The official reasons presented to the masses were to stop money laundering and reduce the risk of fraud and deception, in reality it represents an obstacle to accessing one’s own money.
Many had, for various reasons, arranged for their state pension to be paid into their Wise account, that’s not longer possible, just to give you an example…

 

When, back in old Blighty, I recently applied to transfer money into my Filipino bank account from a U.K. bank account using Wise, I was red flagged by my U.K. bank and had to contact them to be able to proceed with the transaction. Be aware of the new U.K. legislation put into place to minimise the risk of scammers targeting vulnerable older people as it may become an obstacle, particularly if personal data has not been updated recently…