The Hack Expats Use To Bank Overseas
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- Опубликовано: 22 июл 2024
- Open a Wise account and get your first transfer up to £500 (or your currency's equivalent) free: wi.se/travellingwithkristin (New customers only)
How do expats, digital nomads, and online business owners manage their money overseas? With a Wise international account, you can send, spend, and receive money in more than 40 currencies WITHOUT having to open an offshore bank account.
In this video, I explain the many ways you can use Wise and how it works, from sending a transfer abroad to exchanging foreign currency, getting a debit card, and withdrawing from ATMs.
Have questions about how to use Wise? Comment below!
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Chapters:
00:00 Intro
00:26 Offshore Banking Solution
1:09 What is Wise?
1:39 Opening a Bank Account Abroad
2:32 Benefits of Wise
3:05 International Money Transfers
3:30 Fair Exchange Rates
4:38 How I Use Wise
5:12 Low Fees
5:33 Debit Card Features
6:31 Withdrawing from ATMs
7:24 Is Your Money Safe?
8:19 Interest Rates
8:45 Free Account
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👱🏻♀️ About: Kristin Wilson is the author of Digital Nomads For Dummies, the host of Badass Digital Nomads Podcast, and known as Traveling with Kristin on RUclips. She's traveled to more than 60 countries and has been helping people move overseas since 2005.
❤️ Subscribe on RUclips: / travelingwithkristin
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PS: This video is for entertainment purposes only and is not consulting or advice. Video descriptions may contain affiliate or refer-a-friend links for products I use and recommend. Thanks for supporting the channel!
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#wise #offshorebanking #moneytransfer 
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Open a Wise account and get your first transfer up to £500 (or your currency's equivalent) free: wi.se/travellingwithkristin (New customers only; ad) 💰
Not available for Nevada, US
Thanks. My brother is in Mexico now exploring different cities to buy a house so I'll tell him about this. I wonder if you can use Wise in China since I have read foreigners have a hard time there since they no longer accept cash at most places. Thanks again. Very practical info.
@@hoosierdaddy1469 I don't know why. I live in California and have wise but my mom and brother live in Nevada and can't get it.
Does wise work with crypto????
How much is Wise Paying and/or compensating you Kristin?
Beware: Wise is NOT insured like your typical bank. Some easy solution/s are another type of headache/s! It's a tech company acting like a bank, yet beware of the lack of protection to their application user/s. 😊
@awesomeschools so does that mean that the money you have there isn't guaranteed (by any government) were Wise to fold? In Germany, the gov guarantees 100k per account / person.
@@stefaniekumaran563correct. So if they do a Sam Bankman-Fried, you're boned. So long as you don't put your whole life in it and kind of assume anything therein could disappear FTX style, then I don't see much harm in using it. In other words, it's not a savings account.
Wise isn't a bank in the conventional sense. It isn't really a place to LEAVE money (although you can) like a classic checking account. Use it as a go-between from home back to another.
this app is only to use for transaction and payment and not to hold your whole deposit in there !
wise doesn't hold your money, a real bank separated account does...so it's the same.
I'm an accountant. We use Wise to transfer and pay folks all over the globe at a fair price every single day. Never had an issue so far in the last say 4 years or so.
Great to hear! It's amazing - I still remember when I first heard about it back in 2012 and I've been using it flawlessly ever since. It's made my life so much easier - huge difference in my international lifestyle from before/after Wise was founded.
@@TravelingwithKristinyou have been using Wise FLAWLESSLY for years? We will all stand before God someday Kristin
Me too
@@MeMe-DGAFsounds like a situation where discussing it is a "too late" scenario. 😳
@@MeMe-DGAF may i ask why you mention to Kristin that we will have to stand before God one day ? I know about this but why tell her ?
Got Wise from a previous suggestion you made in another video. I've been using it for two years in Portugal, Spain, Germany, Canada, UK and US without issue. I set it up in Apple pay and when traveling rarely ever have to take my card out of my wallet. It's been great.
It's the best! Glad you are enjoying using it. 😊
Are you able to pay a utility bill on Portugal using Wise? If the people at the local payment offices for those without a Portugese bank card are on strike (like recently) and the utility company won't accept the foreign currency transaction for the utility payment, it's a pain. In that situation will they accept Wise?
@@zlauriault I’m sorry. I never had to do that when I was there. I stayed at a VRBO and utilities were included.
