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Wise closed an account with 100.000 uds in it after approving my request

M

mdmo

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Aug 19, 2016
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#1
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Hello guys,

Wise.com blocked my business account with 100k in it after a week they accepted my answers (with contracts and invoices). Be very careful and don't hold a lot with them.

In addition to this they suspended my account with an email without even requesting another bank account where to transfer money to? Is this their normal practice? I currently don't know where my money is and the exact balance, crazy!
 
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#3
Contact Wise, they usually willing to speak and work with you. If they don't, ask their chat to who you can contact and start emailing them. Usually it is not a problem. I assume they will get in touch with you anyway to confirm where to send the money to.
 
#4
Here.

TransferWise Support <[email protected]>
AAddress [email protected] <[email protected]>
[email protected] <[email protected]>

Year or two ago i was adding a newly created offshore corp to my personal account (personal had since their creation)

they closed my entire account as the offshore corp was not acceptable to their risk tolerance (selling asset in one country under one company, moving funds to company and then buying an asset in another country) under a group.

Initially i was like you, then contacted appeals, and then the CEO himself, having used them (personally) over their period of existence 7figs my personal account was re-opened very quickly, corp is 'dead'.

Sometimes you just have to talk to them.
 
#5
If they haven't asked for a place to send the money, they will either return it where it came from or they have found you suspicious of money laundering or some other crime, in which case they might be required to hold the funds until a court or their regulator says otherwise. It might take a few days for them to know what they are permitted to do, based on their findings and assessment.

Assuming you're completely clean and can be transparent with them, continue to cooperate. Apply reasonable pressure (as indicated by @wellington). With luck, it's simply a case of your business activities not being within their risk appetite and they'll terminate the relationship amicably and smoothly.

Hope it all turns out OK.
 
#6
After the first questions re my activity I've been extremely clear with every detail, I've an IT company as I've developed a software and I've also shown them the software, invoices, contracts everything. Result is that they approved my explanations and allowed me to accepting incoming transfers but after a week or so they blocked the account.
It sounds very weird tough to close the account without saying even 1 word about the money standing in the account, it's not professional at all.
 
#9
mdmo said:
After the first questions re my activity I've been extremely clear with every detail, I've an IT company as I've developed a software and I've also shown them the software, invoices, contracts everything. Result is that they approved my explanations and allowed me to accepting incoming transfers but after a week or so they blocked the account.
It sounds very weird tough to close the account without saying even 1 word about the money standing in the account, it's not professional at all.
Click to expand...
Wise=s**t. This is just another proof. they close legit accounts for no reason, and they keep laundromats because they know how to handle compliance.
 
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#10
mdmo said:
After the first questions re my activity I've been extremely clear with every detail, I've an IT company as I've developed a software and I've also shown them the software, invoices, contracts everything. Result is that they approved my explanations and allowed me to accepting incoming transfers but after a week or so they blocked the account.
It sounds very weird tough to close the account without saying even 1 word about the money standing in the account, it's not professional at all.
Click to expand...
How many days since they blocked it?
Normally if they do not want to continue the business relationship they will revert with an option to transfer the funds out.
 
#11
They blocked it 2 days ago,
wellington said:
Software (think crypto) is now being treated very differently, eventually it will be a regulated space because of how code can be used…
Click to expand...
Not even 1 transaction related to crypto, never.

RealDude said:
How did you show them the software?
Click to expand...
I sent a screenshot.

JohnnyDoe said:
Wise=s**t. This is just another proof. they close legit accounts for no reason, and they keep laundromats because they know how to handle compliance.
Click to expand...
The "funny" part is that they answered that the account is closed but they didn't provide any details about the 100.000; nothing!

CyprusLawyer101 said:
How many days since they blocked it?
Normally if they do not want to continue the business relationship they will revert with an option to transfer the funds out.
Click to expand...

They blocked it 2 days ago and since then no answer, on the phone they say wait the answer via email and via email they didn't clarify what will happen to the funds (100k).
 
#12
mdmo said:
They blocked it 2 days ago,

Not even 1 transaction related to crypto, never.


I sent a screenshot.


The "funny" part is that they answered that the account is closed but they didn't provide any details about the 100.000; nothing!



They blocked it 2 days ago and since then no answer, on the phone they say wait the answer via email and via email they didn't clarify what will happen to the funds (100k).
Click to expand...
They will most probably send you the funds. It makes no financial sense or otherwise for wise to risk its reputation for 100k. Hope you recieve them soon !
 
#16
Still no answer frm them and unfortunately I don't have a bank account for the same Seychelles company somewhere else, what do you suggest? Is there any EMI with shared IBAN or similar that WISE can accept?

Thanks for your help.
 
#18
They do not answer, if you call them they say it is up to the compliance and it can take up to 60 days, meanwhile I cannot even know the exact balance! It is hilarious what is going on with Wise really, be very careful!
 
#20
Do you have any ideas about which type of lawyer and from where I should hire?
 
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