TRANSFERWISE SCAMMED ME

[needhelp]

Transferwise blocked my company 35,000 EUR and closed my account (legit online business, registered with Tax, low risk).


No explanation provided.

Now they want to do a 60-day diligence check but I am not sure if I'll ever see this money again.

It's my business funds and also they blocked my personal funds.


What to do? contact a lawyer? FCA? UK Financial ombudsman?


I need to get my money back within a week, or else my business will fail.

There is no other choice.

What is the most aggressive angle I can use in this case?

 

[exprtadvisrdev]

They block accounts when they see something weird, you can try whatever you want but that probably won't make things faster. You need to wait until they contact you (you can write them an email asking why).

When they blocked my funds they sent me an email the next day asking me some stuff, I gave everything to them so they activated my account again. Everything was done in less than 5 days if I remember well. If your business is legit and you didn't violate their terms and conditions then don't worry, your money is safe.

 

[needhelp]

They block accounts when they see something weird, you can try whatever you want but that probably won't make things faster. You need to wait until they contact you (you can write them an email asking why).

When they blocked my funds they sent me an email the next day asking me some stuff, I gave everything to them so they activated my account again. Everything was done in less than 5 days if I remember well. If your business is legit and you didn't violate their terms and conditions then don't worry, your money is safe.

Nope, they didn't ask for any document, they just closed the accounts.

 

[blizz]

I don't think Transferwise scammed you I think you played some funny game with them and now you come here and claim scam!

 

[Sols]

This is a terrible situation. But just to get one thing out of the way: TransferWise made a profit of of 10 million GBP in FY2019 and 20 million in FY2020. They don't need your 35,000 EUR. This isn't some tiny bank or EMI where 35,000 EUR makes any difference. Plus it's not as if they get to keep money they freeze.

There is no benefit for a (large, reputable) bank or EMI to freeze funds. So they have taken this decision based on something suspicious about your account or activities. Maybe you sent or received money from/to a suspicious business or person.

If they haven't contacted you yet (which seems strange and is not how they normally handle suspicious accounts), contact them and ask for reason.

 

[needhelp]

This is a terrible situation. But just to get one thing out of the way: TransferWise made a profit of of 10 million GBP in FY2019 and 20 million in FY2020. They don't need your 35,000 EUR. This isn't some tiny bank or EMI where 35,000 EUR makes any difference. Plus it's not as if they get to keep money they freeze.

There is no benefit for a (large, reputable) bank or EMI to freeze funds. So they have taken this decision based on something suspicious about your account or activities. Maybe you sent or received money from/to a suspicious business or person.

If they haven't contacted you yet (which seems strange and is not how they normally handle suspicious accounts), contact them and ask for reason.

I was thinking, maybe because I send money to my Chinese supplier on a weekly basis, in RMB currency, they have blocked me.

But I find it hard to believe.


I don't see any other reason why they suspended my 100% legit online business, no other bank has ever given me any issue.

My fault that I kept 75% of my business money into Transferwise.

Anyone knows what to do to speed up this process and make sure my money is released?


It's OBVIOUSLY bulls**t the fact that they need to keep it for 60 days to run some checks, these can easily be done in 1-2 days, and if they froze my account they certainly already have done checks on my account in order to take the decision to freeze it!

 

[Sols]

What do they say when you contact them?

Other than contacting TransferWise and offering up all the supporting documents they ask for, there is nothing you can do to speed up the process. You can't go the FCA or Ombudsman yet. It's too early; they will tell you to wait for TransferWise to finish their investigation. Threatening with lawyers will not speed up the process either.

Social media pressure might work to get a response faster if you have a large following.

 

[Gediminas]

This is exactly why I say to my clients and others - Transferwise is a terrible option for the bussinesses. There are EMI's around in the market that are business-oriented.

Go where you will be treated best.

 

[CaptK]

Just wait it out, unfortunately it is what it is.
They will give you back your money it's just a lesson learnt.

 

[GlobalConsult]

An account is blocked for a reason and the customer is always not to blame, but suddenly the EMI is a fraud. But as long as everything works, the EMI is praised.

You can not do anything! The DD must be carried out, regardless of whether you have 35 / 35k or 35mio. on the account. And a smart entrepreneur always has several accounts and doesn`t focus on one account that if it is blocked his business also comes to a standstill.

 

[VESTANON]

Just wait it out, unfortunately it is what it is.
They will give you back your money it's just a lesson learnt.

@CaptK : well said Experience is the best teacher...

This is exactly why I say to my clients and others - Transferwise is a terrible option for the bussinesses. There are EMI's around in the market that are business-oriented.

Go where you will be treated best.

@Gediminas, Exactly when they all run to a popular EMI service and get all jacked up and disregard other options suited to handle unique scenarios intently....


Popular or not...any penny placed into a system must be respected..

I would rather deal with services listed on the OCT platform, as you always have a listening ear/numerous solutions/options/checks and balances and more, rather than some fancy outfit that would ignore your emails,place a fixed date to solve your issues etc...with regards to urgency.....

Anonymity and Redundacy go hand In Hand ..

Trust OP gets this resolved and gets his Cash and business on a good footing again...

 

[rowena]

If they closed your account then they will probably not ask for a document or re-activate it. They close accounts only if they believe something unusual otherwise they only impose temporary restrictions. You will get your money back unless there is no crime(fraud etc..).

I always say, Transferwise is a good service(even best) for businesses if you have a legit business. I'm using their services for more than 3 years, transferred more than $4M in multiple currencies and zero issues. They temporarily suspended my transfers 2 times but after providing documents everything went well.

