| Pages in topic: [1 2 3] > | Issues with Wise (Personal/Business Account) Thread poster: Baran Keki
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Baran Keki 
Türkiye
Local time: 11:19
Member
English to Turkish
I've been using Wise with European clients without any problems so far. But last Friday, my transfer (from my Wise EUR Account to my Turkish account) got paused and I was asked all kinds of questions as to who I am, what I do, why I use them etc. etc. They asked me to provide them with payslips, bank statements to verify my identity/account (and I'd been using them regularly for more than 3 years at that point). I thought all this was just a formality and uploaded one remittance note to get on w... See more I've been using Wise with European clients without any problems so far. But last Friday, my transfer (from my Wise EUR Account to my Turkish account) got paused and I was asked all kinds of questions as to who I am, what I do, why I use them etc. etc. They asked me to provide them with payslips, bank statements to verify my identity/account (and I'd been using them regularly for more than 3 years at that point). I thought all this was just a formality and uploaded one remittance note to get on with the transfer. It took more than 2 days for them to send me an email to ask for more proof (bank statements for the last 3 months), so I sent them every PO I could find to account for my 'wealth'.
Long story short, they told me that I wasn't supposed to use a Personal Account to make such transactions, but I should create and use a Business Account for receiving money from agencies.
Has anybody experienced anything like this with Wise? Do you all use Business Accounts? Is a Business Account any different than a Personal Account? Do they charge you extra fees if you use a Business Account? ▲ Collapse
| | | | Tom in London
United Kingdom
Local time: 09:19
Member (2008)
Italian to English
This is worrying. I use Wise because the normal banks charge a fortune.
It seems to depend on the regulations that apply in the country where you reside.
I recently found this advice on a UK website:
[Edited at 2022-03-08 14:36 GMT]
| | | | Stepan Konev
Russian Federation
Local time: 11:19
English to Russian
| I had similar* experience | Mar 8, 2022 |
I have passed all the same checks, and it took almost two weeks for them to transfer the money. It was more than six months ago (I mean that it has nothing to do with the current political situation). According to my understanding, their security system is the culprit. I suppose they simply select a random candidate for full-scale vetting regardless of their nationality or any other criteria. You are just a lucky man, the one chosen by their security system.
*However, they didn't request t... See more I have passed all the same checks, and it took almost two weeks for them to transfer the money. It was more than six months ago (I mean that it has nothing to do with the current political situation). According to my understanding, their security system is the culprit. I suppose they simply select a random candidate for full-scale vetting regardless of their nationality or any other criteria. You are just a lucky man, the one chosen by their security system.
*However, they didn't request that I register a business account.
[Edited at 2022-03-08 14:45 GMT] ▲ Collapse
| | | | Daniel Frisano
Italy
Local time: 10:19
Member (2008)
English to Italian
+ ...
I remember setting up a business account along with my personal account right away. No hassle, no extra fees, and it works exactly like the personal account. No different from having two separate accounts at the same bank.
The only extra requirement is a proof that the business is actually registered, and it's under your name.
Do you operate as a company or as an individual entrepreneur?
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Tom in London
United Kingdom
Local time: 09:19
Member (2008)
Italian to English
Stepan Konev wrote:
I have passed all the same checks, and it took almost two weeks for them to transfer the money. It was more than six months ago (I mean that it has nothing to do with the current political situation). According to my understanding, their security system is the culprit. I suppose they simply select a random candidate for full-scale vetting regardless of their nationality or any other criteria. You are just a lucky man, the one chosen by their security system.
... and did you have to open a business account?
| | | | Tom in London
United Kingdom
Local time: 09:19
Member (2008)
Italian to English
Daniel Frisano wrote:
I remember setting up a business account along with my personal account right away. No hassle, no extra fees, and it works exactly like the personal account. No different from having two separate accounts at the same bank.
The only extra requirement is a proof that the business is actually registered, and it's under your name.
Do you operate as a company or as an individual entrepreneur?
That's good to know - thanks !
| | | | Stepan Konev
Russian Federation
Local time: 11:19
English to Russian
Tom in London wrote:
... and did you have to open a business account? I'm sorry, I forgot to mention that. No I didn't. After their vetting was done, they just transferred my money.
| | | | Tom in London
United Kingdom
Local time: 09:19
Member (2008)
Italian to English
Stepan Konev wrote: Tom in London wrote:
... and did you have to open a business account? I'm sorry, I forgot to mention that. No I didn't. After their vetting was done, they just transferred my money.
So it's nothing to worry about after all. Thanks. Certain experiences from my childhood have made me a person who always expects disaster to strike at any moment!
