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Most trusted Fintech EMI

K

Kakarot

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Mar 13, 2021
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#1
Whats everyones opinions of who is currently the safest fintech emi to be using as a trasnactional merchant account for receiving and sending bank wires regularly.

Basically which fintech has better reputation for not freezing clients accounts, etc.

Seems to me thats the major concern with these fintechs is how trigger happy they are to freeze accounts to so many clients. Too many horror stories out there, which apparently have nothing to do with dodgy activities on the account holders, but just the fintechs freezing clients to rob them.

Who can we trust best? If any..
 
#2
An EMI will never be as safe as a big brick and mortar bank in a reputable jurisdiction. I've never heard of a reputable bank closing account without notice and keeping funds for an undetermined time.
They might close your account but they will give you a 30 day notice at least.
With an EMI, you should take into account that your account might be frozen at any time and should leave as little money as possible there.
That being said, I'd say that Transferwise is the most influent, the biggest and the most trusted EMI (they closed my account though after two years of perfect relationship, never had any issue with them, not even a single question on an incoming wire - The reason they closed my account is because I received a 6 digit wire and that was unusual... although the money came from a big European country and I was able to provide all documentation related to that wire... but seems like making money is forbidden over there. Trust me it's very frustrating not being able to login to your account from a minute to another)
I believe Revolut is the second biggest EMI you can 'trust' but have no experience with them.
to my opinion, the third one is Payoneer but they are way too restrictive on the possible companies you can receive money from.
 
#3
tomboy said:
An EMI will never be as safe as a big brick and mortar bank in a reputable jurisdiction. I've never heard of a reputable bank closing account without notice and keeping funds for an undetermined time.
They might close your account but they will give you a 30 day notice at least.
With an EMI, you should take into account that your account might be frozen at any time and should leave as little money as possible there.
That being said, I'd say that Transferwise is the most influent, the biggest and the most trusted EMI (they closed my account though after two years of perfect relationship, never had any issue with them, not even a single question on an incoming wire - The reason they closed my account is because I received a 6 digit wire and that was unusual... although the money came from a big European country and I was able to provide all documentation related to that wire... but seems like making money is forbidden over there. Trust me it's very frustrating not being able to login to your account from a minute to another)
I believe Revolut is the second biggest EMI you can 'trust' but have no experience with them.
to my opinion, the third one is Payoneer but they are way too restrictive on the possible companies you can receive money from.
Click to expand...
Hi @tomboy. Did you receive 6-figure amount of Euro? And did you often receive similar amount or was it a sudden incoming fund? I believe that if 6-figure amount but under 200k, it should not be any problem. But if it is 900k then it is very strange.
 
#4
Yes 6 digit amount in euros. It was the first time I was receiving more than 5 digit amount. amount above EUR 200,000.00
I understand they investigated the wire, I have no issue with that. Money was coming from one of the biggest european bank, I was able to provide all documentation justifying the amount of money, they decided to close my account, that's the game.
they did not hold money though - money was returned immediately to the sender - I believe because it was such a big amount they could not hold it, they knew they would get a law suit on the spot.
it's just a shame because before that, I had a very good relationship with them as I said but again it's an EMI, I knew this could happen
 
#5
tomboy said:
Yes 6 digit amount in euros. It was the first time I was receiving more than 5 digit amount. amount above EUR 200,000.00
I understand they investigated the wire, I have no issue with that. Money was coming from one of the biggest european bank, I was able to provide all documentation justifying the amount of money, they decided to close my account, that's the game.
they did not hold money though - money was returned immediately to the sender - I believe because it was such a big amount they could not hold it, they knew they would get a law suit on the spot.
it's just a shame because before that, I had a very good relationship with them as I said but again it's an EMI, I knew this could happen
Click to expand...
Thank you. Actually, your experience helps us to understand well when doing transactions via EMIs. Not only TransferWise but to consider other EMIs also
 
#6
tomboy said:
Yes 6 digit amount in euros. It was the first time I was receiving more than 5 digit amount. amount above EUR 200,000.00
I understand they investigated the wire, I have no issue with that. Money was coming from one of the biggest european bank, I was able to provide all documentation justifying the amount of money, they decided to close my account, that's the game.
they did not hold money though - money was returned immediately to the sender - I believe because it was such a big amount they could not hold it, they knew they would get a law suit on the spot.
it's just a shame because before that, I had a very good relationship with them as I said but again it's an EMI, I knew this could happen
Click to expand...

No surprises here. While Transferwise (now Wise) is one of the most prominent FinTechs out there, they have to cramp down on many risks and challenges of today financial world. including money laundering. 200 k EUR transfer has probably triggered an alarm as this amount was out of your account regular turnover.

Good relationships you've mentioned here is a dangerous delusion. No FinTech mass unicorn like TW or Revolut has personalized approach and your relationships are all good until you do something that triggers automated risk alert.
 
#12
Funny thread. There is no such thing as a trusted EMI.

Remember EMIs get panick attacks when you transfer 100 Euros to your account. They believe you are a criminal for sending 100 Euros of your money to your EMI IBAN and they freeze and block and close or ask about a trillion different documents.

EMIs are just fu-c.king stupid and worthless. Same as CEOs of EMIs, too fu-ck.in.g stupid to understand people need to transfer money from one place to another.
 
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#13
MurrayRothbard said:
Funny thread. There is no such thing as a trusted EMI.

Remember EMIs get panick attacks when you transfer 100 Euros to your account. They believe you are a criminal for sending 100 Euros of your money to your EMI IBAN and they freeze and block and close or ask about a trillion different documents.

EMIs are just fu-c.king stupid and worthless. Same as CEOs of EMIs, too fu-ck.in.g stupid to understand people need to transfer money from one place to another.
Click to expand...
A bit over exaggerating, but overall u right.
 
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