Does anyone know, are Wise EUR personal accounts (Belgian IBAN) held in person's name or not?
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 Centreyes they are hold in persons name. Mine is at least.
This is why currently Wise has no CRS on personal accounts 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.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.
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 what 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 via CRS/FATCA.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 accounts 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.
It's fun the 99% of times I hear people have filed a case against a huge company it is simply a lie - but good luck with your dreaming!Be wary of Wise - they broke privacy laws in my case and I have a case against them in progress with the FCA.
It's fun the 99% of times I hear people have filed a case against a huge company it is simply a lie - but good luck with your dreaming!
I need his contact please!
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!
Give me some time to dig this up. I have his info on another "phone" backed up as this was the Transferwise era. I'll revert back to youI need his contact please!
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 I have an account with a Belgian bank. Only WISE has it, all the rest is internal routing of money. If you had an account in your name with a Belgian bank, and that account was reported, you would also have the 100k EU insurance. But you would also have a contract with that bankThey 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 what 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 via 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
It's fun the 99% of times I hear people have filed a case against a huge company it is simply a lie - but good luck with your dreaming!
Is Wise now available for UAE residents or do you use some other residence with them?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 I have an account with a Belgian bank. Only WISE has it, all the rest is internal routing of money. If you had an account in your name with a Belgian bank, and that account was reported, you would also have the 100k EU insurance. But you would also have a contract with that bank
Assets from Wise do get reported, and they clearly state that.
We can only guess. I wonder if there is a site where former Wise or employees of other EMIs detail their odyssey at Wise and other EMIs?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
Are you a remote worker if so do u make ur payslip or ur company makes for you?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.
Even this is getting more difficult -> Wise Account in the Philippines | Wise Help CentreUse 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.
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.Is Wise now available for UAE residents or do you use some other residence with them?
Btw. how do you deal with UAE proof of address long-term for foreign banks/brokers? I remember you were writing about renting and then cancelling (to get utility bills), which is OK as a short-term solution...
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