Transferwise deactivated account to Bankera

Bank Accounts, Company Formations, Tax Planning, Residency Solutions, and more
CALL US ON +971 50 4467827 - TO SETUP YOUR NON-CRS COMPANY STRUCTURE IN DUBAI.

Forester

Mentor Group Light (Private use!)
Wise is just poo¤%&& I wonder how so many people still try to use it after all the horror stories
:) Nicely formulated :)
Be careful with Wise, they banned my account with over 40 000 USD inside after I bought crypto with Wise account (Yes, I know it's against their TOS)

I already reported them to financial ombudsman and I'm taking legal action against them, my money are still blocked and I did not received money withdrawal since more than a year.

Be careful with all of that garbage EMIs and don't keep more than 1 000 USD there.
But with all due respect, just to (openly) breach the TOS and not to expect an account freezing is, aehm, not a very reasonable behaviour ;).
I am also afraid that neither financial ombudsman nor a legal action will help you a lot; Wise very probably can easily prove that the problem lays on your side. Of course, (very probably) they cannot simply confiscate your assets but (maybe) they can penalise you somehow (I am not familiar with their TOS) and the legal procedures may take eons... :(
 

Sondrax

Silver Member
This isn't the point. If you broke the rules, it is normal for your account to be closed. The problem is, they didn't even ask for an explanation, they just closed the accounts. They cannot know if the person from whom I received the money wasn't my woorker or client which paid me for goods/services.

Same as they closed accounts with a normal person I just paid for services / stuff. You don't do it, and a normal company can't operate that way. As a recipient, I shouldn't care where I get the money from, it is important whether the person pays me for a service / product that is 100% legal and doesn't break its regulations.

You have a business, you trade with various contractors, it turns out that one of your clients paid you with money that violated its regulations and thus "cut off" you, your clients and your entire business is lying. Wise advertises itself as an alternative to banks, business friendly.

At the moment, my entire business and my clients have a problem and closed accounts, because my main client (who was my employee) was getting money illegally (but 100% legally under the applicable law of the country) had gambling money.

The money should be recoverable, but no one will pay me back my time, nerves and lost clients.
 

JohnnyDoe

Mentor Group Gold
This isn't the point. If you broke the rules, it is normal for your account to be closed. The problem is, they didn't even ask for an explanation, they just closed the accounts. They cannot know if the person from whom I received the money wasn't my woorker or client which paid me for goods/services.

Same as they closed accounts with a normal person I just paid for services / stuff. You don't do it, and a normal company can't operate that way. As a recipient, I shouldn't care where I get the money from, it is important whether the person pays me for a service / product that is 100% legal and doesn't break its regulations.

You have a business, you trade with various contractors, it turns out that one of your clients paid you with money that violated its regulations and thus "cut off" you, your clients and your entire business is lying. Wise advertises itself as an alternative to banks, business friendly.

At the moment, my entire business and my clients have a problem and closed accounts, because my main client (who was my employee) was getting money illegally (but 100% legally under the applicable law of the country) had gambling money.

The money should be recoverable, but no one will pay me back my time, nerves and lost clients.
You will need far less time to setup a crypto wallet and instruct your clients and partners to switch to crypto. And you will never again have to worry about some psycho monkey in a compliance department to steal your money.
 

tomboy

New member
wise is the definition of 'harakiri'. they banned so many account they won't have client at some point o_O
We all had/have a TW account and we all lost/will lose it eventually ban-:;
 

James Spader

Forum Moderator
Staff member
Elite Member
Hey,

Yes, Bankera might be a good option for you. I could pre-approve your case with them prior to you registering (I do that with all of my clients, so they would not waste money on application fees if their business is outside Bankera's risk tolerance).

It's for sure one of the best fintech around, and now I am also able to help my non-EU clients to order debit cards as well.
good news, you should update your thread with the last part of your information here, just a hint ;)
 
:) Nicely formulated :)

But with all due respect, just to (openly) breach the TOS and not to expect an account freezing is, aehm, not a very reasonable behaviour ;).
I am also afraid that neither financial ombudsman nor a legal action will help you a lot; Wise very probably can easily prove that the problem lays on your side. Of course, (very probably) they cannot simply confiscate your assets but (maybe) they can penalise you somehow (I am not familiar with their TOS) and the legal procedures may take eons... :(

In total I did now knew that they are not allowing crypto purchase via Wise. I realized that after I bought crypto and they banned my account.
They can close my account but they can't hold my money, they should withdraw them instantly.

In your post you wrote that "(I am not familiar with their TOS)" and "Of course, (very probably) they cannot simply confiscate your assets but (maybe)"

If you don't know nothing why you are even posting here?
 

Forester

Mentor Group Light (Private use!)
In total I did now knew that they are not allowing crypto purchase via Wise. I realized that after I bought crypto and they banned my account.
They can close my account but they can't hold my money, they should withdraw them instantly.

