Swissquote vs. Saxo for keeping money
- Thread starter Suzy Emerald
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SQ LU will report to wherever they wish to report you, they don't really take your application form or profile records seriously. I have had an account with them since a year and on my application form it clearly states UAE as residence, plus I have provided them hundreds of proofs that I am indeed a resident, utility bills, bank account statements etc... But they have decided that as I have provided multiple phone numbers to be reached at, since one of them was actually matching my citizenship country, they have decided to report it to my citizenship country lol
I don't know what happened︀ to their great service that they used to provide being Internaxx... Now they don't respond︁ even for 10+ days.
There is no RM to contact, so I am thinking about︂ switching to Saxo or some reputable bank but the problem with banks is that they︃ usually have quite high trading fees (e.g. BGL) and higher custody fees than the brokers.︄ But probably 0.2% custody fees are acceptable...
I don't know what happened︀ to their great service that they used to provide being Internaxx... Now they don't respond︁ even for 10+ days.
There is no RM to contact, so I am thinking about︂ switching to Saxo or some reputable bank but the problem with banks is that they︃ usually have quite high trading fees (e.g. BGL) and higher custody fees than the brokers.︄ But probably 0.2% custody fees are acceptable...
Yup that's CRS indicia like I said on here (see below post). Indicia is built into the CRS software these banks use. CRS Self declaration means nothing for CRS reporting purposes sadly 😕. They report based on account indications as to where you are based most importantly not just what tax id and country you give.
https://www.offshorecorptalk.com/th...e-person-for-purposes-of-crs.26369/post-99958
https://www.offshorecorptalk.com/th...e-person-for-purposes-of-crs.26369/post-99958
Self certification is a guaranteed report destination. Until contested and started from a scratch. Indica adds a second, and possibly third report destination at bank's discretion.
Could be some serious fun to block humping from 3 tax offices at the same time. Of course, the FIs couldn't care less.
Could be some serious fun to block humping from 3 tax offices at the same time. Of course, the FIs couldn't care less.
I called SQ LU and and least they were knowledgable over the phone. They explained their reporting is based on CRS indicia and they do not report directly to the respective countries. They are obliged to report all accounts to Lux financial authority (CSSF I suppose) and it is up them which countries will be the accounts reported to. They advised to remove any unwanted connections e.g. phone numbers to avoid it.
Does it work similar in other countries, e.g. banks report to local financial authorities which they will decide where to report the accounts to or banks are directly reporting to foreign authorities?
Does it work similar in other countries, e.g. banks report to local financial authorities which they will decide where to report the accounts to or banks are directly reporting to foreign authorities?
That's how CRS works period. Banks/FI's can only report to their local authorities who then forward data to respective countries. Banks have no ability to report tax data to any foreign authority.
Moo, yes, moo! Tax offices in the EU commonly jump on their own people for random 5 figure inflows which don't originate from relatives or known employers the subject works for. And even then, a cattle boy may reach out to enforce gift tax and scout for other milking opportunities.
Banks provided transaction activity to local tax authorities long before CRS was︀ on the agenda.
Banks provided transaction activity to local tax authorities long before CRS was︀ on the agenda.
Depending on your country the local authority will always know about your bank account in that country.
From ING.LU webesite:
In line with the current rules in terms of money laundering and with a view to validating your identification, you must send us a copy of your currently valid identification document and make a transfer of EUR 100 from an account you already hold in one of the following countries: Luxembourg, Belgium, France or Germany. This sum will be credited to your ING account in the event that︀ your application to open an account is accepted, or returned to you if your application︁ is refused.
In line with the current rules in terms of money laundering and with a view to validating your identification, you must send us a copy of your currently valid identification document and make a transfer of EUR 100 from an account you already hold in one of the following countries: Luxembourg, Belgium, France or Germany. This sum will be credited to your ING account in the event that︀ your application to open an account is accepted, or returned to you if your application︁ is refused.
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