Wise CRS question
- Thread starter taoasher
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The services are provided by Wise Australia Pty Ltd ACN 616 463 855. Wise Australia Pty Ltd holds an Australian Financial Services licence (AFSL) number 513764 and is a Purchased Payment Facility (PPF) provider authorised by the Australian Prudential Regulation Authority (APRA).
I think Belgium is different than UK. Most WISE customers are International but set-up though the UK entity I believe. You can still have a Euro Acc, and it gives you a Belgian IBAN, so perhaps it would only apply to Belgian Residents.
From what I understand, only if you hold it in ASSETS which pays interest/returns. No mention of the standard non-interest accounts, which are not actually held in your name (even though you have an "account").
Why not email them and try to get a confirmation of this? They will just send you this same extract again, because I think they like to keep this a grey area until it becomes black and white.
Wise is NOT a bank
The people in Support dont know much as you think
Why do you think we call them Monkeys?
Anyway all EMIs except US based report on CRS to your residence country
I am betting that their reluctance to clarify suggests that they are not reporting currency accounts. But of course, do not take my advice if you are thinking to use WISE for this purpose.
If anyone can clearly show that they are reporting then that would be welcome.
Wise does not report CRS, but Wise is authorized by the Bank of Belgium in the EU, so it must report information about you.
But it's not CRS and reporting with your country's tax office.
where did you get this information from ?
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This Information are on Wise website. They only report that stock exchange account. But normal deposit isn't report via CRS.
About reporting to local authorities so every financial institution and Bank report to local financial supervision Institution and local tax offices.
Because they control them.
Wise is British financial institution but they are registered in Belgium for EU countries.
Wise is a payment institution authorised by the National Bank of Belgium.
If you live in Belgium so Wise doesn't protect your money against bailiff and report to local authorities about tax and control money about income from scams and terrorism etc.
But if you live for example in Germany so, Wise won't report about your Money to local tax office in Germany because this company doesn't share this information with another tax offices abroad because they doesn't take part in CRS reporting so local authorities won't know about your money but if you have income 15000 euros per month so there is AML so they will report this similar like CRS. So they can share with local tax offices and control authorities in Belgium and maybe sometimes in your country too.
If you have suspicious transaction so they can contact with Belgian authorities and with local tax office and Belgian authorities can report this to prosecutor in Belgium and for example your country etc.
Wise doesn't report by itself but if you have suspicious transaction or local authorities will contact with Wise so Wise can share tax information.
They can't deny them because financial transaction can be suspicion of tax crime or maybe scams etc.
It looks like they want to care about users privacy (maybe it can give them more customers) , but they can't tell that your money will be secret on our balance because it can make that they will lose licence for payment institution in Belgium or UK etc.
Wise doesn't give true account but it is like virtual account something like mass account.
Wise doesn't ask about tax residence. If Fintech doesn't ask about tax residence so it doesn't report via CRS system.
I know wise, zen , paytend and dipocket doesn't report CRS.
Dipocket supports right now only companies account.
Maybe there are more fintech similar to bank account but I don't know more.
From Fintech and payment institution there are balckcat card and monese and paysera but these fintechs is reporting CRS.
N26 bank and Revolut is reporting CRS but they have bank license so they are forced.
But if you have option local bank and bank with CRS so I think bank with CRS is better because bailiff from your country can't take your Money because it is another jurisdiction so maybe tax office will know but they can't take your money.
Last edited: Jun 3, 2024
Support very often doesn't know about CRS and AML and another things because they only help about using application etc.
If fintech report CRS so they ask about your tax residence when you register your application and you can give tax information to program.
You can live in X country but your tax residence is in Y country.
If you have Revolut and N26 bank and paysera and another Fintech with CRS so you can type information about your tax residence.
Wise, Zen don't have option about tax residence.
Every financial institution report about users but it isn't CRS.
Wise will also have to report DAC8 by January 2026 at the latest. Also for normal accounts without interest
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