Wise (formerly TransferWise)

[Samoerai]

Oops, I forget the details.
The account in France is over 50y old, opened it when living there, and always kept it when I moved overseas.
The one in HKG was opened 15 y ago when I started working there.
The one in Bali a few years ago.

When I settled down here I change my data for the French and HK account,, giving them my Bali adress and phone.

Huh? Are we talking about the same thing?

Bunq started in 2012. It's a Dutch fintech and neobank licensed in the Netherlands.
See https://en.wikipedia.org/wiki/Bunq

 

[Balifrog]

Huh? Are we talking about the same thing?

Bunq started in 2012. It's a Dutch fintech and neobank licensed in the Netherlands.
See https://en.wikipedia.org/wiki/Bunq

I thought the subject was WISE.
Never heard of BUNQ BTW !

 

[Wayan]

Hello, maybe it's a bit misunderstandable what I asked for. I already have an Indonesian account since years. With Wise I also opened an IBAN-account years ago (it's a Belgian account). I received funds from Europe (within SEPA-System, what I can't avoid) via this account and transferred it to my Indonesian account. Now Wise cancel the abitlity to have a deposit at this account. But they still offer just transfer, if it comes from an external IBAN-account. So I need justa new IBAN-account. But I'm living in Indonesia ...

 

[pantaiema]

Thanks for the prompt response. I have a German passport but no residency there nor in Europe. What's the key: the passport (nationality) or the residendy?

Unless you opt for a global or international banking account, a typical bank account in Europe, and likely in other countries too, is usually tied to residency.

Some individuals may maintain their EU bank account while living in other countries for extended periods by utilizing an EU address, possibly from family members or relatives, and choosing electronic communication over traditional mail.

Currently, banks are more cautious about providing bank accounts for non-residents due to stricter Anti-Money Laundering (AML) regulations. If they incur fines from regulatory bodies, the amount they must pay could surpass their earnings from all non-resident accounts combined.

 

[Samoerai]

Ya, just got the similar answer from the bunq support. Mmmhh ... virtual IBAN providers (PayDo, Ibanize, ...) are a way?

Did you solve your problem?
I just checked PayDo ... more than 170+ countries supported, including Indonesia.
You can open an online IBAN bank account, but the fee is 10 euro per month.
Isn't it rather expensive, just for a IBAN bank account online?

See also this review https://masstamilan.in/paydo-review-one-of-the-best-online-banking-in-2022/

 

[Wayan]

Did you solve your problem?
I just checked PayDo ... more than 170+ countries supported, including Indonesia.
You can open an online IBAN bank account, but the fee is 10 euro per month.
Isn't it rather expensive, just for a IBAN bank account online?

See also this review https://masstamilan.in/paydo-review-one-of-the-best-online-banking-in-2022/

Baik, thanks for the feedback. Yes, ten Euro a month firstable sounds expensive ... but the alternative SWIFT is much more expensive and slow ... I will check it out.

 

[Wayan]

I'm already solved the registration procedere with PayDo (2 days). After some and expectable proofs of identity and so on I already got the confimation and allowance to act via this FinTec. Currently I'm waiting for the hopefully last step, open the virtual british IBAN-account. Just now they ask me for "(...) clarify your further Funds Flow: Origin of incoming funds into this account; Destination of outgoing payments from the account (...)". Hmm, a bit strange, but I stay in the game ...

 

[harryopal1]

I'm already solved the registration procedere with PayDo (2 days). After some and expectable proofs of identity and so on I already got the confimation and allowance to act via this FinTec. Currently I'm waiting for the hopefully last step, open the virtual british IBAN-account. Just now they ask me for "(...) clarify your further Funds Flow: Origin of incoming funds into this account; Destination of outgoing payments from the account (...)". Hmm, a bit strange, but I stay in the game ...

Those kind of questions are now common with concerns about money laundering and other criminal activities. Most banks have a ceiling for transfers beyond which they have to notify overseeing authorities who may make an investigation if they deem a large transfer suspicious. The questioning seems somewhat naive as if someone who were up to something devious is hardly likely to respond to, "Purpose of the transfer?" with, "We are buying narcotics."

 

[Wayan]

Those kind of questions are now common with concerns about money laundering and other criminal activities. Most banks have a ceiling for transfers beyond which they have to notify overseeing authorities who may make an investigation if they deem a large transfer suspicious. The questioning seems somewhat naive as if someone who were up to something devious is hardly likely to respond to, "Purpose of the transfer?" with, "We are buying narcotics."

Jupp, reminds me a bit to the questions of costums you have to answer in the forms during the flight (f.e. USA) before arriving. Times are changing, ya?

 

[Samoerai]

Yes, I had to explain (in my case to Wise) the origin of some large sums of money too, when I wanted to transfer them.

 

[Samoerai]

I'm already solved the registration procedere with PayDo (2 days). After some and expectable proofs of identity and so on I already got the confimation and allowance to act via this FinTec. Currently I'm waiting for the hopefully last step, open the virtual british IBAN-account. Just now they ask me for "(...) clarify your further Funds Flow: Origin of incoming funds into this account; Destination of outgoing payments from the account (...)". Hmm, a bit strange, but I stay in the game ...

So, later when you have an account at PayDo, you don't need Wise anymore to transfer money or hold different currencies in your account, right?

