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TransferWise done this to our business account too. Couldn’t explain how we broke their terms (because we never) but we never bothered to fight them, we simply
by WhackyIdeas 4y ago
TransferWise done this to our business account too. Couldn’t explain how we broke their terms (because we never) but we never bothered to fight them, we simply let customers transfer from International countries with our proper business account - which unfortunately just caused customers to pay more fees as a result.
- throwaway2037 4y agoThe more that I read about the "international wire transfer" business, the more I think it is untenable at the current prices. The amount of "bad people" trying to launder money with your low priced wire transfers is incredible. Plus, the regulatory pressure only increases (year by year), which means you need to hire humans who can think to do AML/KYC. To be clear, good AML/KYC needs people who can think to evaluate "red flags". You cannot hire a bunch of paper pushers at minimum wage and think this will cover you against the regulator -- it will not. I don't see how it can continue. Soon these businesses will all be expensive or bankrupt, and we are back to the megabanks with mega fees, but more effective AML/KYC. It's tough.
- SturgeonsLaw 4y agoI know people like to hate on crypto in these parts (mostly for good reason) but this is a great use case for it. You could remit billions of dollars worth of USDC to another country for ten bucks in gas fees.