I have a Wise business account that ive been using for 6 months to receive USD payments from clients. Everything was fine until last week when i tried to withdraw to my RBC account and it just keeps failing. I contacted support and they gave me some confusing explanation about my account needing additional verification for local transfers or something, like it worked perfectly fine before why is it an issue now?. They said something about needing proof of my business operating address but all my stuff is registered to my home address in Toronto. Someone in a facebook group said i might need to set up a proper US business address if im dealing mostly with American clients and platforms. Apparently Wise and other payment processors are getting stricter about this stuff lately. My question is do i actually need a whole US address just to withdraw my own money? Wondering if thats what i need to do here or if theres a simpler fix. has anyone else run into this problem? I have money just sitting in my Wise account that i cant access to.
My Wise account cant withdraw to a Canadian bank
byu/Virtual_Visual6047 inpersonalfinance
Posted by Virtual_Visual6047
2 Comments
ugh yeah this exact thing happened to me in barcelona except it was coinbase freezing my shit for 3 days. payment processors are getting so paranoid lately.
i think you can probably fix this without a whole US address. try getting a legit business license or even just a DBA certificate with your toronto address – i had to do similar when paypal gave me grief. also upload like 3 months of bank statements from your RBC account to prove you’re actually in canada.
worst case you could withdraw to a US-based friend or family member’s account then have them etransfer you, but honestly i’d push wise support first. ask to speak with a supervisor and mention you’ve been a customer for 6 months with no issues – worked for me when revolut tried pulling the same crap.
how much we talking here btw? if it’s substantial i’d be more aggressive about escalating.
i had the exact same problem last year, you need actual documentation not just a mailbox address. I personally used a service called Building Lease Co that sorted out the whole thing it only took a few days to get bank account approved after that.