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Parking money on WISE

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DerAufklaerer

Active Member
Apr 7, 2022
300
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Germany
#1
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I have 3000 EUR On Wise

I think it makes little sense to have just parked the money there. (Inflation).

I know there are call money accounts and I also have such an account, but of course it is reported to the tax office.

Are there any alternatives?
 
#2
If you are asking about alternatives of where to store 3,000 EUR without the tax office knowing, your options are crypto and banking in a non-CRS country with Puerto Rico being a popular option.

Although it'd probably be cheaper and less risky to just pay tax on the 3,000.
 
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#6
"Parking Money - Wise" "3,000 Euro".

Erm thats pretty much the average savings per year for a European... hardly 'parking', its an account balance.

It would cost you more to establish a bank overseas most likely (and the ongoing fees).

Hardly tax avoidance/evasion as there's a established limit in most countries (like the UK - 11k?)

So basically you are asking if Wise is safe to hold funds *small* then usually yes.... and there is a savings bucket on there (or was) so you might even earn a dismal return in their savings bucket which is in the account (can't remember the name).

Personally 3k i'd hold in cash though (don't earn anything) but ultimately 5% (average return in t-bills etc) is only 150 Euro - > again factoring in fee(s) that will be eaten into... so cash again... and spend.

Line of questions would be more appropriate with 300k anything less than 200k isn't really usable for anything let alone supplementing earnings... besides 3k - currency debasement later part of the year through to 2025 won't have as much spending power... again, hold cash and spend, or take a position and buy ETH, Solana, apologies if this is direct and that is a lot of money to you.
 
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#8
DerAufklaerer said:
I have 3000 EUR On Wise

I think it makes little sense to have just parked the money there. (Inflation).

I know there are call money accounts and I also have such an account, but of course it is reported to the tax office.

Are there any alternatives?
Click to expand...
If they do not pay interest on the money, why would you pay tax?

Even in Italy, one of the strictest countries in the EU, they are not interested in accounts under 5000.

It is important to diversify, both with investments and cash. Holding money in accounts that don't pay interest may seem stupid, but at least it's safe. It's all a question of diversification and safety. Besides, inflation is coming down.
 
#9
Perhaps it's only for members from certain countries but I am getting a small percentage (maybe 2%?) of interest from my EUR, USD and GBP holdings in my Wise account. Not reported to the tax office, as far as I know.
 
#15
Wonder, if I have on wise 10K and send it to 2 other banks, 5k each. Will wise still have anything to report, if my balance is basically zero and other banks with such low amount will not bother to contact tax autorities at all? Its not like, if I ll have 10 bank accounts at same country, tax autority will find out total amount cumulativelly, right?
 
#16
Delta said:
Its not like, if I ll have 10 bank accounts at same country, tax autority will find out total amount cumulativelly, right?
Click to expand...
:) You will probably not be happy but it is exactly so. If the financial institution reports, then all accounts are (automatically) reported, even these with a zero balance.
 
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