Wise is a nice option, but I'd recommend still having other ways to transfer as well. If Wise, or other such services, decide to suddenly put a 'freeze' on your service, it may take a while to clear up those 'unforeseen issues'. Always have a couple backup options, just in case. Especially if traveling to parts where internet service isn't as reliable, or their banking systems aren't very 'digital friendly'.
It’s always good to diversify but Wise is an extremely important tool for me
Wise freeze your account when they feel like it. It takes weeks to un freeze, don't touch with barge pole....
Great video! I used Wise for the first time last year to transfer money to my friend over in Germany, and it worked very well. I really like how useful it is around the world!
So convenient! Glad you find it useful, Scott.
I have heard of several people who use Wise and really like it. Thank you for bringing this to our attention.
I'm a dual EU/US citizen who travels internationally a lot and absolutely love WISE.
That's fantastic to hear @timlinator! 😊✈️
@@TravelingwithKristin Its funny how you don't answer negative reviews. Would there be repercussions?
I was in Brazil for 2 months and I used their card for almost everything including open air markets. No problems at all! FYI, I do have a bank acct and card in that country. Go figure.
Right!? I use my Wise card often - even in countries where I have a local bank account.
Thank you Kristin for talking about Wise! I hope that you can do a podcast or a video of you talking to people working in Wise. That'd help people make up their mind to open a Wise account
You're welcome @Aidan_Au! That's a great suggestion, I'll definitely consider it. Wise has been a game-changer for many travelers. Thanks for sharing your insights🙌
I agree 100%, Wise has saved us no end of hassle compared to our banks its so easy to use. Rates are great too.
Glad to hear you've had a positive experience with them too Johnty! 😊👍
Been using Wise for transfers overseas for years ( very happy with the service 😊) but just got the cards based on your recommendation
That's fantastic to hear @MikeB-qx2mh! I'm glad my recommendation was helpful to you. Enjoy using the cards! 😊👍
Thank you for this detailed information. I have to comment that I have seen several YT videos complaining of Wise freezing their accounts and having much trouble and time to undo this.
Thanks for this Kristin. Many expats here in France recommended Wise to me before I moved here. I just made my first transfer to my AirBnB host from my wise checking to his bank account and it really could not have been easier. The transfer was immediate! I haven't gotten the card yet but may. I like that they pay much more interest than US banks. Only negative thing I've heard about them from expats is rather poor customer service. Haven't had to use that yet and hope I won't need to.
That's fantastic to hear! 😊 Glad your first transfer went smoothly. Hopefully, you won't need customer service, but it's good to know Wise has been working well for you otherwise. Enjoy your time in France! 🇫🇷
Good to now about customer service being a problem. That is a factor in planning the level of usage.
Great useful info as always thank you! Going to give them a try,
Great to hear! Enjoy!
I have used Wise for a decade and love it.
Hear hear! 🍻
thanks for sharing this information!
Glad it was helpful!
just signed up , but they say card ain't available in my country.!
Thanks. I've been looking for something like this.
Glad I could help!
Thanks a lot for this video
You're welcome! 😊
You are right, WISE is fantastic, great video.
Yes! Thank you!
SoFi has similar international benefits including fee free ATMs, no currency exchange fees, no annual fee, etc
Yup. You discussed this in a video months and months ago. I got one 2 months ago. Haven't used it yet.
Yes in the video I filmed in the UK? Give it a try!
I understand the benefits of using Wise. What I don't understand is why anyone would close their Panamanian bank account. It's literally unassailable from any foreign judgements.
Tell me more
You make a wonderful spokesperson, Kristin!!
Thank you, Christian! 🥰 I like to support companies I believe in that offer value and solutions, especially when I'm a long-time customer.
My question she refuses to answer is is she being paid or compensated in many way as this company have many many complaints and horrible support
@@TravelingwithKristintypical no response except to those that you want Kristin. It's obvious that you are getting paid, are receiving some sort of compensation or maybe even both right?
I use Wise have been traveling in Europe for 2.5 years and it has been an incredible tool. you said it cheaper, (exchange rates are accurate!) faster easier. I use the card almost every day. I paid my rent and when traveling accommodations, food grocery store-everything I get cash from atm's no fee!
That's untrue because Wise policies have changed and even before they only allowed two 100 dollar withdrawals a month free. Your sound like a Wise employee troll
Wise is great whether to be used locally or internationally! 👍
I have been abroad for 2 years now and originally got Wise as a plan B or plan C... It very quickly moved into a tie with plan A.
