TD;LR : I did everything that I was asked properly but I am still getting a lot of troubles and have €2000 locked up.
I will start with saying that I got into bitcoin mostly because of its feature in which I am in control of my money.
Obviously this is my experience but the settings are for all and can happen to anyone. Read more below.
A little background. Few months ago I ordered a bitwala card. I looked at the limits and I was surprised that the limit was to move around €2000 per day. I verified myself there and made some small transfers.
Forward to some days ago I decided to put €3000 in my bitwala card. The first €2000 were credited fine but the last €1000 was not. Its been some days now and is still in process. I was wondering why this was happening and after looking around I noticed that the daily transfer was not €2000 per day but per month. I immediately though, right, it must be a mistake back then and they corrected it. Not cool. However I won't stand on that as I don't have a proof anyway. I thought that is fine, it will load the rest 1k next month.
Then I tried to get my money out and do some shopping. I went to the ATM and it only allowed me to withdraw an amount less than €200 and do that twice a day. As my bank has specific amounts set when trying to withdraw I was able to withdraw only €280 from that €2000.
When I got home I got an email "Action Required: Changes on your card limit". I will quote three statements from that email that are the TL;DR version.
"If you are receiving this email, this means that you have an unverified cardholder account with us. If you have submitted your documents to be verified, this means that your documents have been rejected by Visa."
"Following the EU’s Proposal to Amend Regulation 648/2012, known as the 4th Money Laundering Directive (4MLD), all unverified cardholders will have the following limits as of June 26th"
"Unverified accounts with total card balance over 250 EUR will be suspended until verification is complete. To avoid these limits, please verify your account before June 26th. Verification may take 7-10 days."
I was verified. Level 2. I got anxious and immediately emailed them as to why did I have only just 10 days to act? Why didn't they let me know about this earlier?! I submitted a support ticket for this and also asked what else do they need to verify me.
Moving forward I was not really happy with what was going on as this was a second foul for me. I went on and used this credit card for all my costs. I managed to spend €1000 out of the €2000 that were in the card and the €1000 blocked there.
My worry at that point was the €1000 that were still in process as there were going to be loaded next month and will be frozen there.
Today I went on to buy something else from the credit card. The transaction was declined. Then I went to buy on a different site, then the transaction was declined again. Then I went over to the ATM to withdraw some of my money. That transaction was declined as well.
This is my experience using bitwala. I have no control of my money and in fact I now have €2000 locked up and cannot use them. I am very frustrated as I did everything instructed by them but I am still not able to use my money anyway. On that note, I don't get the mentality of first depositing your money and then letting you know of issues.
To be fair I will mention a bitwala employee in the comment so that they can reply if they want and give their point of view or anything that they want to share.