Got burnt by Wise
Been seeing Wise advertisements at the mrt stations and want to caution people thinking of signing up or using their investment services.
I saw many people online warning about Wise and sharing their experiences of having their accounts shut down suddenly, but I ignored it thinking that it wouldn't happen to me.
I was using Wise as an investment platform because they offered about 3.4% interest for putting money in their Interest account. It was easy to use, and my money was still accessible any time, unlike putting it in a fixed deposit. I also used it as an occassional wallet for paynow sometimes.
I gradually invested more savings into their platform over the past 1-2 years, as my own way of DCA, and had almost 200k. It was better than putting it in a bank.
Now, I received the email that my account will be gone in 90 days because it exceeded their "risk tolerance". I tried to appeal and tried to understand what happened. Wise didn't budge, and their customer service on the phone told me they wouldn't know the reason as well. The appeal process also forces you to put a bank account and pick 1 currency to change your money to. Within the day of closure, Wise transferred my money out, some of which are in foreign currency, to my bank account. I lost some money too because of the exchange rate.
It has been a few days and I am still stung by this unexpected horrible experience. Lesson learnt, put my life savings in proper established investment accounts like IBKR or local banks.
https://www.reddit.com/r/singaporefi/s/ozGszWCu6d
Been seeing Wise advertisements at the mrt stations and want to caution people thinking of signing up or using their investment services.
I saw many people online warning about Wise and sharing their experiences of having their accounts shut down suddenly, but I ignored it thinking that it wouldn't happen to me.
I was using Wise as an investment platform because they offered about 3.4% interest for putting money in their Interest account. It was easy to use, and my money was still accessible any time, unlike putting it in a fixed deposit. I also used it as an occassional wallet for paynow sometimes.
I gradually invested more savings into their platform over the past 1-2 years, as my own way of DCA, and had almost 200k. It was better than putting it in a bank.
Now, I received the email that my account will be gone in 90 days because it exceeded their "risk tolerance". I tried to appeal and tried to understand what happened. Wise didn't budge, and their customer service on the phone told me they wouldn't know the reason as well. The appeal process also forces you to put a bank account and pick 1 currency to change your money to. Within the day of closure, Wise transferred my money out, some of which are in foreign currency, to my bank account. I lost some money too because of the exchange rate.
It has been a few days and I am still stung by this unexpected horrible experience. Lesson learnt, put my life savings in proper established investment accounts like IBKR or local banks.
https://www.reddit.com/r/singaporefi/s/ozGszWCu6d