The app is great and I use it primarily as an atm card. While I do not have the pension direct deposited into at this time.. I
would not hesitate to do so.
It's wonderful to hear that Wise has become such a reliable option for you @keith4826! Thanks for sharing your positive experience with using it abroad. 😊🙌
Thank you!
Much love!💐
You're welcome!
If you have a Charles Schwab, it’s free. They reimburse your fees.
Yes, but Schwab charges a margin for international exchanges.
True, I am a world traveler too and Charles saved me during the pandemic.
Schwab is ok for travelers, not expats. They will close your account if they find out you have moved abroad.
@@terrycoye3373Wise also charges fees for any type of transfer, international or bank to bank in the US. I live in Mexico and it's pretty much a cash only culture so I only transfer money from my main US bank account to my Charles Schwab account as needed and that way there are no transfer, ATM use or exchange rate fees. In Mexico, along with quite a few other countries, landlords and most merchants, including resturants and any hired help require cash only payments, for obvious tax reasons, so no real time use for international transfers that could add up using Wise. That's not to mention the fees also incurred for more than two ATM withdrawals per month. If I was traveling wordwide on a regular basis I would probably get a Wise card. Using it exclusively in Mexico could end up costing me quite a bit while using C.Schwab it doesn't cost me at all. All uses are free! Buena suerte!
I have been with Schwab for over thirty years. I live in Mexico. The exchange rate is normal. I check every time when I
withdraw pesos for rent. The safest method is using a credit card or cash for general purchases .@@terrycoye3373
Wise is awesome. I've used it on four continents, for three years now. No hiccups, ever.
That's fantastic to hear @you_can_travel! It sounds like Wise has been a reliable companion in your travels. Thanks for sharing your positive experience! 😊
Do you still have to file an FBAR form? Where are the funds stored?
If you are in another country and need to make a transfer, how do you handle the two-factor authentication? Do you need to also have google-fi?
Thank you very much 😊
App shares data though. Too many apps like that now. Would rather do things through a browser (with vpn) or in person at brick and mortar location.
This is my concern about any financial app/“company”
We use Wise in Italy. Good experience so far.
Just activated mine using your link. Thanks
Awesome! Thank you for using the link. Enjoy using Wise! 🙌😊
Wise charges you $4.50 for every $1,000 dollars you convert to the British pound, so you’re paying almost .5% for $1.000. So it would be $45.00 per $10,000 transferred. I don’t like giving away money, but perhaps it’s unavoidable to avoid fees for expats. I guess 1/2% isn’t too bad.
Try Revolut, it's the same as wise but better.
I am an American living in US. apt building owner recently began app for rent payment. First year, was .50 or 50 cents per rent payment of around $1k. second year raised it to $.99. Now third year raised it to $2.50. If you want to pay by check they charge you $5 fee. Ownership changed to out-of-state corporation, and rent now closer to $1.1k, plus LL saves lots of time/labor expense with this mandatory app. I have savings, and would just pay 6 or 12 months in advance and the one-time $5 fee on the check, but I did the math and T-bills pay over 5% now and it actually pays to just keep the money in t-bills and pay the rent monthly with the $2.50 fee. I do not like the app but it is best choice now. I am retiring next year and will move to better climate, and seek rental from mom-n-pop if possible who will accept checks and maybe even negotiate for small discount if can pay in advance, such as 3-6 months at a time. Ideally would pay the LL in silver coin....
Compare to the fees charged by Paypal for receiving money to a business profile. They're a payment processor that accesses funds on an origin account also.
OMG thanks for breaking it down in detail. So if going to Europe do we still want Euro's to have on hand right?
Yes you can use your Wise debit card to withdraw Euro at ATMs in Europe!
@@TravelingwithKristinbetter than how we used to do it which was take a large amount of cash then exchange it at a bank when we got in country, although that was easier to budget lol
Not sure of the advantages here unless one is paying people internationally in various currencies. I mean Amex and Discover can be used for travel with no exchange fees. Most US banks are set up so account holders can send or transfer money back and forth.
Yeah, this is an infomercial
Some places don't accept either AMEX or Discover, and a limited number don't accept VISA but that's much more rare. This seems like an option basically as an intermediary kind of not really but kind of like Paypal at least from the perspective of processing payments. It sounds like they work very differently though. This may be cheaper than Paypal Business also.
