Can someone answer how TransferWise gets away without "reporting this information to HMRC or any other tax authority." aka dream for tax evaders (who get paid in foreign currency)?
TransferWise changes name to Wise
11–20 of 230 posts
Re: TransferWise changes name to Wise
#12I love transferwise, depend on it often. I don't get the rebrand, their old name was descriptive, easy to google, and from all perspectives really good. The rebrand won't change me using it, but I really can't see the positive in this.
Re: TransferWise changes name to Wise
#13I love transferwise, depend on it often. I don't get the rebrand, their old name was descriptive, easy to google, and from all perspectives really good. The rebrand won't change me using it, but I really can't see the positive in this.
Definitely agree, akin to when BankSimple rebranded to Simple. It was awesome as is.
Anyway, hope they stick around and eventually turn into a financial OS instead of folks needing a bank, plugging into underlying deposit accounts in the countries you need.
Re: TransferWise changes name to Wise
#14Re: TransferWise changes name to Wise
#15Can someone answer how TransferWise gets away without "reporting this information to HMRC or any other tax authority." aka dream for tax evaders (who get paid in foreign currency)?
Why do you say they get away with it?
TW for sure reports to my country's financial intelligence agency (AUSTRAC).
I get paid in foreign currency via TW and it's pretty amazing.
Re: TransferWise changes name to Wise
#16This feels like an incredibly ill-advised rebrand. Everyone I know of who uses TransferWise uses it rarely, like once per year. They won't be slowly eased into the new name. They'll try using the service again for the first time in a while, and everything will have changed to look like a phishing scam. And this is a service where that trust is critical, since the interaction model of the service is so odd. I'm transf…
I and most people in my circle of friends use Transferwise on a daily basis, multiple times a day. It has replaced our "traditional" bank cards.
FWIW, I totally understand the bigger picture goals they describe in this post and I wish them every success.
Re: TransferWise changes name to Wise
#17I'm very happy with TransferWise' low fees, but their 'borderless' account is unfortunately no substitute for a real account in the native currency in a lot of cases.
What are the limitations?
The list of countries where the fees are lower than just using your card from $OTHER_COUNTRY is very short.
That’s a dealbreaker for me, but I’m a happy customer of theirs for transfers.
Re: TransferWise changes name to Wise
#18Can someone answer how TransferWise gets away without "reporting this information to HMRC or any other tax authority." aka dream for tax evaders (who get paid in foreign currency)?
Why do you say they get away with it? TW for sure reports to my country's financial intelligence agency (AUSTRAC). I get paid in foreign currency via TW and it's pretty amazing.
What do you mean "for sure"? They claim they don't - https://transferwise.com/help/articles/2932394/how-does-tax-...
Re: TransferWise changes name to Wise
#19I love transferwise, depend on it often. I don't get the rebrand, their old name was descriptive, easy to google, and from all perspectives really good. The rebrand won't change me using it, but I really can't see the positive in this.
Maybe it’s just that the name became available and the boss always wanted a short, dictionary-word name? Dreams of ubiquity?
I think it’ll make searching a lot harder especially for an international service.
Wise? Waze? Whys? Ways?
But... it seems to have worked for “véz” so maybe this is just the “go big or go home” startup thing.
Re: TransferWise changes name to Wise
#20I'm very happy with TransferWise' low fees, but their 'borderless' account is unfortunately no substitute for a real account in the native currency in a lot of cases.
The deal breaker for me is the fee for bank transfers, something I've never paid for before.
how much is Dwolla in comparison?
their ACH fees does seem a little more expensive