Wise halts new UK and EU business customers amid capacity strains

[backpacker]

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.

It will be regulated to death, unfortunately.
Rest assured, if governments and politicians are good in one thing then it is to kill innovation.

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/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?

When Wise informed me about this -> Wise personal account is Joke I stopped doing business with them.
It has become financially uninteresting to consider them anymore, due to their insane fees. I can do cheaper transfers with traditional Philippine banks than with Wise.

 

[JohnnyDoe]

It will be regulated to death, unfortunately.

Fast forward to 2031 and everyone will be using xmr

 

[bizman]

With a crypto debit card

Where and what service to use that is reliable? What service to use if you have to transfer money to a regular business not related to crypto but require you to transfer in euro?

 

[JohnnyDoe]

Where and what service to use that is reliable? What service to use if you have to transfer money to a regular business not related to crypto but require you to transfer in euro?

There are many options already discussed in other threads for good EMIs and exchanges

 

[clemens]

Where and what service to use that is reliable? What service to use if you have to transfer money to a regular business not related to crypto but require you to transfer in euro?

There are many options already discussed in other threads for good EMIs and exchanges

Maybe just a few names please?

 

[Why]

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

That’sminteresting. Crypto exchange with personal iban? So that would,look like a bank and accept incoming transfers? What about outgoing transfers though, would they get flagged?
which exchange can you recommend?

 

[JohnLocke]

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

Why should one have a personal account? If one is a company that needs to handle crypto but also be able to pay bills via IBAN EUR transfers, then one should have a business account that can do this, right?

I have sent a sea of questions to swapin.com - I hope it is possible to use them as a regular account and more.

 

[JohnnyDoe]

Why should one have a personal account?

With personal I mean for exclusive use and in one own’s name, it can be obtained also as a company.

If one is a company that needs to handle crypto but also be able to pay bills via IBAN EUR transfers, then one should have a business account that can do this, right?

Yes, or if your personal setup allows this just move funds out of the company to yourself and pay bills on behalf of your company.

I have sent a sea of questions to swapin.com - I hope it is possible to use them as a regular account and more.

Please write a review once you have used it extensively.

 

[PinkCat]

Few days ago they closed my account after having used them without any issues for several years.

 

[wellington]

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.

In 2010, to buy Bitcoin (in Europe)

you had to send funds to Paypal, wait for it to process -> send to Virwox, then wait for it to process, then buy Linden Dollar (non-tokenised-USDT equivalent), then exchange Linden for BTC then transfer BTC out, took a fair few days lol.

Few days ago they closed my account after having used them without any issues for several years.

Wise?

Source of all the issues with Wise i suspect. Wise 250 quid transfer of sanctions person causes chaos at wise.

 

[JackAlabama]

It will be regulated to death, unfortunately.
Rest assured, if governments and politicians are good in one thing then it is to kill innovation.

Nope, it will be exactly the other way around, it will separate money from state and govs need to adopt and cater to customers coming to their lands.
Or are where you live no banned goods around, esp in Phillipines?

When Wise informed me about this -> Wise personal account is Joke I stopped doing business with them.
It has become financially uninteresting to consider them anymore, due to their insane fees. I can do cheaper transfers with traditional Philippine banks than with Wise.

 

[backpacker]

Nope, it will be exactly the other way around, it will separate money from state and govs need to adopt and cater to customers coming to their lands.

In cloud cuckoo land.

Or are where you live no banned goods around, esp in Phillipines?

I do not need any banned goods. So, no need for any "seperate money".
--------------------------------------------------------------
Why do you cite the last part of post #21 ?

 

[kkein]

Judging by the fact only one is complaining here, I don't see (yet) a reason to worry about existing accounts, unless there's an individual reason to worry.

 

[sriracha]

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

Can you suggest some?

 

[JohnnyDoe]

Can you suggest some?

Crypto Exchange with personal virtual IBAN

Dear Offshorecorptalk Community. The issue I am currently facing is that a bank account I use doesnt support custom reference inputs for transfers. When I want to pay Kraken, they want me to do the payment with Reference "ABC-XYZ" to their pooled IBAN, but I cannot add this exact reference to...

www.offshorecorptalk.com

 

[sriracha]

Crypto Exchange with personal virtual IBAN

Dear Offshorecorptalk Community. The issue I am currently facing is that a bank account I use doesnt support custom reference inputs for transfers. When I want to pay Kraken, they want me to do the payment with Reference "ABC-XYZ" to their pooled IBAN, but I cannot add this exact reference to...

www.offshorecorptalk.com

Thanks!

 

[Cloudbanck]

In cloud cuckoo land.

I do not need any banned goods. So, no need for any "seperate money".

They will not ban it or regulate it to death, not because of the goodness of their hearts but because all the corrupt bureaucrats and politicians - and there are many of them - will want Bitcoin.

Take just the ex Minister of Defense in Guinea, who was ousted in a coup like two years ago. It was found that he had the following possessions:

60M USD in cash
75.8 kg of gold
17 diamonds
47 Villas
53 Apartment buildings
18 Luxury vehicles
7 Hotels
12 Factories for the production of bottled water and fruit juice
16 Chicken farms with a total of 2 million chickens
Exclusive rights ot export Cashew nuts from Guinea
Various mining concessions

This guy was too old to get Bitcoin, but the next generation of guys like him will totally have large Bitcoin posessions, and there are lots of guys like him.


Also when a type of money is being debased, people go to another type of money that is harder to create more of. Has happened many times in human history. In Latin america typically an inept dicator/socialist will print his own currency into oblivion and try to stop the population from moving over to the harder US Dollar, calling the dollar imperialist money, imposing capital controls, cracking down on black market exchanges and imposing a far from market exchange to himself and his cronies. But it never works, people move over to the dollar anyway.

And where will people move to when the US starts acting like a latin american banana republic and prints the US dollar into oblivion to cover ever increasing entitlement spending (and military spending) ? Yup, BTC.

 

[JohnnyDoe]

Take just the ex Minister of Defense in Guinea, who was ousted in a coup like two years ago. It was found that he had the following possessions:

this is just what they found
There’s a reason why the minister of defense (responsible for patrolling the borders, including the coast) was so loaded. With the compliments of all the retarded EU citizens who fuel the commerce.

 

[Napoleonwasnotshort]

anyone else experiencing issues / account blockage from Wise?

I'm going through a change, trying to understand how 'wise' is to leave there 6digits for more than few months..

 

[Why]

anyone else experiencing issues / account blockage from Wise?

I'm going through a change, trying to understand how 'wise' is to leave there 6digits for more than few months..

Just don’t do it.