Wise froze account - what to do?

[snowman]

Hello, wise froze a friends account. it is a legit business, but Wise still froze the account. long story short, its because of some techincall reasons but they are taking more then 2 weeks to find a solution and unblock the account. nothing more then standard replies "we are looking into it and let you know".

They also dont react on treatments of lawsuits.

what would you do?

 

[Aetherial]

Depends on the amount. If it is a large amount, get a lawyer and make complaints at an institution (depending on where you live). This can, unfortunately, take months.

 

[Martin Everson]

long story short, its because of some techincall reasons

What technical reasons?

what would you do?

Contact regulators first if you have a legit case and try and resolve issue amicably. Don't be threatening them with lawyers and expect them to give you insightful answers that could later be used against them in court. Think logically and good luck.

 

[Fred]

Wise is abusing their monopole in the EMI World and still attracting new clients today with bare minimum KYC requirements and fast verification just to block your account and THEN start to look in your account in detail just to figure THEN out that you are outside their risk appetite.

They have basically students working in the compliance and terrible AI to randomly block funds - you should use Wise only with funding the account from real banks and not EMI to EMI their AI tends to block Accounts with EMI to EMI Transactions way more compared to Bank Account to Wise.

Bottom Line learning is spend a bit more money and time on opening a proper Bank Account and use Wise only what it was designed for - FX and spend in exotic local Currencies like HUF, RON and PLN etc.

 

[W Fish]

search the forum. there are detailed descriptions what is going on