Recieving a large sum of eur into wise bank account

[p90xcoach]

Good morning gentlemen

This week i am gonna receive around 200 k Eur into my wise acount(sold a property)

Being a user of wise for the last 4.years..many transfers were made and also receiving my salary here in germany and had 0 issues with them

I did upload the selling contract to their document site so i hope everything will go easy peesy but as its a large sum i am getting a nice case.of paranoia

Any smooth or catastrophic experiences to share?

Edit: everything went smooth as nothing was frozen or delayed

smooth sailing at wise

thank you for all quality advices

 

[eltucan]

@p90xcoach Ladies are on here too Not just gentlemen.

When I received a large sum (USD) they requested proof of funds. Sounds like you did that too.

Other than that no real issues. But as others have said it’s not a bank. Keep the money elsewhere and just use wise for currency conversion.

 

[resjudicata]

@eltucan Yes, you always need to keep in mind that USD is strictly controlled.

 

[kroy]

@p90xcoach I transferred a few hundred k GBP through Wise when I moved countries, zero problems and I would do it again. Unclear whether you're planning to do that or keep it in Wise, which I wouldn't do.

 

[p90xcoach]

@kroy Nah spreading it as most of you are recommending Thank bro .little less of paranoia now

 

[well768737]

@p90xcoach Depends on what you want to do with it I guess. Wise often limits spending on a credit card to 45k/month. Which can be insanely annoying. So, unless you plan to spend a big portion via a wise credit card within a month you should be totally fine.

 

[dakota7]

@p90xcoach I moved a few hundred k euros from US to Europe in chunks of €100k. Instant and no issues.

 

[resjudicata]

@p90xcoach I use Wise for large amounts, at one point I had a 7 figure deposit there getting 4% apr when other banks were not paying anything. I have never had any issues and their support was always available and helpful.

I think where people run into issues on Wise, is when they are skirting around the edges of would be considered normal banking: opening multiple personal and business accounts, transferring USD to eastern european countries etc....the saying if it has feathers and it quacks, its a duck. Wise will infer you're a duck without giving the benefit of the doubt.

But if your legit and have the paper work to back it up, Wise are totally fine.

For the bank deposit protection, they are pretty transparent where your money is kept and how they can pay the interest rate. If that starts to crumble, we've got bigger issues than happening in the wider market.

I'd rather take 4% from Wise than a local bank paying 0% and charging crazy fees any day.

 

[nunaleticia]

@resjudicata Transferring USD to eastern European countries is considered skirting around the edges of normal banking...

Racist much?

 

[resjudicata]

@nunaleticia Having lived in Armenia, Georgia and Albania I have ran into issues. Be my guest, try transferring more than 100 USD in a Georgian Wise account and see what happens.

 

[p90xcoach]

I have also revolut and n26 so i am gonna disperse it trough 3 ebanks

Thank you