Wise CRS question

[taoasher]

I moved from Australia, with a personal Wise account that's linked to my AU residency

I now live in Thailand, and am no longer an Au tax resident.

However I still want to use Wise for expenses, but don't want AU knowing about the income in there, because even though I'm not a resident I don't want them to challenge that.

If I changed my residency on Wise, would that avoid CRS reporting to AU?

 

[Cryptohodler]

taoasher said:
I moved from Australia, with a personal Wise account that's linked to my AU residency

I now live in Thailand, and am no longer an Au tax resident.

However I still want to use Wise for expenses, but don't want AU knowing about the income in there, because even though I'm not a resident I don't want them to challenge that.

If I changed my residency on Wise, would that avoid CRS reporting to AU?
Click to expand...

Afaik wise does not report under CRS I think you can mail their support.things might have changed now

 

[12345]

I think Wise doesn't report in general but you can ask support to confirm

 

[JohnLocke]

Speak with their support they are very helpful and usually answer questions quickly.

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[Mike Forman]

I believe Wise Thailand has not the same options as in Australia or EU, you can't have the local accounts not the debit card. I might be wrong as things might have changed.

If that's the case you risk your wise account will be only use for transfers and exchange.

Definitely if you don't want your country of citizenship know what you have, you should change residence.

If you do so please keep us updated if it's possible and you still have the same accounts / cards as in Australia

 

[Martin Everson]

taoasher said:
If I changed my residency on Wise, would that avoid CRS reporting to AU?
Click to expand...

In worst case if Wise did CRS report it will be to both addresses as address change would occur during the financial year. If you want to be safer then don't transact on the account until following year any time you change address mid year.

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

 

[wellington]

Mike Forman said:
I believe Wise Thailand has not the same options as in Australia or EU, you can't have the local accounts not the debit card. I might be wrong as things might have changed.

If that's the case you risk your wise account will be only use for transfers and exchange.

Definitely if you don't want your country of citizenship know what you have, you should change residence.

If you do so please keep us updated if it's possible and you still have the same accounts / cards as in Australia
Click to expand...

Disagree, have a wise and have a card and address respective to same.

 

[Mssquirrel]

Mike Forman said:
I believe Wise Thailand has not the same options as in Australia or EU, you can't have the local accounts not the debit card. I might be wrong as things might have changed.

If that's the case you risk your wise account will be only use for transfers and exchange.

Definitely if you don't want your country of citizenship know what you have, you should change residence.

If you do so please keep us updated if it's possible and you still have the same accounts / cards as in Australia
Click to expand...

If you change your address you can still use your card but they won't send you a new one in the future, that's what happens.

 

[OffshoreDurian]

wellington said:
Disagree, have a wise and have a card and address respective to same.
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You can keep your card when you move to Thailand, but you can't renew them.

 

[taoasher]

Have changed to Thai address uploading contract and utility bill (from the residence)
Will let you know how that goes.

 

[Nacho]

I'm in the same situation, left Australia and moved to Thailand with my AU-issued Wise card. When my card was about to expire, it coincided with a visit back to Australia so I simply changed my address in my Wise account to my (temporary) Australian one and had the new card sent there. As soon as I received it, I changed the address back to my Thai address.

 

[NicolasMaduro]

Does Wise even support Thailand residents?

And No they dont do CRS. Only for users of their new product(the World index fund)

 

[Eldubb]

Wise have countries that they cannot send cards to. I don't know about other countries but in Turkey, they have been cancelling cards for any transactions made in Turkey. Lots of foreigners here have been complaining about it. Many people from the UK for example had accounts there and we spending with those cards in Turkey for years but not anymore.

 

[Burak]

Eldubb said:
Wise have countries that they cannot send cards to. I don't know about other countries but in Turkey, they have been cancelling cards for any transactions made in Turkey. Lots of foreigners here have been complaining about it. Many people from the UK for example had accounts there and we spending with those cards in Turkey for years but not anymore.
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I doubt this is correct, because I have been using my Wise card for transactions in Turkey for long time. No problem so far.

 

[Eldubb]

Burak said:
I doubt this is correct, because I have been using my Wise card for transactions in Turkey for long time. No problem so far.
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Well you can stick your head in the sand as long as you want. As with all EMI's, they don't do blanket bans or freeze accounts in waves. People get flagged and that's when it happens.

 

[Burak]

Eldubb said:
Well you can stick your head in the sand as long as you want. As with all EMI's, they don't do blanket bans or freeze accounts in waves. People get flagged and that's when it happens.

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Maybe I'm just lucky this time, thanks for letting know tho.

 

[Cryptohodler]

Nacho said:
I'm in the same situation, left Australia and moved to Thailand with my AU-issued Wise card. When my card was about to expire, it coincided with a visit back to Australia so I simply changed my address in my Wise account to my (temporary) Australian one and had the new card sent there. As soon as I received it, I changed the address back to my Thai address.
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What kind of visas do you use to stay in Thailand ? Elite ? Are you tax resident in Thailand is the question
Whenever wise does start doing CRS in the future it will be to where you are tax resident.

 

[Mike Forman]

I believe Wise already exchange information through CRS since they are a bank.

I recently heard from a person in Belgium who created a new wise account this year, all ready the all wise bank information is displayed in his digital online profile by the National bank. Twice a year the ending balance of all bank accounts on your name show up there (end of June balance and end of December balance).

Either this is related to CRS or because Wise is registered as a Belgian bank in EU.

 

[wellington]

Wise likely do some form of exchange.

But even if the account is registered as Australia and you live in Thailand then it's a cock up on data transfer opposed to having to worry about the Australian gov as you are registered or not a Aus tax payer.

I had a wise account and had been tax reg in asia for a decade before realising it was still showing as another country, just updated it, my country doesn't charge tax if non-resident for example.

 

[Berti]

taoasher said:
Have changed to Thai address uploading contract and utility bill (from the residence)
Will let you know how that goes.
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Hi taoasher,
Any results on this?