Question Wise closed my account and I need a bank account to withdraw my money to

[anass]

Wise closed my account 3 months ago, and they told me that after 60 days they will withdraw the funds in my account to my bank account, and now they told me that the bank they are withdrawing to shouldn't be in my name but my company's name, I don't know any other company other than Wise, that offer bank accounts to non uk residents, and most companies ask for proof of address from my my company which I can't get.

TL;DR: I need a bank account in the name of my UK company to withdraw my WISE funds to.
The bank can be in any country as long as it is in my company's name.

 

[Gediminas]

Hey,

Try registering to Bankera.

 

[JohnLocke]

Bankera is a good alternative to Wise. I would run a search on the forum to see what other options there are available for you, it's worth to have more than one EMI.

If you upgrade to mentor group you will have access to the RESOURCE section which give you a whole database with valid EMI's.
https://www.offshorecorptalk.com/resources/categories/emi-electronic-money-institution.5/

 

[anass]

I registered with Bankera but I found all the documents they requested kinda overwhelming

 

[admsmt75]

Just out of curiosity, why was your account closed by Wise? I have a UK business account with them too.

 

[anass]

Just out of curiosity, why was your account closed by Wise? I have a UK business account with them too.

If you have a lot of money coming into your account (10K+) from different people and you can't 100% justify them they will close your account.

 

[admsmt75]

Sorry, this is strange. I had more received from different business. They didn't ask anything. You mean private persons, or businesses?

 

[polonieth]

If you have a lot of money coming into your account (10K+) from different people and you can't 100% justify them they will close your account.

The amount and frequency here is basically irrelevant. The flag is the last part "100% justify" what does that mean? You can't explain why they are paying you because you know it violated the ToS?

 

[noname]

Make sure you always stick with service ToS and rarely you will have any problem. First of all doing legitimate and allowed business. How many times I hear people had PayPal suspended but 90% of them were violating the ToS in some way. As for the EMI you need for company check out this post maybe it can help you: https://www.offshorecorptalk.com/threads/list-of-emi-and-digital-banks.20207/ and https://thebanks.eu/emis

 

[anass]

Make sure you always stick with service ToS and rarely you will have any problem. First of all doing legitimate and allowed business. How many times I hear people had PayPal suspended but 90% of them were violating the ToS in some way. As for the EMI you need for company check out this post maybe it can help you: https://www.offshorecorptalk.com/threads/list-of-emi-and-digital-banks.20207/ and https://thebanks.eu/emis

Yeah I messed up, it was something related to crypto (I sold usdt vs wise payment), all I want now is my money, and I'll take this a lesson to carefully read TOS before I put my my money, thanks for the advice/links

 

[admsmt75]

Now it's clear. TW it's very strict about Crypto. However, I have received some crypto money, but only after discussing with them. And it was only a couple hundreds eur. I kept out of it so I don't have problems. Anyway, if your company is in UK, you can open account with FIRE. I worked well with them.

 

[clemens]

I registered with Bankera but I found all the documents they requested kinda overwhelming

most of them are the same as Wise and other EMI's why do you find this overwhelming? Even if you go into your local bank to open an account they will ask for lot's of same documents and even much more.

 

[anass]

Now it's clear. TW it's very strict about Crypto. However, I have received some crypto money, but only after discussing with them. And it was only a couple hundreds eur. I kept out of it so I don't have problems. Anyway, if your company is in UK, you can open account with FIRE. I worked well with them.

Thanks, I'll check FIRE out

 

[JamesDonkey]

If you have a lot of money coming into your account (10K+) from different people and you can't 100% justify them they will close your account.

What do you mean "people"? Individuals or businesses?

 

[anass]

What do you mean "people"? Individuals or businesses?

Individuals

 

[noname]

I also plan to start using Wise for getting payments easier way (SEPA, ACH) on virtual IBAN and USD account that they provide by mainly individuals, and when I read experiences like this it scares me. However, you mentioned you were involved with crypto, and Im not, but still it would be very bad if got account with money freezed and unable to unlock it. @anass do you think you were suspended for dealing with crypto , or because of dealing with individuals sending you payments ?

 

[Diego Reppas]

3S Money can help you most likely

 

[anass]

I also plan to start using Wise for getting payments easier way (SEPA, ACH) on virtual IBAN and USD account that they provide by mainly individuals, and when I read experiences like this it scares me. However, you mentioned you were involved with crypto, and Im not, but still it would be very bad if got account with money freezed and unable to unlock it. @anass do you think you were suspended for dealing with crypto , or because of dealing with individuals sending you payments ?

I would say they didn't know I was doing crypto, but because they were 10s of transactions from different people that I couldn't prove with documents the source they thought it was risky, I also I know a guy who got over 90k locked and he was doing Ecommerce not crypto,
If I had to do anything different I would keep most of my money in a real bank, EMIs are good for convenient but don't leave a substantial of your money in there, I could have lost another 10k in the Payoneer Wirecard scandal too.

 

[JamesDonkey]

They were 2p2 crypto transactions, right? No mention anything related to crypto anywhere?

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[anass]

They were 2p2 crypto transactions, right? No mention anything related to crypto anywhere?

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space holder

Yep, I had other sellers mention to me that if you surpass the 10k mark your account will be reviewed by Wise and suspended I didn't believe them until it happened
I told people to not mention crypto anywhere, I even created a design services website and told them to put logo design (it was a stupid move, I'm not proud of any of this, I shouldn't have done it, the 3% I made wasn't worth all this hassle)