Consumer complaint received 2023-12-15
Company: TransferWise Ltd
Product: Checking or savings account
Sub-product: Checking account
Issue: Closing an account
Sub-issue: Funds not received from closed account

Complaint:
It is horrible that Wise Payments limited are keeping my business funds without providing a reason. There were approximately XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX in my multi currency accounts for XXXX XXXX XXXX, an active trading company, registered in Wyoming, XXXX, when they deactivated my account and locked me out. I have not had to our business funds since then and we are going of our business due to this situation. I have attached evidence of the non-payments due to our funds locked in by Wise Payments Limited Wise is illegally holding my funds and refusing to refund them for no reason. They deactivated my account without warning or providing any reasons. They didn't ask me for any documentation and stole my business funds., I am based in XXXX but hold an XXXX XXXX in the XXXX as an overseas resident. I had a Wise account with my XXXX  identity and had been using it for a couple of years without a problem. I held a XXXX XXXX business account with Wise where all the business funds were stored. 

Wise deactivated the account on XX/XX/XXXX. On XX/XX/XXXX, I submitted an appeal on their appeal portal where they asked me to provide proof of identity and details of the bank accounts where you will refund the payment. I provided all the requested details. 

I waited until XX/XX/XXXX before I filled out the online complaint form to which you replied in a few hours that they are investigating the issue and will need XXXX days to resolve the matter. ( Image attached ) On the same date XXXX XXXX, I received another email from Wise Support asking me to provide more info about my Wise account. When I followed the link in that email, I was again asked to submit my bank details for the refund, which I did promptly. ( Image attached ) They did not ask me for any info other than my proof of identity and bank details. 

The very next day on XX/XX/XXXX, they closed my account stating that they had received the info I provided but that they would not refund the funds. What info did they check before deciding to not refund my money other than my identity and bank details? How can they judge, decide and keep the business funds of an active trading company? ( Image attached ) On the other hand, when I log into the appeals portal on wise.com, they tell me that they have closed my account but already refunded the funds to the originating bank or the account I provided which is a lie.

Can you see that they are providing conflicting responses : 1 ) They decided not to refund my money after I provided my info, 2 ) They are investigating the matter and will get back to me with a decision within 14-35 days, 3 ) that they already refunded the money. You are doing all this while you are holding on to my funds. ( See attachment ) I have found hundreds and thousands of other people who are in the same situation and you closed their accounts for no reason.

What I am considering as future action plan.

Send them a legal notice through our lawyer for unlawfully holding our funds which has caused immense financial and emotional damage to our entire team. 
File a complaint with the XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX Contact XXXX XXXX XXXX  Submit a complaint to the Internet crime agency and cyber crime agency Report them to the XXXX XXXX department File a complaint with the consumer finance department XXXX ( https : //www.consumerfinance.gov/ ) Report them to action fraud police

Company response to consumer: Closed with explanation