Revolut asked me one time for tax documents, but it was a personal account not a business account. Wise did the same on the business account. But wise did it after 6figs went through the account.
Revolut asked me one time for tax documents, but it was a personal account not a business account. Wise did the same on the business account. But wise did it after 6figs went through the account.
Zen at opening, Blackcatcard when I started moving some moneyWhen did Zen & Blackcatcard start asking you for tax related documents? Already in the beginning or after 6figs went through the accounts?
you can’t argue with banking monkeys. Their game, their rules.
sure, voting with my feet and moneyyou can’t argue with banking monkeys. Their game, their rules.
Yeah, NEVER heard of a brick and mortar bank asking for this , anyone heard different ?when it comes to invoices, salaries and other documentation supporting individual transactions then fine, that's what we can generally accept and makes at least a basic sense
but there is no justification to ask for tax returns and other general paperwork - such a request is a perfect moment to show the middle finger because it will get way worse, Revolut and Bankera are the last ones who tried this on me
Yes, frequently and in all corners of the world. It starts becoming very common when you transact six/seven figures and higher. Banks are required by law to make sure they aren't facilitating tax evasion. One simple method of reducing that risk is to ask to see tax returns.Yeah, NEVER heard of a brick and mortar bank asking for this , anyone heard different ?
Looks like a good offering unfortunately won't work for me (i don't live in Eurostan).I don't really base our business on luck but rather on research and negotiations. And that's exactly what I've also started with Zen; we are trying to find out what the right price is for our business, they are looking into it and have promised to come back with an offer. So, I would say it's worth asking once in a while and also being ready to negotiate.
I will update here if we agree on something.
I applied for Blackcatcard -> never ever got a notification or anything since. not even to say a application had been submitted lol.When did Zen & Blackcatcard start asking you for tax related documents? Already in the beginning or after 6figs went through the accounts?
Did you contact them to ask about your application?I applied for Blackcatcard -> never ever got a notification or anything since. not even to say a application had been submitted lol.
Yeah, NEVER heard of a brick and mortar bank asking for this , anyone heard different ?
Yes, the same for me. @void: Unfortunately, it can be very well justified by AML measures – as a part of the KYC procedure (to avoid misunderstanding: I do not like it at all and I would like to share your dream )Yes, frequently and in all corners of the world. It starts becoming very common when you transact six/seven figures and higher. Banks are required by law to make sure they aren't facilitating tax evasion. One simple method of reducing that risk is to ask to see tax returns.
it may very well be... I'm just saying that for me anything directly unrelated to given transaction is a deal breaker, an impulse to let it go and close my account as such a company is cursed anyways - for now (at least when it comes to institutions I'm dealing with) it's still pretty rareUnfortunately, it can be very well justified by AML measures – as a part of the KYC procedure (to avoid misunderstanding: I do not like it at all and I would like to share your dream
NGL, here the USA/IRS is THE BIG winner in the world: Taxpayer Bill of Rights 8: The Right to Confidentialityit may very well be... I'm just saying that for me anything directly unrelated to given transaction is a deal breaker, an impulse to let it go and close my account as such a company is cursed anyways - for now (at least when it comes to institutions I'm dealing with) it's still pretty rare
anyways, bitcoin adoption is growing...
Same here! No hesitation! Euphemistically, any question asked of me beyond the minimum to ascertain I am "me", and I shoot first, aim later, and then question the corpse!sure, voting with my feet and money
Yes, frequently and in all corners of the world. It starts becoming very common when you transact six/seven figures and higher. Banks are required by law to make sure they aren't facilitating tax evasion. One simple method of reducing that risk is to ask to see tax returns.
Yes, frequently and in all corners of the world. It starts becoming very common when you transact six/seven figures and higher. Banks are required by law to make sure they aren't facilitating tax evasion. One simple method of reducing that risk is to ask to see tax returns.
Yes. Tax evasion is not legal anywhere, not even in places that have zero tax. So there is a possibility that any bank anywhere can ask to see a tax return.banks are required by law in all jurisdictions ?
I couldn't find a definition anywhere of EU member state tiers and what country is in what tier (nor could I find out how many tiers there are), but I can't think of a single EU country where I haven't come across this request. Except maybe in the Nordic countries where the banks can just get tax returns by asking the local tax authority. Perhaps I just haven't experienced Tier 1 EU. But I have seen these requests from banks in Spain, France, Germany, Netherlands, and Switzerland.I assume it's mostly common with banks in countries where people moving to lower taxes or with EMIs. Never heard of anything similar in Tier 1 EU countries, you can transact millions with no questions.
Wise never asked me for any tax information, despite having had well over 7 figs of transactions with them.Revolut asked me one time for tax documents, but it was a personal account not a business account. Wise did the same on the business account. But wise did it after 6figs went through the account.
Wise never asked me for any tax information, despite having had well over 7 figs of transactions with them.
Lately they sent me some SOF and general AML questionaire, which I will try to answer properly. My business is completely legitimate, yet I have a feeling they will close my accounts now.
this is a golden rule... it was only once I didn't respond to a gentle sign of trouble with immediate evacuation and I ended up with money locked in epayments (for my protection of course, thank you FCA) - despite it ended well I will never make such a mistake ever againFirst Things First! The book!
(1) Move your money. Empty your account(s).
(2) Send them all the SOF and answer all the AML questionnaires they sent you.
(3) If in doubt, see #1
I had the same issue. Once those requests/questions came in, it was an ill omen. Glad I evacuated that sinking ship! Maybe you are luckier.
Send them 3 customer invoices, statements all for the last three months. also send your websites if you have one. that's how the SOF was lifted.Wise never asked me for any tax information, despite having had well over 7 figs of transactions with them.
Lately they sent me some SOF and general AML questionaire, which I will try to answer properly. My business is completely legitimate, yet I have a feeling they will close my accounts now.
I should have read your posts before I send my docs to Mister Tango, they locked my account while they check the documents. That's only a few thousands, but still.First Things First! The book!
(1) Move your money. Empty your account(s).
(2) Send them all the SOF and answer all the AML questionnaires they sent you.
(3) If in doubt, see #1
I had the same issue. Once those requests/questions came in, it was an ill omen. Glad I evacuated that sinking ship! Maybe you are luckier.