Question Receiving USD from Georgia, which EMI/bank to use?

[Sean Restling]

Based in EU I need to receive US Dollars from Georgia (Georgia the ex URSS country not the American state), it turns out Wise doesn't accept USD from Georgia, can you suggest another EMI that can accept USD on a personal account? Not a huge amount, less than 50K, legitimate money from a sale of a property, I'm not convinced by Revolut and was looking into Bankera, any other valid options for this transaction (and since I have to open a new account, for similar future multi-currency transaction too)? Thanks.

 

[Jerry1911]

Why don't you send it to a bank account in a brick&mortar bank in the EU (in your own country for example)?

 

[JohnnyDoe]

Better you send Eur. Blackcatcard is fine. Alternatively Currenxie might be able to receive USD.

 

[Sean Restling]

As far as I know Blackcat only sends and receives SEPA transfers not SWIFTs.

 

[JohnnyDoe]

You are right! I confused with Nuri

 

[Marzio]

it turns out Wise doesn't accept USD from Georgia

First time i hear this, do they explained why?

 

[backpacker]

Based in EU I need to receive US Dollars from Georgia (Georgia the ex URSS country not the American state), it turns out Wise doesn't accept USD from Georgia, can you suggest another EMI that can accept USD on a personal account? Not a huge amount, less than 50K, legitimate money from a sale of a property, I'm not convinced by Revolut and was looking into Bankera, any other valid options for this transaction (and since I have to open a new account, for similar future multi-currency transaction too)? Thanks.

Note that this limitation is just about receiving US-Dollar. If you are fine with receiving these USD into your CHF-"jar" then there will be no problem.

Procedure: You prepare the receiving instruction on your side in CHF, sender sends his US-Dollar to your CHF-"jar", once US-Dollar arrive at Wise they wil be converted immediately and before any US-Dollar touches your account, then the converted amount (converted by Wise) will be automatically credited to your CHF-"jar". The same applies to any other "jar".
From there on you are free to choose to either convert everything back to USD or into any other currency available in the Wise Multi Currency account.

Well, and that is the beautiful world of fiat: Restrictions, limitation, sanctions ... - all total nonsense!

 

[cuno]

any other "jar".

what is a "JAR" ?

 

[backpacker]

what is a "JAR" ?

Some sort of hip language used by the marketing department of TransferWise: If you hold anything beside the major currencies (EUR, USD, GBP and the like) you will not get an IBAN or any other local account number for it. Instead, such a non-standard currency will be given a so-called "jars", a sort of sub-account without any specific account details. CHF is one example: Even if you hold CHF with Wise you do not have a CHF account number. That means it is completely uninteresting to use Wise for a domestic CHF transfer since it would be to expensive.

 

[Sean Restling]

First time i hear this, do they explained why?

If you have a SWIFT code, you can receive USD from these countries:

• Australia
• Austria
• Belgium
• Bulgaria
• Canada
• China
• Croatia
• Czech Republic
• Denmark
• Estonia
• Finland
• France
• Germany
• Gibraltar
• Guernsey
• Greece
• Hong Kong
• Hungary
• Iceland
• India
• Ireland
• Isle of Man
• Italy
• Japan
• Jersey
• Latvia
• Liechtenstein
• Luxembourg
• Malta
• Macau
• Netherlands
• New Zealand
• Norway
• Philippines
• Poland
• Portugal
• Romania
• Singapore
• Slovakia
• Slovenia
• Spain
• Sweden
• Switzerland
• Taiwan
• UK
• United Arab Emirates.

If your sender is sending USD to you from a country not in the above list, we’ll have to reject the payment back to them. This can take 3–10 working days, sometimes longer, to get the money back to them.

 

[Sean Restling]

Note that this limitation is just about receiving US-Dollar. If you are fine with receiving these USD into your CHF-"jar" then there will be no problem.

Procedure: You prepare the receiving instruction on your side in CHF, sender sends his US-Dollar to your CHF-"jar", once US-Dollar arrive at Wise they wil be converted immediately and before any US-Dollar touches your account, then the converted amount (converted by Wise) will be automatically credited to your CHF-"jar". The same applies to any other "jar".
From there on you are free to choose to either convert everything back to USD or into any other currency available in the Wise Multi Currency account.

