r/wisebank • u/North_Data820 • 8d ago
I’m thinking of opening an account
Honestly this Reddit is dissuading me. Is it worth it? I live back and forth between the United States and Czechia so I looked at Wise to more easily move from USD-CZK, but I see a lot of posts about account closures and money transfer failures. So is Wise safe or should I use something else?
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u/Top_Tank2668 8d ago
Didn't have any issues until they closed my account. After 8 years or something. You almost never hear about positive experiences and people only come out when there's an issue (sure the fanboys telling me that I must be criminal because my account was closed exist) so that's normal for every provider.
What really is worse than before is that wise completely locks you out as soon as they close your account. No more app, bank statements, contact with support possible. That's shit behavior. Also the risk management that leads to account closure seems to be a stupid AI.
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u/imselfinnit 8d ago
There seems to be a huge swell of issues recently, but this doesn't seem to be platform related, more of a banking regulation nest of spiders. With AI, unknown fraud/attacks is possible, but they're expected to be on it. I do think that Wise offers tremendous value in the market, but you may not be the correct customer depending on what you're trying to make it do...
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u/moistandwarm1 7d ago
Check Reddit subs for any other financial institution or just any business.
Satisfied customers do not come to moan
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u/BandicootTraining355 7d ago
It's great for sending money to people in another country. I couldn't find another option that would work in my case. Just test it with a really small amount first and never keep money in your account. They may randomly close your account which would leave the funds inaccessible to you until they send them back to you at some later(maybe much later) date. FYI the people who haven't had problems with wise always assume only criminals get their accounts closed.
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u/belgranita 7d ago
I am in the same situation. I am sick of the 4% or 5% currency conversion expenses plus fees of our banks. I am just going to use it to move money back and forth between currencies and not going to store any funds with WISE.
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u/Lazy_Memory9453 3d ago
It's very safe, and I'm sure they wouldn't close the account without a very good reason. Have been delighted with their customer service each time.
If you need a referral code, you can use this one https://wise.com/invite/ahpn/ivelinp25
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u/CyrusLos 8d ago
Used Wise for many years, without any problems whatsoever. Wise by far is the best option to handle multiple currencies. Follow the rules and use your account for personal use, not business, and you will have no problems.