If I open a Wise account for my UK Ltd, who is going to know?

[Asterion]

As per the title.

Who would Wise tell if opened a bank account for my UK Ltd with them? I have already a normal bank account with a typical high street bank for the Ltd.

I plan to use this other account for a client to send me an advance on expenses that I will incur to carry out a project for them. Given these expenses are in a number of currencies (working with translators in a couple of countries, plus USD and EUR etc), I thought it might be simpler with a separate account with Wise. I have heard good things about their bank accounts and VISA cards.

I have used them before, including for my Ltd, but only as a payments provider. But they were payments for my own business, not fronting expenses related to client's work.

 

[Larin]

Well, according to Wise no one: How does tax work with my Wise account? | Wise Help Centre

However, as they mature, they are likely to start reporting information as per CRS (usually to the country of your residence), so I wouldn't count on the current policy remaining in place forever.

 

[Asterion]

Thanks! Forgot to mention: I am regularly resident in the UK, although a EU national. I pay my tax in the UK, my LTD pays its tax in the UK. So I guessme having a second bank account for my company wouldn't be anything out of normality?

 

[Larin]

Thanks! Forgot to mention: I am regularly resident in the UK, although a EU national. I pay my tax in the UK, my LTD pays its tax in the UK. So I guessme having a second bank account for my company wouldn't be anything out of normality?

Not at all. In fact it’s quite normal I’d say. My company had accounts with 4 different providers at one point.

 

[birdcay7788]

To Author of the post:
How all this work for you? I think if Wise is FCA regulated, why they wouldn't pass all the account movement? I'm not UK resident but authors topic affects me too- looking for EU business, to open account in other jurisdiction (UK) and Bank account in Malta or Wise.
Thing is, sender that send money weekly, doesn't give a f, where the money goes, unless it has EUR IBAN.
Was thinking of Malta Trust (possibly takes time) or UK company + Wise.
IMHO Wise is not the best option, they have closed account and were doing security checks more than 90 working days. Btw they withdraw money to director's private account.

 

[NicolasMaduro]

no1 is going to know, cause wise is not a reporting