Best Easy & Safe EU Bank to park $100K

[Martin Everson]

They are not taking a cut. Belgium applies⁠ 30% withholding tax on interest income for non-residents in general. So Wise passes this on⁤ to the customer as Belgium is where the accounts are held.

Understanding how this all⁣ works is important before assuming they are robbing you...lol.

 

[Don]

Exactly!
Unfortunately, with Wise you can't apply⁤ for lower treaty rate (not possible since they dont collect tax residency info) or get⁣ refund from Belgium tax authorities(not possible since they don't provide any relevant documents for this).⁢ That's why using a broker might be more optimal.

 

[Martin Everson]

Are you confusing Wise "Balance Cash Back" with "Wise⁤ Interest"? The two are different products with different interest rates and work differently.

Wise Interest⁣ is Blackrock fund based and requires you to place money into the fund or Jar.⁢ No WHT is applied as no interest is paid out to you directly as its︀ paid to you in the Blackrock accumulation fund and the interest builds up within the︁ fund.

Balance Cash Back is Belgium account based service and 30% WHT is applied and︂ the rates are lower anyway compared to Wise Interest.

Also Wise Interest is only available︃ to customers in a limited number of countries.

Can you just confirm you are︄ talking about the same thing and not getting confused between the two?

My previous post︅ was clearly about Wise Interest for the record and NOT Balance Cash Back which I︆ think is what you are talking about 😉 .

 

[Don]

I was referring︂ to cashback. Thanks for pointing this out.

 

[Martin Everson]

No worries 😉

So the "Wise Interest" rates below have no withholding tax applied and are‍ very competitive for now imho.

USD 5.09%
GBP 4.87%
EUR 3.42%

 

[Wellington]

With the currency debasement that is underway.

Why on earth are you︃ thinking of holding cash longer term.

FYI bail ins are legalised in the West (Basel︄ 3 i think) so anyone with funds sitting in a bank account when that occurs︅ will be low hanging fruit.

For context, Central Bank of Germany, UK are already confirmed︆ to be bankrupt.
Switzerland is loosing money hands over fist, don't really take much notice︇ of Southern Europe.

Oh and one thing different to '13 when Cyprus did the bail︈ in's is CRS now tells all information about you so whereas before they only took︉ over a certain $ amount from an account, now they can clean out specific accounts...︊ knowing you have funds elsewhere.

 

[jafo]

*** Well, to be fair, they ARE robbing him. It's just‍ NOT Wise rof/%
It's Belgium.

PS. Here, it's best to follow @Don 's advice and work⁠ with a broker.
----------------------------------

As an illustration...
*** I know these things are hard to⁤ envision, so I explain them with mental constructs.
The scenario/background:

1. I'm traveling.
   
2. There is a⁣ guy named Mr. Wise who is a Pizzaiolo.
   
3. There is a guy named Mr. Belgium⁢ who is the landlord of Mr. Wise, the Pizzaiolo.
   

I ordered a 40 cm Pizza︀ from Mr. Wise and paid €100 for it. When I pick it up, Mr. Wise︁ gives me a 28 cm Pizza instead.
When I complained he said that Mr. Belgium,︂ the landlord, took away 30% because I don't live in Mr. Belgium's house.
If Mr.︃ Belgium is Tyson Fury or the like, I chalk it up to experience and never︄ buy anything from Mr. Wise again. smi(&%
If Mr. Belgium is weaker than me... well... He︅ can return the 30% or spend it on his dental care rof/%
Hope you all had︆ a good laugh! smi(&%

@wellington

Where would you hold️ your money? 🙄

 

[Don]

At least for us︆ EU folks and EU business owners there is hope for a better future when it︇ comes to withholding taxes:
https://taxation-customs.ec.europa.eu/taxation-1/corporate-taxation/faster-initiative_enIf ofcourse EU won't collapse first

 

[reelay]

I don't understand why a lot of you︂ so concerned about CRS? If you made your money legally and just want to have︃ the cash sitting in the bank it don't matter if the bank banks report it︄ or not. IT's your money in the bank

 

[void]

some people think that it's nobody's fucking business how⁤ much money they have
and there is wealth tax
and there is exit tax
... they will get more and more creative that's for sure

 

[jafo]

Personal security!
Even when I am very well-armed, I can't win against 6‌ well-prepared & armed invaders. Let's be honest here...they don't need to try to take me‍ on and play the improbable odds. All they have to do is take a loved⁠ one and I MUST cave.
Want to see a worst-case scenario?
I don't cave! They⁤ execute one or more of my loved ones. They get caught! They cut a deal⁣ with the prosecutors/DOJ to lower their sentence (Substantial Assistance, 5K1.1 Motions, and Rule 35 Motions)⁢ and reveal the "intellectual author" of the crime. They have their story straight,all 6 of︀ them. They testify in front of a grand jury that "I" made them do it︁ to rip off the govt. and deduct it from my taxes as a loss. I︂ get indicted for felony murder among other things. All 6 are now "key witnesses". What︃ are the chances that 12 low-earning jurors will believe I had nothing to do with︄ it? 🙄

BTW, many innocent people (no mens rea) are locked up around the world that︅ had nothing to do with the actus reus. This has been going on for centuries.︆ If you want your conscience shocked read this: https://www.govinfo.gov/content/pkg/USCOURTS-ca7-11-01061/pdf/USCOURTS-ca7-11-01061-0.pdf

Another vivid and brutal example is︇ the current trend: GitHub - jlopp/physical-bitcoin-attacks: A list of known attacks against Bitcoin / crypto︈ asset owning entities that occurred in meatspace.

 

[myhand]

Wise works well if you have source of funds and all your documents in place.‌ Or you exchange all of it into USDT or other stable coin and keep them‍ away from the banks.