Transferring from Etoro to Transferwise Personal account

[Edge]

Hi,

So the s**t show continues for me, as more and more companies stopped working with people resident in my country.
The last one being etoro, which is a trading platform I used a lot in the past ..

Anyway, they said I need to close all my positions and transfer out, cool.

Problem is, because a few years back they introduced crypto big time in their platform, they basically became a crypto platform, which means many banks (including mine, doesn't do business with them).

The main solution I have for this is sending the money to my personal transferwise account, because I contacted transferwise and they said they are cool with receiving money from crypto related platforms (you can't send to them however).

The thing is, my account at transferwise is important to me, I have joint personal and business account, the business account is for a small company dealing with transfers in the hundreds to few thousands ... the personal account I'm not using much, but same volume, hundreds / couple thousands ..

Etoro is going to drop 65k, I'm worried they freeze my account or something, everything I do is legal and whitehat I never deal in shady stuff, but I'm afraid they will close my account for some reason because I keep reading these posts about account closures left and right ..

Thoughts ? Should I message them first and inquire maybe ?

 

[exprtadvisrdev]

I think you should send them an email asking that so they confirm if there could be an issue. I retired money from eToro to my TW account last year without problems but I did it in small chunks (5k each transfer) to avoid any kind of issue

 

[bibing]

If TW didn't block the account of a well known scamming company the same day I sent a claim and police report, I don't see why they should block your funds.....

TW is not a tax authority even so it's not their duty to check if you pay taxes (if that is a matter of your concern)...

Juts make sure to download as many statements you can from your etoro account to show you traded there.

 

[Edge]

TW is not a tax authority even so it's not their duty to check if you pay taxes (if that is a matter of your concern)...

Juts make sure to download as many statements you can from your etoro account to show you traded there.

I pay my taxes, that's not an issue.
And yes I downloaded every statement I could find and took screenshots of trade history ..

I think you should send them an email asking that so they confirm if there could be an issue. I retired money from eToro to my TW account last year without problems but I did it in small chunks (5k each transfer) to avoid any kind of issue

Yes I'm sending them an email with all the relevant info ..
If etoro told me what's going to happen beforehand I would have withdrawn bit by bit .. but it was a mess ..

 

[Edge]

I think you should send them an email asking that so they confirm if there could be an issue. I retired money from eToro to my TW account last year without problems but I did it in small chunks (5k each transfer) to avoid any kind of issue

Hi, just a follow up here, TW told me I could only send less than 10k per transfer, etoro didn't mind they told me to withdraw by myself ..

Can I ask how often did you withdraw? and amounts in general ?

 

[exprtadvisrdev]

Can I ask how often did you withdraw? and amounts in general ?

Twice per week, each transfer was with 5k. The first one always on Monday and the second one always on Friday