Wise is now CRS compliant
- Thread starter Ryanab
- Start date
- Status
I would say so. Why would you say it is impossible?
Read Page 57 "Chapter 1: Reporting Financial Institutions"
You also need to consider that as of today Wise US account says:
The way I interprete the regulation and Wise's operation is Community Federal Savings Bank is the Custodial Account liable for reporting in his jurisdiction, the US. Wise therefore is not︁ considered a Financial Institution, so it is a non-reporting entity at least when offering their︂ USD accounts services.
Additionally I know directly two people that had Wise USD accounts well︃ over the trigger amounts that made the holders obligated to report in their respective European︄ tax residencies and I know for a fact the government has not received the information.︅ This is still true at least for now and might bring peace of mind for︆ some of you but I would try to stay below the trigger amounts and won't︇ play games as banks are changing constantly. For example since Revolt moved to Lithuania it︈ is now reporting USD and EUR accounts they way I interpret the regulation.
Dump your︉ USD and EUR into Gold and Bitcoin (preferably BSV) before the last quarter and you'll︊ be much better off. You are gonna get destroyed anyway if you stay in fiat︋ and banks. Satan only exist so that you can find God.
Speaking of Bitcoin and︌ Wise. Don't send money to exchanges from Wise or they will ban you. There are︍ other ways around it.
This is not any type of profesional or legal advice. Act︎ as if I had no idea of what I am talking about because, in fact,️ it is true.
Read Page 57 "Chapter 1: Reporting Financial Institutions"
You also need to consider that as of today Wise US account says:
The way I interprete the regulation and Wise's operation is Community Federal Savings Bank is the Custodial Account liable for reporting in his jurisdiction, the US. Wise therefore is not︁ considered a Financial Institution, so it is a non-reporting entity at least when offering their︂ USD accounts services.
Additionally I know directly two people that had Wise USD accounts well︃ over the trigger amounts that made the holders obligated to report in their respective European︄ tax residencies and I know for a fact the government has not received the information.︅ This is still true at least for now and might bring peace of mind for︆ some of you but I would try to stay below the trigger amounts and won't︇ play games as banks are changing constantly. For example since Revolt moved to Lithuania it︈ is now reporting USD and EUR accounts they way I interpret the regulation.
Dump your︉ USD and EUR into Gold and Bitcoin (preferably BSV) before the last quarter and you'll︊ be much better off. You are gonna get destroyed anyway if you stay in fiat︋ and banks. Satan only exist so that you can find God.
Speaking of Bitcoin and︌ Wise. Don't send money to exchanges from Wise or they will ban you. There are︍ other ways around it.
This is not any type of profesional or legal advice. Act︎ as if I had no idea of what I am talking about because, in fact,️ it is true.
lol are you really in︋ 2022 suggesting BSV that scamcopy of Bitcoin which basically died in 2017??? 😉 That is one︌ of the most hilarious jokes Ive come across.
If you want to make the case︍ for cryptocurrency during these bearish times only BTC or ETH should be considered (if at︎ all).
If you want to make the case︍ for cryptocurrency during these bearish times only BTC or ETH should be considered (if at︎ all).
I understand where you are coming from but you need to know BTC has been severely altered and in part thanks to massive propaganda campaigns to hide the truth.
If the manipulators of BTC succeed you will only interface with the network through intermediaries and will have the exact︀ same problems as in this thread. Additionally you will need to ask permission to use︁ the network and you'll never know if fractional reserve is being used. Such a revolution︂ to be back to square one huh?
The real idea behind Bitcoin is so powerful︃ it was going to be challenged, and it is. It is your responsibility to understand︄ what is going on. Sooner or later you will go back to read this and︅ see I was right. The spirit of Bitcoin lives in BSV.
If the manipulators of BTC succeed you will only interface with the network through intermediaries and will have the exact︀ same problems as in this thread. Additionally you will need to ask permission to use︁ the network and you'll never know if fractional reserve is being used. Such a revolution︂ to be back to square one huh?
The real idea behind Bitcoin is so powerful︃ it was going to be challenged, and it is. It is your responsibility to understand︄ what is going on. Sooner or later you will go back to read this and︅ see I was right. The spirit of Bitcoin lives in BSV.
https://wise.com/help/articles/2932394/how-does-tax-work-with-my-wise-account
> Wise Limited (Wise) is a UK company authorised by the Financial Conduct Authority as an Electronic Money Institution. We are still evaluating the impact of the Common Reporting Standards, including FATCA, to our business and how we will adopt the new requirements. At this time we are not reporting this information to HMRC or any other tax authority.
