Personal Wise account closed

[sekiexpress]

Hello everybody!

Right now, I am travelling with a friend around the world and like 2 weeks ago he had his personal Wise account closed because he received a transfer of roughly $1000 from affiliate marketing income.

They asked info about the transfer, and he provided the affiliate marketing invoice and after that account was locked.

Wise wrote him a message that personal account is just for personal stuff and receiving affiliate income is not allowed and all he could do is appeal and wait minimum 1 month with all money locked.

He did not know affiliate marketing income was not allowed and of course, we both learned the lesson the hard way.

My account fortunately is working, and we can continue travelling and exchanging money easily.

He had like $25.000 on it, and he is pretty affected right now., so I am lending him some money now until they either open it back after the appeal or he gets refunded in the IBAN provided. They say it takes like 30 days or so. We will see …

Having said that, is there any bank account or EMI that is not ADVCash that allows you to receive affiliate marketing income?

He has many affiliates programs that must run under his personal name as LLC or other type of companies are not accepted.

We are thinking about starting to use just a regular European bank with real offices, which might not cause this kind of problems, but I would like to know your thoughts about it or how you do.

Wise or any company account for LLCs are not options, as it needs to be a personal bank account to get paid.

Thanks a lot and have a nice day

 

[troubled soul]

Nothing new

https://www.offshorecorptalk.com/threads/anyone-managed-to-recover-their-wise-deactivation.38195/https://www.offshorecorptalk.com/threads/wise-deactivated-my-business-account.39801/https://www.offshorecorptalk.com/threads/wise-stopped.37145/https://www.offshorecorptalk.com/threads/wise-account-deactivation.36618/https://www.offshorecorptalk.com/threads/need-advice-unsuspending-wise-account.37379/
and many more....Forum of full with wise stories

 

[JohnnyDoe]

Another $25k interest free loan for wise
About any EMI is better than wise: Bunq, BlackCatCard, Nebeus etc

 

[bigdaddyleon]

N26 could also be an alternative, use it myself privately and am very satisfied.

 

[sekiexpress]

Another $25k interest free loan for wise
About any EMI is better than wise: Bunq, BlackCatCard, Nebeus etc

But this EMI are only for personal use, right? Same as Revolut. Any way to get affiliate marketing income to me?

N26 could also be an alternative, use it myself privately and am very satisfied.

N26 for personal use is good, but for getting affiliate income?
It is very tricky, you can just not receive money to your bank account

 

[JohnnyDoe]

But this EMI are only for personal use, right? Same as Revolut. Any way to get affiliate marketing income to me?

if you are a sole trader and explain this to the emi they might approve you

 

[Forester]

Hello everybody!

Right now, I am travelling with a friend around the world and like 2 weeks ago he had his personal Wise account closed because he received a transfer of roughly $1000 from affiliate marketing income.

They asked info about the transfer, and he provided the affiliate marketing invoice and after that account was locked.

Wise wrote him a message that personal account is just for personal stuff and receiving affiliate income is not allowed and all he could do is appeal and wait minimum 1 month with all money locked.

He did not know affiliate marketing income was not allowed and of course, we both learned the lesson the hard way.

Well, I am not a Wise fan, on the contrary, I do not like it; but in this particlar case guys from Wise are completely right. A personal account – with any bank – is generally not intended to be used for any business activity, it's really elementary. And I am convinced that The Terms of Service of Wise conveys it very clearly. If your friend did not read TOS and used an account improperly ... he got his lesson, sorry, man

He had like $25.000 on it, and he is pretty affected right now., so I am lending him some money now until they either open it back after the appeal or he gets refunded in the IBAN provided. They say it takes like 30 days or so. We will see …

Be advised that it can last much longer, as per common experience.

Having said that, is there any bank account or EMI that is not ADVCash that allows you to receive affiliate marketing income?

He has many affiliates programs that must run under his personal name as LLC or other type of companies are not accepted.

There is an easy solution. He needs a freelancer / sole trader account; i.e. a personal account that is intended to be used for business activity. There is plenty of EMI's and banks offering it.

We are thinking about starting to use just a regular European bank with real offices, which might not cause this kind of problems, but I would like to know your thoughts about it or how you do.

See above. You need a freelancer / sole trader account, with anyone.

Another $25k interest free loan for wise
About any EMI is better than wise: Bunq, BlackCatCard, Nebeus etc

But this EMI are only for personal use, right? Same as Revolut. Any way to get affiliate marketing income to me?

AFAIK, Bunq and Nebeus open business accounts, too.
If you share your friend's citizenship and residence (beware, he needs a residence address), you can obtain more advice (not every EMI onboards everyone).

N26 for personal use is good, but for getting affiliate income?

AFAIK, N26 does not serve businesses.

