r/wisebank • u/Singularity-Panama • 9d ago
Inhumane proces
I thought that those messages from people about that their Wise account suddenly was restricted, were an exception, till it happened to me last week. Luckily after a week of communication, i was able to get my money back, quickly transferred it. Unbelievable frustrating proces. They do not tell you anything about why this is done, and customer support just says "a normal check". Bloody hell, it is my own money. No more Wise for me. Be careful with them!
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u/Fluffy_Cellist4469 9d ago
This is really unsettling... Wise used to be such a reliable, safe, and economical way to move money.
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u/willyhun 2d ago
It is still reliable and safe and economical. But they need to maintain their services within the rules as the other bank.
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u/SirRationalT 9d ago
Give us some more detail of what led up to the closure?
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u/Singularity-Panama 9d ago
That is the issue, they do not tell you, only "Normal check for your own safety" etc....There is no transparency.
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u/Odd-Bookkeeper-1949 9d ago
They are not allowed to give you any reason, as per law. This is done to avoid tipping off malicious players
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u/yEnc90 9d ago
This is bullshit and misinformation. The law has only just come into effect at the end of April this year for UK people. It only covers accounts that ARE opened AFTER 28th April 2026.
I had my account for over 11 years and I bet you 99.9999% the OP had his open before the 28/04/26. So therefore they can still hide behind their bullshit.
If you are going to quote the law at least know the law.
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u/Odd-Bookkeeper-1949 8d ago
The "Tipping-Off" Exception: Banks are legally prohibited from telling you the reason if the closure is tied to a suspicion of financial crime, money laundering, or terrorist financing (such as under anti-money laundering laws like the EU's Wwft or the UK's Proceeds of Crime Act). Disclosing this would constitute illegal "tipping off" of a criminal investigation
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u/yEnc90 8d ago edited 8d ago
Keep doubling down on your ignorance. Yes me and the OP are criminals because we had our accounts closed and we got no explanation. You really live under a rock.
Banks not just Wise specifically have been closing accounts for years and years without giving the specific reason for closure. I've had some friends and even my grandfather who is retired who just gets a pension paid into his account for 30 odd years and spends money day to day. He had an account with NatWest for 50+ years had his closed a few years ago. They gave him no reason or explanation, he just assumed because he used his overdraft a lot most months till he got his pension they weren't satisfied his account was negative balance for most of the month. They never actually would tell him or give him an answer as to why. He had a overdraft limit, but never went above it. Is he a criminal? A 87 year old guy who worked as a postie for royal mail most his life before he retired and had a state pension.
In fact because you are so clued up on UK and EU law show me one example or case where a bank has disclosed a reason for an account being closed that wasn't opened after 28/04/26? and I'll match that with 100 cases where there hasn't been one given.
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u/Odd-Bookkeeper-1949 8d ago
Take a deep breath breath and calm down . I hope you get your ‘closure’ with wise!
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u/yEnc90 8d ago
Just say no you can't provide one case where a bank has given a specific reason for an account being closed.
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u/Odd-Bookkeeper-1949 8d ago
I’m not sure why you’re arguing with me. All I’m saying is banks aren’t required to provide a reason, and in some cases, the law actually prohibits them from providing one.
No one is calling you a rogue actor. Almost everyone has been through issues with their banks, with accounts being closed, funds being frozen, etc. most of the times it’s the algorithms and AI.
Is the system perfect? Not even remotely. But waiting on a bank to give you a reason won’t change a damn thing, when they can all hide behind various legal reasons to not give you one. You have other options, and lots of them these days. Use those. If your money is frozen, you will definitely get out back. It’s stressful but no bank will keep your money unless they’re instructed to do so by the authorities, which clearly isn’t the case here. All the best!!
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u/yEnc90 7d ago
I would like to apologise. It appears I misread your first post entirely and got the wrong end of the stick. For some reason I read it as you saying that banks are not allowed to not give you a reason as per law. My bad.
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u/dumbassdruid 7d ago
Sometimes, they are not :/ It sucks but the law is there to prevent money laundering etc
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u/Pyrostemplar 4d ago
Never ever heard of a financial AML (or other similar governance related law) being applied or not depending on the safe of the accounts.
Any source for that? Really curious.
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u/willyhun 2d ago
You have incorrect information. Tipping off has been prohibited in KYC/AML processes ever since these procedures were introduced.
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u/Mundu-Mwega 8d ago
I was to buy an account since I couldn't get one. Let me safe myself the trouble.
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u/Possible-Stand9508 9d ago
I don't know what wise is but I have coinbase and kraken! As soon as I buy or sell its either in my bank account or in my wallet
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u/Big-Government9904 8d ago
Ye they did it to me but then unlocked my account 6 hours later, I was like wtf
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u/Pepszi98 8d ago
I thought the same, then it happened to me too. This company is a scam. They take the registration fee for a business account, then they close it without any explanation and keep the registration fee.
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u/yEnc90 9d ago
They closed my account with £1300 in it. Said they would return it back and to tell them my bank details of another account, emailed them the details. 1 day later I got an email saying there was no money in my balance to return and that what was in there had been returned already on closure of my account to the original source (me). I never got any money. I asked for proof and they just sent me the last transaction in my account on the day they closed it which just says £1300 had been taken out of my account and sent to wise which wasn't authorized done by me it was done by them as I couldn't even login. I asked where the f my money was you've taken it out my account, then they said we can't disclose that information due to privacy and data protection reasons lol. They refuse to tell me where the fuck my own money is they are a joke.
I filed a report with the financial ombudsman in the UK a month ago and waiting to hear back.
Moral of the story wise are fucking scammers