Wise halts new UK and EU business customers amid capacity strains

[cyrejd]

Others have observed that Wise stopped onboarding UK and EU business clients several weeks ago, which contradicts the information provided in the article below?

Can't keep up: Wise halts new business customers amid capacity strains

London-listed fintech firm Wise has been forced to freeze onboarding all new business clients across the UK and Europe.

www.cityam.com

 

[Sols]

There were stops in specific countries in EU (Cyprus, Malta, and a few others), but now it's an EU wide stop.

 

[JohnnyDoe]

they must have enough frozen accounts to make them happy for a few weeks.

 

[Alexmorgan]

Sounds like wise its time for everyone who have money in wise to withdraw it or transfer it out

The game started with US now it went to EU

They played with fire and the fire played back

 

[bonox]

Just because they have stopped taking on new customers doesn't necessarily mean that they are getting rid of the old ones or closing accounts. It's actually a positive sign that they are taking care of the customers they have before they take on new ones, right?

What alternatives would you suggest if it shouldn't be Revolut or Mister Tango for that matter? Maybe Monzo, N26, Starling Bank ?

 

[Alexmorgan]

Just because they have stopped taking on new customers doesn't necessarily mean that they are getting rid of the old ones or closing accounts. It's actually a positive sign that they are taking care of the customers they have before they take on new ones, right?

What alternatives would you suggest if it shouldn't be Revolut or Mister Tango for that matter? Maybe Monzo, N26, Starling Bank ?

They closed most of people USD accounts besides they suspended so many others few wrote about it in here

Check truatpilot and see the latest

 

[bizman]

You scare the s**t out of my pants. What are the alternatives for all of us depending on wise for the many years ? Something reliable needed that accept payments from crypto exchanges!!

 

[clemens]

Check truatpilot and see the latest

i give a f**k about trustpilot since most of people posting there are screenheros and amateurs that would even post about their girlfriend or mother on trustpilot if they didn't got that blowjob.

I can't see what's wrong on scampilot

Wise is rated "Great" with 4.2 / 5 on Trustpilot

Do you agree with Wise 's TrustScore? Voice your opinion today and hear what 197,006 customers have already said.

www.trustpilot.com

 

[wellington]

Over 1.2m people have been de-banked in the UK from traditional banks, and that's before you consider commercial accounts.

So the likely hood is these people/entities flooded to wise...

That's just in the UK, same happening in Europe, US reportedly in the push to eradicate cash based entities (and SME's) (covid didn't kill them all).

 

[JohnnyDoe]

the solution as always is btc+xmr+a crypto exchange with a personal iban

 

[clemens]

the solution as always is btc+xmr+a crypto exchange with a personal iban

how would you you pay your onging expenses if you have it all in crypto

 

[JohnnyDoe]

how would you you pay your onging expenses if you have it all in crypto

With a crypto debit card

 

[jafo]

Others have observed that Wise stopped onboarding UK and EU business clients several weeks ago, which contradicts the information provided in the article below?

Can't keep up: Wise halts new business customers amid capacity strains

London-listed fintech firm Wise has been forced to freeze onboarding all new business clients across the UK and Europe.

www.cityam.com

Not surprising AT ALL... I started having issues with them about 7 months ago and I posted this question: https://www.offshorecorptalk.com/th...ss-to-one-of-my-accounts-via-truelayer.41086/

and it was @Sols ' helpful answer that made me jump ship! When I read "At 6,000 USD/month, you are an above average customer of Wise and you have probably reached some threshold where they need to perform SOF/SOW (Source of Funds/Wealth) checks", I ran for the Hills!

All I spend money on is food, mainly good quality steaks and crustaceans, groceries, some wine/Champagne, health insurance, supplements, TRT, etc.

Nothing I would consider extravagant, so being "an above-average customer at Wise" makes me extremely nervous!

Seems Wise is really hurting themselves. I don't understand why...

https://twitter.com/i/web/status/1720035843581050961

and this:

https://twitter.com/i/web/status/1707784594689581419

All one has to do is search Twitter for this: https://twitter.com/search?q=(700 OR vendor OR pay) (@Wise)&src=typed_query

Mind-boggling to me. What am I missing here? What's the end play?

 

[JohnnyDoe]

Mind-boggling to me. What am I missing here? What's the end play?

zero-interest loans for 14-30-90+ days
boost stats of closed accounts so they can show how good at AML they are (and let slip through some friends...)
in general, Wise as a healthy business died (as often happens) at IPO. The founders don't care any longer.

 

[jafo]

zero-interest loans for 14-30-90+ days

I'm so shocked... I'm at a loss for words

 

[Alexmorgan]

zero-interest loans for 14-30-90+ days
boost stats of closed accounts so they can show how good at AML they are (and let slip through some friends...)
in general, Wise as a healthy business died (as often happens) at IPO. The founders don't care any longer.

Exactly

No more wise as i see they killed them selfs by them selfs lile Nokia

You scare the s**t out of my pants. What are the alternatives for all of us depending on wise for the many years ? Something reliable needed that accept payments from crypto exchanges!!

Run out of EU

 

[banafinfodafuggiano]

First people flood from Traditional banks to EMIs, then when they realise EMIs are a financial scam too, they will flood into Crypto.

I expect the Crypto market to be 25x in 10 years of what it is now (at least). With several people doing B2B and B2C transactions directly through ledgers and online self-governed proprietary wallets.


It's impossible to stop.

 

[jafo]

I expect the Crypto market to be 25x in 10 years of what it is now (at least). With several people doing B2B and B2C transactions directly through ledgers and online self-governed proprietary wallets.

From your words to God's ears!

 

[Sols]

Mind-boggling to me. What am I missing here? What's the end play?

I'd guess Wise is doing this to not end up in a situation where they have an unmanageable portfolio of clients. It's better to pump the breaks and make sure internal controls are sufficient to effectively monitor clients than to grow blindly and have too many lapses in customer due diligence.

 

[TheCryptoAnt]

First people flood from Traditional banks to EMIs, then when they realise EMIs are a financial scam too, they will flood into Crypto.

I expect the Crypto market to be 25x in 10 years of what it is now (at least). With several people doing B2B and B2C transactions directly through ledgers and online self-governed proprietary wallets.


It's impossible to stop.

Back in '17 when I got into Crypto almost nobody accepted crypto payments outside of 4 freaks and some VPN providers.

Now in '23, Im paying Vietnamese manufacturers in USDT.

So... yeah u right. Fingers crossed this trend continues.