Wise personal account is Joke

[Alexmorgan]

Dear all

since over a month i have been trying to open Wise personal account in the process i made the option of highest annual income which i do

They keep asking me more information and not accepting what i provide

lately i got a 6 figures income in my company account which is not with them and i provided them the documents that discribe every dollar from contracts , invoices and my client source of income and my clients client source of income thats ends up to a loan from an official bank

All that for my personal account to open with them

Thank god i listened to the people here when they adviced me to move away from opening a business account for my company with them

Sounds like i will see revolut to open a personal account with a hope they wont be like wise

 

[tomboy]

Revolut is same crap. I would never trust an EMI to keep big amount over 4 digits. You may want to consider diversifying where you hold your funds or explore options with traditional banks, which are typically better equipped to handle high-value accounts and provide certain protections.

 

[Forester]

Revolut is same crap.

Yes. Roughly. To be correct, it is an institution behaving identically as Wise – usable only for a limited number of use-cases; very probably, not for the @Alexmorgan 's use-case.

I would never trust an EMI to keep big amount over 4 digits.

In my deep opinion, you can – I am personally doing so. My limit would be, say, high 6 figures; and just because of the majority of EMIs is not suited well for handling bigger sums. But you must choose the EMI really carefully.

You may want to consider diversifying where you hold your funds

Definitely yes, quite generally.

or explore options with traditional banks, which are typically better equipped to handle high-value accounts

Yes; but “a high-value” means high 6 - 7+ figures.

and provide certain protections.

With all due respect, nope. Yes, in many countries, especially Western ones, bank deposits are covered by a guaranteed protection – but typically up to ~100k. Anything above is not protected. And concerning the regulator's supervision etc., this is roughly the same for banks as for EMIs (usually, it may depend on the jurisdiction).
So – you simply must choose carefully, a bank as well as an EMI. (BTW, for EMIs, customers' deposits are held at ring-fenced custodian accounts with custodian banks that cannot be touched by creditors when EMI evt. fails.)

 

[jafo]

Dear all

since over a month i have been trying to open Wise personal account in the process i made the option of highest annual income which i do

They keep asking me more information and not accepting what i provide

lately i got a 6 figures income in my company account which is not with them and i provided them the documents that discribe every dollar from contracts , invoices and my client source of income and my clients client source of income thats ends up to a loan from an official bank

All that for my personal account to open with them

Thank god i listened to the people here when they adviced me to move away from opening a business account for my company with them

Sounds like i will see revolut to open a personal account with a hope they wont be like wise

Wise's business is skimming off the top efficiently! While a brick & mortar bank may charge you £ 30 + higher currency rate, Wise charges a few £ + midrate fees. Wise is NOT looking for people who can drag them to court. They do NOT make enough for this. A person with lots of "fighting" power is NOT what Wise wants as a customer. They are looking for migrant workers/low-paying workers who need to use their services because Western Union is too expensive & inconvenient.
Wise does NOT want million-dollar accounts and big players. Those must go to a private bank or asset and wealth management entities!

Wise is to the money transfer agencies and bank transfers, what Uber is to the Taxi industry!
You can see what the service will cost you upfront, it's efficient, and there will be NO surprises on either side with banks.
Wise is the Uber of money transfer agencies!

@Forester - Did I get that right? I came to that conclusion after reading their annual reports. I'm a shareholder in Wise when it hit £3.14 (my buy limit order) as I calculated this to be their intrinsic value.

 

[Alexmorgan]

Wise's business is skimming off the top efficiently! While a brick & mortar bank may charge you £ 30 + higher currency rate, Wise charges a few £ + midrate fees. Wise is NOT looking for people who can drag them to court. They do NOT make enough for this. A person with lots of "fighting" power is NOT what Wise wants as a customer. They are looking for migrant workers/low-paying workers who need to use their services because Western Union is too expensive & inconvenient.
Wise does NOT want million-dollar accounts and big players. Those must go to a private bank or asset and wealth management entities!

Wise is to the money transfer agencies and bank transfers, what Uber is to the Taxi industry!
You can see what the service will cost you upfront, it's efficient, and there will be NO surprises on either side with banks.
Wise is the Uber of money transfer agencies!

@Forester - Did I get that right? I came to that conclusion after reading their annual reports. I'm a shareholder in Wise when it hit £3.14 (my buy limit order) as I calculated this to be their intrinsic value.

Because you have a share with them dosent mean you need to defend them all time

By the way i saw a lot of people complaining from my situation even tho they are workers and low income people


I asked a personal account for me and i have a company with a bank account with Mercury which they do their KYC and compliance

I just wanted wise services for personal use as they provide me a US account


and no i wont move a 6 figures through them i will just use between 1000 to 1500$ weekly only through them and sometimes i may not move anything


so where is the mistake in that?

 

[jafo]

Because you have a share with them dosent mean you need to defend them all time

Wise closed my OWN account and they KNOW I have a lot of shares with them. And I started encouraging Wise to go public years ago. I still have those emails. Are you happier now?

so where is the mistake in that?

It's something you said. The way you presented yourself to them. We all make this mistake here.
Unless you are on Wall Street, a strip club, Monaco, or China it's best NOT to tell people how much of a BIG businessman you are. Most people resent that! I don't know why, but they do.

 

[karishi]

Because you have a share with them dosent mean you need to defend them all time

By the way i saw a lot of people complaining from my situation even tho they are workers and low income people


I asked a personal account for me and i have a company with a bank account with Mercury which they do their KYC and compliance

I just wanted wise services for personal use as they provide me a US account


and no i wont move a 6 figures through them i will just use between 1000 to 1500$ weekly only through them and sometimes i may not move anything


so where is the mistake in that?

