Comment by nickfromseattle
2 years ago
I've run a consulting business for the last 5 years and use online banks to pay team members, but not receive client payments.
- Banned from PayPal, requires submitting mail from an address I no longer live at (not even the same continent anymore)
- Restricted on Payoneer because my company name (essentially my name) is different than the info I registered with (a cool brand). Fortunately I can still pay inbound requests, but I cannot send outbound payments without an originating request.
- Now currently using Wise and loving it. Hoping I don't get banned.
I guess there is always Revolut?
Or the next "We're not Wise! We're better" startup?
haha yeah exactly I feel like they all follow the same pattern of really focusing on The Customer in the beginning and getting super popular through word-of-mouth praise.
Then they turn on the money taps and just scale up and "move upmarket" to a point where they can't provide good customer service any more to smaller businesses until the next small startup comes along and focuses on smaller markets.
They used to be good back when they started, but alas not only have the grown significantly and can't deal with the support load, but as they're growing towards being a "real" bank (ie; they actually have licenses to operate) they're subject to much stricter regulation, so this will only get worse.