What are your single highest transaction using EMI like wise ?

[troubled soul]

In one transfer....What are the highest transfer you ever made with EMI like Wise ?
At what point you think It is better to use tradition bank than Depending on EMI like wise ?
What are your experience with high value transfer ?
Wise claim there is no limit......But At which highest amount you can trust or comfortable using wise ?
After which point or which turn over you switch to tradition bank ?

Thanks

 

[stronco]

I think this distinction emi/bank is pointless.

Better approach is to judge and evaluate the capability and willingness of the compliance teams you have to deal with and the institutions internal (risk) policies.

 

[Mike Forman]

In one transfer....What are the highest transfer you ever made with EMI like Wise ?
At what point you think It is better to use tradition bank than Depending on EMI like wise ?
What are your experience with high value transfer ?
Wise claim there is no limit......But At which highest amount you can trust or comfortable using wise ?
After which point or which turn over you switch to tradition bank ?

Thanks

Personal or corporate account? Corporate accounts are under much less scrutiny to transfer large amounts then personal accounts of they have gone through some KYC.

Corporate 100k usd transfers no problems after going once or twice in the beginning providing some invoice.

Anything above 100k usd corporate, highstreet bank is preferred.

Traditional banks will seldom block a transfer or even your bank account if they require more information. You can contact them or go to a branch office trying to resolve the issue. With an EMI sometimes you talk to a wall and in worst case scenario your funds will be blocked for 6 months.

Wise customer service in general is reactive and helpful. They might have some glitches and we know some will comment here wise is the worst. We have had only positive experiences except once, but usually don't use wise for amounts above 50k as we don't want to risk hitting a wall and having funds blocked for a long period.

Payoneer transfers above 100k usd., never had any issues, just some questions asked why we transfer this amount. But there are other horror stories online.

For personal over 10k in one transfer I find risky unless you can provide proof this is income from sales of your property or your savings acquired over time from a highstreet bank etc. Still personal prefer it to use for daily expenses abroad

 

[Martin Everson]

In one transfer....What are the highest transfer you ever made with EMI like Wise ?
At what point you think It is better to use tradition bank than Depending on EMI like wise ?
What are your experience with high value transfer ?
Wise claim there is no limit......But At which highest amount you can trust or comfortable using wise ?
After which point or which turn over you switch to tradition bank ?

Thanks

FYI All EU EMI's are limited by the capital they hold as to the highest value transfer they can conduct under EU Directive 2015/2366 Article 9. So under some regulators - depending on their method of calculation choice, some EMI's simply won't be able to handle large Arab Prince payments period. In my experience only a very well capitalized EMI can comfortably handle large transactions without infringing on the directive. Other smaller EMI's may not credit large payments, compliance may hold up payment or EMI may just break the rules and get into trouble later during an audit. In any case most people won't get much issues with a EMI that has 1m+ in capital.

Article 9

Calculation of own funds

1. Notwithstanding the initial capital requirements set out in Article 7, Member States shall require payment institutions, except those offering only services as referred to in point (7) or (8), or both, of Annex I, to hold, at all times, own funds calculated in accordance with one of the following three methods, as determined by the competent authorities in accordance with national legislation:

Method A
The payment institution’s own funds shall amount to at least 10 % of its fixed overheads of the preceding year. The competent authorities may adjust that requirement in the event of a material change in a payment institution’s business since the preceding year. Where a payment institution has not completed a full year’s business at the date of the calculation, the requirement shall be that its own funds amount to at least 10 % of the corresponding fixed overheads as projected in its business plan, unless an adjustment to that plan is required by the competent authorities.

