Question Using Wise for company transfers: Guide to Wise business account?

[a112114]

Hello,

As everyone knows wise don't have compassion in account closing and I'm trying to understand how to work with them correctly.

My case:
Right now we accept payments from Stripe to Wise and I'm thinking to use Wise as transit account to the same company account in another bank/emi.
We already used to have an account in Wise and were kicked after several transfers to our counterparties (nothing risky for them in my opinion), so atm I have to spend all incoming transfers via card to not get kicked...

Have anyone tried to work with wise as a transit account on an ongoing basis?

My volume is around 5k in daily incoming transfers.

Moreover, might be someone can share the experience of the correct methodology of "how to send transfers from Wise and don't get kicked)

Thanks in advance!

 

[erni]

how to send transfers from Wise and don't get kicked)

very simple, you contact Wise support, explain them what you plan to do, and they will let you know how to go about it.

They have a very responsive support.

 

[a112114]

So you don't know) and as I see @Martin Everson too.

 

[JohnnyDoe]

Hello,

As everyone knows wise don't have compassion in account closing and I'm trying to understand how to work with them correctly.

My case:
Right now we accept payments from Stripe to Wise and I'm thinking to use Wise as transit account to the same company account in another bank/emi.
We already used to have an account in Wise and were kicked after several transfers to our counterparties (nothing risky for them in my opinion), so atm I have to spend all incoming transfers via card to not get kicked...

Have anyone tried to work with wise as a transit account on an ongoing basis?

My volume is around 5k in daily incoming transfers.

Moreover, might be someone can share the experience of the correct methodology of "how to send transfers from Wise and don't get kicked)

Thanks in advance!

Wise doesn’t like transfers from the same company. Got an account closed right after I attempted to make one such transfer, from a highly reputable bank with 10,000+ employees.
In fact nobody really knows what Wise likes. It seems that their compliance department is run by psycho monkeys.

 

[a112114]

Wise doesn’t like transfers from the same company. Got an account closed right after I attempted to make one such transfer, from a highly reputable bank with 10,000+ employees.
In fact nobody really knows what Wise likes. It seems that their compliance department is run by psycho monkeys.

Hah, got the same feeling.
To make sure I've understood you correctly. You made the transfer to wise, right?

 

[JohnnyDoe]

Hah, got the same feeling.
To make sure I've understood you correctly. You made the transfer to wise, right?

Yes, balance transfer from the same corporate account holder. A friend’s account was closed after a similar transaction, but for just 150 Eur.

 

[a112114]

Yes, balance transfer from the same corporate account holder. A friend’s account was closed after a similar transaction, but for just 150 Eur.

Hmm so close, I'm looking for another way from wise to emi

 

[bastard]

As everyone knows wise don't have compassion in account closing and I'm trying to understand how to work with them correctly.

the very first is to write a detailed business plan, honest one. After that, you contact wises live chat and ask them to look into your business. Most often they will get back to you by email, so you send everything to them and ask them to confirm if they can accept your business!

So far so good.

Once they confirmed, you look at your business and what type of transactions you expect to go through the account, here we look at, the amounts, number of trx, and countries from where you receive and send money. You have to write this down, be honest, after that you send it to Wise, ask them to confirm if this is OK or if they have issues!

Now if you receive a confirmation that they accept everything as it is you can go ahead and rest in peace. Should you make bigger transfers i.e. 5K or 10K at a time, go to their live chat and tell them, the same goes the other way, if you receive such amounts. Ask them if everything is fine.

Now you can sleep well.

 

[aragon]

Wise doesn’t like transfers from the same company. Got an account closed right after I attempted to make one such transfer, from a highly reputable bank with 10,000+ employees.

Could you confirm the currency of the transfer, please?

Wise have published this document on problematic business transfers: Are there any restrictions on business transfers? | Wise Help Centre

 

[JohnnyDoe]

Could you confirm the currency of the transfer, please?

Wise have published this document on problematic business transfers: Are there any restrictions on business transfers? | Wise Help Centre

Eur.
The document published by Wise is total BS.