> Wise Limited (Wise) is a UK company authorised by the Financial Conduct Authority as an Electronic Money Institution. We are still evaluating the impact of the Common Reporting Standards, including FATCA, to our business and how we will adopt the new requirements. At this time we are not reporting this information to HMRC or any other tax authority.
Now that I've read this I tried to access an old unused Wise personal account I have... (not business)
never used, not a single movement, balance at 0.
"Your account is temporarily blocked
EU regulations mean we need some extra info from you. Without it, we've had to temporarily block your account"
Now to unlock it they want to know:
1) how I use the account
2) EU rules, must take a selfie + ID picture... either by phone or webcam. But webcam they say it's not warranted to work
note that IIRC I already verified my ID docs when I opened it years ago!
never used, not a single movement, balance at 0.
"Your account is temporarily blocked
EU regulations mean we need some extra info from you. Without it, we've had to temporarily block your account"
Now to unlock it they want to know:
1) how I use the account
2) EU rules, must take a selfie + ID picture... either by phone or webcam. But webcam they say it's not warranted to work
note that IIRC I already verified my ID docs when I opened it years ago!
Any idea if they would report only a UK-based IBAN or all the balances for which we have real account details, an IBAN ?
I created a few just in case I'd want to keep a bit of cash in different currencies or travel in these countries, but such an amount of foreign and exotic IBAN would definitely give a wrong impression to a tax officer lol
I created a few just in case I'd want to keep a bit of cash in different currencies or travel in these countries, but such an amount of foreign and exotic IBAN would definitely give a wrong impression to a tax officer lol
FYI: I paid very expensive tax lawyers for advice. You CAN use private or different accounts for via-via deposit of crypto or loans etc. You dont need to report them yearly if they are empty or only used ones to transfer / redirect money. But you must have a contract between you and your own company which mentions all these bank account and their numbers. Luckily you can(in theory)always later make or︀ change these contract. I did not inform my accountant of it, because their in-house lawyer︁ advised me this and told me i did not need to report the accounts to︂ his college.
User case: try to open o business Binance account and fund it. it's︃ a fucking hell. On personal name much more easy to fund a crypto account. With︄ a good contract its possible to use the private bank account for it.
Don't send money to exchanges from Wise︂ or they will ban you. There are other ways around it.
AdvCash is blocked by︃ Wise. I'm trying to find a way around it, but their blocklist and/or "slow transfer"︄ list is big. Would be great if you could share some info. (Preferably non CRS︅ EMI's.)
User case: try to open o business Binance account and fund it. it's︃ a fucking hell. On personal name much more easy to fund a crypto account. With︄ a good contract its possible to use the private bank account for it.
Don't send money to exchanges from Wise︂ or they will ban you. There are other ways around it.
AdvCash is blocked by︃ Wise. I'm trying to find a way around it, but their blocklist and/or "slow transfer"︄ list is big. Would be great if you could share some info. (Preferably non CRS︅ EMI's.)
Heads up, the part that used to say 'We are still evaluating the impact of the Common Reporting Standards, including FATCA, to our business and how we will adopt the new requirements. At this time we are not reporting this information to HMRC or any other tax authority.'
https://wise.com/help/articles/2932394/how-does-tax-work-with-my-wise-account
Is no longer in the website
https://wise.com/help/articles/2932394/how-does-tax-work-with-my-wise-account
Makes you wonder just how much money is evaded in taxes annually by average joes, to create this sort of surveillance nightmare...
I live/reside in a country whereby you don't pay tax on income earned outside and not brought in till the next tax year.. But even I am beginning to see tax evasion trumpeted and AML pushed (like a 4$ burger is money laundering) etc.
I live/reside in a country whereby you don't pay tax on income earned outside and not brought in till the next tax year.. But even I am beginning to see tax evasion trumpeted and AML pushed (like a 4$ burger is money laundering) etc.
Exactly.
It's madness. Here they are stopping the injection of fiat into ATM's without ID card lol.
At most you can deposit 3,000$ (local currency conversion) -> is 3,000$ really worth the compliance costs and machine change costs?
You'd argue that 3,000$ per transaction would be, but it should be able to red-notice an account depositing such volume continuously behind the scenes.
It's madness. Here they are stopping the injection of fiat into ATM's without ID card lol.
At most you can deposit 3,000$ (local currency conversion) -> is 3,000$ really worth the compliance costs and machine change costs?
You'd argue that 3,000$ per transaction would be, but it should be able to red-notice an account depositing such volume continuously behind the scenes.
Meanwhile theres people laundering millions from drugs money through 'licensed and regulated' banks lmao, you cannot make this up.
f**k their rules, I aint living under them
f**k their rules, I aint living under them
- Status