Revolut CRS 2023

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pixbix

Active Member
Hello guys, Revolut will do their first CRS as a bank any time now. Let's post here exactly what information, and to whom they will post. Only end year balance , or by "end year balances" they will also include all the transactions you had. Let's keep us updated.
 

pixbix

Active Member
Yes. They do CRS as they become a Bank. Maybe they also did CRS before.
Also ... some banks send all transactions, others just the end year balance. i tried to email multiple banks, and only 1 responded about CRS, others were asking me for my ID,etc :))) ... and that bank sayd they will report only the balance at end year.
seems like people at "support level" from banks are fxxx marrons with a lower IQ then those from PayPal Support
 

backpacker

Entrepreneur
Yes. They do CRS as they become a Bank. Maybe they also did CRS before.
Also ... some banks send all transactions, others just the end year balance. i tried to email multiple banks, and only 1 responded about CRS, others were asking me for my ID,etc :))) ... and that bank sayd they will report only the balance at end year.
seems like people at "support level" from banks are fxxx marrons with a lower IQ then those from PayPal Support
Reporting is done in a standardized form according to OECD guidelines. What "support level" tells you is irrelevant. They all report the same.

Aside from that - what data is actually shared by CRS these days? [funds through] or [balances at end]?
Everything what is relevant ->
FAQs about the Common Reporting Standard (CRS)

Understand: "Any interest or other payments deposited into the account" is equal to turnover.
You sell a stock and invest the amount into an FD with same bank. This will will be reported as turnover which can blow up the reproted figures enormously. It might be fun to explain that to your local tax office ... - that way they catch professional daytraders who pose as private investors in some jurisdictions.
 

pixbix

Active Member
Reporting is done in a standardized form according to OECD guidelines. What "support level" tells you is irrelevant. They all report the same.


Everything what is relevant ->
FAQs about the Common Reporting Standard (CRS)

Understand: "Any interest or other payments deposited into the account" is equal to turnover.
You sell a stock and invest the amount into an FD with same bank. This will will be reported as turnover which can blow up the reproted figures enormously. It might be fun to explain that to your local tax office ... - that way they catch professional daytraders who pose as private investors in some jurisdictions.

Funny. I've heard about a guy from UK , he had a 32 millions USD forex position , into currencies, where you can easy do 1000-2000x ... lol
so they just come to his door ):))) telling him he have to pay 16 millons to not get arrested, bla bla bla

One bank told me that only the balance at the end of the year is reported. but the turnover, or the total payments recieved.
 

FantomOffshore

Active Member
Funny. I've heard about a guy from UK , he had a 32 millions USD forex position , into currencies, where you can easy do 1000-2000x ... lol
so they just come to his door ):))) telling him he have to pay 16 millons to not get arrested, bla bla bla

One bank told me that only the balance at the end of the year is reported. but the turnover, or the total payments recieved.
Could you elaborate on that last sentence?
 

pixbix

Active Member
Could you elaborate on that last sentence?

I wrote an email to all the banks in Romania, saying I am a Spanish guy (maybe i should have told them i am girl, maybe they would help them) who doesn't live anymore in Europe. I told them my mother was Romanian, but i am not a romanian but a spanish citizenship. I told them i want to open an account at their bank because fees are very low in Romania, and I asked about the CRS because i told me i am a web programmer in Colombia and i make 2000-3000$/month, and i wanted to know if at the end of the year i will have a zero balance, they will report anything back to Spain.

One bank responded me , telling me they only send the end year balance. So if i have zero at the end of the year, they will send the value zero.

All the others banks wanted me to send them my ID "for identification and clarification" ... that's sad. they made them look like governmental spies.
 

FantomOffshore

Active Member
I wrote an email to all the banks in Romania, saying I am a Spanish guy (maybe i should have told them i am girl, maybe they would help them) who doesn't live anymore in Europe. I told them my mother was Romanian, but i am not a romanian but a spanish citizenship. I told them i want to open an account at their bank because fees are very low in Romania, and I asked about the CRS because i told me i am a web programmer in Colombia and i make 2000-3000$/month, and i wanted to know if at the end of the year i will have a zero balance, they will report anything back to Spain.

One bank responded me , telling me they only send the end year balance. So if i have zero at the end of the year, they will send the value zero.

