Really? Wise has been reliable for a long time and they've improved the partners they work with in the last year to get much faster transfer times. I've sent around 15-20k usd with wise
Sending money through them still seems to be OK, mostly. But holding funds -and similarly to the Chase stories in this post- seems to be risky business, if you don't fit a cookie cutter model of a business (for whatever Wise's definition of that is). Ironically if you're using Wise, you probably aren't a cookie cutter business in the first place, so I don't know what's going on with them.
Anecdotally it definitely also seems to be related if you deal with the third world much, as the linked OP below and myself are. Luckily the worst I've come across is arbitrary extra KYC popping up exactly as I'm needing to do time-sensitive transfers.
I exclusively use Wise for dealing with the third world. I never keep a balance there, just instant transfers, as I don’t trust any pseudo banks like paypal to not freeze accounts for no reason.
Wise was reliable and cheap up until October when they cancelled all the business debit cards and changed all business account/ routing numbers, both with a 2 day heads up. There’s no way to pay any of the bills that require debit/credit cards, so I just had to get a brick and mortar account. Wise said they’re “working hard” on getting to issuing new debit cards, but can’t give any sort of timeline.
I’ve moved the majority of my money out since it feels like they might fold soon, there’s just a lot of things on autopay with that account so it’s kind of a hassle to move everything off.
