Wise made me send them $20 to prove myself before they would allow me to accept money from a friend whom I loaned $500 during covid (also through Wise).
Of course, I could withdraw it afterwards, for another small fee.
If only there was an easy decentralized way to send money around the world without all this KYC bullshit... I know that there are criminals in the world abusing the system and we all have to pay for it, but still... there should be a way to mark yourself as "global entry" and stop presuming that you're a fraudster...
Some time ago I had to deposit £20 in order to open an account in another country, which I could accept :) but them storing photo of my ID... makes me feel bad. I would send it if it was used as mean to confirm my data and then erased. If they store it I'm trying to evaluate risk I'm taking...
Most companies farm the ID check out to a third party. At this point, I just assume my ugly picture is going to be leaked or sold. If you don't want this, then you should look at other ways of sending money around the world.
Comments
Wow, that's all?
Wise made me send them $20 to prove myself before they would allow me to accept money from a friend whom I loaned $500 during covid (also through Wise).
Of course, I could withdraw it afterwards, for another small fee.
If only there was an easy decentralized way to send money around the world without all this KYC bullshit... I know that there are criminals in the world abusing the system and we all have to pay for it, but still... there should be a way to mark yourself as "global entry" and stop presuming that you're a fraudster...
Some time ago I had to deposit £20 in order to open an account in another country, which I could accept :) but them storing photo of my ID... makes me feel bad. I would send it if it was used as mean to confirm my data and then erased. If they store it I'm trying to evaluate risk I'm taking...
Most companies farm the ID check out to a third party. At this point, I just assume my ugly picture is going to be leaked or sold. If you don't want this, then you should look at other ways of sending money around the world.