wise ask me to verify my income

[bs2030]

Hi,
I'm using wise personal account for more than a year (in my country only personal accounts available)
for the last few months I used it to receive funds from my business PayPal account
then sending it to my bank account in UAE or my friend account in UAE too

the last transfer to my local bank account paused and they send me the following email:

to verify your income. To meet local regulations, we need to understand how you get the money

1. My main country is Egypt where I open the wise account
2. My real main income source is via my website => collecting money via paypal => then send to wise or payoneer
3. I have a legal company in Egypt and another one in Dubai, but the website is a kind of freelancing project.

Now what is the best way to restore my wise account
2. what is the best way to get my money, payoneer is good as well by have high fees, so any advice?

 

[diatessaron]

Send them what they're asking for. That's the best way for you to get your money back.

 

[Spinat]

If you have a legal setup and sell legal stuff, send Wise what they are asking for, problem solved in minutes!

 

[bs2030]

Hi,
yes I'm planning to send them what they want
but I don't know what it is, there is many choices that don't meet my case

The main income is from website and not shown in my main company in Egypt, so I don't have revenue distribution documents for example
So I don't exactly know should I choose source of income as 'investment' or 'salary'

if investment one of those are required;

• Stock plan exercise confirmation
• Portfolio statement
• Dividend voucher
• Crypto statement

May be this can be chosen 'Portfolio statement' but I don't know what it is and how to create it
if I choose `salary` then I should provide the following papers;

• Payslip
  I think it is internal document can be generated by my company
• Tax return
  I don't have this, if I get one it will show lower amounts than I transferred
• Employment contract
  I think it is internal document can be generated by my company
• Proof of employment
  I think it is internal document can be generated by my company

There is some other choice `something else`
Do you think I can choose this and describe my actual case, if so, I have some problems
1. will they share this with for tax_ the project should be belong to Dubai not Egypt, The wise account is Egyptian account, and these amounts is still not shown in Egypt or Dubai
2. They are asking for bank account that showing regular amounts from my business, and in my case there is no banks in the circle, money collected by PayPal and sent to wise
3. PayPal account is a business account with the legal company name in Egypt, not personal
4. If I provide some link in my website shown that my full name is the owner of the site and so on "Payoneer ask for this previously" + PayPal statement _ will this be okay or you advice not to do that?
any easier advice, or guaranteed ways?
Thanks guys in advance

 

[bs2030]

update:
I sent them a bank statement for the last 3 months from Payoneer
It contains regular payments from my company
I attach the following description;
I get regular payment from company for my work

but it refused
any ideas?

 

[Mike Forman]

You mentioned it yourself what they need

• Payslip
  I think it is internal document can be generated by my company
• Tax return
  I don't have this, if I get one it will show lower amounts than I transferred
• Employment contract
  I think it is internal document can be generated by my company
• Proof of employment
  I think it is internal document can be generated by my company

If you receive income from work you have a labor or freelance contract, payslip and you have proof of your tax filings. Just showing them you receive regular payments on a payoneer account would not do it and even just seems to be a shady income. If this is an official income you should have a contract etc. If it's not I then you are outside their risk appetite.

As some mention in the forum you can also create some documents by yourself, at your own risk ofcourse.

If your money comes from your savings you can show them your bank statements with a decent balance, preferable not payoneer since payoneer is an EMI.

 

[bs2030]

My case is as the following
I have a website sending all payments to PayPal, then to wise or Payoneer

The legal companies still not on that circle, I am planning to get my UAE company on this circle, but I am a bit new in the legal field, so I am still studding

If you have a sample of the papers they need this will much halp, I will then search how I can create it and from where, as most of these terms are new for me, by the way it is new for lawyers I contacted as well

If you recommend me some legal experts who can handle this case for fees this will be also great

 

[Forester]

My case is as the following
I have a website sending all payments to PayPal, then to wise or Payoneer

The legal companies still not on that circle, I am planning to get my UAE company on this circle, but I am a bit new in the legal field, so I am still studding

If you have a sample of the papers they need this will much halp, I will then search how I can create it and from where, as most of these terms are new for me, by the way it is new for lawyers I contacted as well

If you recommend me some legal experts who can handle this case for fees this will be also great

I have sent you a PM – there is something not for a completely public discussion, I guess.

