Posts from Splinter in thread „Transferwise against speculation?“

I'm reading a lot of reports of people having their Wise accounts closed without notice, following transactions with Argentina and also through crypto wallets.

Quote from a post on Facebook:

Quote

Hey you all!

A financial question, since I'm having a bit of a nervous breakdown here Wise (formerly known as Transferwise) just closed my account suddenly, without notice. I have no idea why, and I'm not sure I can get back the money I had there. And my Swedish banks are blocking all my foreign transfers (guess they have Argentina marked as a suspicious country and think I'm laundering), and more or less I can't use Western Union anymore. So in short, I'm having major problems getting money into Argentina lately. And since I make my salary abroad, that is a bit of an issue, since Im the major bread feeder of my family.

So firstly, did the same thing happen to anyone else, that Wise closed your account. Why and could you solve it?

Secondly, please hit me with any other good options for sending money here to the good currency exchange rate! Thanks in advance!

In fact, a very close contact of mine had all his accounts closed and he was transferring a lot between Arg and UK.

I've decided not to any transfers at all to this country and that includes WU.

TransferWise Closed Your Account? | Offshore Bank Accounts Blog

If you buy and sell cryptocurrency, deal in a high-risk industry, or have had your TransferWise account closed, you might want to seriously reconsider dealing…

offshorebankaccounts.com

My debit card arrived at my UK address today, which was really quick!

Quote from Semigoodlooking

Does anyone know if when setting up a TransferWise account if you can send the first deposit from an Argentine bank?

I am setting up a Pound Sterling cross border account and they need a £20 payment. Problem is I do not have any banking in the United Kingdom so need some other means to send the £20. Maybe they accept this payment from my Arg bank account?

I got my brother to help with that...

Quote from serafina

The card was promising, but then they put a monthly limit of 200 EUR/month for withdrawal with no fee, and the rest is charged. TBH, I have never traveled to Italy since I got the card, so I have been using it online only.

TW has been doing random audit and forced me to open a business account (for a 30 USD fee), where there is no debit card. The two accounts do no communicate, meaning that if I don't have enough funds on my personal account and I am using my TW debit card, it won't use the funds in the business account.

I have been audited also with the business account. Basically, you receive a transfer and all looks good. Then 3 days later you receive an email from TW saying that the transfer is on hold until you provide certain details on the sender (full name and DOB). This is pretty embarrassing to ask to a client and sounds fishy.

TW has lost so many points with me since then...

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That could be for money laundering rules and the number of transactions?

TransferWise is changing its name to Wise and if you order a debit card before 31st March, there's no charge. Just done that for delivery to my UK address.

https://transferwise.com/gb/blog/world-meet-wise

I just opened an account with TransferWise and it was incredibly fast. From filling out the form, verification and receiving the important bank details, took all of 10 minutes.

Very impressive.