In your post you wrote that "(I am not familiar with their TOS)" and "Of course, (very probably) they cannot simply confiscate your assets but (maybe)"

If you don't know nothing why you are even posting here?
At first, please do not take anything that I write personally – I am just discussing the matter of a common interest :).
If I say ”I am not familiar with their TOS” then I mean that I do not remember their TOS in detail, in particular re: sanctions & penalties, so I consider possible that there are some sanctions that may follow breaching of TOS, resulting in some financial charges. I just consider very improbable, that it may cause confiscating of your assets, as it would be inappropriate just for one crypto related transaction. (Wise is under UK jurisdiction that is not unknown to me.)
It does not mean that I know nothing :) – I remember well that when I went through the procedure of opening an account with Wise (some time ago, when I was not so informed and also Transferwise /their ancient name/ was working better; I do not have this account now) I had to agree, as a part of TOS, with their Acceptable Use Policy (I do think that you had to agree with this document, too), where the ban for all the crypto-related transactions was very clearly stated. And, as I have checked, it did not change – see Wise-Customer Agreement - TransferWise.com, par. 1.2.2.c.
So, you should have known that they are not allowing crypto purchases ;) (no intention of an offence :) )
I agree that they should send your money to you, I was just questioning the procedure and the timescale... :(

This isn't the point. If you broke the rules, it is normal for your account to be closed. The problem is, they didn't even ask for an explanation, they just closed the accounts. They cannot know if the person from whom I received the money wasn't my woorker or client which paid me for goods/services.

Same as they closed accounts with a normal person I just paid for services / stuff. You don't do it, and a normal company can't operate that way. As a recipient, I shouldn't care where I get the money from, it is important whether the person pays me for a service / product that is 100% legal and doesn't break its regulations.

You have a business, you trade with various contractors, it turns out that one of your clients paid you with money that violated its regulations and thus "cut off" you, your clients and your entire business is lying. Wise advertises itself as an alternative to banks, business friendly.

At the moment, my entire business and my clients have a problem and closed accounts, because my main client (who was my employee) was getting money illegally (but 100% legally under the applicable law of the country) had gambling money.

The money should be recoverable, but no one will pay me back my time, nerves and lost clients.
@Sondrax: I fully agree with you. I was reacting to @Social Solutions's post (that I quote above my text). Your situation, as you described it, is different. And I can only repost my favourite mantra re: Wise/Revolut:
Wise (as well as Revolut) is known to have one pitfall: Closing the (especially business) accounts without any warning or notice, without any reasonable explanation and freezing the cash for undefined time (evt. search here at forums). AFAIK, nobody lost the money, finally they return it to the owner but even freezing your cash for some months can ruin your issues perfectly.
Of course, it can happen with another EMI, too; but at Revolut/Wise it is AFAIK quite frequent. Perhaps, they are too big to handle all the related agenda effectively and too known not to attract very different people, sometimes definitely with really shady intentions...
So I would not recommend neither Wise nor Revolut for any “mission-critical” usage... :(
 
Last edited:

anass

New member
I had a similar situation, just create a Payoneer business, for proof of address, order a certified document that from the companies house.
 

Attachments

  • Screen Shot 2022-05-31 at 14.22.18.png
    Screen Shot 2022-05-31 at 14.22.18.png
    30.2 KB · Views: 40

magicmat

Mentor Group Gold
Hello, today my almost two-year wise account has been deactivated for no reason. The account was normally used, I had around 15-20k euros there. I now need to transfer money from the blocked wise somewhere. Will Bankera be a good place? With such amounts, do they ask a lot of questions to prove the origin of the funds? The funds are legal, mainly come from winnings in gambling games, I received money from my partner who operates locally, so it will be problematic to hydrate (I have won coupons, but it's like an intermediary, he played on my behalf and then transferred the money to me ). Does Bankera ask a lot of questions with such amounts? Any suggestions? Of course, I can transfer it to my private account, but I would not like to mix normal funds with gambling funds as it raises a lot of problems.

Thank you for you helping&advise :)
Wise are worse than PayPal. Avoid if you have a lot of money.
 

Sondrax

Silver Member
Has anyone received a refund from wise after 90 days? Because I read on the internet that a lot of people simply have blocked money and never got it from wise.
 

Forester

Mentor Group Light (Private use!)
Has anyone received a refund from wise after 90 days? Because I read on the internet that a lot of people simply have blocked money and never got it from wise.
Well.
1) My experience is antithetical. I do not know any trustworthy example of a case when someone lost his money, always it was refunded. It is not a proof, of course; anoyone's mileage may vary :)
2) What does it mean “I read on the internet”? What is the source? Internet is full of the information garbage and of the valuable information as well.
(Having said all the above, ceterum censeo: Wise sucks ;) ;) )
 

offshoreforever

New member
Hey,

Yes, Bankera might be a good option for you. I could pre-approve your case with them prior to you registering (I do that with all of my clients, so they would not waste money on application fees if their business is outside Bankera's risk tolerance).

It's for sure one of the best fintech around, and now I am also able to help my non-EU clients to order debit cards as well.
Could you help me to get the Bankera debit card, please? I am currently in Latin America.
 
Top