It is all about control and surveillance. The rest is just excuse to make people comply.
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What information do you report to tax authorities?
The answer to this changes based on which country you’re in. Certain Wise entities must comply with the global anti-tax evasion regimes, FATCA and CRS, due to the type of products they offer.For example, our newest product, Assets, causes a subsidiary of Wise, TINV Ltd., which provides the Assets product to fall within the scope of FATCA and CRS as a Custodial Institution. Customers that participate in Assets who are deemed to be reportable persons will be reported to HMRC in line with the Automatic Exchange of Information.
Wise Australia Pty Ltd, another subsidiary of Wise, is also subject to FATCA and CRS due to the Authorised deposit-taking institution (ADI) licence it holds.
How I read it they still dont comply for normal EU/US/SA residents.
Well, do not overlook that there are just examples.
As all EU-located financial institutions (DE is served via EU branch – I guess LT – of Wise) generally have to report and they really will sooner or later, I would say “It is – I guess intentionally – unclear and do not rely on it, otherwise you can be really surprised.”
1)
You can interpret it as you wish but sometimes it's not wise 
Do not overlook the statement (in the document you have referred to) “Our Terms and Conditions of each entity provide more information about what we may need to report to different tax authorities.” So you need to consult T&C for the entity that serves DE, not a general one (I guess that there will again be a general phrase like “we are required to follow local laws in any country that we operate in and we do so”). And really, be advised that EU conditions are harsh.
2) What do you mean by “US accounts”? If you mean really “accounts located in the U.S.A.” then you are correct, U.S. accounts are generally safe for Europeans as U.S.A. are not engaged in CRS. If you mean in fact “USD accounts”, i.e. “accounts nominated in US$ located outside the U.S.A.”, then see (1) above...
Nevertheless, everyone should undergo his own lesson
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1)
Do not overlook the statement (in the document you have referred to) “Our Terms and Conditions of each entity provide more information about what we may need to report to different tax authorities.” So you need to consult T&C for the entity that serves DE, not a general one (I guess that there will again be a general phrase like “we are required to follow local laws in any country that we operate in and we do so”). And really, be advised that EU conditions are harsh.
2) What do you mean by “US accounts”? If you mean really “accounts located in the U.S.A.” then you are correct, U.S. accounts are generally safe for Europeans as U.S.A. are not engaged in CRS. If you mean in fact “USD accounts”, i.e. “accounts nominated in US$ located outside the U.S.A.”, then see (1) above...
Nevertheless, everyone should undergo his own lesson
But isn't Wise USD account located inside U.S.A? At least it says when you check account information.
But anyways i dont trust Wise, because of abovementioned criteria..
Wise is not a bank, it's an EMI registered in england. I would NEVER EVER rely on Wise not reporting, but so far the messagging on that page has been very clear: before this version they were saying that they were not reporting anything but were collaborating. Now they say that report based on conditions, Assets are stocks and an EMI can't hold stocks, so the entity that holds stocks needs to report and they are collaborating.
I'm sure that at some point they will report, but from the wording nothing has changed for EMI products ( which do not have the 100k insurance from EU if Wise fails ).
I read it as they have to comply to CRS and FATCA exactly as everyone else in the financial business. You better believe they report rather than believing they don't.
Tbh I doubt they are reporting right now as they don't even ask for proof of address or tax id. Might change any time tho who knows.
compliance with FATCA or CRS is not a choice. They either have to comply, like with their stock holding business, or they don't, like with accouts under the EMI licence. It's not a choice, it's regulations
Wise is quite clear on what they report and what they don't, at least from what they write.
For example speaking of cashback they write How does balance cashback work? | Wise Help Centre:
Do you share personal information with the tax authorities?
No. Wise Europe files a monthly withholding tax return with the Belgian tax authority showing the total withholding tax due each month. We do not reveal any personal information.We keep customer data on file internally for audit and documentation purposes. We would only provide customer details to the tax authority if requested and according to GDPR regulations.
What about changes in wise new privacy policy?
https://wise.com/gb/legal/global-privacy-policy-en?lid=c93vtpwp39ej#chapter5
Looks like Belgian residents get reported to Belgian Central Point of Contact of the National Bank of Belgium (“CPC”)
What about residents of other european countries?
https://wise.com/gb/legal/global-privacy-policy-en?lid=c93vtpwp39ej#chapter5
Looks like Belgian residents get reported to Belgian Central Point of Contact of the National Bank of Belgium (“CPC”)
What about residents of other european countries?
But this is not CRS:
This data is recorded by the CPC and kept for a period of 10 years. The CPC keeps a list of the information requests it receives for five years.
Under strict conditions, the CPC may disclose this data to the Belgian tax authorities and other authorities and persons that are legally entitled to request information from the CPC. The data may be used in the context of (i) tax-related inquiries, (ii) the investigation of criminal offences, (iii) the combatting of money laundering, terrorist financing and serious criminal offences, and (iv) for any other purpose authorised under Belgian law.
This is the same as a Tax Authority requesting data to Wise. The CPC doesn't automatically transfer data to the tax authority.
Thank you, i do not remember having seen this in their previous privacy statement. Was in it already?
Btw, it seems as it is getting closer to full reporting.
On the other hand here it says they do comply with CRS and FATCA, but is not clear if is referred only to people that buys "assets" stocks etc.. or they do comply and report for everything.
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If you read the thread this has been discussed. Some parts of it are CRS/facta compliant: assets, because they are stocks, and a subsidiary in australia. Of course if you have assets, the assets part is reported, while the rest is not reported.
So from the wording they use, at the moment I really don't think they are reporting, as they are not forced to under an EMI licence. But tax authorities are not idiots, if they suspect you, Wise is one of the first places where they look. Wise is currently profitable, so for the moment they have no interest to switch to a bank licence ( Revolut finally became profitable after acquiring a bank licence, because a bank licence allows you to do different things ), but no one can forecast how long they will remain CRS exempt.
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