Meet Wise Interest

[CallumWK]

As the title says, Wise has accounts in USD - GBP - EUR, that can earn you interest.

https://wise.com/gb/interest/

They aren't actual savings accounts, but rather investments in a BlackRock fund.

Anyone here that has money in such an account for a considerable time already, and can give feedback on the performance compared to a savings or other currency account in the same currency?

[RSD1]

30% tax withholding on all interest earned is deducted and paid to the Belgian government. No refunds. 

[CallumWK]

12 minutes ago, RSD1 said:

30% tax withholding on all interest earned is deducted and paid to the Belgian government. No refunds. 

 

First of all, withholding tax in Belgium is 15%, secondly you pay withholding tax in the country you are tax resident, which is Thailand

[RSD1]

33 minutes ago, CallumWK said:

 

First of all, withholding tax in Belgium is 15%, secondly you pay withholding tax in the country you are tax resident, which is Thailand

All I know is that they deduct 30% from the interest I earn on my Wise account balances. And the address on my Wise account isn't in Thailand. 

[xllxix]

@CallumWK

About 2 months ago, I transferred some USD, GBP & EUR across from my regular accounts to the interest-bearing 'jars'.  So far, all is good.

The first time you transfer, Wise creates a new jar.  You will have to go through some tax declarations at first but even if Wise was set up with an UK/European address, you can fill out the declarations as being resident in Thailand.  

No withholding tax so far. Once the jar is set up, you can transfer freely to/from the jar and interest, etc is all very clear.  Wise warn that there may be a couple of days delay transferring money back to your main cash account, but so far my 2 transfers back have been instant.

The charges are as advertised and are debited once a month for each jar but the mildly irritating thing is that they are actually charged to the main account, not to the jar itself.

 

All the above refers to the 'interest only' option and not to their option for to add your money to a fund.  Funds bear a lot of added risk and I do my trading through a broker, not in my 'safe' Wise accounts.

 

The above was my experience.  Yours might be different 'YMMV'.