Wise closed or deactivated your business account: what the terms say and what to do
Under the Wise Europe SA/NV business terms of 7 August 2026, only a business organised or registered in the EEA can use Wise, and Wise can close an account without notice or specific reasons. Once a closure is announced you usually have 90 days to move the money.
What the Wise Europe terms and help centre say
| Rule | What it says | Official source |
|---|---|---|
| Section 4.1 | "Your Business must be organised or registered in the EEA-territories to use our Services." | Terms |
| Section 7.5 | Closure "without notice, without penalty to us". The balance can be held against a risk of liability or a suspected policy breach. | Terms |
| Closure announced | Usually 90 days to transfer the funds, 30 for a business registered in Brazil. No new Wise account afterwards. | Help centre |
| Account closed | "We can't tell you specific reasons why we closed your account." | Help centre |
The EEA acceptable use policy restricts, among others, adult content, gambling, crypto exchange, money transfer services, weapons and MLM, and Wise alone decides whether there has been a breach (Wise EEA policy).
Who can open a Wise Business account
Section 4.1 checks the company. A US LLC is not organised or registered in the EEA, so it falls outside the Wise Europe agreement. Which Wise entity would serve it was outside our sources.
Latvia is on Wise's list of countries where you can open a balance; check that the country you live in is on it too (Wise help centre). We found no official Wise guidance on where the directors and owners of an EEA company may live. Section 7.4 lists two breaches: using Wise from a country where it is not authorised, and carrying on after a material change that affects verification (Wise Europe terms). Declare where you live and tell Wise when it changes.
What a Latvian company changes, and what it does not
An EEA business with a file Wise can check
An SIA is registered in Latvia, inside the EEA, so it meets section 4.1. Its board, legal address and paid-up capital are in a public register (Commercial Law). An accountant keeps the books (Accounting Law), and the annual report, due within 5 or 7 months of year-end, is published by the register (Annual Reports Law).
Wise still decides
Section 7.5 still allows closure without notice. Restricted sectors stay restricted in any country, and the policy restricts corporate service providers that use nominee directors, so a company run by nominees works against you.
A Latvian VAT number can be checked in VIES (VID, VIES). It proves registration, not activity, so the file has to match what the business does. More on substance in Latvia and our bank account introductions.
EU business accounts and how they close
Not found means the pages we read did not say.
| Provider | Who it accepts | Notice before ordinary closure | Funds after closure | Official source |
|---|---|---|---|---|
| Wise Europe SA/NV | A business organised or registered in the EEA | 2 months where required; can close without notice | Usually 90 days to transfer, then support after checks | Terms, help centre |
| Revolut Bank UAB | A UK or EEA company with proven physical presence; applicant living in the UK, EEA, US, Australia, Singapore, India or a few listed territories | Generally 60 days, 30 for a large business | Claimable through support for 6 years | Help, terms |
| Airwallex, Lithuanian entity | Companies registered in listed countries, Latvia included | Not found | Not found | Countries |
| Payoneer Europe Limited | Nobody who lives, works or does business in a country restricted by OFAC | 2 months for a micro-enterprise, otherwise immediate | Claimable for 6 years; a redemption fee may apply | Terms |
Revolut also refuses a new account once it has closed one (Revolut terms). See our pages on Revolut Business closures and PayPal limitations and holds.
Why a Latvian bank cannot serve a shell company
Latvia's anti-money-laundering law defines a shell arrangement by three signs: (a) no real economic activity and no documents showing otherwise; (b) a country of registration that does not require financial statements to be filed; (c) no business premises there. Section 21.¹ bars Latvian credit, payment and e-money institutions, among others, from serving one that shows both (a) and (b) (AML law, sections 1 and 21.¹).
An SIA files a public annual report, so it cannot show sign (b). Sign (a) must still be disproved with documents. The ban binds institutions under Latvian law and says nothing about providers licensed elsewhere.
Under CESOP, payment service providers record and report payees that receive more than 25 cross-border payments a quarter, and keep the data for 3 years (VAT Law, section 147). A Latvian company makes the business more visible to tax authorities, not less.
After Wise closes the account, in order
Read the email
Note the closure date and ask Wise in writing whether the account is suspended or being closed.
Move the money and redirect payers
Transfer the balance, usually within 90 days. After the closure, incoming payments go back to the sender, so send payers new details now.
Answer requests for information
Refusing to cooperate with an investigation is a breach under section 7.4.
Claim what is left
Through customer support, once Wise has run its checks.
Pick a provider whose rules fit your facts
Check where each provider wants the company registered and where the applicant must live, then apply with the true facts.
What this page cannot promise
No company set-up guarantees that Wise or any other provider accepts an account or keeps it open. The provider decides. Providers close European accounts too, for restricted businesses, disputes and sanctions links. PayPal's Latvian agreement names an abnormal number of claims and chargebacks, and a rapid rise in usual volume, as signs of a risky seller (PayPal Latvia agreement). Your home country's rules on foreign exchange, the tax residence of a company managed from where you live and controlled foreign companies still apply. Our research did not cover them, so check this with a licensed adviser in your country.
Open points: which Wise entity applies the EEA policy, and whether a given US LLC shows sign (b) under its state's filing rules, which we did not read. For card payments, see what to do when Stripe closes an account.
Questions about a closed or deactivated Wise account
Wise says it cannot tell you the specific reasons. When it announces a closure it cites activity against its agreement or acceptable use policy, such as crypto, illegal products or restricted items.
Usually 90 days after the closure is announced, or 30 if the business is registered in Brazil, according to the Wise help centre. Funds left after the closure come back through customer support.
Yes. Section 7.5 of the Wise Europe terms allows it if reasonably needed against a risk of liability, or if Wise reasonably believes you breached its acceptable use policy.
A Latvian company meets section 4.1. Check that your country of residence is on Wise's list of countries where you can open a balance. We found no official Wise guidance on where the directors and owners of an EEA company may live, so ask Wise first.
No. Section 7.5 allows closure without notice whatever the company's country. An SIA makes the business eligible under section 4.1 and gives Wise a file it can check. The decision stays with Wise.