Sudden freeze of account pending SLOW draconian checks
UPDATE: After reviewing all my documents all was working fine again for a few days. Then I suddenly got an email saying they have closed my account (2 UK Ltd businesses, 1 freelance account and 1 personal account) in total freezing tens of thousands of GBP without notice and without explanation. I can "apply" to withdraw the frozen cash to external bank accounts in the same name as those that were closed (so need to apply for new accounts elsewhere first!) and they say please wait up to 30 working days (6 weeks!) for the application to be considered. Apparently fintech "debanking" is common and typically doesn't involve human decision-making. For companies like Wise it's automated commercial maintenance to reduce risk and increase profits. For me it's a staggeringly disappointing experience which has temporarily frozen business working capital and personal cash, including those of fellow directors and owners. I would like to warn anyone out there who thinks Wise is a "proper" bank - it absolutely is not. Wise does not even have a banking license (you can verify this on Google). Do not trust them with your money. Luckily for me there are many alternative options out there.
ORIGINAL REVIEW: It's the end of the month and I need to make payments to various people/businesses and suddenly Wise wants to see detailed information about the business including last 6 months invoices, proof of business registration, etc, and has suddenly paused outgoing payments until the checks are complete, which they say can take several working days. No prior notice given, no leeway or grace priod, no urgency. Horrible user experience. PATHETIC.
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