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Issues with Wise (Personal/Business Account)
Thread poster: Baran Keki
Thomas T. Frost
Thomas T. Frost  Identity Verified
Portugal
Local time: 14:01
Danish to English
+ ...
Wise Acceptable Use Policy May 9, 2022

I looked up the Wise T&Cs.

Acceptable Use Policy:

'1.4 You may only use your Wise Account Number to receive funds into your Wise Account for the following purposes:
a. receiving your own salary and/or wages;
b. receiving payouts from e-commerce and freelancer platforms;
c. r... See more
I looked up the Wise T&Cs.

Acceptable Use Policy:

'1.4 You may only use your Wise Account Number to receive funds into your Wise Account for the following purposes:
a. receiving your own salary and/or wages;
b. receiving payouts from e-commerce and freelancer platforms;
c. receiving payments from family, friends or other people you know for personal purposes;
d. receiving payments from your clients and other third parties for the purpose of business payments.
e. You may not use your personal Wise account to receive business payments.'

Notwithstanding the broken syntax in point e, it's pretty clear that they don't want even freelancers without a limited company to use a personal account for business payments.

As Tom pointed out, there is no legal requirement for a freelancer operating in their own name to have a business account, but the financial institution can still limit how a personal account can be used. ▲ Collapse
 
Baran Keki
Baran Keki  Identity Verified
Türkiye
Local time: 16:01
Member
English to Turkish
TOPIC STARTER
Wise ACH Fee May 10, 2022

Some US clients have reported that they were asked to pay a fee of 30 USD for making an ACH payment to my Wise USD account. Has anybody experienced something like this?
 
Thomas T. Frost
Thomas T. Frost  Identity Verified
Portugal
Local time: 14:01
Danish to English
+ ...
ACH fees May 10, 2022

Baran Keki wrote:

Some US clients have reported that they were asked to pay a fee of 30 USD for making an ACH payment to my Wise USD account. Has anybody experienced something like this?


No, that's the typical fee for a US wire transfer. None of my US clients has reported anything like that for ACH payments. One of them uses Veem for payments, and I have set Veem to forward my payments to my Wise USD account automatically. Veem doesn't charge anything for that. It could be a monthly ACH fee.

https://www.mybanktracker.com/checking/faq/ach-transfer-fees-290332

Baran Keki
 
Baran Keki
Baran Keki  Identity Verified
Türkiye
Local time: 16:01
Member
English to Turkish
TOPIC STARTER
ACH May 10, 2022

Thomas T. Frost wrote:
No, that's the typical fee for a US wire transfer. None of my US clients has reported anything like that for ACH payments. One of them uses Veem for payments, and I have set Veem to forward my payments to my Wise USD account automatically. Veem doesn't charge anything for that. It could be a monthly ACH fee.

https://www.mybanktracker.com/checking/faq/ach-transfer-fees-290332

Yes, Veem and ACH seem to work very smoothly indeed. But I ask all my US clients to make ACH payments instead of wire transfer (as there is a 7 USD deduction with the latter), they (some of them) still can't seem to make it for some reason and ask for an alternative method (Payoneer, which is no better than Paypal). Are some people in the US not eligible/capable of making ACH transfers?
 
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Issues with Wise (Personal/Business Account)







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