Wise refuses to let us access our $60k AUD

Pattern of Account Freezes Across Fintechs and Banks

• Multiple stories of large balances frozen (PayPal €80k, €3.5k; Stripe €150k; Wise business and personal accounts) with vague “ToS violations” or generic “security” justifications.
• Common themes: no specific rule cited, no clear path to remediation, support tickets ignored or bounced between channels.
• Some report years‑long freezes at traditional banks as well, showing this is not unique to fintechs.

KYC/AML, Secrecy, and “De‑Banking”

• Several commenters tie the behavior to AML/KYC and Suspicious Activity Reports: institutions often cannot legally disclose why an account is blocked.
• Others argue regulation is a pretext; the real problem is under‑resourced, automated fraud systems and poor internal processes (e.g., repeated KYC demands for already‑submitted documents).
• Debate over whether AML regime does more harm (randomly crippling legitimate businesses) than the money laundering it targets.

Fintech vs Traditional Banks: Trust and Recourse

• Many treat fintech accounts as “proxy banks”: move funds out immediately, never store material sums.
• Some claim local banks are easier to pressure (branches, lawyers, regulators); others say “computer says no” happens there too and foreign‑licensed fintechs can be hard to sue.
• A few note that in some jurisdictions these services aren’t licensed as banks, and deposit protections may not apply.

Customer Support and Viral Escalation

• Wise’s KYC and support are described as buggy, contradictory, and “AI‑like,” with loops and nonsensical advice (e.g., “try another browser” for a locked account).
• Several say support quality is the real differentiator in financial services; current practice undermines trust.
• A Wise employee appears to say the case was fixed; the OP later reports the account was re‑locked and the issue unresolved, reinforcing distrust.

Alternatives, Crypto, and Risk Management

• Common advice: diversify across 3–4 institutions, keep only operating balances in any one, hold some cash.
• Some advocate crypto/self‑custody (“not your keys, not your coins”) as the only way to avoid arbitrary freezes; others highlight key‑management risk, theft, lack of legal recourse, and weak usability for businesses.
• One commenter dissects Wise’s terms, arguing they explicitly grant broad, indefinite control over user funds; others respond that for some (e.g., Australian firms needing USD spend), there are few practical alternatives.