Transferwise account closure - and they seem to intend to keep my funds...

[RedFoxLotto]

I had a personal and a business account with them for a few years now. The account was used to send a receive money, mostly making payments to bank accounts in other countries. Then two weeks ago, I suddenly received an email out of the blue, telling we that my account was canceled. My access to the account was blocked. No reasons given whatsoever.
The email says I can contact them and appeal the account closure. I did that right away - asking for clarification and return of remaining funds. So far, no answer at all.
I am luck that there was only the small amount of app. €200 left in the account, a couple of days earlier and we's be talking about €12k .
Anyway, I suggest that if you do work with them, be extremely cautious.

[JCR]

They don´t like gambling (it´s also in the T&C) so if you used it for affiliate payments etc. - that might be the reason for closure.

[Casino Gamerz]

They don´t like gambling (it´s also in the T&C) so if you used it for affiliate payments etc. - that might be the reason for closure.

This could well be the case and if they haven't already, you should push them for a response. It's naughty allowing the transactions in the first place if its against policy. Good luck!

[baldidiot]

They're FCA regulated so issue a formal complaint and if not resolved take them to the ombudsman: https://www.fca.org.uk/consumers/how-complain

[Sherlock]

It is normal that banks close accounts and so far it had nothing to do with stealing the funds. They simply resend they money elsewhere after they decide that they do not want you as a customer. It was not normal in 2010, but it is a normal behaviour now.

So I do not think one should be more cautious than elsewhere, they did not steal anything (hopefully yet). Unlike for example Skrill.

[RedFoxLotto]

I'd understand the part about not liking gambling, but they have been ok with my transactions and the nature of my business ( which they knew to be gambling-related) for years, and I find it not cool to simply not answer any emails. I guess I just have to patient and wait for a response ...

[Sherlock]

If you had gambling related transactions like from affiliate marketing, then you are at any bank at risk of account closure and TW has it now in their TOS even.

Even the banks that wanted my business few years ago now show me a door. Sometimes they say sorry, sometimes they say nothing. But there is no need to warn people IMHO - it is a current situation everywhere. Everyone has to be warned that this system overall goes to hell, that your money in any bank is not "yours" like gold bullion or bitcoin in your hand.

[tufty]

I find it not cool to simply not answer any emails. I guess I just have to patient and wait for a response ...

Just ring them up. I've had no problem talking to TW on the phone.

[allfreechips]

I just cleared out most of my funds there at TW, I lost 2700 to paypal as it was taken to pay their legal fee's or some **** even though they never told me what terms I broke?

[Sherlock]

You lost it at Paypal?
Maybe they never told you what you did, but can you share what you did ? I am still being paid there by few small companies, but I guess it's Paypal, so it must be according to TOS.

[allfreechips]

I took a listing fee for $200 from Melbet, and i was being paid by 2 affiliates there. Nothing major cash wise but a good amount monthly. The melbet payment came in 15 small payments from ukraine, russia ext and it looked pretty shady. I had no idea what it was until I added up all the small transactions and saw it was 200. Paypal locked my account and wanted me to explain those and well as a payment from Buffalo partners, I did as affiliate payments and a web sale for promotion, they came back and said the account is perm locked and after 6 month they will let me know how to claim my money. At 5 months 20 days i got an email stating they will use my balance to pay legal issues, the decision is final. After I got that i researched a bit and see people lost 100K plus in paypal accounts the same way.

You lost it at Paypal?
Maybe they never told you what you did, but can you share what you did ? I am still being paid there by few small companies, but I guess it's Paypal, so it must be according to TOS.

[LegalBetAndy]

After I got that i researched a bit and see people lost 100K plus in paypal accounts the same way.

Fortunately nothing close to 100k but once upon a time I lost a considerable amount at PayPal. This was despite doing no gambling with the account or accepting any gambling related payments to the acccount but my Email address registered was my work one which contained the word "gambling" (and the website I ran was a gambling affiliate). I only ever used the PayPal account for buying and selling stuff on Ebay, NOT gambling related at all.

Regardless, account locked, going round in circles with their "support" (I use the phrase loosely). They would not budge. Absolute %$*&^£"@'s

[mgaming]

Transferwise closed our bank account 2 months ago - as mentioned above - they don't like gambling. Nothing to do with it I am afraid, we didn't lost a single cent during that process. It's a pity, as they offer great and cheap services.

[Jambo]

Transferwise closed our bank account 2 months ago - as mentioned above - they don't like gambling.

Almost nobody like gambling ):

[Sherlock]

I took a listing fee for $200 from Melbet, and i was being paid by 2 affiliates there. Nothing major cash wise but a good amount monthly. The melbet payment came in 15 small payments from ukraine, russia ext and it looked pretty shady. I had no idea what it was until I added up all the small transactions and saw it was 200. Paypal locked my account and wanted me to explain those and well as a payment from Buffalo partners, I did as affiliate payments and a web sale for promotion, they came back and said the account is perm locked and after 6 month they will let me know how to claim my money. At 5 months 20 days i got an email stating they will use my balance to pay legal issues, the decision is final. After I got that i researched a bit and see people lost 100K plus in paypal accounts the same way.

oh ****
i will change my payments there as well then

[allfreechips]

I think main thing with all these is to keep the balance at a level you dont mind losing it, paypal I wont allow anything over $50 to stay

[Casinorep]

Ok so bottom line what is the best alternative to use for receiving incoming affiliate commission payments in fiat currencies for US residents?

[allfreechips]

no, coinbase closed my account as well. Best is to have multiple ways to be paid in the US

[Casinorep]

no, coinbase closed my account as well. Best is to have multiple ways to be paid in the US

I know you're also based in the US, any suggestions?

[allfreechips]

Have as many banks as possible, crypto wallets and I still use transferwise