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Personal Wise account closed

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wise started giving balance cashback. 0,99% for euro, 1,8% for uk and 2,33% for usd.
BUT they deduct immediately withholding tax to tax office.
so they know you gt money there and what's in your account...
 
wise started giving balance cashback. 0,99% for euro, 1,8% for uk and 2,33% for usd.‌
BUT they deduct immediately withholding tax to tax office.
so they know you gt money‍ there and what's in your account...
 
I only received pennies so far, nothing that will buy me a car.
 
yes me too but at 2,33% is more then a savingsaccount but‍ not taking risk leaving more on wise then necessary
 
Thanks for the insights guys, pretty useful 😀

The only last doubt I have here is:‌

If I set up an account like Airwallex, Revolut Pro or any that allows me‍ to receive income and then if I transfer that to my personal account and the⁠ bank asks me for information, would it still be “income business” or what type of⁤ income is that?

I am still basically receiving money I made from business activities to⁣ a personal account that I want to use for spending and personal use.

If the⁢ bank asked me for the origin of funds, what should I say?

Sorry if that︀ question looks silly, but still doubting, and this is all kind of weird.

It should︁ be easier to use the money you make legally and in a legitimate way, but︂ seems a bit tricky and some banks make you feel like a criminal.

Thanks again︃ 😀
 
Also, they deduct a⁠ 30% WTH regardless of your country of residence, which is incorrect. For example, most EU⁤ countries have a tax treaty with Belgium and also have WTH exemption in some cases⁣ (Belgium - Corporate - Withholding taxes) so their WTH of 30% regardless of⁢ the country of residency is not even correct.
 
TBF the first thing i consider when someone mentions 'affiliate marketing' = ponzi scheme they‌ are marketing for a % commission which will drag wise into a AML nightmare (usually‍ with SDNY).

Also just from a personal note, i think Affiliate Marketers promoting schemes (ponzi/pyramid/crypto)⁠ should die a slow death with painful cancer, seen so many people's lives destroyed by⁤ such (and others enriched by it).
 
You are welcome.
If you run some business with Georgian subjects, then yes. Otherwise no. Times of using Georgia⁠ for offshore accounts are gone.
Search here at forums for more information re: Georgia.

The information would be: This is a transfer︀ from my business account to my personal one, to use it for my personal purposes.︁
Whatever you say, can produce troubles 🙂 ;( /Depending on a leniency of a bank, of course./︄
Really, do not use a personal account for business activities...
 
You have no idea⁣ about what you say. Not everybody do bad stuff you can do affiliate marketing with⁢ Amazon and many legit stuff buddy.

Thanks for your advice.

I close it unless anybody want to keep︆ debating. My account was re-opened again, but warned about not using personal accounts for that.︇

At least I can keep my account 😀
 
But is it not that if you have sales in US to US︈ customers then you should pay tax for that? I looked at US company and its︉ great but did not go for one yet as lots of my sales will come︊ from US owned affialite networks. But I hope I understand wrong🙂
 
If you're an affiliate it's not you making the sales personally, not you supplying products to⁤ customers - all you're doing is creating an introduction, or generating a lead or whatever.⁣ You're providing marketing services to a company and that company is then paying you a⁢ marketing fee, which if you're set up correctly will be disregarded for tax in US︀ and pass through to wherever you DO pay tax.
 
Wise, after 7 years of being a loyal customer they closed my account after I‌ send a regular transfer to my bank. I started to use it as a primary‍ bank 1 year ago and never had an issue. Suddenly with the account closed and⁠ a few thousand there I don't trust them anymore!
 
To use Wise as a primary bank account is unwise. It is actually not even a⁤ bank, just an EMI.
  1. Why did they close your account?
  2. In which jurisdiction are you⁣ located per Wise records? Portugal, or elsewhere??
  3. Is your other bank account located in a⁢ different location (country) then where you have reside?
  4. Are you doing high volume transfers to︀ "difficult" countries?
  5. Are you doing high volume transfers?
  6. Did you do transfers to stock brokers︁ or the like?
For a meaningful discussion, the above should be disclosed.
 
1. They have requested proof of income which is on their statements,︀ forex income basically.
2. Wise Belgium. Residency in Portugal
3. I have several banks, but︁ usually i transfer to US and Portugal
4. No.
5. No, less than 5k monthly︂
6. Deposit and withdraw to forex brokers
 
People never read Terms & Conditions, then wondering when suddenly the‍ music stops.

Wise is for small transfers. No transfers of big money, no speculation, and⁠ certainly no FX/CFD brokers.

So, that's the reason why they closed it.
 
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