Keeping large amounts in Transferwise Account?

[hdloader11]

I've searched around the forum but was unable to find any information on this. Did anyone here have experience with keeping large amounts of money just sitting there in transferwise borderless USD account, or is it too risky?

I'm doing e-commerce and getting almost daily payments from Stripe into my borderless USD account. So far I've tried not to keep more than $1-2k inside due to fear of being locked out, but it would be much more convenient if I could keep something like 60-70k in there. This is a personal account by the way.

Not sure if I would be playing with fire by doing what I said above. If this isn't a good idea, I will most likely keep transferring the money out to my actual bank account and IBKR account, while keeping only a few thousand in transferwise.

 

[Coin]

I would recommend you to avoid holding any amount of money in transferwise account. They froze my account with much smaller balance and once that happens they will do everything to annoy you as much as possible so you just forget about the money.

 

[Suzy Emerald]

I have held 6 digit numbers in euro in my borderless account as well in my private account with no issues. I imagine Usd is an additional risk.

 

[For Free]

I keep up to 6-figure USD and EUR and run business smoothly without any problem. The risk is case-by-case and you always need to prepare supporting documents very well to answer questions if something happen. I'm not sure if Wise like/don't like Stripe or other EMIs, but sending/receiving to/from physical banks seem ok

 

[nomad999]

I've searched around the forum but was unable to find any information on this. Did anyone here have experience with keeping large amounts of money just sitting there in transferwise borderless USD account, or is it too risky?

I'm doing e-commerce and getting almost daily payments from Stripe into my borderless USD account. So far I've tried not to keep more than $1-2k inside due to fear of being locked out, but it would be much more convenient if I could keep something like 60-70k in there. This is a personal account by the way.

Not sure if I would be playing with fire by doing what I said above. If this isn't a good idea, I will most likely keep transferring the money out to my actual bank account and IBKR account, while keeping only a few thousand in transferwise.

its all about if what you are doing is legit or not, if they ever ask questions can you provide the right paperworks ? transferwise is beyond legitimate by now, people who get their account suspended are either stupid or doing shady stuff imho.

in your case, my guess is you would need to setup a proper company and get a corporate tw account for it to be completely legit, could be wrong though just a guess.

 

[neweraoffshore]

Transferwise is very very reputable and used by a lot of reputable businesses. As long as you don't do anyhting shady and everything is legally correct then there is no problem at all.
For the shady business makers it will get harder from now on as they heavily tighten their risk management, especially for new accounts. As some may have noticed, they changed a lot in the dashboard and also changed their name to "Wise", as they prepare to go public. Exchange listed entities have much tighter rules and reporting requirements so all shady businesses and a lot of offshore entities can prepare for account closures.

 

[Gediminas]

As long as you don't do anyhting shady and everything is legally correct then there is no problem at all.

That's not true. We have many clients who came to us with their perfectly legal businesses after their TW accounts got frozen.

 

[LondonOTC]

I had 400k GBP in a TW account recently without any problems. Just have invoices and good justifications for the transfers if you are asked for.

 

[wellington]

Kept 700,000 Euro in there, never a problem, until i applied to open an adjacent account for a newly established BVI corp for asset ownership, they froze, terminated and then re-activated the personal account, but did not allow the BVI corp.

For personal, sure shouldn't be any problems