Method B
The payment institution’s own funds shall amount to at least the sum of the following elements multiplied by the scaling factor k defined in paragraph 2, where payment volume (PV) represents one twelfth of the total amount of payment transactions executed by the payment institution in the preceding year:
(a) 4,0 % of the slice of PV up to EUR 5 million;
plus
(b) 2,5 % of the slice of PV above EUR 5 million up to EUR 10 million;
plus
(c) 1 % of the slice of PV above EUR 10 million up to EUR 100 million;
plus
(d) 0,5 % of the slice of PV above EUR 100 million up to EUR 250 million;
plus
(e) 0,25 % of the slice of PV above EUR 250 million.
Method C
The payment institution’s own funds shall amount to at least the relevant indicator defined in point (a), multiplied by the multiplication factor defined in point (b) and by the scaling factor k defined in paragraph 2.
(a) The relevant indicator is the sum of the following:
(i) interest income;
(ii) interest expenses;
(iii) commissions and fees received; and
(iv) other operating income.
Each element shall be included in the sum with its positive or negative sign. Income from extraordinary or irregular items shall not be used in the calculation of the relevant indicator. Expenditure on the outsourcing of services rendered by third parties may reduce the relevant indicator if the expenditure is incurred from an undertaking subject to supervision under this Directive. The relevant indicator is calculated on the basis of the 12-monthly observation at the end of the previous financial year. The relevant indicator shall be calculated over the previous financial year. Nevertheless own funds calculated according to Method C shall not fall below 80 % of the average of the previous 3 financial years for the relevant indicator. When audited figures are not available, business estimates may be used.
(b) The multiplication factor shall be:
(i) 10 % of the slice of the relevant indicator up to EUR 2,5 million;
(ii) 8 % of the slice of the relevant indicator from EUR 2,5 million up to EUR 5 million;
(iii) 6 % of the slice of the relevant indicator from EUR 5 million up to EUR 25 million;
(iv) 3 % of the slice of the relevant indicator from EUR 25 million up to 50 million;
(v) 1,5 % above EUR 50 million.
2. The scaling factor k to be used in Methods B and C shall be:

(a) 0,5 where the payment institution provides only the payment service as referred to in point (6) of Annex I;
(b) 1 where the payment institution provides any of the payment services as referred to in any of points (1) to (5) of Annex I.
3. The competent authorities may, based on an evaluation of the risk-management processes, risk loss data base and internal control mechanisms of the payment institution, require the payment institution to hold an amount of own funds which is up to 20 % higher than the amount which would result from the application of the method chosen in accordance with paragraph 1, or permit the payment institution to hold an amount of own funds which is up to 20 % lower than the amount which would result from the application of the method chosen in accordance with paragraph 1.

 

[wellington]

In one transfer....What are the highest transfer you ever made with EMI like Wise ?
At what point you think It is better to use tradition bank than Depending on EMI like wise ?
What are your experience with high value transfer ?
Wise claim there is no limit......But At which highest amount you can trust or comfortable using wise ?
After which point or which turn over you switch to tradition bank ?

Thanks

Once transferred upper 6 figs Euro without even knowing what a EMI was, from bank in Europe to Wise as was no longer in the country and the bank required residence to retain.

Never had a issue with the transfer, then left it in wise for year(s).

 

[EliasIT]

Wise has been working well for me the last few years in connection with other International banks they have been a good replacement for some banks here and there.

 

[Alexmorgan]

Mercury i did 6 figures and nothing bad happened i feel Mercury are good

All what EMI needs is an active department to deal with Compliance from their partner banks to work exactly as you would with your regular bank

They need to open a room inside these partner banks and follow up the cases hour by hour then im sure those EMIs will be better solution that traditional banks

 

[markymark]

never had an issue with WISE. Have transferred 100k+ with no hassle on personal account

 

[Alexmorgan]

Mercury i did 6 figures and nothing bad happened i feel Mercury are good

All what EMI needs is an active department to deal with Compliance from their partner banks to work exactly as you would with your regular bank

They need to open a room inside these partner banks and follow up the cases hour by hour then im sure those EMIs will be better solution that traditional banks

8 figures now without problem with Mercury

But all invoices and contracts are ready 24/7 because i know they will ask for it sooner or later