 

[Wayan]

This is exactly what I want to try. As I understand so far I'm able to hold different currencies at PayDo. But I don't know yet, how the conditions are if you send (or receive) money abroad from this account. I think I could use Wise again, just transfer from an extern account, which is still possible from or to Indonesia. But I can use any other FinTec too, for example the Indonesian provider flip.id. After new insights I will report here.

 

[jstar]

Hello, maybe it's a bit misunderstandable what I asked for. I already have an Indonesian account since years. With Wise I also opened an IBAN-account years ago (it's a Belgian account). I received funds from Europe (within SEPA-System, what I can't avoid) via this account and transferred it to my Indonesian account. Now Wise cancel the abitlity to have a deposit at this account. But they still offer just transfer, if it comes from an external IBAN-account. So I need justa new IBAN-account. But I'm living in Indonesia ...

Look into Revolut also. They will change their LT IBAN numbers to BE versions for those who have their domicile address in Belgium. I hear you say “next!” but but but: they don’t check the address and no need to use Itsme or DigID or so. Therefore a postal address does the trick. The savings account is not available for Belgian residents.

Another one is Medirect (from BlackRock). In NL you would get a Maltese IBAN but in Belgium it’s a Belgian version (so BExxxxxxx instead of MTxxxxxx). But structured payments like for energy bills etc are not possible.

Not to advertise something illegal but the European banks are sometimes more Catholic than the pope: Something else that works rather well if you have family you can trust over there. Have them open an account and provide you with the ATM cards, CC, etc. So in practice it’s your account….

 

[Wayan]

Thanks for the further info. I just got my IBAN-account-details and first I will check out the domestic European flow as well as transfer to Indonesia.

 

[Samoerai]

Thanks for the further info. I just got my IBAN-account-details and first I will check out the domestic European flow as well as transfer to Indonesia.

Interesting. Keep us informed, please.

 

[pantaiema]

Unless you opt for a global or international banking account, a typical bank account in Europe, and likely in other countries too, is usually tied to residency.

Some individuals may maintain their EU bank account while living in other countries for extended periods by utilizing an EU address, possibly from family members or relatives, and choosing electronic communication over traditional mail.

Currently, banks are more cautious about providing bank accounts for non-residents due to stricter Anti-Money Laundering (AML) regulations. If they incur fines from regulatory bodies, the amount they must pay could surpass their earnings from all non-resident accounts combined.

Not to advertise something illegal but the European banks are sometimes more Catholic than the pope: Something else that works rather well if you have family you can trust over there. Have them open an account and provide you with the ATM cards, CC, etc. So in practice it’s your account….

I just observed that a new tick box has been added to verify residency before approving your application. Incorrectly ticking this box when you're not actually residing in the country could backfire you.
But when you already have an account, unless they send you a letter or email asking to confirm this information, there is no requirement to tell them and you have not breached their TCs.

 

[Wayan]

First test was a transfer from spanish IBAN account (Caixa) to the IBAN-account (GB) of Paydo. It's not working as SEPA-transfer. The spanish bank automatically made a SWIFT-transfer out of it (just for their expenses a fee of 50 Euros). So I forget about it and I think I will try Revolut next.

 

[pantaiema]

Yes, I had to explain (in my case to Wise) the origin of some large sums of money too, when I wanted to transfer them.

It is not uncommon nowadays, even with Revolut or other Fintech. I personally experience it with Revolut. I have been using Revolut for many years to take advantage of multi currencies account.

They need to investigate the origin of the money as part of their obligation to comply with the law concerning AML/CTF (Anti Money Laundry/Combating the Financing of Terrorism). The key of AML/CTF is Customer Due Diligence (CDD).

 

[jstar]

Revolut has some nice features but you need to understand the pitfalls.

Multi currency is nice and easy to set up multiple accounts in other currencies. If you receive funds in one of those other currencies it is not automatically converted.

But when you convert it depends on the chosen plan how much fees you’d pay. There is a maximum amount you can exchange per month without fees. Obviously the most expensive plans will waiver all fees.

Also you have to be very careful not to exchange during the weekends. As I remember, between Friday evening 6 PM and Sunday evening New York time they charge you extra to minimize their risk. Even if the currency is pegged to the other one. And that fee can be a lot, like 0,5% extra.

Also, for the OP it probably won’t matter, but i can imagine many people don’t want an IBAN not from their own country. Because of tax reporting etc.

 

[pantaiema]

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I just observed that a new tick box has been added to verify residency before approving your application. Incorrectly ticking this box when you're not actually residing in the country could backfire you.
But when you already have an account, unless they send you a letter or email asking to confirm this information, there is no requirement to tell them and you have not breached their TCs.

This guy learns a hard lesson, as Santander Bank close his bank Account with balance of around £100k and he wanted to sue the bank for the difficulties he is experiencing not getting access to his money.

What he has not said here (but discover by other people), this guy has been living in Thailand. He stated his postal address in the UK address and probably did not monitor the communication sent by the banks to his UK postal address.
When the bank closed his account and probably the bank sent a cheque to his UK postal address, with closing balance he did not received it as he is in Thailand. He is not losing his money as the cheque must be credited to bank account in the UK under his name, noone else could cash the cheque. He is suing Santander for his own mistake. I have read many stories that people bank account get closed in recent years. This is just the most recent example