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Cyrex

Mentor Group Gold
Hello,

recently i got the idea that since i got a second passport / residency from morocco which is a non comitting AEOI CSR country i would be able to register a account on TransferWise or any other bank.
Since those banks need to report the data to the country of residency, which morocco is not, that it wouldnt be a issue. From my understanding they determine on to which country they should report by taking the address and some other pointers.

The question is, if im currently living in germany would that be a issue? Would the account be closed for high-risk (north african country) or would it still be reported due to other pointers such as phone number, IP or whatsoever.

Thank you!
 

PaulKruger

Specialist in anonymizing my own business!
Mentor Group Gold
will follow the post. My believing is they will report you in Germany because it is where you are resident.
 

Sols

Staff member
Mentor Group Gold
The question is, if im currently living in germany would that be a issue?
Yes, you are reportable first and foremost based on tax residence. You could technically lie to them, but that is a terrible idea with severe repercussions if you're found out (loss of funds).

Would the account be closed for high-risk (north african country) or would it still be reported due to other pointers such as phone number, IP or whatsoever.
Phone number, IP, frequency of transactions to/from Germany, your real home address in Germany showing up on incoming wire transfers, device location, card usage, and so on. It's hard to tell how likely it is they will check that, but a technology driven company like Wise is likely to automate as much of this work as possible.
 

Cyrex

Mentor Group Gold
Yes, you are reportable first and foremost based on tax residence. You could technically lie to them, but that is a terrible idea with severe repercussions if you're found out (loss of funds).


Phone number, IP, frequency of transactions to/from Germany, your real home address in Germany showing up on incoming wire transfers, device location, card usage, and so on. It's hard to tell how likely it is they will check that, but a technology driven company like Wise is likely to automate as much of this work as possible.

Yeah i agree. I could simply show my moroccon ID and tell a moroccon address and hope for the best. If it still gets reported to the german tax office due to those pointers there would be even a higher issue of getting caught. But from reading the CSR documents and some statements of a few banks they report based on the address the customer gives, no other pointers mentioned.
 

kurwo2f9hofak

New member
Phone number, IP, frequency of transactions to/from Germany, your real home address in Germany showing up on incoming wire transfers, device location, card usage, and so on. It's hard to tell how likely it is they will check that, but a technology driven company like Wise is likely to automate as much of this work as possible.
Do financial institutions perform routine checks that they are not required to perform? As far as I know things like IP address, geolocation, and card usage are not official indicia. Not sure why they would be interested in making their customer's lives difficult if they are not legally required to? Curious.
 

kkein

Active Member
Do financial institutions perform routine checks that they are not required to perform? As far as I know things like IP address, geolocation, and card usage are not official indicia. Not sure why they would be interested in making their customer's lives difficult if they are not legally required to? Curious.
Geolocation from gps is probably not used unless they retrieve it from strange means, because user can disable it on device, and if they still get it, they would need to explain how. IP address might be used, as well as where you use your cards. In fact the very moment i paid with the card for a coffee somewhere else i was supposed to be i got a message asking "if i were traveling, and if i wanted some feature for travelers"
 

kurwo2f9hofak

New member
I understand that institutions look at this data for fraud prevention and marketing purposes. My question was different, though.
 

numibo

New member
are you sure that TW joins the automatic exchange of information? It does not appear to me. On their website they say no!
 

OffshoreDurian

New member
are you sure that TW joins the automatic exchange of information? It does not appear to me. On their website they say no!
I don’t think they do it yet, but it’s just a matter of time until they are pressured to do it (if they don’t already do it). N26 already does CRS reporting for example. Better move to a low tax country and sleep well at night.
 
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