 

[bs2030]

I have sent you a PM – there is something not for a completely public discussion, I guess.

Many thanks, I appreciate

 

[elaine053099]

Is your Wise account a personal account? Therefore, you can't use it to receive "salary" or any form of income. That is what happened to me.

 

[bs2030]

Is your Wise account a personal account? Therefore, you can't use it to receive "salary" or any form of income. That is what happened to me.

hmmm,
in this case it is not available to send from PayPal (business account) to my wise (personal account)
and if I made this, it will not what I will told them as a proof of income

so I need to told them some thing else

any one know how to create "Portfolio statement" for my company any templates for this
this may solve the case I think

by the way this is what written in wide terms

1.4 You may only use your Wise Account Number to receive funds into your Wise Account for the following purposes:​

• receiving your own salary and/or wages;
• receiving payouts from e-commerce and freelancer platforms;
• receiving payments from family, friends or other people you know for personal purposes;
• receiving payments from your clients and other third parties for the purpose of business payments.
• You may not use your personal Wise account to receive business payments.

Acceptable Use Policy - EEA

Banks sting you with hidden charges when you send money abroad. But that’s yesterday’s problem. Say hello to Wise, the clever new way to move your money.

wise.com

 

[Forester]

Is your Wise account a personal account? Therefore, you can't use it to receive "salary" or any form of income. That is what happened to me.

Any standard financial institution allows you to receive your salary to your personal account – this is the purpose personal accounts are designed for
Quite frequently, personal accounts are not designed for receiving the money for an independent business – i.e. as a freelancer. Nevertheless – a little bit surprisingly for me – Wise allows it, as seen in the post #11.
Under no circumstances personal accounts are designed for receiving the money on behalf of a company, even if the company is fully yours.

 

[karishi]

Hi, so you have a website, and that website is generating money. Since that website is not tied to any entity, it's basically as if it's your income, so you would have to tell Wise exactly this. But if you tell this to them, this sounds a lot like money laundering. So the correct way around this would be something like this:
1) setup a LLC in San vincent and the grenadines with the principal place of business in the UAE ( if you have a uae company, you are resident ) and add the website as the property of the company
2) create a business account on wise for the LLC
3) transfer money from to the business account
This will not work either as Wise is not a merchant bank, and lots of small transactions will get you banned.
So I think you should simply tell wise the truth and close the wise account.

 

[besiktas]

Hi
How did you solve your problem?
any update?

Is your Wise account a personal account? Therefore, you can't use it to receive "salary" or any form of income. That is what happened to me.

Hi Elaine
How did you solve the issue with Wise?

Many thanks, I appreciate

Hi is it possible to share I might have a similar problem. Thank you

 

[bs2030]

So I think you should simply tell wise the truth and close the wise account.

If so, will they send the money on the account or it may be lost?
and you think for the case I described I should not work with wise? any alternatives you may suggest?

Hi is it possible to share I might have a similar problem. Thank you

Still have the problem, didn't resolved yet, and for sure I will update the thread here with any new updates

 

[besiktas]

What if you provide proof that the source of funds are the website (its apparently allowed to receive ecommerce payments)

 

[bs2030]

As a business or personal
I think I may try this
But what prof should I provide, I really confused
They don't ask for this in there list
But the option "other" is still found
Just need to give the perfect case explanation with proofs, so I posted here for suggestions

 

[besiktas]

Are you still able to do transfers?

 

[bs2030]

Transfer to wise is okay
Transfer out paused

 

[besiktas]

I am having a similar issue.
I used personnal account for business purpose, then received an email with a warning. After that I stoppee using it as a business account (only spending from the account). Then I recieved a transfer from my company account ar payoneer and it triggered a source of fund check. And now I called twice wise their service desk say thay dont know this check was triggered and reported the problem