[Edited at 2022-03-08 14:53 GMT]
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| Business account | Mar 8, 2022 |
They told me a couple of years ago, when I was freelancing in my own name, that I should open a business account for freelance transactions instead of using my personal account, and that my personal account could be blocked if I used it for freelance purposes. I wasn't even aware of the difference back then, and the site didn't make it clear when I originally opened an account.
The fees are the same, except that there was a €25 set-up fee when I opened a new business account for m... See more They told me a couple of years ago, when I was freelancing in my own name, that I should open a business account for freelance transactions instead of using my personal account, and that my personal account could be blocked if I used it for freelance purposes. I wasn't even aware of the difference back then, and the site didn't make it clear when I originally opened an account.
The fees are the same, except that there was a €25 set-up fee when I opened a new business account for my limited company last year. That covered a multi-currency debit card and opening of all the currency balances with local account numbers needed. ▲ Collapse
| | | | Tom in London
United Kingdom
Local time: 09:19
Member (2008)
Italian to English
Thomas T. Frost wrote:
They told me a couple of years ago, when I was freelancing in my own name, that I should open a business account for freelance transactions instead of using my personal account, and that my personal account could be blocked if I used it for freelance purposes. I wasn't even aware of the difference back then, and the site didn't make it clear when I originally opened an account.
The fees are the same, except that there was a €25 set-up fee when I opened a new business account for my limited company last year. That covered a multi-currency debit card and opening of all the currency balances with local account numbers needed.
Did you close down your personal account at the same time as opening your business account?
| | | | ph-b (X)
France
Local time: 10:19
| Same as Daniel | Mar 8, 2022 |
Daniel Frisano wrote:
I remember setting up a business account along with my personal account right away. No hassle, no extra fees, and it works exactly like the personal account. No different from having two separate accounts at the same bank.
Same here, and I don't remember being given a choice: they opened a business account for me after I'd answered their question about what I did for a living.
However, I once got muddled and gave a client the details of my personal account. They've been using it ever since and Wise never said a thing...
| | | | | Just checked now | Mar 8, 2022 |
I opened a business account from the start in December, as a freelance provider, in order to receive dollars from a customer. To get a business account, I only had to transfer 23 euros from my bank account to the Wise account and fill in business details.
I did receive the USDs.
But when I signed in just now, I was required (again) to provide a proof of identity. Which I did.
And I realise that those 23 euros are not credited to my EUR account, perhaps because I'm still not ful... See more I opened a business account from the start in December, as a freelance provider, in order to receive dollars from a customer. To get a business account, I only had to transfer 23 euros from my bank account to the Wise account and fill in business details.
I did receive the USDs.
But when I signed in just now, I was required (again) to provide a proof of identity. Which I did.
And I realise that those 23 euros are not credited to my EUR account, perhaps because I'm still not fully vetted...
Philippe ▲ Collapse
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Baran Keki
Türkiye
Local time: 11:19
Member
English to Turkish
TOPIC STARTER
Daniel Frisano wrote:
I remember setting up a business account along with my personal account right away. No hassle, no extra fees, and it works exactly like the personal account. No different from having two separate accounts at the same bank.
The only extra requirement is a proof that the business is actually registered, and it's under your name.
Do you operate as a company or as an individual entrepreneur?
I operate as an individual. Unfortunately I'm forced to use Payoneer with my US clients as Wise doesn't offer a USD account for Turkey, and they (Payoneer) take a cut from each incoming payment (2 or 3%) and a hefty chunk (about as high as Paypal) when you transfer the funds to your local bank from their USD account. I was worrying a similar thing might happen with the so-called Business Account, but you say no extra fees, so that's a relief.
| | | | Baran Keki
Türkiye
Local time: 11:19
Member
English to Turkish
TOPIC STARTER | What about IBAN and other bank details? | Mar 8, 2022 |
Thomas T. Frost wrote:
They told me a couple of years ago, when I was freelancing in my own name, that I should open a business account for freelance transactions instead of using my personal account, and that my personal account could be blocked if I used it for freelance purposes. I wasn't even aware of the difference back then, and the site didn't make it clear when I originally opened an account.
The fees are the same, except that there was a €25 set-up fee when I opened a new business account for my limited company last year. That covered a multi-currency debit card and opening of all the currency balances with local account numbers needed.
Are you using the same IBAN, SWIFT numbers as your Personal Account with the Business Account? Or they completely different EUR accounts with different IBAN/SWIFT numbers? If so, it'll be a pain to get the new details to every existing client...
| | | | Mihai Badea (X)
Luxembourg
Local time: 10:19
English to Romanian
+ ...
| More issues to come, look for alternatives | Mar 8, 2022 |
Wise and similar services use the costly banking infrastructure to offer cheap transfers. This could not last.
A good proportion of banks' income was the interest difference. But with a negative interest ...
Maintaing brick-and-mortar offices costs money, ATMs are expensive, loading money is a specialised operation and so on.
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