Wise : A bank that support crime against humanity

In today’s digital world, choosing the right financial partner for your business is critical. Many entrepreneurs and small businesses have turned to Wise (formerly TransferWise) for their ease of use, low fees, and multi-currency accounts. But as the director of a UK-registered travel agency, I’ve learned the hard way that Wise can also pose significant risks that business owners need to be aware of.

This article isn’t just a review of Wise; it’s a detailed account of how their actions nearly brought my business to a standstill. Here’s what happened.

The Background of My Business

• Remote Expeditions Ltd is a travel agency specializing in photography and cultural tours across South America, with a focus on responsible and community-based tourism. We organize small-group experiences that support local economies, and occasionally, we run tours to Cuba under the “Support for Cuban People” category, authorized by the U.S. Office of Foreign Assets Control (OFAC).
• How We Used Wise: We relied on Wise for smooth, international payments to manage our operations, pay service providers, and receive client payments. None of these transactions were related to our tours in Cuba.

The Shock: Account Frozen Without Warning

• Without any prior indication of a problem, Wise froze our account, blocking access to essential funds and disrupting our ability to operate. Their reason? They claimed a supposed violation of their Acceptable Use Policy due to our association with Cuba.
• The Immediate Impact: This action put our entire business in jeopardy. We had ongoing transactions, upcoming tours to manage, and critical bookings to make. With our funds locked, we faced major disruptions.

Our Efforts to Resolve the Issue

I immediately contacted Wise, explaining in detail that:

• Compliance Measures: Our tours in Cuba comply with OFAC’s “Support for Cuban People” category, focusing on privately-run, community-based activities that support the Cuban people, not the government.
• Separate Bank Account: We use a separate European bank for any Cuba-related transactions, ensuring none of these are processed through Wise. We had scrupulously avoided using Wise for anything related to Cuba, fully aware of their policies.
• Wise’s Response: Instead of engaging in a meaningful dialogue, Wise repeatedly ignored our evidence and sent automated, unhelpful replies. At one point, they even falsely claimed that they didn’t monitor our emails, despite clear evidence that they did. After weeks of back-and-forth, they finally informed us that they would be permanently deactivating our account.

The Consequences for Our Business

The deactivation left our business scrambling to manage ongoing commitments:

• Operational Disruption: We had funds tied up that were urgently needed to pay service providers and secure bookings for upcoming trips.
• Client Impact: We were forced to deal with the reputational damage caused by delays and logistical issues.
• What’s most troubling is that Wise’s decision came without a clear explanation or substantiated reason, despite our full compliance with international regulations.

The Ethical Dilemma: Wise’s Alignment with Sanctions

Having traveled to Cuba and witnessed firsthand the suffering of its people, I am deeply concerned about the impact of sanctions. The international community widely condemns these sanctions as a crime against humanity, yet Wise has chosen to align with them. By blocking accounts that aim to support the Cuban people, Wise indirectly perpetuates the very hardship these sanctions cause.

Did Wise really consider the broader consequences of their actions? Or were they simply too focused on rigidly enforcing policies without understanding the context?

Final Thoughts: A Warning for Other Businesses

Wise markets itself as a business-friendly, cost-effective financial solution. But as my experience shows, there are significant risks involved:

• Unresponsive and Misleading Support: Wise’s customer service was dismissive, slow, and at times, blatantly misleading.
• Arbitrary Policy Enforcement: Despite providing evidence of compliance and using a separate bank for restricted activities, Wise still chose to deactivate our account.
• Lack of Accountability: Their actions left our business in chaos, with no clear way to resolve the issue.
• The Bottom Line: If your business has any complexity—such as global operations or humanitarian components—Wise may not be a safe or reliable financial partner. Their rigid policies and lack of support can lead to sudden, unmanageable disruptions.

My Next Steps

Having exhausted all reasonable means to resolve the issue, I will be sharing this experience widely. This includes:

• Publishing reviews in multiple languages to ensure that other business owners are aware of the risks.
• Engaging with industry forums and social media to highlight the lack of accountability and transparency at Wise.
• Writing blog articles optimized for search engines to maximize visibility.
• Closing Thoughts

For small and mid-sized businesses, financial stability and reliable partners are non-negotiable. Wise’s actions have shown that they may not be the partner you think they are. If you value consistent, ethical, and reliable service, I strongly urge you to consider alternatives. The cost of using Wise could be far greater than you anticipate.