yes me too but at 2,33% is more then a savingsaccount but not taking risk leaving more on wise then necessaryI only received pennies so far, nothing that will buy me a car.
This is only applicable to EEA residents.wise started giving balance cashback. 0,99% for euro, 1,8% for uk and 2,33% for usd.
BUT they deduct immediately withholding tax to tax office.
so they know you gt money there and what's in your account...
Also, they deduct a 30% WTH regardless of your country of residence, which is incorrect. For example, most EU countries have a tax treaty with Belgium and also have WTH exemption in some cases (Belgium - Corporate - Withholding taxes) so their WTH of 30% regardless of the country of residency is not even correct.wise started giving balance cashback. 0,99% for euro, 1,8% for uk and 2,33% for usd.
BUT they deduct immediately withholding tax to tax office.
so they know you gt money there and what's in your account...
You are welcome.Thank you very much for your detailed information. Really appreciate it, it is very useful for us
If you run some business with Georgian subjects, then yes. Otherwise no. Times of using Georgia for offshore accounts are gone.Would you guys also consider opening a bank account in Georgia as a possibility?
The information would be: This is a transfer from my business account to my personal one, to use it for my personal purposes.If I set up an account like Airwallex, Revolut Pro or any that allows me to receive income and then if I transfer that to my personal account and the bank asks me for information, would it still be “income business” or what type of income is that?
Whatever you say, can produce troublesI am still basically receiving money I made from business activities to a personal account that I want to use for spending and personal use.
If the bank asked me for the origin of funds, what should I say?
You have no idea about what you say. Not everybody do bad stuff you can do affiliate marketing with Amazon and many legit stuff buddy.TBF the first thing i consider when someone mentions 'affiliate marketing' = ponzi scheme they are marketing for a % commission which will drag wise into a AML nightmare (usually with SDNY).
Also just from a personal note, i think Affiliate Marketers promoting schemes (ponzi/pyramid/crypto) should die a slow death with painful cancer, seen so many people's lives destroyed by such (and others enriched by it).
Thanks for your advice.You are welcome.
If you run some business with Georgian subjects, then yes. Otherwise no. Times of using Georgia for offshore accounts are gone.
Search here at forums for more information re: Georgia.
The information would be: This is a transfer from my business account to my personal one, to use it for my personal purposes.
Whatever you say, can produce troubles;( /Depending on a leniency of a bank, of course./
Really, do not use a personal account for business activities...
But is it not that if you have sales in US to US customers then you should pay tax for that? I looked at US company and its great but did not go for one yet as lots of my sales will come from US owned affialite networks. But I hope I understand wrongAs a 10 years affiliate who generated prolly over 30m in commissions and who pretty much worked with dozens of aff networks and programs I dunno a single one that doesn't allow a corp to be the beneficiary of aff commissions. All EMi banks are super strict regarding the source of funds, actually most banks that have clients or corps that are not in of the same country as the bank will be suspicious of incoming wires.
You mentioned an LLC for some reason so I'll tell you this - after doing BVI 10 years ago, then HK for the past 5 years or so, I now have an LLC in the US with a US bank account. Considering you don't reside in the US, have no boots on the ground in the US have no IP in the us you are considered a disregarded entity, meaning you are exempt from income tax for the LLC. Moving money to the LLC and your personal account is as easy as chugging a bag of oreos. Your tax return at the end of the year is a simple form. For a non US citizen/resident it's a great solution, actually a tax haven of sort if you meet the above mentioned terms. You as the sole owner have a W8-BEN in front of the IRS,
If you're an affiliate it's not you making the sales personally, not you supplying products to customers - all you're doing is creating an introduction, or generating a lead or whatever. You're providing marketing services to a company and that company is then paying you a marketing fee, which if you're set up correctly will be disregarded for tax in US and pass through to wherever you DO pay tax.But is it not that if you have sales in US to US customers then you should pay tax for that? I looked at US company and its great but did not go for one yet as lots of my sales will come from US owned affialite networks. But I hope I understand wrong
That sounds logic. Thanks a lot for the explainationIf you're an affiliate it's not you making the sales personally, not you supplying products to customers - all you're doing is creating an introduction, or generating a lead or whatever. You're providing marketing services to a company and that company is then paying you a marketing fee, which if you're set up correctly will be disregarded for tax in US and pass through to wherever you DO pay tax.
To use Wise as a primary bank account is unwise. It is actually not even a bank, just an EMI.Wise, after 7 years of being a loyal customer they closed my account after I send a regular transfer to my bank. I started to use it as a primary bank 1 year ago and never had an issue. Suddenly with the account closed and a few thousand there I don't trust them anymore!
1. They have requested proof of income which is on their statements, forex income basically.To use Wise as a primary bank account is unwise. It is actually not even a bank, just an EMI.
For a meaningful discussion, the above should be disclosed.
- Why did they close your account?
- In which jurisdiction are you located per Wise records? Portugal, or elsewhere??
- Is your other bank account located in a different location (country) then where you have reside?
- Are you doing high volume transfers to "difficult" countries?
- Are you doing high volume transfers?
- Did you do transfers to stock brokers or the like?
6. Deposit and withdraw to forex brokers
People never read Terms & Conditions, then wondering when suddenly the music stops.forex brokers is not allowed
https://wise.com/acceptable-use-policy-eea
- Platforms allowing the trading and/or exchanging of FX/CFD/options.
So, that's the reason why they closed it.6. Deposit and withdraw to forex brokers
People never read Terms & Conditions, then wondering when suddenly the music stops.
Wise is for small transfers. No transfers of big money, no speculation, and certainly no FX/CFD brokers.
So, that's the reason why they closed it.
6. Deposit and withdraw to forex brokers
Perhaps not never but frequentlyPeople never read Terms & Conditions, then wondering when suddenly the music stops.
Exactly. Wise just discovered the TOS breach relatively late, as their systems are far from operating well.So, that's the reason why they closed it.
Putting aside the general unpredictability of Wise debated here many times:does Duckascopy Bank and Advcash considered as broker and wise may close account if sent money to those banks?
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