I have a business account with wise ( San vincent and the Grenadines LLC for a software agency ), I trusted them with 6 figures, and personal account and I have always been super happy. UAE banks are the real s**t in my opinion, I have one and it's really bad.

 

[diatessaron]

They are looking for migrant workers/low-paying workers who need to use their services because Western Union is too expensive & inconvenient.

If you check Trustpilot you will see that there's plenty of "migrant workers" complaining about their accounts getting blocked.

While a brick & mortar bank may charge you £ 30 + higher currency rate, Wise charges a few £ + midrate fees.

Their fees have been increasing for some time now, you would think they would be able to afford more people in their customer service team and replace the monkeys in the compliance department but it's still the same.

So who is Wise truly for? The headache is not worth it.

 

[JohnnyDoe]

Wise is to the money transfer agencies and bank transfers, what Uber is to the Taxi industry!
You can see what the service will cost you upfront, it's efficient, and there will be NO surprises on either side with banks.
Wise is the Uber of money transfer agencies!

Wise is the crazy Paki taxi driver in NYC, or the fake taxi car in Napoli. They both might take you to destination, but there’s a good chance you will end up robbed, severely injured with a knife or killed in a horrific accident caused by reckless driving.

 

[369]

I have a business account with wise ( San vincent and the Grenadines LLC for a software agency ), I trusted them with 6 figures, and personal account and I have always been super happy. UAE banks are the real s**t in my opinion, I have one and it's really bad.

They do not accept St Vicent anymore........so difficult to get an account for that company which is not total crap.

 

[jafo]

So who is Wise truly for

Their annual reports make this clear. I'm also NOT a client anymore either. I own shares, but I'm not "the client" they want. Look at the bright side: I bought the stock for £3.14 and it's now selling for a bit over £6.
PS. Even Richard Branson, an early investor, does NOT have an account with Wise

It's like $K and $MCD. I have their stocks, but I don't drink Coke or eat McDonald's.

Wise is the crazy Paki taxi driver in NYC, or the fake taxi car in Napoli. They both might take you to destination, but there’s a good chance you will end up robbed, severely injured with a knife or killed in a horrific accident caused by reckless driving.

I was trying to be comforting to the OP and slip it in slowly with Vaseline so he doesn't feel the pain

Seriously though, Wise is in need of a good manager that cares about the business, has his own personal fortune, and does NOT care about leeching off Wise to become richer. It needs to be a very strong & large man, so when compliance officers or regulators, hereinafter referred to as miscreants, come around, he can knock them out with ONE blow! We need to bury these whiny little miscreants in a sewer.

 

[zzzzzz]

Does anyone know, are Wise EUR personal accounts (Belgian IBAN) held in person's name or not?

 

[Forester]

@Forester - Did I get that right? I came to that conclusion after reading their annual reports. I'm a shareholder in Wise when it hit £3.14 (my buy limit order) as I calculated this to be their intrinsic value.

Yes, I agree with you, generally. (Honestly, I must say I do not like the parallel between Wise and Uber very much; as Uber is /was originally/ an example of a shared mode economics that Wise has never been to; but I – hopefully – understand what do you mean, simply an example of a cheaper, technology-powered competitor.)

Because you have a share with them dosent mean you need to defend them all time

I do not see that @jafo is defending Wise – on the contrary

By the way i saw a lot of people complaining from my situation even tho they are workers and low income people


I asked a personal account for me and i have a company with a bank account with Mercury which they do their KYC and compliance

I just wanted wise services for personal use as they provide me a US account


and no i wont move a 6 figures through them i will just use between 1000 to 1500$ weekly only through them and sometimes i may not move anything


so where is the mistake in that?

No mistake. But Wise simply sucks a lot .
Seriously: FWIW, my deep opinion about Revolut/Wise can be found e.g. here: Question - Wise (Revolut) Whats the benefit/cons? Should I have one? (#4)

I have a business account with wise ( San vincent and the Grenadines LLC for a software agency ), I trusted them with 6 figures, and personal account and I have always been super happy.

So you are a happy man Good for you!

If you check Trustpilot you will see that there's plenty of "migrant workers" complaining about their accounts getting blocked.

Frankly, in many cases it is because of an account misuse/abuse; but not in every case.

Their fees have been increasing for some time now, you would think they would be able to afford more people in their customer service team and replace the monkeys in the compliance department but it's still the same.

So who is Wise truly for? The headache is not worth it.

Exactly.

 

[jafo]

simply an example of a cheaper, technology-powered competitor.

Exactly! Accurately articulated!

 

[polonieth]

If you had a decent sum in Wise, and wanted to move it to say ADV Cash, which intermediary (preferably non crs) account would you use in the middle that Wise has no issues sending to before sending to it's final destination?

 

[Alexmorgan]

Seems as some is saying here

They want people with small salary only

 

[void]

Does anyone know, are Wise EUR personal accounts (Belgian IBAN) held in person's name or not?

yes

 

[jafo]

I hate to be that guy, but: "I told you so"

 

[burden]

Does anyone know, are Wise EUR personal accounts (Belgian IBAN) held in person's name or not?

yes they are hold in persons name. Mine is at least.

 

[deraty]

Wise's business is skimming off the top efficiently! While a brick & mortar bank may charge you £ 30 + higher currency rate, Wise charges a few £ + midrate fees. Wise is NOT looking for people who can drag them to court.

Hi. Are there any corresponding banks or intermediaries banks fees when you talk about international banks fees or commisions for swift not declared openly listed in Wise fees?