Wise

[Seanver]

Hello guys,

can you tell me which information Wise gives to the original country of a client (exchange info's about their funds, a new acc made and so on). I asked Wise also, but they said that they don't give any info away, so that's kinda weird to me.

Ty

 

[troubled soul]

Wise does not share any information about their customers with their original country, unless they‌ are legally required to do so. This includes information about their funds, new accounts, or‍ any other personal data.

but if Wise suspects that a customer is involved in money⁠ laundering or other illegal activity, they may be required to share some information with the⁤ authorities.

 

[Seanver]

Hello,

Okay, totally understandable, got some money that⁣ needs to be transfered slowly but surely, but want to withdraw it occasionally and overall⁢ use this card for daily purposes and so on.

 

[Cloudbanck]

I would assume they share with the country of residence and/or tax residence if they‌ know the country of tax residence. Legally there is no such thing as country of‍ origin, but I assume you mean country of citizenship.

And if a country of citizenship⁠ contacts Wise saying: look we suspect individual X is a tax resident in our country,⁤ and has an account with Wise and is evading taxes/is involved in money laundering or⁣ something, then yes Wise would probably comply.

 

[Alexmorgan]

The only bank or EMI that do this is Dukascopy

What ever you do they‌ report it to the government of residence

Even when they open an account for you‍ they report to your residence country that they opened an account for you

 

[backpacker]

This is not how things work!
Please make yourself familiar with MAATM⁤ procedural requirements.

 

[Cloudbanck]

Google didnt yield much for "MAATM procedural requirements", just general outline‍ and which countries has signed it and stuff. Care to share how it does work?⁠ For the case where individual X lives in country A, and has told Wise he⁤ lives in country A, but is a citizen of country B.

 

[Marie Manila]

Isn't this normal behaviour‍ under CRS?

 

[backpacker]

On the‌ OECD website there are plenty of compendia to study.
Contact is between competent authorities of both states. The⁠ competent authority of the other state decides if the case will be forwarded to the⁤ financial institution of it's state, according to national law.

 

[blizz]

I knew that and stopped the application long time before it could⁤ go wrong!

 

[Cloudbanck]

All right it's between government authorities, not directly between Authority in⁤ country B and Financial Institution in country A, but instead between Authority in country B⁣ and Authority in country A (which gets info from financial institutions in its country),

But again, for the case where individual X lives in country A, and has told Wise⁢ he lives in country A, but is a citizen of country B. What would trigger︀ information sharing between country A and B? Is it automatic? Is it on the initiative︁ of country A or B or can be both? And what if individual X hasnt︂ lived in B in 20 years and is completely out of B's tax net, would︃ B still get the information?
And what if X has 5 different citizenships? Will info︄ with all 5 be shared automatically?

 

[backpacker]

Nothing.
No. Only CRS is automatic. However, the above⁠ case has nothing to do with CRS.
Note: Even under CRS the information automatically exchanged⁤ stays in the receiving state and cannot be shared with any other state.
No (see above).
CRS goes by tax residency. Only CRS︁ is automatic.
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You confuse several different procedures: CRS; MAATM; then cases on the basis︂ of a DTT where both states have to come to a decision on how to︃ treat a specific case.
Again: Study the applicable OECD compendia!

 

[Seanver]

As far as i get informed, Wise do not share information unless they see something‌ wrong on a client account, then they reports, or if a country of that citizen‍ wish to get info's about his account, maybe i am wrong, but that's how i⁠ understands that.

Overall, which those EMI cards / banks, are safe to use, that do⁤ not report to much. Got some € (few thousands), that i wish to more or⁣ less avoid taxes...

S

 

[Forester]

Google is‌ not the ultimate source of information 😉 😉
If “the residence country” means “the tax residence country” then yes, of⁠ course it is.
No, you are right – currently.
But now you are wrong, unfortunately.

1) Any bank (financial institution possessing banking︁ licence), digital (Revolut, N26, Bunq, ...) or brick-and-mortar (Barclays or SC or ...), registered in︂ an AEOI/CRS country, reports automagically.
2) Any EMI (Wise, Monese, Paysera, ...) registered in an︃ AEOI/CRS country will – with the probability of 99,5% – start reporting sooner or later;︄ and it is pretty possible that they will not tell you about it explicitly. Make︅ your own conclusion. 😉

 

[blizz]

There are none of them, because sooner or later⁠ they will start reporting.

 

[Delta]

Hi.

What should be avoided to not get reported by wise? Does wise first contact‌ customer before sending report like normal banks confirming, if money arent from illegal activites?
What data actually they collect and what r the thresholds?

I ve a pretty weird encounter‍ with them, I ve made a quick acc without any personal informations, just email for⁠ the purpose of asking them about their obligation to tax authorities of their clients based⁤ on balance and my acc was deactivated. Not sure, if that was a reason.

As I ve understood from the conversation, they dont report every year the data they collect⁣ to tax authorities of customers residency unless tax autorities will ask them specifically.

I want⁢ to withdraw some money (20-30k) from trading funding company, not a big amount and then︀ send em to my other banks (each transfer will not reach more than 5-10k per︁ year. That shouldnt be suspicious. A lot of users use wise for this purpose, so︂ I dont even expect any attempt to contact me from wise for confirmations its not︃ illegal activity, which isnt.

Regards,
Delta

 

[uplana]

Do a⁠ search on the forum, there are hundred of threads already here describing how it works.⁤

But they will not contact you first, they will send the balance by the end⁣ of the year to your tax office.

 

[Delta]

Any idea, if I d have company in Bulgaria, where I d be manager and shareholder,⁠ which is part of csr, if they ll send anything to a tax office, where⁤ I am resident? I ve heard they dont despite the crs agreement until I withdraw⁣ cash via ATM. So, if I d have their unique tax id attached to emi,⁢ that emi (wise) would send report to bvg.

How does it work with non-csr banks,︀ which will become csr. Do they send all the information to tax office that happen︁ before this change or uaer can just withdraw, close acc before change and nobody will︂ know?

 

[SoNewToAllShit]

I wish⁠ it were so - regarding CRS, it happens that you are not informed about when⁤ or what they send to the tax authorities in your country. This will arrive as⁣ a pleasant little surprise in the mail from the Tax Agency. If you're a bit⁢ lucky, there might be a stick included in a package for you, and you'll have︀ to figure out what to do with it yourself.