Wise new verification 2023 - How to avoid investigation?

[jafo]

OP,

Do NOT trust ANY bank, regardless of what others tell you or promise you. Especially, what the bank tells you or provides in writing. (Check out the Euro Pacific Bank thread on here).

Nobody will take financial responsibility for your financial loss. In other words, they will NOT reimburse you!

Wise is an inanimate "fiction". It doesn't bleed or breathe. The attrition rate at Wise is high. That's all you need to know.

Wear your financial bulletproof vest and "arm" yourself for Armageddon (i.e. the collapse of the bank)

PS. It's better to jump off a crashing airplane with 2 parachutes than with the "assertions & assurances" of the airplane manufacturer or the pilot.

 

[Radko]

Just talk to them, if they tell you that you have screwed up, just apologize and offer to do things the right way.
Don't over complicate this, be honest and chances are you'll be ok.

You haven't lost your money, only temporarily, so stop worrying.

Worst case scenario, you'll have to take your money somewhere else.

 

[emihunter]

I was in a similar situation and just sent them my bank statement. I think they just need some document for the sake of compliance. just send that and I think they'll approve instantly

 

[ABCZYX]

Also received the same verification notification a few weeks ago after several years banking with them. As per reading this thread,, decided to move all out just in time, so thank you for posting.
Does anyone have any good EMI suggestions for personal use that aren't as strict / in depth with their verification procedures?

 

[jafo]

I don't think there is a good EMI! EMIs should be used as transactional "bridges" only!

I've yet to deal with a brick-and-mortar bank where I could walk in and see the bank manager try any type of shenanigans. If they do, you better believe they were ordered by the "feds". At this time, the least of your worries is the money!

 

[Deepbarrels]

Why did Wise stop working with Evolve Bank & Trust for USD accounts 3 days ago? Anyone has an idea? They went back to CFSB. There are a lot of people who got their account shut down in the last 6 months with Wise and weren't refunded their funds. Did you get yours back?

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[Alexmorgan]

Why did Wise stop working with Evolve Bank & Trust for USD accounts 3 days ago? Anyone has an idea? They went back to CFSB. There are a lot of people who got their account shut down in the last 6 months with Wise and weren't refunded their funds. Did you get yours back?

Bei Facebook anmelden

Melde dich bei Facebook an, um dich mit deinen Freunden, deiner Familie und Personen, die du kennst, zu verbinden und Inhalte zu teilen.

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Its not only Evolve Bank & Trust its even the other bank gone

Many lost their full US accounts both the domestic and International in their wise account

 

[EliasIT]

The USA is really making it difficult to be an Americans outside of their own country.

 

[wellington]

The USA is really making it difficult to be an Americans outside of their own country.

US, UK, and in Part EU (but theres so many competing parties its pretty much failing) is preparing the market for 'bail-ins' which is basically harvesting as much information on their subjects as possible, and screwing the doors for capital flight ever so slightly week by week.

Come march entire markets will be down if not before and the hypothecated government debt de-leveraging will result in socialised losses picked up by bail ins.

 

[Don]

I don't think there is a good EMI! EMIs should be used as transactional "bridges" only!

I've yet to deal with a brick-and-mortar bank where I could walk in and see the bank manager try any type of shenanigans. If they do, you better believe they were ordered by the "feds". At this time, the least of your worries is the money!

100%

Ironically you can have a situation where you have an EMI account and you find out in which bank your money is actually kept (well electronically anyways), try to open an account with them and get rejected.

Now when you are at the bank it can go like this: "guys, my money is already with you, why don't we get rid of the intermediaries? Even if you reject, Im still moving my moneys through your institution, you like it or not".
They will usually not tell you that they reject you for business purposes, but that may very well be the case.

On the other hand it shows clearly that banks need EMI-s to protect their business. They actually want you to use EMI-s as transactional bridge to lower the direct risk exposure and compliance burden to the bank since AML function is not where they make profit.

 

[JackAlabama]

US, UK, and in Part EU (but theres so many competing parties its pretty much failing) is preparing the market for 'bail-ins' which is basically harvesting as much information on their subjects as possible, and screwing the doors for capital flight ever so slightly week by week.

Come march entire markets will be down if not before and the hypothecated government debt de-leveraging will result in socialised losses picked up by bail ins.

No bail ins happening. Its not needed with a printer (2023 clearly shows this and in the market it can be seen by bitcoin up 100% ytd.)
They want every penny in tax paid since fortunes will be made by epic currency debasement.

100%

Ironically you can have a situation where you have an EMI account and you find out in which bank your money is actually kept (well electronically anyways), try to open an account with them and get rejected.

Now when you are at the bank it can go like this: "guys, my money is already with you, why don't we get rid of the intermediaries? Even if you reject, Im still moving my moneys through your institution, you like it or not".
They will usually not tell you that they reject you for business purposes, but that may very well be the case.

On the other hand it shows clearly that banks need EMI-s to protect their business. They actually want you to use EMI-s as transactional bridge to lower the direct risk exposure and compliance burden to the bank since AML function is not where they make profit.

Yah. emis are good for transactions, banks for keeping it and not vice versa (in theory at least, no one should seriously consider holding much cash at banks these days, same goes for transactions where there are much better options, but sometimes its sadly still needed).

 

[clemens]

You can't avoid the investigation if you mobve a lot of money every day. Sooner or later they will ask questions. The key is to have all proper documents in place to show.

 

[jafo]

The key is to have all proper documents in place to show.

But we don't know what these are. They make sh1t up as they go along. It would be great if there was an exhaustive list of documents as opposed to random requests by "faceless & nameless" compliance officers.

 

[JackAlabama]

But we don't know what these are. They make sh1t up as they go along. It would be great if there was an exhaustive list of documents as opposed to random requests by "faceless & nameless" compliance officers.

exactly. its seemingly completely random.