations due to the US FACTA. (and EU banks are very concerned of loosing their correspondent banking for USD)

 

[JohnLocke]

Can we please get back to topic here. It's so boring to delete posts and give warning points

 

[reesek]

you need to set up another usd account
it will inevitably take weeks

 

[Tamarind]

You don't want to convert USD and TW rate is pretty small as stated 0.7%, client funds money lost (!), what are you a savings bank? No time to send documents to Barclays, etc etc. Of course no one wants to Bank with you.

 

[Largo]

Hello Granwasa,
Thanks for the list. What do you mean by "selective scamming"? Are they picking a "random victim" to strip them of their Bitcoin?

It's a fact of life. Selective scamming been around for decades (if not more). Works like this: find a client in a "problematic" jurisdiction, freeze the account and the funds, ask them to provide documents they cannot provide and/or ask them to visit the bank in person, withdraw the funds to another bank (full amount, no conversion - in USD/EUR only, same company name, with proper documentation etc) whilst knowing that they won't be able to do so easily. In the meantime, charge them for the "services" or, if it works out, keep all the monies. It's is never a random victim.

Revolut will probably be much more strict than TW. Not a good choice, though I don't understand why you couldn't have two accounts for two different entities.

Whatever you will choose, it can take weeks; so you may as well try a bank rather than an EMI.

I agree. From my experience, Revolut is not reliable.

 

[magadini]

It's the first time I'm seeing the word "Selective scamming"

I had formed a Seychelles IBC in 2014 and used it for registering an account on 2checkout.com and payment settlements to Payoneer till this year when I disconnected my Payoneer (European Citizen) Then when trying to reconnect the account they started requiring that I provide a bank account in Seychelles. I'm now using a different processor but my funds are stuck at 2checkuot because I can't provide the bank account for over 3 months. I have processed over $ 300k on that account and suddenly they decided to request for this because they know that it's not possible to get one.

 

[no1d]

TW closed my FZE account last week after an intra company transfer. I closed a bank account and wanted to move the funds there. They asked for invoices, company audited financial statements. Couldn't provide all the documents and bam, personal and business accounts deactivated.

 

[rey skywalker]

wel i am not only me having problem with them

 

[rey skywalker]

they simply not have s people working with compliance, seroius bank do not act like this they are bandits, freezing your money and investig in edge funds , how you thin they make money?
believe i worked in banks many year