I got Warning Already From Payoneer,
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See that TransferWise reps? Payoneer actually warns people.
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I studied the TW AUP earlier, looks like you guys fell under 1.2.2 (b)
1.2.2 Financial and other professional services
a. Binary options.
b. Escrow services.
- Using TransferWise Borderless account as an escrow account.
Defo no coming back from that unfortunately.
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Holly shoot, my TW business was suspended a couple weeks ago with 5k euros frozen. Didn’t know they’re having a mass witch-hunt right now. Best part; unlike you (escrow prohibited) I don’t even know the reason and they won’t give it.
I’ve been through it countless times, SWIFT/banks is the most reliable option for you.
However, there’s one option you can look at ownrwallet.com yes, it’s a crypto wallet, but they have the option to get personal Visa cards, top it up via bank/card/crypto.
The thing is, I know and work closely with the founding members… I can introduce you directly so you could get special rates, protection, etc… they have good contacts with financial authorities, with VISA, etc. you guys could work out an optimal solution. They may even consider adding some features specifically for your needs.
Also, if you operate in EU, you could get e-citizenship in Estonia (takes a few weeks) and register an LLC there… it’s 0% tax on all income from outside of Estonia.
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Yes. @rockstard112 pointed that out for us a few days earlier. Too bad it took them two years to notice this.
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Did they freeze your balance? Did you get it back? I am worried now as they owe us almost 100K now, they have said they sent but I no longer have access to the account.
I can’t access the account either. I didn’t even get any email until I couldn’t login and contacted them myself. Still haven’t got the money. They promised to send it back after “due diligence” checks… however long that will take. What worries me is that I read a bunch of reviews from people saying that their TW accounts were suspended this year and they were promised to get the money back but were waiting for months and nothing…
TW could have been hit with COVID so they might be scrambling for liquidity at our expense.
Sigh.
I have been reading up, they actually do freeze funds in some accounts and hold for 60 days. Some people claim they never even received their refunds after the said time.
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@Swapd What is the usual payout time from TW to your bank? I guess you’ll know in the next 48hrs where you stand… good luck!
TW to bank wires (and vice versa) are usually a tad quicker (by a day or so)
Update: TransferWise refunded our balance in full.
They also keep emailing us with “How can we improve our service?” surveys. I told them to stop and they’ve said it’s not them sending those emails (they said it’s phishing), even though the headers clearly lead to a Mailchimp TW account and all questions are related to their service.
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Calling banks all morning today. Not easy the bank reps are clueless and some even say “instant wires are not possible.”
Except that SWIFT.com says this:
SWIFT gpi lets you make high-speed cross-border payments in minutes or seconds.
Nearly 50% of gpi payments are credited to end beneficiaries within 30 minutes, 40% in under 5 minutes, and almost 100% of gpi payments are credited within 24 hours.
@RandyMarsh should get a job at these banks, would fit right in.
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I hope you fail.
For social media properties you could also do this:
-> Swapd secures Social media property
-> Buyer pays Swapd fee via bank
-> Buyer pays remaining amount to seller via TW
-> Seller confirms, buyer gets property
I know Flipmass did it like this in the past and it worked pretty well (at least for IG accounts)
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Is Flipmass still around?
They re-launched their marketplace almost around a half year ago. But the fact they charge $30 for people to see the accounts for sale + they completely changed the format; no chats are allowed, completely ruined the platform from my experience.
They changed the platform to a CPI/CPC platform because the 10% fee on transactions was not profitable for them (idk how that’s possible) and now they tried it with subscriptions to see the accounts.
Very unfortunate, as there were good clients & accounts on there before.
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OK. Long story short, after calling banks only two allow such wires. One (Bank PKO) said yes, but you need a corporation with 30m yearly volume to access the feature. The second one (Santander), said no limits (I hope) but they can’t provide tracking. However, SWIFT GPI is available so tomorrow I will set up an account and do a few test payouts.
Santander said the wires are instant to banks who belong to the group, but he said there are 790 different bank branches across the world that participate in the program.
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If you need help with the test payouts lmk 
One problem with this. Wire fees x2