Wise confirmation of personal details

[smedly]

A request was made from "wise" to confirm some details for regulatory confirmation, this looks like a direct request from the revenue dept in Thailand asking for source of money and the amount transferred per year (in specific bands)

 

Thoughts

[Upnotover]

I had this email last year, but it was more to do with confirming a UK address than about transfer of funds.  

 

[topt]

1 hour ago, smedly said:

Thoughts

Unless you actually post what Wise asked for how can we even guess.....?

 

I don't know yours or his specific circumstances but if as @Upnotover replied than seems highly doubtful......

[smedly]

because of the specific details it was specifically for Thailand, although I am a UK citizen my wise account is registered in Thailand, it looked very like a tax declaration including source of funds (pension - savings etc) and how much transfered per year with specific bands 0-250k 250k-450k etc, never had to do this before

[topt]

4 minutes ago, smedly said:

because of the specific details it was specifically for Thailand, although I am a UK citizen my wise account is registered in Thailand, it looked very like a tax declaration including source of funds (pension - savings etc) and how much transfered per year with specific bands 0-250k 250k-450k etc, never had to do this before

Ok thanks. Yes that does seem "unusual".

Sorry to be more pedantic but were the bands you mentioned the actual bands they asked as they do not match the Thai RD tax bands?

[smedly]

25 minutes ago, topt said:

Ok thanks. Yes that does seem "unusual".

Sorry to be more pedantic but were the bands you mentioned the actual bands they asked as they do not match the Thai RD tax bands?

I didn't really pay much attention to the bands and exact numbers but was around the numbers I mentioned, the 450k might have been 480k not sure but definitely asked the question showing bands - I just ticked a few boxes and closed it, took about 20secs

[freeworld]

3 hours ago, smedly said:

A request was made from "wise" to confirm some details for regulatory confirmation, this looks like a direct request from the revenue dept in Thailand asking for source of money and the amount transferred per year (in specific bands)

 

Thoughts

That would be the regulatory framework which wise has to comply with in Europe and in Thailand in keeping and updating their kyc information and their reporting requirements.

 

Financial institutions abroad update their requests frequently.

 

There would be no direct request from RD about you personally.

 

Which countries tax number did you provide them with?

[smedly]

1 hour ago, freeworld said:

There would be no direct request from RD about you personally.

yes but the nature of the questions looked like they were straight from RD

 

source of funds

reason for transfer of funds

amount per year transferred 

 

I have been using wise for +8 years

[soalbundy]

Is the fact that my 'wise' account is registered in Thailand the reason that I haven't received such a request?

[kenjinuk]

I have my doubts about if this is a genuine request or an email scammer. Wise would know this information over your 8 year history. It could be due diligence and needing to confirm identity every 12 months, but you might want to email directly to the office you registered with. 

[freeworld]

17 hours ago, smedly said:

yes but the nature of the questions looked like they were straight from RD

 

source of funds

reason for transfer of funds

amount per year transferred 

 

I have been using wise for +8 years

Those are questions I've been asked many times by diff banks, especially for investments. A few years ago opening a kasikorn account they asked me similar questions.

 

Last year a bank in mainland Europe sent to me a similar request to confirm my details or they would restrict the account unless I provided the info by a certain date. I provided the info.

 

Does not matter how long you deal with the financial institutions, they are basically faceless organisations and only tick the boxes for their regulatory requirements and their own internal banking management whatever that may be.

[tandor]

16 hours ago, smedly said:

yes but the nature of the questions looked like they were straight from RD

 

source of funds

reason for transfer of funds

amount per year transferred 

 

I have been using wise for +8 years

can't you ask Wise to clarify?

[thailand49]

What is being posted is true!

I did a transfer request 20th,  first thing cross my mind was revenue?

 

These question are new as noted basically how much you send a year?

I checked off minimum amounts pension amounts that is already taxed. 

[sandyf]

20 hours ago, smedly said:

because of the specific details it was specifically for Thailand, although I am a UK citizen my wise account is registered in Thailand, it looked very like a tax declaration including source of funds (pension - savings etc) and how much transfered per year with specific bands 0-250k 250k-450k etc, never had to do this before

It is irrelevant where the account is registered, requests can be made to any account.

I have a UK account and this is not the first year I have had to do it. I have had a Stocks Jar for a few years and I think the request for personal details initially related to accounts where profit was involved, but seems to have spread generally. I don't do Wise transfers to Thailand.

