It is not the first time money transfers to Bitcoin-related services are blocked by financial institutions. However, it is the first time TransferWise is doing so, even though they have not been overly kind to Bitcoin so far. Cashila and ICONOMI users can no longer receive funds through Transferwise, which is rather annoying when making a deposit.
Most people know the TransferWise name as a company making big waves in the Fintech industry. By targeting the money transfer service, this company attempts to offer much cheaper remittance rates. Moreover, they allow users to send bank transfers to other countries for a very low price. This had made them rather appealing to users of Bitcoin exchange platforms in recent months.
That being said, Cashila and ICONOMI users got a nasty surprise when dealing with TransferWise for depositing funds. As it turns out, the money transfer service no longer sends funds to Cashila, without issuing any prior warning to users or the company. For some reason, the platform says “we cannot currently accept payments to this recipient.”
According to the TransferWise team, they will no longer support cryptocurrency platforms due to “regulatory requirements”. To the average user, this may sound logical, but it is a load of BS in the end. The CEO of TransferWise recently stated how Bitcoin is “dead”, and this decision has more to do with that train of thought than any regulatory issue, by the look of things.
Luckily, the Cashila team has come up with solutions to this platform. The platform offers many free deposit options for various currencies, which is always a positive thing. Moreover, using non-EUR currencies is not subject to any additional charges. This is quite good for anyone who is not sending funds from a SEPA account, as that is not a requirement to use the Cashila services.
Luckily, there are also other companies offering money transfer services at affordable rates. TransferWise is not the only company who can offer those rates, and their arrogant attitude will cost them a lot of customers in the long run. Conducting a quick google search will result a lot of positive results for Cashila users all over the world.
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