Awesome and very informative video, as always Kristin! I've been doing some research on this lately, do you maybe have any idea of what the main differences are between Wise and PayPal? Pros and cons of each? That might be a cool topic for a video actually 😃
be careful of Paypal, they have engaged in basically debanking those whom they do not like their comments on social media (came out a year or so into Covid I believe) whether you are anti vax, pro Trump, etc. Censhorship should not affect my access to my money, decided on by some 25 year old bureaucrat rat, monitoring what I say and taking it out of context b/c some computer AI algorithm triggered it and sent it to them. Not sure how Wise is on that scale, will research it and ask around.
Thanks Stefan! The biggest pro to using Wise over PayPal is that it costs less to send or receive money. I still have a PayPal account, but rarely use it. You can compare the costs between Wise and PayPal here: wise.com/gb/compare/providers
Thank you this is very helpful!@@TravelingwithKristin
What is the limit you can receive in one transfer ? or per year.?
I would love to use Wise for periodic transfers, for example, moving a fixed amount of money for living expenses into Wise every month. Is there an easy way to do that?
I'd be lost without my WISE Card . Great video , thanks .
Thank you. Does wise send you verification code on cell phone while travelling? Because this is a feature I want to avoid. How about paying bills? I have to do my research of course. We’re going to travel from North America to Asia and the only thing that worries me is the bank verification codes that are sent to cell phones 😩
I don’t receive text messages but you can set up 2FA
@@TravelingwithKristinjust learning about this. What is 2FA pl thank you
How do you get notifications to your phone of a transaction if you only have a data only plan on your phone in the country that you are travelling in🤔
How does Wise differ from Chime? It sounds very similar.
I have the Wise card too, it was very useful during my last trip in Colombia (from Canada).
That's awesome to hear! Wise really comes in handy for international trips. Thanks for sharing🌎✈️
I use wise! Its perfect for me 😊
Good to hear!
Hi …not being able to hold a UK bank account any longer……..would I be able to pay my pension into wise?
Then draw from that to any country I live in
Bank accounts in the US are FDIC insured up to 250k. What is Wise's insurance limit Kristin?
It is not a bank, it is a money transfer service. From their website "Since Wise isn’t a bank, we keep our customers’ money safe by storing funds with reputable banks. These banks then pay Wise interest on those funds for keeping the money with them. "
@@cindyk3076 Thanks! Which reputable banks?
@@gprufino You will have to check their website, I just found the information, copied it and posted it to you, then closed the web page, sorry.
Although some of those US FDIC insured banks recently foreclosed and lost all their customers savings.
Notice that the detractors didn't actually answer the question. Individuals *are* secured for balances up to $250k.
It's a pity that Kristin just blows through the sales pitch and glad-hands all those just fawning over her without constructively addressing real concerns. If you can answer the questions, just think of your actual value increasing, K. Just saying.
Kristin's right, foreign banks won't talk to Americans these days, even when you have residency, visa, job, whatever. Wise really solves this. The phone and PC apps are very nice. Wise allows multiple currencies, and the US Dollar accounts even have a US-based bank with ABA/Routing and account number for US incoming payments. Once it's in, you can spend or transfer in any other currency directly from Wise.
Ok. So they serve as your bank? Don't need an outside traditional bank first to top off this card?
Thank you for the depth on this. Beautifully simple solution to a very adult challenge as I prepare to leap and go global. I fatigue of all the money conspiracy theories out there and solutions that just create more problems.
That said .... let's say someone were inclined to diversify into rapidly developing nations. What do we know about how one would place capital into index funds from within SE Asia or EU? Does seeking such diversification require residency, citizenship, or ?
Nearly 5% interest for US is up there with a high yield savings account. What are the backup assurances for money held with Wise and what is the dollar limit? Obviously it's not an FDIC or a NCUA-backed bank account that a Wise user would have, and those have a $ limit per person rule anyway for the financial backing, so I'm curious what assurances they offer on the money they hold for a user.
I saw you said they maintain liquid assets and list them publicly, but ultimately, are the funds subject to rules and sanctions based on the country of origin where the finances originate?
I worked in finance so I have these sorts of questions. 🥴
I have another question... I'm what way does this act more user-friendly than having a VISA card that doesn't change international transaction fees while choosing the option RU pay in the local currency to avoid the jacked up exchange rate. I would love an apples to apples comparison since I'm eager to examine my options.
Welcome to Miami! :) Are the exchange rates better than Revoluts?
Thanks! It looks like Revolut charges a fee of 0.5-1% on forex, which would be higher. Wise uses the mid-market rate.
