4 ms·
I'm glad you brought up Wise! I love Wise and use it frequently. However, there are some jurisdictions it simply doesn't work for. For example, there is current
by jcburnham 5y ago
I'm glad you brought up Wise! I love Wise and use it frequently. However, there are some jurisdictions it simply doesn't work for. For example, there is currently no way for a US company to use Wise Business to pay a Brazilian contractor.
This is not because such payments are illegal, but rather because the Brazilian financial system has poor norms and poor rule-of-law: https://techcrunch.com/2021/03/16/wise-accuses-former-brazil-banking-partner-of-smear-campaign/ https://techcrunch.com/2021/03/16/wise-accuses-former-brazil....
- andreskytt 5y agoThis absolutely does not stop you from doing what Wise does under the hood: have bank accounts in two countries and settle using comms rather than the banking system. A message comes in “Alice should now be given x amount from the local account” and a local bank transfer is executed.
- jcburnham 5y agoYes, you could do that if the payment volume was high and bidirectional. It doesn't work at all for a company that occasionally has to pay someone in Brazil, but has no revenue or presence in Brazil.