Well, and that is the beautiful world of fiat: Restrictions, limitation, sanctions ... - all total nonsense!

Who provided these instructions? Wise gave them? I wonder why they wouldn't suggest this instead of refusing the transaction, which cost us 150USD. Given our experience, unless Wise specifically tells us to follow this procedure I woulldn't risk sending another USD ransfer from Georgia, it was a waste of time and money.

 

[backpacker]

Who provided these instructions? Wise gave them? I wonder why they wouldn't suggest this instead of refusing the transaction, which cost us 150USD. Given our experience, unless Wise specifically tells us to follow this procedure I woulldn't risk sending another USD ransfer from Georgia, it was a waste of time and money.

They refused the transaction because you initiated it before doing proper due diligence.
Take yourself 5 minutes, use the chat function of Wise, contact an agent and ask the right question.

 

[JohnnyDoe]

They refused the transaction because you initiated it before doing proper due diligence.
Take yourself 5 minutes, use the chat function of Wise, contact an agent and ask the right question.

When my wise account was closed I did exactly that: contacted support, prepared documents, received confirmation. Then, money arrived and account was closed.

 

[backpacker]

When my wise account was closed I did exactly that: contacted support, prepared documents, received confirmation. Then, money arrived and account was closed.

Was that a private account? Did they close it because you followed the same the procedure I described??

The limitation is only that you can not RECEIVE US-Dollar from Georgia. You can, however, receive e.g. CHF into tye appropriate jar.
I followed the procedure a couple of times - never had any problems. Last time about a year ago. Of course, private account with small amounts (would never use Wise for anything larger than low four-figure amounts)

 

[JohnnyDoe]

Was that a private account? Did they close it because you followed the same the procedure I described??

The limitation is only that you can not RECEIVE US-Dollar from Georgia. You can, however, receive e.g. CHF into tye appropriate jar.
I followed the procedure a couple of times - never had any problems. Last time about a year ago. Of course, private account with small amounts (would never use Wise for anything larger than low four-figure amounts)

Corporate account. Followed all the procedures and rules. I think I posted a thread about it here.

 

[backpacker]

Corporate account. Followed all the procedures and rules. I think I posted a thread about it here.

As stated above, mine was a personal Wise account (Georgia). And I enquired before each transaction, told them the exact amount (which was just a few hundred Dollars) and once I received their o.k. I proceeded. No problem at all.

Since it is already a year ago since I last used this procedure, I looked it up again:
I "added" CHF 900.- to my CHF-balance by "paying" with USD. The "payment" was done from my personal Georgian bank account (official resident acc.!) via SWIFT.
I told the chat agent that the reason for this procedure is to avoid having USD arriving in my personal Wise account because these USD are coming from Georgia and Wise does not credit USD from Georgian bank accounts. Therefore, I would like to convert the USD directly into CHF by using the "add balance" function.
The Wise chat agent accepted the question, apologized to not being able to answer my question immediately and asked me to wait about two days for a reply by email. Already the following morning I received a reply by email which confirmed that my planned procedure was perfectly fine and that I should proceed: ".... You can pay-in USD even when the money is coming through SWIFT from Georgia. Once the money reaches us we'll add it to your CHF balance. ...."
I did that and the USD where credited as CHF to my CHF-jar.

Understand that all this only works through the "add"- + "paying"-function. I suggest you contact Wise for further information. They are very responsive.

 

[Sean Restling]

Alternatively Currenxie might be able to receive USD.

At Currenxie they do not open individual accounts.

 

[Forester]

"Alternatively Currenxie might be able to receive USD." At Currenxie they do not open individual accounts.

Furthermore (and more importantly in the context of this thread) Currenxie considers Georgia to be a high risk country and, unfortunately, does not perform any transactions with Georgia, neither incoming nor outgoing.

 

[cuno]

At Currenxie they do not open individual accounts.

but for a UK LTD they do. If it's a problem otherwise, a UK LTD is easy to setup.

 

[Forester]

but for a UK LTD they do.

Definitely yes, as well as for many another businesses; but the key trouble in this case is that Currenxie simply does not deal with anyone in Georgia, see above...