How do you load cash money on the visa card?
I use two money transfer sites because there are limits on how much you can transfer, so when the exchange rates are good I can take advantage 👍🏻
That sounds like a smart strategy! Thanks for sharing your approach @norrisbethke7770! 👍🏻
Can you tel us, What are those sites pl
Why did I receive a Sending Paused notice when trying to pay with my Ecuador debit card while making an international transfer in USD to a USA account?
Sometimes transfers are temporarily paused for different reasons - in my experience for additional security and verification. I recommend reaching out to customer support
Good video! Like you, I have used Wise for years (Canada -> Mexico transfers). But what I really need is a Wise-like way to hold investments like dividend stocks, REITs, trusts, etc internationally. As you probably know, after the Cyprus banking "bail-out" all the major western countries passed new "bail-in" rules, whereby investors & depositors will now pay for financial institution failures, rather than governments. So what do YOU do? (Or recommend? Ask Wise, if you like...)
Hi Jim, I own real estate in the US and Nicaragua and like to invest in local products in different countries, whether CDs, stock market, etc. I find interest rates to be higher than in the US. But there are nearly unlimited options to invest money internationally.
Jim, ever heard of silver and gold, physical?
or Revolut? it has reviews on you-tube
I downloaded the App signed up, input my Address which is the US Territory of Saipan Island, CNMI Northern Marianas Islands, Wise Response= "Sorry Debit Cards are not available in your Location" 😒
Thanks
“ImporTant. There is a T in the middle of this world. This letter T has self-esteem issues and does not like to be ignored…. Loved the video and info.
And there is no L in the middle of “word”
That’s an indicator of lower class. Sorry, that’s just a fact.
Used Wise for years around the world. Its not failed me ever...
That's awesome to hear @AG-so4gl! Happy to hear it's been smooth sailing for you!
if I open a wise account as an expat I want that money to be off shore to the UK. If I open a wise account as I am UK resident will that money be held situated in the UK?
Can you transfer funds in axdifferent currency into your wie account? Say e.g. US$ into a €-Account?
Hi Kristin I love your videos I watch them all the time as my go to source for information preparing for my travels ❤
How do I prepare for two Step authentication when I cannot use the same phone number that I signed up with from the USA thank you so much in advance for your time
Thank you so much! ❤️ This sounds like it might be something to reach out to Customer Support about. You can also tap on your profile pic in the app, then settings, personal information, and "change primary phone."
One question: they ask kyc verification?
Is it less than 1.5% for foreign transaction fees?
I want to deposit GBP into my wise account why do they make u link it so u login with your password and that's linked to wise that to me is not secure in Australia I deposited to my wise email id using the payid payment system which does not require me to link my au bank account to wise. Please clarify why UK makes u link UK bank account to wise why can't I just deposit via BACS?
How about some punctuation when you post?
Wise has the nasty habit if shutting down transfers for 4 daya so it can catch up and wait for ACH to catch up. Very weird. Its very inconvenient waiting days before i can resume using the service several times every month.
I have never experienced this in 12 years but I would contact customer support with questions about specific transfers.
Great video. Wise has worked well for us living in Mexico. -Marc
how much money can I put/deposit in wise? how much can I withdraw on a daily basis? I'm a filipino from the Philippines
What mic and camera did you use for this video?
I got the new GoPro Hero12 Creator Kit! Here's my Amazon link: amzn.to/49C9EAz Used with a Rode mic: amzn.to/49Yh9Se
It is definitely useful!
Glad you think so @kbbarton1!
Good presentation
Glad you think so!🙌
Hi Kristin, can you fund your account with 2 or more bank accounts or just one. Thank you
you can fund it with more than one, I never seen a limitation on this
Hi Anna, you can find the account with various sources and connect multiple accounts
Thankyou@@TravelingwithKristin
what about safety ? and recovery of funds if stolen ?
Im in Thailand and need to take my money out of this country - but Thailand doesn’t allow one to use wise to withdraw funds.
Hello. Could you tell how did you find your virtual assistant and why did you choose a VA in Philippines ?
Hi, I used onlinejobs.ph and chose the Philippines to hire from because the people are nice and much of the workforce speaks English
@@TravelingwithKristin Than you for your reply. It was helpful.
I can earn 4.8ish percent interest if I use Wise for my savings account? I have Wise already and didn't know this! I will go look up more details on that. Thank you, Kristin!
