Warren Buffett

ironcyclist58 said:Nah, if you're sending Euros, it’s coming straight from your personal Wise bank account using your IBAN...

I'm with you on this...

And what if you don't even have an account set up with Wise yet?

ironcyclist58 said:Nah, if you're sending Euros, it’s coming straight from your personal Wise bank account using your IBAN...

I'm with you on this...

He’s gotten himself turned around between the old currency and the Euro. Does anyone know if they actually accept Euro deposits here in the States if you don't have an account set up with them?

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Then it comes from their John Doe account (though they might be using one in Belgium now, since they moved operations).
And why wouldn't he have an account open? You have to register and go through identity verification anyway, especially if we're talking about any significant amount of money...

ironcyclist58 said:Nah, if you're sending Euros, it’s coming straight from your personal Wise bank account using your IBAN...

I'm with you on this...

So, this method would allow individuals within the US to transfer foreign currency between one another, since there's an American bank acting as the intermediary.

Yeah, just be ready for them to come knocking for proof of where the money actually came from if you start moving larger amounts.

Does the Visa card actually support direct top-ups? I'm talking about those foreign card deposits, like a "deposit to card from abroad" type of deal.

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Does anyone know if Wise supports sending money to Venmo or over in Germany? If anybody’s got the scoop, let me know!

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How long does it typically take for a transfer from Wise to hit an American checking account? (Thinking about using Chase, Bank of America, Wells Fargo, or Citigroup)

If I pull the trigger on this right now, am I looking at seeing those funds tomorrow morning? Since they're processing it through Citigroup, I wonder if that speeds things up.

I honestly can't tell if there’s a person actually handling these transfers behind the scenes or if the whole thing is just some automated algorithm running in the background.

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I am requesting some assistance here. Does anyone know the proper procedure for opening a USD bank account through Wise? Thank you.

It’s pretty straightforward—just sign up for Wise, open a USD balance, and boom, you've got an account number...

Exactly right.
First, you have to deposit some funds into your $50 account just to get that USD balance unlocked.

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I’m pretty much a total newbie when it comes to this stuff, so could someone break it down for me? If I have money on my Visa card, say I go to an ATM and withdraw some cash, am I actually obligated to pay taxes on those funds? I mean, I get various payments hitting my Wise account from different jobs I do.

You aren't actually on the hook for those taxes.

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I don't see it that way. You should be held to the exact same standards as if you were banking right here in the States.

ironcyclist58 said:I don't see it that way. You should be held to the exact same standards as if you were banking right here in the States.

Alright, let me try rephrasing this so I don't sound like an idiot. Can the IRS actually track me down through a Wise transaction hitting an ATM if I skip out on the taxes? I’m looking to move some funds—is there a paper trail that shows money actually entered the country in that scenario?

No, because the account receiving the funds is based in Belgium.
So, the IRS wouldn't even have a paper trail for this; they wouldn't even realize the money ever passed through the US.

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Edward Evans7 said:No, because the account receiving the funds is based in Belgium.
So, the IRS wouldn't even have a paper trail for this; they wouldn't even realize the money ever passed through the US.

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Thanks, I really needed to hear that.
If that’s how things actually work, it’s going to be pretty damn hard for tax agents to come after us freelancers—especially those of us just scraping by on a few hundred bucks a month.

Edward Evans7 said:No, because the account receiving the funds is based in Belgium.
So, the IRS wouldn't even have a paper trail for this; they wouldn't even realize the money ever passed through the US.

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But don't EU countries share transaction data for non-resident accounts?

They might be swapping, sure, but I highly doubt they’re going to sit there and watch their money vanish into some random foreign account just for the hell of it.

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Edward Evans7 said:They might be swapping, sure, but I highly doubt they’re going to sit there and watch their money vanish into some random foreign account just for the hell of it.

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It won't be an IRS agent looking for you, it'll more likely be some random hacker or scammer...

Edward Evans7 said:They might be swapping, sure, but I highly doubt they’re going to sit there and watch their money vanish into some random foreign account just for the hell of it.

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So, what you're saying is, by setting up a Wise account, I'm basically opening a non-resident account in Belgium, getting a personal IBAN, and a debit card tied directly to it?