Does transferwise reports your status to your resident country?

[offshoreisfun]

Sorry , I am new to this topic , as what I read at this forum , transferwise won’t report your status to your. Resident country that’s why people here recommand using TW, am I correct ?

 

[clemens]

There are many reason for using Transferwise, once of them may be reporting the other is that 90% around here can't get a bank account at all.

 

[bigladsmith]

Its been written here before that TW do not report under CRS/AEOI but I'm yet to see any hard evidence of this.

This bit is the bit that worried me...

TransferWise is an authorised Electronic Money Institution independently regulated by the Financial Conduct Authority (FCA) in the UK.
This means we're required by law to keep your money safe by storing it in a low-risk financial institution - in Europe this is in our UK account with Barclays, in the US this is in our US account with Wells Fargo.

 

[uplana]

No reporting from Transferwise last year I can confirm that.

 

[Btraveler]

No reporting as Transferwise tell themselves. However, they have to comply with KYC and AML laws, so in near future they'll be reporting...

 

[karishi]

No reporting from Transferwise at the moment https://transferwise.com/help/17/borderless-account/2932394/borderless-accounts-and-tax

What I'm wondering is what will happen when that will change, are CRS messages sent only at the end of the year?I mean, if they start reporting, will there be time to switch?

 

[cyprus123]

No reporting from Transferwise last year I can confirm that.

Just because you or your client did not receive a tax bill or information from TransferWise or any other institution about reporting does not mean that there is no reporting. I think it is up to TransferWise to confirm if they report or not ;-)


I am expecting the big wave of CRS tax bills to come by end of this year, just my personal opinion of course.

 

[karishi]

Just because you or your client did not receive a tax bill or information from TransferWise or any other institution about reporting does not mean that there is no reporting. I think it is up to TransferWise to confirm if they report or not ;-)


I am expecting the big wave of CRS tax bills to come by end of this year, just my personal opinion of course.

In the link above Transferwise states clearly that they do not report to tax authorities, for now.

 

[LegitBananas]

Ok so they don't report borderless accounts, but what about individual transactions?

 

[Seychelles Service]

transferwise wrote:

TransferWise is a British company and is authorized by the Financial Conduct Authority as an "Electronic Money Institution". We are still evaluating the impact of the Common Reporting Standards (CRS), including FATCA, and how we will implement the new requirements. We currently do not report to HMRC or any other tax authority.

 

[SoNewToAllShit]

they do not report you so far. You never know if this change in the near future, I believe it will change.