Posting this as a warning, especially for other digital nomads.
I opened a Wise account when I was studying in the UK. Used it heavily for about two years. Freelancing income, lots of transactions in and out, balance sometimes close to $60k. I was an active, legit customer for years.
After about five years total with Wise, they suddenly closed my account. No warning. No explanation. About $60k frozen.
They never really tell you why, but my best guess is that I left the UK a few years ago and became a digital nomad, which probably triggered some compliance or tax red flag. These fintechs don’t operate like real banks. If you become even slightly inconvenient for them, they just shut you down.
The worst part isn’t even the account closure. It’s what comes after. They hold your money as long as possible. Emails and calls get you nothing but canned responses like “we’re reviewing” or “we’ve escalated this to the relevant team.” Meanwhile all your funds are locked.
Yes, you eventually get your money back. But it can take 60 to 90 days. If Wise is your main or only account, you’re basically screwed during that time.
I’ve heard even worse stories about Revolut and Mercury from friends.
Lesson learned: always keep a solid traditional bank account. Use these apps for convenience, not as your primary bank. Keep maybe $1k or $2k in them for daily spending, but don’t park your life savings there. The small fees you save are absolutely not worth the stress.
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