All the others banks wanted me to send them my ID "for identification and clarification" ... that's sad. they made them look like governmental spies.
That is good news. For some reason my Revolut account is still not asked for a tax identification... after 4/5 years. But I feel they might ask me this year and that end of balance thing would be just great if true.
 

pixbix

Active Member
My tax agency shows all banks that report, and they include at least:
Revlout
Bunq

So can confirm at least that Wise doesn't report.

Can you share us what revoluted reported to them ? can you send us a photo or something ?

tell us exactly all infos that revoluted reported, and on what date if possible.
 

PinkCat

New member
According to the law I believe only balance should be reported. Would be surprised if banks get out of their way to do more than that, does anyone have concrete evidence they do more than that?
 

pixbix

Active Member
According to the law I believe only balance should be reported. Would be surprised if banks get out of their way to do more than that, does anyone have concrete evidence they do more than that?

Many people out here say banks also reported "total overturn" as "balances" , and many traders have problems on forex companies, because they can report a few billions USD when you in fact lost money.
 

Hmmm

New member
all Lithuanian banks (not sure about emis) submit two things for tax authorities by the end of each year (December 31, 23:59)
  1. how much money came to the account per year
  2. what is exact amount now.
 

PinkCat

New member
all Lithuanian banks (not sure about emis) submit two things for tax authorities by the end of each year (December 31, 23:59)
  1. how much money came to the account per year
  2. what is exact amount now.
What is the source of that information?
 

karishi

Active Member
My tax agency shows all banks that report, and they include at least:
Revlout
Bunq

So can confirm at least that Wise doesn't report.
If you read carefully through the statement on their website ( How does tax work with my Wise Account? | Wise Help Centre ) Wise currently reports what is obliged to report: everything held by it's Assets subsidiary is reported ( because it's stocks, basically ), as it's everything which is held by Wise Australia. For all the rest, at the moment there is no reporting, but that doesn't mean that Wise doesn't do his due diligence. Regarding revolut, if your account is held by the bank ( so basically if you are protected in case Revolut fails, which I guess was the reason they did the banking licence, as Wise was profitable but Revolut was not ), then it's reported. If they still have an EMI licence and some accounts fall under that EMI licence they probably are not reported. In general what's reported is everything Forex / stocks / funds in banks.
 

Hmmm

New member
What is the source of that information?
you can see even database fields what's must be reported.

more:

also keep in mind that years ago is implemented "one click" info gathering, and to get details from another euro county in one click. I bet this work with not all countries, but in the long run it should be. How I know from germany in one click, but knowing uk banking laws they don't share info quite easy, of course until written request. Also uk is not eu now.
 

polonieth

Entrepreneur
you can see even database fields what's must be reported.

more:

also keep in mind that years ago is implemented "one click" info gathering, and to get details from another euro county in one click. I bet this work with not all countries, but in the long run it should be. How I know from germany in one click, but knowing uk banking laws they don't share info quite easy, of course until written request. Also uk is not eu now.
Interesting it talks mainly about residents. Wonder how EMIs work? I mean they can report you, but it's not useful info for the Lithuanian government getting the balances of some guy in Argentina.
 

karishi

Active Member
Interesting it talks mainly about residents. Wonder how EMIs work? I mean they can report you, but it's not useful info for the Lithuanian government getting the balances of some guy in Argentina.
I think that if the governement wants to know something about someone as they suspect a criminal offence, they can have a court order and the EMI will give everything they have. I mean that's my understanding with wise, they don't exchange data automatically, but if Wise suspects something will communicate to the tax authorities, and if the tax authorities needs to investigate they must make a request to Wise. Unsure if it needs to be a court order or not, might vary by country.
 

pixbix

Active Member
Interesting it talks mainly about residents. Wonder how EMIs work? I mean they can report you, but it's not useful info for the Lithuanian government getting the balances of some guy in Argentina.

They also take your ID, and country who issued it. So you can't have an ID from Finland and register in Romania , because they will know who issued your document... even if you have a valid address in romania, and you say you are tax rezident there. revolut do not accept "residents cards" only passport, driving licenses and nationals IDs...

you can see even database fields what's must be reported.

more:

also keep in mind that years ago is implemented "one click" info gathering, and to get details from another euro county in one click. I bet this work with not all countries, but in the long run it should be. How I know from germany in one click, but knowing uk banking laws they don't share info quite easy, of course until written request. Also uk is not eu now.

they don't report the TAX ID? or your national issue ID? i can't see a place for "Tax residence" also
 
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