It is very tricky, you can just not receive money to your bank account

You can but you must do it properly

 

[bigdaddyleon]

AFAIK, N26 does not serve businesses.

https://n26.com/en-eu/business-bank-account

 

[Forester]

https://n26.com/en-eu/business-bank-account

Oh, I see. Thanks for the correction. The world is changing – ~1.5 years ago, when I was (quite deeply) investigating N26, it was not so, IIRC. And I have not checked it now; so sorry for posting a misleading information.

 

[sekiexpress]

Thank you @Forester for your clarifications and really well explained info, appreciate it!

Since we are not residents in Europe anymore, and we are not paying taxes there, do you guys think we can use Revolut Pro, or N26 for business?

See above. You need a freelancer / sole trader account, with anyone.

These accounts are cool but for people residing in Europe.

It is supposed to be for freelancers, but I guess freelancers living and working in Europe.

Is there any account we can do or use AT A PERSONAL LEVEL NOT AS A COMPANY to receive affiliate marketing income payments without being residents in Europe?

We are travelling most of the time now, and we are having many headaches with banks lately …

Thanks to you all guys for the help and great info

 

[Forester]

Thank you @Forester for your clarifications and really well explained info, appreciate it!

Since we are not residents in Europe anymore, and we are not paying taxes there, do you guys think we can use Revolut Pro, or N26 for business?


These accounts are cool but for people residing in Europe.

It is supposed to be for freelancers, but I guess freelancers living and working in Europe.

Is there any account we can do or use AT A PERSONAL LEVEL NOT AS A COMPANY to receive affiliate marketing income payments without being residents in Europe?

We are travelling most of the time now, and we are having many headaches with banks lately …

Thanks to you all guys for the help and great info

Well, sorry but unless you share your citizenship and current tax residence, it is impossible to give you a reasonable advice. Again, not every (in fact not any) EMI/bank permits all jurisdictions to be onboarded.
(Generally, re: institutions you have named, Revolut sucks, N26 not so, but it's irrelevant now as it is unclear whether you have a chance to be onboarded at all.)

 

[sekiexpress]

Hi there again Sir,

Thanks for your reply

Citizenship: French and tax residence, technically nowhere. We're planning to stay in Bali for long-term, but still won't pay taxes there nor anywhere.

 

[Mssquirrel]

Thank you @Forester for your clarifications and really well explained info, appreciate it!

Since we are not residents in Europe anymore, and we are not paying taxes there, do you guys think we can use Revolut Pro, or N26 for business?


These accounts are cool but for people residing in Europe.

It is supposed to be for freelancers, but I guess freelancers living and working in Europe.

Is there any account we can do or use AT A PERSONAL LEVEL NOT AS A COMPANY to receive affiliate marketing income payments without being residents in Europe?

We are travelling most of the time now, and we are having many headaches with banks lately …

Thanks to you all guys for the help and great info

If you have citizenship from Europe I think you can open a bank account there none will stop you, the problem is if you didn't change your tax residency yet your country might want to tax you anyways. Maybe you should check out Xapo bank you can open an account if you have an address in south America or pretty much anywhere I think.

Hi there again Sir,

Thanks for your reply

Citizenship: French and tax residence, technically nowhere. We're planning to stay in Bali for long-term, but still won't pay taxes there nor anywhere.

You should check the tax laws of your country as many countries if you don't change your tax residency they might still consider you tax resident and you could have issues if you plan to go back to live there in a few years. Any bank or EMI will probably ask you for proof of address.

 

[Forester]

Maybe you should check out Xapo bank you can open an account if you have an address in south America or pretty much anywhere I think.

Yes, Xapo is probably a good tip.

You should check the tax laws of your country as many countries if you don't change your tax residency they might still consider you tax resident and you could have issues if you plan to go back to live there in a few years. Any bank or EMI will probably ask you for proof of address.

Exactly.

Hi there again Sir,

Thanks for your reply

Citizenship: French and tax residence, technically nowhere.

Well, you seem to be genuine “digital nomads” (so called), I guess. So this is a special case; as (IMO) a vast majority of banks and EMI's is not ready for this. Crucially, they insist on that a client must have some residence address (and they demand a proof of it, see above). They might exist some special solutions for digital nomads but I must admit that I am not oriented at this field; nevertheless try to search here, I have just seen e.g. this How to Choose the Best Bank for Nomads – Multiple Options Explained and this How can a digital nomad open a neobank account?.

Generally speaking, I would consider opening some EMI/neobank account from some current country of residence, using my current (de facto temporary) address and then being silent (and clever, i.e. using VPN etc.) about moving. But I have no clue neither experience whether and how long it can work. Really internationally friendly EMI's for businesses are e.g. Airwallex and Currenxie.

