LLC US business accounts (Relay, Airwallex, etc.) and CRS reporting risk via EU/UK intermediaries: any confirmations?

[darn18]

I'm using a US LLC business account with providers like Relay or Airwallex. My direct relationship is with a US-based financial platform, but I know these providers often rely on third-party services based in the UK or EU (like Currencycloud) to process international transfers and currency conversions.


As a tax resident in a European country, I’m wondering:



Has anyone here had experience with this or found any official documentation confirming whether the involvement of a CRS-reporting institution triggers reporting, even if the primary account is held in the US?


I’d really appreciate any insights, real-world cases, or references. Thanks in advance!

 

[redeye]

As far as I know, U.S.-based financial services and banks don’t currently report EU citizens.‌

However, I’m not entirely sure that will remain the case, especially if there’s a change‍ in government after the next election.

The EU is pushing just as hard as the⁠ U.S. to make cross-border reporting work. So far, though, it’s only the EU reporting on⁤ U.S. citizens, not the other way around.

 

[darn18]

I know that,⁣ but what if these US banks use European services to convert EUR to USD and⁢ handle transactions? Could these partner services report to the CRS?

 

[SCHLOSSFINANZ]

of course you will be reported lol. Whoever in 2025 tries to circumevent CRS is‌ just utterly stupid....

 

[icecold]

Lol CRS has nothing to do with the U.S. - that’s OECD’s baby.

America plays‌ by its own rules with FATCA and doesn’t even share info back.

So yeah, different‍ beasts entirely.

 

[darn18]

I know that, but what if these US‍ banks use European services to convert EUR to USD and handle transactions? Could these partner⁠ services report to the CRS?

 

[lory]

yes, don't‌ be foolish.

 

[darn18]

What could this imply? That the‌ funds that went through that exchange will be reported to the tax authorities of my‍ country?

Even though it’s a U.S.-based company?

 

[icecold]

yes

 

[cuno]

Yeah, that’s exactly‍ what happens, they can straight up report you to your local tax authorities.

When you⁠ apply for an account, whether it’s with one place or another, you gotta give up⁤ your personal info and that’s the stuff they end up reporting.