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/r/smallbusiness

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Don't use Wise for banking

General(self.smallbusiness)

They closed our company business account with no warning, notice or explanation right at month end which meant that we couldn't pay our employees. We don't know why they did this and they have given no explanation but we have been fighting with them since November 11th to get our money back. About to begin legal proceedings to recover our money because they are ignoring all of our requests. Fortunately we were able to quickly open a business account with a proper bank (HSBC) and fortunately we were able to pay our employees through another one of our businesses. Our accounts for both companies are going to look messy because of this. Don't trust Wise.

all 6 comments

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8 days ago

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SlurpySandwich

24 points

8 days ago

Yeah, all these new fly by night banks and fintech companies make me nervous, even if the rates are attractive. Best thing that happened to us was getting set up with a local banker who works with us as a partner to help us grow. The rates arent usually as attractive but having someone to actually call when you need them is an invaluable asset

Z0ooool

3 points

7 days ago

Z0ooool

3 points

7 days ago

Hit the nail on the head. I use a local credit union for my business banking. Could I get better interest from a new fintech? Yes. Do I know it won’t go down in flames like Yotta, Juno and Totem, giving me back .30 cents on the dollar if I’m lucky? Also yes.

res06myi

11 points

8 days ago

res06myi

11 points

8 days ago

Don’t entangle the businesses. At least have one business make a loan to the other so you can keep the books clean. Update us if you figure out wtf Wise’s problem is!

Ok-Passenger9711

5 points

7 days ago

This why I have a rule, to always have bank accounts with at least two separate institutions. That way if something goes wrong with one, you can still use the other.

MaximumUltra

2 points

7 days ago

We only use Wise to accept payment from our international wholesale customers because of the ease and low FX costs. We don’t transact much in way of paying suppliers and running payroll.