Emis tax information

[khaled22]

Hi

Regarding revolut /monese/ icard /bunq etc why some of them ask for tax id on registration and some dont?

regards

 

[Sols]

Some are complying with CRS and some are not. Those who are not will begin to eventually.

In some cases, you will be asked for TIN at a later point (or risk have your account closed).

 

[Martin Everson]

Well the two banks in the list like Revolut and Bunq have no choice but to comply with CRS and hence TIN information is required. The other two EMI's may or may not ask but a TIN would be prudent of them to obtain for future reporting needs.

P.S Depending on your residence and whether you accepted the conversion your account with Revolut maybe with Revolut Bank or Revolut EMI.

 

[khaled22]

Do they actually use this id on their own or they just have to collect it because of this rule and when asked from a specific country they comply and release information?

As for above companies i only have revolut and received the email of being transferred to revolut bank starting July 1st and was wondering why they kept asking to transfer to bank when they were going to force it anyway

 

[Martin Everson]

Do they actually use this id on their own or they just have to collect it because of this rule and when asked from a specific country they comply and release information?

It is not mandatory for CRS to take place but its a nice to have value that is part of CRS data collection on clients.

As for above companies i only have revolut and received the email of being transferred to revolut bank starting July 1st and was wondering why they kept asking to transfer to bank when they were going to force it anyway

Revolut handles the migration its own strange way .

 

[khaled22]

When revolut turns into a bank and add my tax id will information be shared automatically with other entities (european central bank etc) or will be shared upon request by resident's country?

 

[Martin Everson]

When revolut turns into a bank and add my tax id will information be shared automatically with other entities (european central bank etc) or will be shared upon request by resident's country?

Will be shared automatically with your home countries tax office if your country is part of CRS.