Nomad Capitalist Audio Experience Why Wise Closed My Business Account and What It Means for Offshore Entrepreneurs
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Dec 3, 2025 The discussion kicks off with the surprising closure of a business account by Wise, raising concerns for offshore entrepreneurs. Andrew connects this action to a growing trend of conservative banking practices. Key mistakes with fintech are highlighted, including using personal accounts for business. He emphasizes the need to diversify banking relationships and carefully plan offshore structures. The limitations of fintech for complex banking needs are contrasted with traditional banks. Finally, listeners are advised on maintaining backups and diversifying accounts to safeguard their assets.
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Wise Closed The Nomad Capitalist Account
- Andrew Henderson recounts Wise closing the Nomad Capitalist business account for serving the offshore company space.
- Wise told his finance team they don't accept companies helping set up offshore companies or second passports.
Risk-Averse Banking Trend
- Banks and fintechs are increasingly adopting 'cover your butt' policies and shutting accounts preemptively.
- This trend isn't only political but reflects broader risk-avoidance across the industry.
Compartmentalize Personal And Business Finances
- Do separate personal and business accounts and roles when operating offshore.
- Treat yourself as employee, owner, and separate the business legally and financially.