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Wise halts new UK and EU business customers amid capacity strains

#5
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 ?
 
#6
bonox said:
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 ?
Click to expand...

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
 
#7
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!!
 
#8
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#13
cyrejd said:
Others have observed that Wise stopped onboarding UK and EU business clients several weeks ago, which contradicts the information provided in the article below?

https://www.cityam.com/cant-keep-up...-eu-business-customers-amid-capacity-strains/
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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! :oops:

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! cry&¤

Seems Wise is really hurting themselves. I don't understand why...
https://twitter.com/x/status/1720035843581050961

and this:
https://twitter.com/x/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? :rolleyes:
 
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#14
jafo said:
Mind-boggling to me. What am I missing here? What's the end play? :rolleyes:
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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.
 
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#16
JohnnyDoe said:
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.
Click to expand...

Exactly

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

bizman said:
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!!
Click to expand...

Run out of EU
 
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#17
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.
 
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#19
jafo said:
Mind-boggling to me. What am I missing here? What's the end play? :rolleyes:
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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.
 
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#20
banafinfodafuggiano said:
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.
Click to expand...

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.
 
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