Last year I tried to open an HSBC savings account and had to show proof of tax jurisdiction before they would do it. Regulation just getting tighter.

Speculation on changes being due to Thai tax law doesn't help anyone.

 

[sandyf]

41 minutes ago, thailand49 said:

What is being posted is true!

I did a transfer request 20th,  first thing cross my mind was revenue?

 

These question are new as noted basically how much you send a year?

I checked off minimum amounts pension amounts that is already taxed. 

Following my last transfer to Thailand I received the following message from HSBC, I didn't bother so no idea what they asked. 

First time that has happened in 17 years of transfers.

 

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[smedly]

1 hour ago, tandor said:

can't you ask Wise to clarify?

I did and got a vague answer

[smedly]

2 hours ago, kenjinuk said:

I have my doubts about if this is a genuine request or an email scammer. Wise would know this information over your 8 year history. It could be due diligence and needing to confirm identity every 12 months, but you might want to email directly to the office you registered with. 

it was from Wise

[smedly]

3 hours ago, soalbundy said:

Is the fact that my 'wise' account is registered in Thailand the reason that I haven't received such a request?

expect it soon, my wise account is registered in Thailand

[VBF]

3 hours ago, kenjinuk said:

I have my doubts about if this is a genuine request or an email scammer. Wise would know this information over your 8 year history. It could be due diligence and needing to confirm identity every 12 months, but you might want to email directly to the office you registered with. 

Agree...... OP could log onto Wise, not via any link in the email and just enter the requested details. Saving them should alert Wise that he has updated if it is indeed genuine.

[freeworld]

26 minutes ago, smedly said:

I did and got a vague answer

 

These OECD and FATF links are probably the reason:

 

OECD

https://www.oecd-ilibrary.org/common-reporting-standard-user-guide_5jz10pljlg6f.pdf?itemId=%2Fcontent%2Fcomponent%2F9789264216525-10-en

 

https://www.oecd.org/tax/automatic-exchange/common-reporting-standard/CRS-related-FAQs.pdf

 

https://www.oecd.org/tax/crime/money-laundering-awareness-handbook.htm

 

FATF

https://www.fatf-gafi.org/

https://www.amlo.go.th/index.php/en/aml-cft-cpf-standards/faft-standards

 

 

[soalbundy]

10 minutes ago, smedly said:

expect it soon, my wise account is registered in Thailand

I don't know if this is the same thing but about 6 months ago (I'm a bit vague abut the time) I read about someone being asked by 'wise' to verify their info in their wise account, because of this I contacted wise through the 'help' button and asked if wise needed verification from me and was told no, it wasn't necessary. My bank account abroad is in Germany.

[Moonlover]

21 hours ago, smedly said:

because of the specific details it was specifically for Thailand, although I am a UK citizen my wise account is registered in Thailand, it looked very like a tax declaration including source of funds (pension - savings etc) and how much transfered per year with specific bands 0-250k 250k-450k etc, never had to do this before

A Wise account cannot be registered in Thailand. As a UK citizen your account, like mine will be registered in London. As no money actually moves from your account in London to your Thai account, (remember money does not cross borders with Wise) the only way that the Thai RD would know whether you have transferred money is if you tell them and I'm sure you're not going to rush to do so anymore than I am.

[digger70]

Wise confirmation of personal details

 

Nothing new about this .all the Money Brokers do this .

I had to do this last Yr for Wise and 2 years ago for TORFX

They say that they have to check and Update at least once in 3 Yrs . 

Some Excuse that this is to stop Money Laundering and proof of where you Reside.

[smedly]

2 hours ago, Moonlover said:

A Wise account cannot be registered in Thailand. As a UK citizen your account, like mine will be registered in London

yes I know no money actually transfers 

 

my address is in Thailand as I don't have a UK address, same with my UK bank so unlike you my wise account is registered here, it's a weird setup I know

 

it didn't ask me to verify my address or other personal details

 

it was specifically about the source of money I transfer (pension, savings etc) and the amount per year in bands, I wouldn't have brought it up on here if I didn't think it was odd, like I said above it looked like something the Thai revenue dept would ask for

[smedly]

2 hours ago, VBF said:

Agree...... OP could log onto Wise, not via any link in the email and just enter the requested details. Saving them should alert Wise that he has updated if it is indeed genuine.

it was a genuine email from wise

[VBF]

1 hour ago, smedly said:

it was a genuine email from wise

If you're 100% sure of that, all well and good