Yes you can use it as a savings account! The interest rates are very competitive
They’re no longer the fast anymore. In fact, they say that there’s some kind of a transfer site that’s making everything slower now never heard of the name of it before.
Could I got trouble with IRS?
How can I deposit cash into Wize?
I love WISE!
+1 here. Simple, it works.
Awesome! 💛
I tried wise, and got banned from using them for using too many different IP addresses while traveling... so usefulness is very temporary unless you are overseas staying in one spot.
Yes Wise is amazing :)
Glad to hear you're enjoying Wise! 😊👍
Ask Wise why the heck it’s so hard to get your money out of the Wise account. I cant figure it out!
Kristin is living on another planet making people thinks wise is so great. The complaints are enormous. Do your research. You will see. I have seen so many complaints about money being frozen for months etc
Can I set up an account for my private trust?
Hi Carl you can set up a business account. I’ll make a video about that next
Kristin, thanks for alerting us to this option which heretofore I was not aware of. I’m sure others have raised this question (which I’m about to ask), so I’m sorry to make you repeat yourself, but in your opinion, when it comes to transferring funds, in what ways does Wise excel over that old-school solution we have known by the name, Western Union?
Hi RJ, great question. Wise is superior to Western Union in the ease of transfer, the speed, and the cost. I have always found using WU to be slow, clunky, and expensive, whereas Wise is the opposite. You can compare with WU on this page: wise.com/gb/compare/ Happy transferring!
@@TravelingwithKristin, thanks for the info and the link. I’ve called it up and I will review it shortly. Oh, one more thing. Not that it really matters, but I go by the name, Jeff. And, no, I don’t expect you to commit that to memory. 😀 Thanks again for the reply.
Can Wise transfer money to South Africa
Are there balance or transfer limits with Wise?
It depends on your country. For US personal accounts it looks like transfer limits are around $35M-150M per year (personal v business accounts). You can see more details here: wise.com/help/articles/2893492/are-there-limits-on-how-much-money-i-can-receive
Is Wise a better choice than the Charles Schwab debit card that I so often hear about as a prospective traveler? Thanks!
I've been using the Schwab debit card for 6 months, and no problems so far. When I checked the reviews of Wise, they were overwhelmingly negative, namely about the dysfunctional support. It sounds as if Wise is great until one needs customer service.
Hi T, Charles Schwab is good for the fee-free debit card. You could open both Wise and Schwab accounts and link them together. In other words, you can fund your Wise account with money you have in Schwab. Hope this helps!
You forgot to show that you get bank account numbers for each currency (ie SWIFT # in Europe) for ACH Transfers.😉
Good point; I will specify in an upcoming video
I’ve used it for years. 🙂
Great to hear!
I have been using Wise for many years now and cannot fault them, excellent exchange rates, low charges and super easy fast transfers....what is there not to like.
The function is fine but the cost is not cheap. It's raised twice to the same person
The "From" countries doesn't include the Philippines so it's not applicable for me
with wise your headache start, horrible ,or no support for customer
Capital One credit cards offer no-fee foreign transactions.
That's great to know! Thanks for sharing 💛
No fee foreign transactions almost always means a horrible exchange rate - they have to gouge you somewhere. What counts is what final amount gets delivered in the foreign currency and in my experience conventional financial institutions can not beat Wise. I have been using them since they were called Transferwise to run my French property from afar. Faultless so far. Putting the card on Apple Pay enables me to move around France without friction when others with foreign cards strike road blocks at ticket vending machines and at toll plazas on the motorway as a couple of examples. Kristin may not know how to pronounce Rennes but she is on the money with this one.
I have used them a few times. What was bizarre is that once you put your funds, they will ask for additional documents. Normally, banks will check your documents first and then take your money. But they take your money, then decide that they need some document from you. Wise was good in the old days, but they can't compete with the convenience of crypto.
what sort of documents? Are you talking just id such as license for initial "account" set-up, or more invasive like recent bank statements? also was that one-time or ongoing? People may not have access to those docs while travelling so that can make a huge difference...
@@janicenunn8525I was asked to update my details to continue using the service. I forget exactly what now. It was a couple years ago. But it isn’t a one and done forever.
You are praising crypto but I had exactly the same experience with Coinmama. I was trying to purchase 100 USD worth of bitcoins. They charged my card and then the transaction was pending. When I learned that it was possibly due to them needing further verification from me, I just asked them to cancel the transaction and refund me!
From my experience it's basic ID verification. But you may need proof of income in some cases, especially for business accounts.