 

[CaptK]

I know an OCT member who transacts over 2M per year with TW. It's a nominee account I sold him.
Stick to the rules as anything in the T&C's could trigger account close. The fact they have closed it and not temporarily blocked means that you have done something that is against guidelines. So long as there is no call back they will ask you to move funds to another account in that name. So you need to set something up now to receive the funds. IN THE SAME COMPANY NAME!!

 

[needhelp]

If they closed your account then they will probably not ask for a document or re-activate it. They close accounts only if they believe something unusual otherwise they only impose temporary restrictions. You will get your money back unless there is no crime(fraud etc..).

I always say, Transferwise is a good service(even best) for businesses if you have a legit business. I'm using their services for more than 3 years, transferred more than $4M in multiple currencies and zero issues. They temporarily suspended my transfers 2 times but after providing documents everything went well.

I'm telling you, my business is 100% legit, I sell freaking fashion bracelets man, not marijuana!

Transferwise is clearly not as good as you state, I never considered good in the first instance since every few weeks they had to "revise" transfers (what bank does that??!).

I learnt my lesson and I will stick to my HSBC account and will open a business one soon.

Transferwise will never be a bank, and if it will, then it's clearly going to be a dangerous place to put your money.

 

[VESTANON]

I'm telling you, my business is 100% legit, I sell freaking fashion bracelets man, not marijuana!

Transferwise is clearly not as good as you state, I never considered good in the first instance since every few weeks they had to "revise" transfers (what bank does that??!).

I learnt my lesson and I will stick to my HSBC account and will open a business one soon.

Transferwise will never be a bank, and if it will, then it's clearly going to be a dangerous place to put your money.

Always have redundancy and alternate routes going forward..

 

[rowena]

I'm telling you, my business is 100% legit, I sell freaking fashion bracelets man, not marijuana!

Transferwise is clearly not as good as you state, I never considered good in the first instance since every few weeks they had to "revise" transfers (what bank does that??!).

I learnt my lesson and I will stick to my HSBC account and will open a business one soon.

Transferwise will never be a bank, and if it will, then it's clearly going to be a dangerous place to put your money.

Then, you will receive your money no need to panic.

There can be lots of reasons for your account closing. Maybe somehow you have a similar name record at Worldcheck or some of your suppliers/clients flagged... We don't know the reason but TW is not going scam you. If there is nothing to hide, I'm 100% sure you will receive your money back.

 

[needhelp]

I know an OCT member who transacts over 2M per year with TW. It's a nominee account I sold him.
Stick to the rules as anything in the T&C's could trigger account close. The fact they have closed it and not temporarily blocked means that you have done something that is against guidelines. So long as there is no call back they will ask you to move funds to another account in that name. So you need to set something up now to receive the funds. IN THE SAME COMPANY NAME!!

My business is legit, I have personal accounts in my own name and everything is clear as water.
No shell companies, UK ltd with UK residency on my own name.

I have provided accounts to transfer the funds to. Only after a few days, they got back to me AGAIN
saying that my funds would now be on hold for 60+ days.

However, reading stories on this forum about Transferwise NOT releasing the funds at the promised 60-day mark
pissed me off since they are not scamming once but twice in that case.

A legit business does not need 200 different bank accounts to protect their assets, it's not meant to be that way
and there should be some sort of financial institution in the UK able to protect legit self run businesses that struggle
due to the tyranny of large corporations such as Transferwise, which to me, should be fined HARD for their practices.

 

[Gediminas]

I always say, Transferwise is a good service(even best) for businesses if you have a legit business.

It's so not true!

Well, maybe we have different opinions about what is good or even the best. I hope you won't end up having trouble with your account one day out of the blue.

 

[NicolasMaduro]

You the guy selling those holy bracelets and advertising them as you will get forever lucky in life or you just selling some "fashion" bracelet that is counterfeit or look a bit too much similar to a famous brand?

Obviously they probably think you broke the following clause:

• Counterfeit or unauthorised goods.
  1. Unauthorised sale of designer and/or brand products.
  2. Sale of illegally imported or exported goods.
• Intellectual property or proprietary rights infringement.
  1. Any product or service that directly infringes or facilitates infringement upon the copyright, patent, trademark, trade secrets, proprietary, or privacy rights of any third party.
• • Products and services which are not legal in the jurisdiction they are being offered in.

Follow the rules and TransferWise is probably the best EMI on the market. Making a thread saying they scammed you only make yourself look silly.

Disclaimer: I am transferwise fanboy.

 

[rowena]

It's so not true!

Well, maybe we have different opinions about what is good or even the best. I hope you won't end up having trouble with your account one day out of the blue.

They are regulated by 13 countries: Australia, Belgium, Canada, Hongkong, India, Indonesia, Japan, Malaysia, New Zealand, Singapore, UK, US, UAE. Most EMIs generally regulated by 1 or 2 authorities(also generally in low profile countries). They're the biggest EMI in the world in terms of offices, employees, turnover, customers. Their latest valuation is 5 Billion USD.

As I mentioned before, I'm using TW for more than 3 years and transacted more than $4M without any issues also one of my friends using it and almost transacted the same amount and again zero problems. I mean about $10M transaction without problems since 2017.

Problems can always happen that's why I have a backup business account but this is not specific for Transferwise. Someday TW can close my account and I will switch to the backup account but before that, I will use TW since it is the best IMO. I have a personal bank account with the world's biggest private bank but still, have another good personal bank account to hold money. Always expect, unexpected.