Wise CRS question

[kyaky]

card issue by Australia is from Wise Pty Ltd, they are registed insititue regulated by ASTRUC, they report to CRS.

 

[alwaysaint]

The services are provided by Wise Australia Pty Ltd ACN 616 463 855. Wise Australia Pty Ltd holds an Australian Financial Services licence (AFSL) number 513764 and is a Purchased Payment Facility (PPF) provider authorised by the Australian Prudential Regulation Authority (APRA).

 

[markymark]

I believe Wise already exchange information through CRS since they are a bank.

I recently heard from a person in Belgium who created a new wise account this year, all ready the all wise bank information is displayed in his digital online profile by the National bank. Twice a year the ending balance of all bank accounts on your name show up there (end of June balance and end of December balance).

Either this is related to CRS or because Wise is registered as a Belgian bank in EU.

I think Belgium is different than UK. Most WISE customers are International but set-up though the UK entity I believe. You can still have a Euro Acc, and it gives you a Belgian IBAN, so perhaps it would only apply to Belgian Residents.

 

[Alexmorgan]

Wise do report CRS

How does tax work with my Wise Account? | Wise Help Centre

If you have questions about your taxes or filing a return — speak to a qualified professional. Wise can’t give you advice on your personal tax situation, and this article is meant for information p...

wise.com

 

[markymark]

Wise do report CRS

How does tax work with my Wise Account? | Wise Help Centre

If you have questions about your taxes or filing a return — speak to a qualified professional. Wise can’t give you advice on your personal tax situation, and this article is meant for information p...

wise.com

From what I understand, only if you hold it in ASSETS which pays interest/returns. No mention of the standard non-interest accounts, which are not actually held in your name (even though you have an "account").
Why not email them and try to get a confirmation of this? They will just send you this same extract again, because I think they like to keep this a grey area until it becomes black and white.

Wise is NOT a bank

 

[Alexmorgan]

From what I understand, only if you hold it in ASSETS which pays interest/returns. No mention of the standard non-interest accounts, which are not actually held in your name (even though you have an "account").
Why not email them and try to get a confirmation of this? They will just send you this same extract again, because I think they like to keep this a grey area until it becomes black and white.

Wise is NOT a bank

The people in Support dont know much as you think

Why do you think we call them Monkeys?

Anyway all EMIs except US based report on CRS to your residence country

 

[markymark]

The people in Support dont know much as you think

Why do you think we call them Monkeys?

Anyway all EMIs except US based report on CRS to your residence country

I am betting that their reluctance to clarify suggests that they are not reporting currency accounts. But of course, do not take my advice if you are thinking to use WISE for this purpose.

If anyone can clearly show that they are reporting then that would be welcome.

 

[dave123]

Wise likely do some form of exchange.

But even if the account is registered as Australia and you live in Thailand then it's a cock up on data transfer opposed to having to worry about the Australian gov as you are registered or not a Aus tax payer.

I had a wise account and had been tax reg in asia for a decade before realising it was still showing as another country, just updated it, my country doesn't charge tax if non-resident for example.

Wise does not report CRS, but Wise is authorized by the Bank of Belgium in the EU, so it must report information about you.
But it's not CRS and reporting with your country's tax office.

 

[JohnLocke]

Wise does not report CRS, but Wise is authorized by the Bank of Belgium in the EU, so it must report information about you.
But it's not CRS and reporting with your country's tax office.

where did you get this information from ?

 

[dave123]

where did you get this information from ?

This Information are on Wise website. They only report that stock exchange account. But normal deposit isn't report via CRS.

About reporting to local authorities so every financial institution and Bank report to local financial supervision Institution and local tax offices.
Because they control them.
Wise is British financial institution but they are registered in Belgium for EU countries.
Wise is a payment institution authorised by the National Bank of Belgium.
If you live in Belgium so Wise doesn't protect your money against bailiff and report to local authorities about tax and control money about income from scams and terrorism etc.

But if you live for example in Germany so, Wise won't report about your Money to local tax office in Germany because this company doesn't share this information with another tax offices abroad because they doesn't take part in CRS reporting so local authorities won't know about your money but if you have income 15000 euros per month so there is AML so they will report this similar like CRS. So they can share with local tax offices and control authorities in Belgium and maybe sometimes in your country too.

If you have suspicious transaction so they can contact with Belgian authorities and with local tax office and Belgian authorities can report this to prosecutor in Belgium and for example your country etc.


Wise doesn't report by itself but if you have suspicious transaction or local authorities will contact with Wise so Wise can share tax information.
They can't deny them because financial transaction can be suspicion of tax crime or maybe scams etc.

It looks like they want to care about users privacy (maybe it can give them more customers) , but they can't tell that your money will be secret on our balance because it can make that they will lose licence for payment institution in Belgium or UK etc.

Wise doesn't give true account but it is like virtual account something like mass account.

Wise doesn't ask about tax residence. If Fintech doesn't ask about tax residence so it doesn't report via CRS system.


I know wise, zen , paytend and dipocket doesn't report CRS.
Dipocket supports right now only companies account.

Maybe there are more fintech similar to bank account but I don't know more.


From Fintech and payment institution there are balckcat card and monese and paysera but these fintechs is reporting CRS.


N26 bank and Revolut is reporting CRS but they have bank license so they are forced.

But if you have option local bank and bank with CRS so I think bank with CRS is better because bailiff from your country can't take your Money because it is another jurisdiction so maybe tax office will know but they can't take your money.