Wise suddenly changed its terms
Wise (ex. Transferwise) was a good platform and partner in business up until recently. They have blocked our account, asking for verification documents, specifically, a 4-6 months long bank statement from our primary bank. I would say it's a bit unusual request. Nevertheless, we have provided those documents and waited for their resolution. That took some weeks.
Today, we could not login anymore because our account was deactivated. That's all the info we got. Not even an email about this, we have to try to login to get that info. When you call them, they say to you "it's another team that does it, we can not access why your account is deactivated.".
The whole time we have money in the account we could not access. Now, we can not even "see" the balance anymore. We have requested refund, but their waiting times for resolution are, check this, up to 30 working days.
We are legit, legal, registered business. Was on Wise for 5 years probably up until this situation.
I do not recommend using Wise for your business as it will leave you with locked account with money inaccessible to you.
Reply from Wise
Hi David,
We're a financial institution. So we need to know who’s using our service, why, and that their money comes from a legitimate place.
Our primary goal is to ensure the safety and legitimacy of every transaction. That's why we sometimes request additional documentation, like the 4-6 months bank statement you mentioned. It's part of our commitment to meeting financial regulations and keeping everyone's funds secure.
If your account was deactivated — this isn't something we take lightly. It's often a result of a conflict with our Terms of Service or Customer Agreement, or due to a discrepancy with a financial law. We can't always share the exact reason for the deactivation, due to how we're regulated.
If you've already made an appeal, following these guidelines: https://wi.se/accountdeactivation, we’ll review your request and get back to you within the given timeframe.
We'll work on sending the remaining money in your account back to you. But first, we need to carry out due diligence checks. While we do that, your money and information stays safe and secure.
Wise