TransferWise no questions asked

[NicolasMaduro]

I have been wondering the reason behind TransferWise being able to open business accounts instantly.
I have a legitimate business and with TransferWise I had no issue opening business accounts close to instantly
with both United Arab Emirates and low tax european countries.

Then because of the MasterCard limits I had to open more accounts with other EMIs to get more
debit cards. But all other EMI than TransferWise have a much more strict KYC and alot of annoying questions.

So how come the biggest player in the game can get away with it, while the other EMIs have to go
trough alot of annoying KYC and question?

 

[Tax Cow]

After around 25-40K turnover, they ramp up the checks. Revolut does the same to ease their compliance burden, except that they also impose a few more criteria from the get-go.

As you've observed, it's a little different in the mainland EU where EMIs do the compliance heavy-lifting at the account opening.

 

[dirtyharry]

Maybe questions or demands will come later. You may need to be prepared for that.

 

[Martin Everson]

Xzars summed it up. You get suckered in with TW and later when they see volume and activity then comes the questions, issues and freezes. Generally speaking with a clean business with TW you will be fine.

@NicolasMaduro When you say other EMI's can you name names? Are these EMI's that have had their wrists slapped in the past by regulators? Or over zealous Eastern European laundromats?

 

[extremedox101]

yes i can say the account opening and verification with tw was easier than some emi's .

 

[JohnLocke]

Transferwise is extremly easy. If you go and write their support you get quickly a good and professional reply back. This is one of the best EMI's I have been working with.

 

[BossBabe]

I would order the debit card, but first i had to wire 20€ from my bank account to tw?

can I skip this or do I have to do it?

 

[Sols]

There is no way around that. You must have 20 EUR on your account to order the card.

 

[JohnLocke]

Don't you have the 20 EURO or what is the problem? sorry to ask!

 

[BossBabe]

i had the 20€, but i dont want wire it from my real bank account...

 

[Sols]

Pretty sure you can top up by card or other payment methods. Might depend on your country.

 

[BossBabe]

Its the only payment method. i use wrong name, too,

that's why i don't want to disclose my correct bank details. Is that only for the € 20 or what is the bank account still needed for? then i want to withdraw money with the card, the sendne the card wherever you want.

Does the account have to be the one in whose name I signed up? know some who would otherwise charge me.

 

[Martin Everson]

I don't think a transferwise card is for you

 

[BossBabe]

Öh why?

 

[Martin Everson]

Öh why?

You seem shifty when you say things like below .

Its the only payment method. i use wrong name, too,

 

[BossBabe]

Yes, youre right... we are all shifty-a little...thats why the most are here..

 

[Martin Everson]

Yes, youre right... we are all shifty-a little...thats why the most are here..

Well don't share your shiftyness with TW. They will smell it s mile away and you will be back complaining TW closed my account for no reason.

 

[BossBabe]

I heard, Tw works fine with fakedata? Isnt it right?

 

[JohnLocke]

I heard, Tw works fine with fakedata? Isnt it right?

So please continue this discussion in the Mentor Group if you want to discuss this further.

 

[Nasters]

Transferwise is extremly easy. If you go and write their support you get quickly a good and professional reply back. This is one of the best EMI's I have been working with.

What do you think of others who are well too? Not like Revolut, BNC10, better avoid them ?

Thank you

Regards.