Just a remark re: taxing: It is in fact off-topic here and mainly, it is your game. Just be friendly advised that all taxmen have a well serving long-term memory and they eagerly co-operate between countries (as it is really ease to travel nowadays, it is equally ease to collect and exchange data; keywords: AEOI & CRS). So if you decide to play this game

We're planning to stay in Bali for long-term, but still won't pay taxes there nor anywhere.

then I am afraid you can be really surprised in the future, unless you plan to spend the rest of your life totally off the grid (yes, why not...)
(To avoid misunderstanding: It is pretty possible to live and pay no or almost no taxes, quite legally. But it needs a proper setup.)

 

[sekiexpress]

Yes, Xapo is probably a good tip.

Exactly.

Well, you seem to be genuine “digital nomads” (so called), I guess. So this is a special case; as (IMO) a vast majority of banks and EMI's is not ready for this. Crucially, they insist on that a client must have some residence address (and they demand a proof of it, see above). They might exist some special solutions for digital nomads but I must admit that I am not oriented at this field; nevertheless try to search here, I have just seen e.g. this How to Choose the Best Bank for Nomads – Multiple Options Explained and this How can a digital nomad open a neobank account?.

Generally speaking, I would consider opening some EMI/neobank account from some current country of residence, using my current (de facto temporary) address and then being silent (and clever, i.e. using VPN etc.) about moving. But I have no clue neither experience whether and how long it can work. Really internationally friendly EMI's for businesses are e.g. Airwallex and Currenxie.

Just a remark re: taxing: It is in fact off-topic here and mainly, it is your game. Just be friendly advised that all taxmen have a well serving long-term memory and they eagerly co-operate between countries (as it is really ease to travel nowadays, it is equally ease to collect and exchange data; keywords: AEOI & CRS). So if you decide to play this game

then I am afraid you can be really surprised in the future, unless you plan to spend the rest of your life totally off the grid (yes, why not...)
(To avoid misunderstanding: It is pretty possible to live and pay no or almost no taxes, quite legally. But it needs a proper setup.)

Thank you very much for your detailed information. Really appreciate it, it is very useful for us

Will consider Xapo though 10k is a bit of money ...

Would you guys also consider opening a bank account in Georgia as a possibility?

It would be a personal account so again regarding “business” income might be tricky to get affiliate marketing commissions, but I read some people using banks there.

Keep in touch and have a nice day !

 

[kalel]

He has many affiliates programs that must run under his personal name as LLC or other type of companies are not accepted.

As a 10 years affiliate who generated prolly over 30m in commissions and who pretty much worked with dozens of aff networks and programs I dunno a single one that doesn't allow a corp to be the beneficiary of aff commissions. All EMi banks are super strict regarding the source of funds, actually most banks that have clients or corps that are not in of the same country as the bank will be suspicious of incoming wires.
You mentioned an LLC for some reason so I'll tell you this - after doing BVI 10 years ago, then HK for the past 5 years or so, I now have an LLC in the US with a US bank account. Considering you don't reside in the US, have no boots on the ground in the US have no IP in the us you are considered a disregarded entity, meaning you are exempt from income tax for the LLC. Moving money to the LLC and your personal account is as easy as chugging a bag of oreos. Your tax return at the end of the year is a simple form. For a non US citizen/resident it's a great solution, actually a tax haven of sort if you meet the above mentioned terms. You as the sole owner have a W8-BEN in front of the IRS,

 

[Steve3000]

Another $25k interest free loan for wise
About any EMI is better than wise: Bunq, BlackCatCard, Nebeus etc

Bunq is a registered and licenced bank in the Netherlands, not an EMI. Never heard of Nebeus, but will look into it. Blackcat is just another name for Papaya EMI in Malta. Good luck if you want to get some info on them! Like a James Bond movie, it will take you all over the world!

 

[Hyo]

Based on my experience the best route is to be have a clear communication with any EMI or Bank upfront BEFORE opening the account. Clear with them sirve of funds, business amount you’ll be doing with them, etc etc. Normal business etiquette. This has worked wonders

 

[Mssquirrel]

Thank you very much for your detailed information. Really appreciate it, it is very useful for us

Will consider Xapo though 10k is a bit of money ...

Would you guys also consider opening a bank account in Georgia as a possibility?

It would be a personal account so again regarding “business” income might be tricky to get affiliate marketing commissions, but I read some people using banks there.

Keep in touch and have a nice day !

Idk how strict they are about the 10k thing I have my account but I didn't move any money there yet support told me there's no rush to do it.
I wanted to open an account in Georgia too but then I read some experiences in this forum and decided that maybe not... Now I am doing my research to open an account in Uruguay as non resident seems pretty easy.

 

[Steve3000]

Based on my experience the best route is to be have a clear communication with any EMI or Bank upfront BEFORE opening the account. Clear with them sirve of funds, business amount you’ll be doing with them, etc etc. Normal business etiquette. This has worked wonders

I absolutely agree! Business etiquette! Before opening any account, you have to do your own Due Diligence and check the company, the CEO, their residence, their history,where the company has a licence, their capital reserves, their base, where the funds are ring-fenced, past history, business plan, profit history. Excellent advice!!