For years, one of my businesses has been a regular user of Wise (formerly TransferWise). Wise is a financial service that lets you send and receive money across currencies, often at a better rate and lower fee than traditional banks. Sounds great, right?
Until it isn’t.
This is our story – a sobering, frustrating, and frankly appalling experience that ended with our business and personal accounts being shut down, without any meaningful reason, support, or recourse.
And all we did? We updated our address.
🏢 A Routine Change Turned Nightmare
Like many businesses, we recently moved into a new office. Alongside the usual updates to suppliers and records, we updated our physical address with Wise. Not long after, we received an email requesting us to verify the new address.
Fair enough – we had no problem with that.
Wise provided a dropdown list of acceptable documents: a lease agreement, rates notice, tax document, utilities bill, or telecommunications bill. Due to our company structure, most of those documents are in the name of our parent company or show our PO Box (which NZ Post requires, since they won’t deliver to our street address). But we had a telecommunications bill that ticked every box:
Correct entity name ✅
Correct physical street address ✅
Even detailed our fibre connection at the new premises ✅
So we uploaded it – and assumed that would be the end of it.
We were so wrong.
📞 The Call That Made No Sense
Days later, we received an email: our document was rejected.
No clear reason. So, I called Wise and explained the situation to the customer service representative.
Her response left me stunned.
“The document was rejected because it was a tax invoice, not a bill.”
Wait… what?
I paused, trying to process this. I politely explained that in New Zealand, a “tax invoice” is a legal form of a bill – even down to the name “tax invoice” being a legal requirement by IRD, and that’s how telecommunications companies issue invoices here. But she refused to accept it.
“It needs to say Telecommunications Bill at the top,” she insisted.
“A tax invoice isn’t acceptable.”
This is simply not true, and completely out of touch with New Zealand’s business documentation standards. The rep wouldn’t budge.
🧠 The “Solution” That Was Beyond Belief
Still trying to find a solution, I asked: what do you recommend I do then?
Her answer?
“You should find a local shared workspace, lease a desk under your company name, change your registered office to that address, and use that lease document to verify your address with us.”
Yes, you read that right.
Wise’s advice was to artificially lease a desk we didn’t need, change our registered address, and use that document – just to verify an address we actually operate from.
I asked to speak to a manager. That request was refused. She told me, flatly:
“I am providing you with the correct information.”
A bit more back and forth… then the call was disconnected.
📞 A Glimmer of Hope – Then The Hammer Falls
Later that day, I received a call back from Wise – not from a manager (because apparently, Wise doesn’t have managers), but from a more “senior” representative.
This rep was more empathetic and agreed the document should have been acceptable. She escalated the issue, resubmitted the document herself, and said she’d personally follow up if it was rejected again.
Progress, I thought.
Until the next morning.
🚫 “We’ve Restricted Your Account”
I woke to an email with a stunning subject line:
“We’ve restricted your account”
Just like that, our entire business account was locked. No warning. No reason. No discussion.
We could no longer send or receive money, use our Wise cards, or even contact support. The email stated:
“Due to our current risk policies, your account will be closed in a few months. You will not be able to use support channels.”
Even worse? My personal Wise account was locked too. The same personal account which did have its address fully verified, by a rates invoice for my personal address.
Both had funds inside.
🧾 An “Appeal” That Wasn’t an Appeal
The email offered an option to appeal. Naturally, I did.
The appeal process asked for our articles of incorporation and share registry. No problem.
Then it asked us to provide our preferred currency, and bank account details to refund the balances.
Wait… I thought this was an appeal? A chance to discuss and resolve the issue?
Nope.
That was the end. There was no opportunity to explain anything, no communication, no questions asked. The decision was made, and we were locked out, permanently.
🔁 Let’s Recap
To summarise the absurdity of this:
We moved office, and updated our address with Wise
We provided a legal, NZ-compliant telecommunications bill showing our entity and address
It was rejected because it was labelled a “Tax Invoice”
A rep told us to lease a coworking desk elsewhere just to get a different document
A senior rep agreed we were right, and escalated it
Then our accounts were shut down – with no explanation or recourse
Even trying to call support now gets an automated message: “Because your account is restricted, we cannot connect you.”
⚠️ Our Final Word: Be Very, Very Careful
We had used Wise for years. Regular monthly supplier payments. International stock orders. Five-figure transactions. Never a problem – until this. A minor change triggered a totally flawed process that completely shut us out, with no transparency or logical path to resolution.
We’re not alone – a quick search shows many others facing similar horror stories with Wise.
So this is my word of warning:
💡 Don’t put all your eggs in the Wise basket.
If you’re a business, don’t rely on them as your sole means of transferring funds. For us, it’s back to traditional banks – slower, yes, but at least they have humans you can talk to, and actual escalation paths.
🧾 28th October update on our Wise debacle – it gets worse.
Following the so-called “appeal” (which gave us no option to provide any information), we received the unsurprising outcome: Wise has decided to keep our accounts closed as we had breached their acceptable use policy. 🤨
What was surprising, however, was the reason they gave after I queried what was breached in Wise’s Acceptable Use Policy:
I was told my personal account was being closed for allegedly breaching their Acceptable Use Policy — specifically, section 1.4.e, which states “you may not use your personal Wise account to receive business payments.”
That’s… news to me.
I’ve never used my personal account for business transactions — in fact, over 99% of transfers were to overseas family members. When I asked for clarification or examples, I got none. Just a vague statement and the very strange line:
“Just because we can’t offer you our services going forward doesn’t mean that we think your business activities are illegal or illegitimate — it just means that we don’t support those types of activities.”
What activities?! Again, no explanation provided.
To make matters worse — our business account’s refund transfer failed. Why? Because it requires documentation — the same documentation Wise previously rejected for address verification, claiming a telecommunications tax invoice isn’t a bill.
After a few days, the transfer was then cancelled as of course, Wise was unable to “verify” us.
So now our funds are in limbo, their support ticket is marked “final response,” and our attempts to get clarity have gone nowhere. We’ve escalated the issue to Financial Services Complaints Ltd, Wise’s dispute resolution provider in New Zealand.
🎯 TL;DR: Nothing resolved.
Funds stuck. No clear reason. No accountability. Wise still gets a 0/10 from us.
