There must be something else with your application because I have a personal account with them for more than 3 years and every month I receive a small payment of USD 8k without issues. Wise is an option for people/businesses with expected and easy to understand behaviors. For my businesses I prefer to use real banks instead of Wise.
Wise personal account is Joke
- Thread starter Alexmorgan
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Absolutely no. Wise has a bank account in Belgium and in that bank account it holds all the money for they accounts. So Wise gets reported to belgian authorities. This is clearly explained in their cashback article How does balance cashback work? | Wise Help Centre
This is why currently Wise has no CRS on personal accounts︃ currently ( it's not a bank ), while Revolut does ( it's a Bank ).︄ EMIs must keep money somewhere, so they keep it in a bank.
This is why currently Wise has no CRS on personal accounts︃ currently ( it's not a bank ), while Revolut does ( it's a Bank ).︄ EMIs must keep money somewhere, so they keep it in a bank.
They say you get your own Belgian IBAN (EUR currency) that is under your own name. It's not one IBAN for all users + reference number. However I'm not sure what︀ happens if you have 20 accounts for 20 different currencies...do all these acounts get reported?︁ Brokerage accounts and mutual fund accounts are also not banks, but they get reported via︂ CRS/FATCA.
p.s. only for some jurisdictions and for some functionalities (Assets product):
https://wise.com/help/articles/2932394/how-does-tax-work-with-my-wise-accounthttps://wise.com/help/articles/4vA3...-i-need-to-pay-when-i-use-interest-and-stocks
p.s. only for some jurisdictions and for some functionalities (Assets product):
https://wise.com/help/articles/2932394/how-does-tax-work-with-my-wise-accounthttps://wise.com/help/articles/4vA3...-i-need-to-pay-when-i-use-interest-and-stocks
rof/% rof/%
The following was given to me by someone who files daily claims against EMIs and banks. This person used to work at FCA and does this for free now. He doesn't charge anyone. He's retired. I guess he just enjoys the fight! 😎
I really think @magicmat meant this:
" NewRegister
The authorities indicate that to report Wise/Transferwise, we must go to three links:
(1) Ombudsman
https://help.financial-ombudsman.org.uk/help
(2) FCA
Instructions:
https://www.fca.org.uk/consumers/how-complain/report-information-payment-services-e-money-firm
Contact:
https://www.fca.org.uk/contact
Email the report of the complaint to:
[email protected]
(3) Anti-fraud
https://reporting.actionfraud.police.uk/registration "
The following was given to me by someone who files daily claims against EMIs and banks. This person used to work at FCA and does this for free now. He doesn't charge anyone. He's retired. I guess he just enjoys the fight! 😎
I really think @magicmat meant this:
" NewRegister
The authorities indicate that to report Wise/Transferwise, we must go to three links:
(1) Ombudsman
https://help.financial-ombudsman.org.uk/help
(2) FCA
Instructions:
https://www.fca.org.uk/consumers/how-complain/report-information-payment-services-e-money-firm
Contact:
https://www.fca.org.uk/contact
Email the report of the complaint to:
[email protected]
(3) Anti-fraud
https://reporting.actionfraud.police.uk/registration "
I need his contact please!
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I have a belgian IBAN account like everybody else,otherwise I would not be able to receive money from normal banks. that doesn't mean that I︀ have an account with a Belgian bank. Only WISE has it, all the rest is︁ internal routing of money. If you had an account in your name with a Belgian︂ bank, and that account was reported, you would also have the 100k EU insurance. But︃ you would also have a contract with that bank
Assets from Wise do get reported,︄ and they clearly state that.
Assets from Wise do get reported,︄ and they clearly state that.
Is Wise now available for UAE residents or do you︀ use some other residence with them?
Btw. how do you deal with UAE proof of︁ address long-term for foreign banks/brokers? I remember you were writing about renting and then cancelling︂ (to get utility bills), which is OK as a short-term solution...
Btw. how do you deal with UAE proof of︁ address long-term for foreign banks/brokers? I remember you were writing about renting and then cancelling︂ (to get utility bills), which is OK as a short-term solution...
As the pics
Wise was great before this was 9 years ago
Now its about closing accounts
I guess all this closing and not opening accounts is a problem that the EMI and the partner bank participate in
Most EMI that participate with Evolve Bank and Trust or Community Federal Saving Bank they close accounts without any notice and the process of the AML takes too long because of the investigation that takes too long between the bank and the governments sectors
Thats why they close it without telling you and they wont ever say why they cloae your account
Wise was great before this was 9 years ago
Now its about closing accounts
I guess all this closing and not opening accounts is a problem that the EMI and the partner bank participate in
Most EMI that participate with Evolve Bank and Trust or Community Federal Saving Bank they close accounts without any notice and the process of the AML takes too long because of the investigation that takes too long between the bank and the governments sectors
Thats why they close it without telling you and they wont ever say why they cloae your account
We can only guess. I wonder if there is a site where former Wise or employees of︀ other EMIs detail their odyssey at Wise and other EMIs?
There are a few sites︁ I found here: https://www.glassdoor.com/Reviews/Employee-Review-Wise-RVW32933368.htm
and here
I’m a former TransferWise employee and I cannot speak︂ more highly of them. Yes, ... | Hacker News.
and
https://www.indeed.com/cmp/Wise-6/reviews
Although there are︃ other sites that claim "transparency", I haven't found many.
Maybe someone else is luckier than︄ me.
Based on past experiences, I "guesstimate" Transferwise/Wise got cocky and is also kowtowing to︅ regulators.
There are a few sites︁ I found here: https://www.glassdoor.com/Reviews/Employee-Review-Wise-RVW32933368.htm
and here
I’m a former TransferWise employee and I cannot speak︂ more highly of them. Yes, ... | Hacker News.
and
https://www.indeed.com/cmp/Wise-6/reviews
Although there are︃ other sites that claim "transparency", I haven't found many.
Maybe someone else is luckier than︄ me.
Based on past experiences, I "guesstimate" Transferwise/Wise got cocky and is also kowtowing to︅ regulators.
Use wise as a passthrough... same with Revolut... never for a holding account, open a proper company account for that...
Wise/Revolut etc are all about expenses *&* currency transactions.
Wise/Revolut etc are all about expenses *&* currency transactions.
Even this is getting more difficult -> Wise Account in the Philippines | Wise Help Centre
... and pricey. Wise charges 12% VAT in PH on its already very high fees. Using a local bank for an outbound SWIFT is much cheaper.
... and pricey. Wise charges 12% VAT in PH on its already very high fees. Using a local bank for an outbound SWIFT is much cheaper.
I opened a Wise account while living in the UK, and kept it at the UK address when leaving the UK. That was 9 years ago now, never had any problems, but of course I use it for transactions/exchanges, not for holding money.
If you have multiple home bases︀ including in high tax/European countries, you can use the European home base(s) to keep and︁ open EMI/Bank accounts. Many European countries allow you to own property without becoming a tax︂ resident.
You can also use a mail forwarding service to have an address (and potentially︃ receive bills) in a European country without owning or renting property.
If you have multiple home bases︀ including in high tax/European countries, you can use the European home base(s) to keep and︁ open EMI/Bank accounts. Many European countries allow you to own property without becoming a tax︂ resident.
You can also use a mail forwarding service to have an address (and potentially︃ receive bills) in a European country without owning or renting property.
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