Post Brexit Transferwise

[karishi]

So a friend of mine noticed this article https://transferwise.com/help/articles/2965898/what-does-brexit-mean-for-transferwise

The only change is behind the scenes. Starting 14 December 2020, we'll serve customers in the European Economic Area (EEA) from our new office in Brussels. We'll be licensed and regulated by the National Bank of Belgium.

What does this mean for the "we don't currently report to tax authorities" part?I've read around and there is no mention of CRS and so on, what's your take?

Also, how do they decide if you are from EEA?You can change your address freely on TW

 

[Worldwideweb]

Hello, I'm very intrigued about this change too and yes it seem we can change easily our country of residence on TW, I guess an utility invoice will be requested, but then ? What if we use the card in another country that the one we are registered in ? Any idea for another EMI who accept American LLC ? Thanks

 

[karishi]

Worldwideweb said:
Hello, I'm very intrigued about this change too and yes it seem we can change easily our country of residence on TW, I guess an utility invoice will be requested, but then ? What if we use the card in another country that the one we are registered in ? Any idea for another EMI who accept American LLC ? Thanks
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The change is for accounts in EEA, whatever that means, since you can put whatever address you like. For companies, will the beneficiary owner country of residence or the incorporation country of the company dictate this?

 

[Martin Everson]

shikari said:
Also, how do they decide if you are from EEA?You can change your address freely on TW
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Excuse my ignorance but where can you change your address in TW after your account has been verified? The address fields are locked conf/(%

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[karishi]

Martin Everson said:
Excuse my ignorance but where can you change your address in TW after your account has been verified? The address fields are locked conf/(%
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For the company account, yes they are locked, for the personal account, no, you can change them

 

[Martin Everson]

shikari said:
For the company account, yes they are locked, for the personal account, no, you can change them
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On personal account it's locked on everyone I know including my own. So just wondering how its open for some unless account has not been verified conf/(%. Only surname and phone number field can be changed after verification. Very confusing whats going on here then?

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[karishi]

Martin Everson said:
On personal account it's locked on everyone I know including my own. So just wondering how its open for some unless account has not been verified conf/(%. Only surname and phone number field can be changed after verification. Very confusing whats going on here then?
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Probably I have never been verified on my personal account, that's the reason. What do you think about the change and the fact that TW is going to be licensed and regulated in Belgium?

 

[Worldwideweb]

shikari said:
Probably I have never been verified on my personal account, that's the reason. What do you think about the change and the fact that TW is going to be licensed and regulated in Belgium?
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Same here, I can change my personal address but not the company one, they said they'll probably ask for a proof , but honestly I dont know if its useful to change it ? While stile living in Europe?

 

[otcable]

Business can't be changed

You cannot change these details online because your business is verified
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Personal account should be the same, haven't used it.

After you've made a transfer or been verified, you can't edit some of the fields
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Last edited: Oct 15, 2020

 

[Martin Everson]

shikari said:
Probably I have never been verified on my personal account, that's the reason.
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Thats the reason I suspected as after your account is verified you cannot change any detail other than surname and phone number.

Be careful changing address details. As these are the people that run around after the event screaming TW closed my account for no reason.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Worldwideweb]

Anyone have a suitable replacement solution? Payoneer seem to take a long time for confirmation. Thanks guys

 

[thirtyniner]

Revolut was smarter and is going to Estonia! More and more I support what @Martin Everson wrote somewhere on this forum "Abandon EU while you can and thank me later".

I'm becoming more and more keen to that!

 

[Spinat]

thirtyniner said:
Revolut was smarter and is going to Estonia! More and more I support what @Martin Everson wrote somewhere on this forum "Abandon EU while you can and thank me later".

I'm becoming more and more keen to that!
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yup agree totally to that EU start's smelling like a s**t hole. Soon they will put microchips inside each human EU citizen to get total control.

We really need to get out of there before it is too late.

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[Martin Everson]

thirtyniner said:
More and more I support what @Martin Everson wrote somewhere on this forum "Abandon EU while you can and thank me later".

I'm becoming more and more keen to that!
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There will be a lot of upset people in future who wish they would have just listened and got out 😕. It is gonna be next to impossible to escape the EU in future.

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[NicolasMaduro]

Martin Everson said:
There will be a lot of upset people in future who wish they would have just listened and got out 😕. It is gonna be next to impossible to escape the EU in future.
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What is your concerns? Isnt exit tax already implented in most EU countries if not all?

 

[Martin Everson]

NicolasMaduro said:
What is your concerns? Isnt exit tax already implented in most EU countries if not all?
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EU exit taxation currently applies mostly to corporates with few exceptions like i.e Poland applying it to individuals. True exit taxation specific for individuals is coming, cash is going, EU ID card is coming, EU taxation is coming, asset registers are coming, digital euro is coming (to compete with digital Yuan and digital dollar that are coming) and that's just the beginning.

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[bigladsmith]

Martin Everson said:
EU exit taxation currently applies mostly to corporates with few exceptions like i.e Poland applying it to individuals. True exit taxation specific for individuals is coming, cash is going, EU ID card is coming, EU taxation is coming, asset registers are coming, digital euro is coming (to compete with digital Yuan and digital dollar that are coming) and that's just the beginning.
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Lucky Brexit is happening.... maybe the U.K. will withdraw from some of this OECD nonsense and become a proper banking hub.

 

[Martin Everson]

bigladsmith said:
Lucky Brexit is happening.... maybe the U.K. will withdraw from some of this OECD nonsense and become a proper banking hub.
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You mean like a Singapore but with lots of unemployed chavs?

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[Yoyo331998]

Martin Everson said:
EU exit taxation currently applies mostly to corporates with few exceptions like i.e Poland applying it to individuals. True exit taxation specific for individuals is coming, cash is going, EU ID card is coming, EU taxation is coming, asset registers are coming, digital euro is coming (to compete with digital Yuan and digital dollar that are coming) and that's just the beginning.
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Exactly those kinds of posts makes me think that I'am quite happy having nothing to do with EU citizenship,residency or banking wise.

 

[bigladsmith]

Martin Everson said:
You mean like a Singapore but with lots of unemployed chavs?
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with the current situation(s) I'd not be surprised to see plenty of unemployed soon unfortunately.