WISE Transfers (formerly Transferwise)

[fondue zoo]

Has anyone seen this new popup question when transferring funds this last week or two?

 

Tax Residency
We are required to collect your tax residency for reporting purposes under the internationally agreed standards for the exchange of financial account information (CRS & FATCA).

It displays a drop down box below this text with a few different answers you can select.
 

[phetphet]

I didn't see it when I did a transfer from the UK last Friday.

[KhaoYai]

Made a transfer last week and didn't get that.  Are you sure you are on the correct website and haven't been scammed? Check your transfer arrived and keep a close eye on your bank account/change passwords/run a virus scan.

[Moonlover]

Which country were you sending your money from @fondue zoo?

[Kildonan]

Transfered yesterday, didn't see any mention of that! And it took 2minutes for the money to be in my BKK account from £ sterling! Great service. 

[bigupandchill]

Wise is now a public company so are likely to be getting stricter in the future as they will have to meet international banking standards, including FACTA if you are an American citizen.

[FridgeMagnet1]

Haven’t seen it, and I sent money from UK to Thailand last Week (for the first time) 

 

i really impressed with it tho, money arrived in minutes for a tiny fee 

[FridgeMagnet1]

@fondue zoo are you a US citizen?

[WhiteBuffaloATM]

FATCA = USA Tax Law to find nonUS citizens with birth / residency / work USA connections.

WISE accounts registered with US address might attract such notice.

Won’t be a scam if drop down menus require general selection.

Access your WISE account only through Official WISE App or Website.

[Swiss1960]

This has to do with the new eService tax law that Thailand introduced this year (or is about to introduce, not sure about that). They want to charge VAT for online services. I have been bombarded by Microsoft and other SW companies with the same request to either enter tax residency or tax ID, if I am a business. 

 

The US government will now collect even more information from their citizens abroad in order to tax them... 

[RichardColeman]

10 hours ago, fondue zoo said:

Tax Residency
We are required to collect your tax residency for reporting purposes under the internationally agreed standards for the exchange of financial account information (CRS & FATCA).

It displays a drop down box below this text with a few different answers you can select.

had it a few months ago on my Lloyds bank account when sending some money out. But I'm sure I've had it before then too

[fangless]

Just done a TX from UK to Thailand 5 minutes ago with wise and no sign of that message.

[Old Croc]

This question was added to the personal details page in my Australian bank account (Westpac) about a year ago.

[KeeTua]

Did a transfer this morning from my Wise Borderless account. Nothing new, same as it ever was. I'm a US citizen.

[KhunBENQ]

Sending money from Germany since about 2 years.

Having proofed residence in Thailand when registering.

Never got such a message. Not a US citizen.

 

My German bank has my Thai address, no more address in Germany and treats my as a "tax foreigner" (not sure what the English term is). Not paying tax in Germany nor here.

[CharlieH]

MOVED to Banking

[fondue zoo]

I'm not a US citizen but I did query support and they pointed me to their online faq. 

 

We are still evaluating the impact of the Common Reporting Standards, including FATCA, to our business and how we will adopt the new requirements. At this time we are not reporting this information to HMRC or any other tax authority.

[theonetrueaussie]

Just got this as well....I didn't have any of my tax info on me so just selected not a tax resident of any country and it let me send as normal....Whether that will come back to bite me in the butt later who knows...