WISE financial service provider dubious? Access to accounts was deactivated and credit was withheld! Support remains silent!

Wise is a private company based in London, United Kingdom. The company was founded back in 2011, making it one of the first fintech companies. The company started under the name TransferWise and changed its name to Wise in early 2021.

A key feature of a WISE account is the ability to receive up to 56 different currencies in the account and send funds to accounts in 80 countries. So you can pay in these currencies, but also hold money in these currencies. Basically a great flexibility for a private traveller, but those who have a business bank account with WISE are currently being put to the test with this provider and many entrepreneurs are worried about their money.

We have received numerous complaints from WISE business account holders who have had access to their account closed virtually “overnight”. A business relationship can of course be cancelled, but at least statutory deadlines should be observed that allow the account holder to transfer existing balances to another bank account. But access to their own funds is no longer possible and a payout is refused.

We have also received e-mail notifications from the financial services provider WISE itself, in which it regrets the deactivation of the accesses and confirms that the reasons for the blocking are not due to the owner of the company account, nor are there any discrepancies or lack of seriousness on the part of the account holder. It was an internal decision and was based on a risk assessment.

But why have the sometimes very high balances (€100,000) in the accounts/business accounts not been paid out for months and why is a transfer refused? Enquiries by email are not welcome and WISE refers to the support contact. However, this is not possible, as you have to log in to your account in order to access support at all.

If you use the e-mail addresses found online and write an e-mail, you will only be told that you may receive a reply within 50 working days.

Many customers have come to the unanimous conclusion that the once highly praised financial services provider has lost its integrity and gone astray. Several law firms are now dealing with the financial services provider, and as WISE is not a bank, the deposit guarantee does not apply either.

The fact is, the entrepreneurs are worried about their money and are currently facing their financial obligations without means, as WISE is simply blocking their credit balance.

If you are also affected by these account blockages, please contact us at [email protected]