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Sid70 · 12-05-2014, 08:37 AM

So, I sorta wanted to check this new Branson's gig and here's a chat I had:

Me: Hi, May I ask if the sys works as WU does, same non taxable p2p?

Irma | TransferWise Support: Hey Thanks for getting in contact
Can you please specify your question a bit to make sure ill give you the most accurate answer

Me: Well, say, i get WU transfers at times and if a person sends money to another its considered non taxable, like personal transfer, not a business.
what about your system?

Irma | TransferWise Support: Alright, I think I see what you mean
Me: if John from USA sends $300 to me in Guatemala is that tax free?
Irma | TransferWise Support: The only thing we charge is our service fee which is 0,5% of the amount but just to be super sure I'm gonna quickly confirm with my colleague as well! one moment

Me: thanks

Irma | TransferWise Support: Yes, I confirmed with my colleague
We don't take any taxes!
Is that helpful?

Me: no
you dont, but the question is will i have to pay tax if i get the money via the system
are you in the States? UK?

Irma | TransferWise Support: I can't see a point where this tax could be taken from you

Me: if i send you money will you have to report income tax or not?

Irma | TransferWise Support: No, never heard of anyone having to do this

Me: thats not a professional answer but ok, at least something.
cheers

Irma | TransferWise Support: I'm very sorry for this answer right now

Me: ask your management

Irma | TransferWise Support: Let me double confirm that
Still investigating to answer your question. I really want to apologize for the unprofessional answer before. I got really confused for a second, because I know for a fact we don't tax for anything but couldn't confirm it for you, because the questions you asked made me rethink how does the process go outside from the TransferWise transfer
Ok, the answer I can give you is that the EU law says that if you have paid your taxes in one of the EUR countries, you can move your money without paying double

Me: Got it. So if its a personal transfer and somebody paid tax off the money he is sending I wont need to do so..

Irma | TransferWise Support: Exactly
The tax process goes completely separately from our transfer

Me: So, the money, being sent, are considered AFTER TAX on sender's hands
any amount restrictions? Like if I get EUR5000 a month via your system then what?
its about RECEIVING money. Should a receving party pay tax or not?

Irma | TransferWise Support: sorry for the delay just confirming your questions with a colleague

Me: ok. its a simple thing. thats why i asked about Western Uinion comparison.

Irma | TransferWise Support: Alright, so I got the final answer for you
What we do is that we're a currency conversion service, we don't control the TAX or ever ask about it from you the person who is sending the money is responsible for any TAX that is unpaid if it is required so. What we do is take the fund, convert it into the other currency and send it out we ask for payment reason to prevent fraud and anti money laundering but controlling TAX isn't one of the things that we do

Me: can you confirm that receiving money via your system does not require reporting income tax?

Irma | TransferWise Support: I can confirm you that we don't require reporting income tax

Me: good luck with your abrakadabra thing. you NEVER answered my question.
__________________________________________________ ______________

Did you understand if the receiving party is required to report income tax ?

12-05-2014, 08:37 AM
Sid70 Downshifter Industry Role: Join Date: Dec 2002 Location: Road trip Posts: 16,413	Transferwise So, I sorta wanted to check this new Branson's gig and here's a chat I had: Me: Hi, May I ask if the sys works as WU does, same non taxable p2p? Irma \| TransferWise Support: Hey Thanks for getting in contact Can you please specify your question a bit to make sure ill give you the most accurate answer Me: Well, say, i get WU transfers at times and if a person sends money to another its considered non taxable, like personal transfer, not a business. what about your system? Irma \| TransferWise Support: Alright, I think I see what you mean Me: if John from USA sends $300 to me in Guatemala is that tax free? Irma \| TransferWise Support: The only thing we charge is our service fee which is 0,5% of the amount but just to be super sure I'm gonna quickly confirm with my colleague as well! one moment Me: thanks Irma \| TransferWise Support: Yes, I confirmed with my colleague We don't take any taxes! Is that helpful? Me: no you dont, but the question is will i have to pay tax if i get the money via the system are you in the States? UK? Irma \| TransferWise Support: I can't see a point where this tax could be taken from you Me: if i send you money will you have to report income tax or not? Irma \| TransferWise Support: No, never heard of anyone having to do this Me: thats not a professional answer but ok, at least something. cheers Irma \| TransferWise Support: I'm very sorry for this answer right now Me: ask your management Irma \| TransferWise Support: Let me double confirm that Still investigating to answer your question. I really want to apologize for the unprofessional answer before. I got really confused for a second, because I know for a fact we don't tax for anything but couldn't confirm it for you, because the questions you asked made me rethink how does the process go outside from the TransferWise transfer Ok, the answer I can give you is that the EU law says that if you have paid your taxes in one of the EUR countries, you can move your money without paying double Me: Got it. So if its a personal transfer and somebody paid tax off the money he is sending I wont need to do so.. Irma \| TransferWise Support: Exactly The tax process goes completely separately from our transfer Me: So, the money, being sent, are considered AFTER TAX on sender's hands any amount restrictions? Like if I get EUR5000 a month via your system then what? its about RECEIVING money. Should a receving party pay tax or not? Irma \| TransferWise Support: sorry for the delay just confirming your questions with a colleague Me: ok. its a simple thing. thats why i asked about Western Uinion comparison. Irma \| TransferWise Support: Alright, so I got the final answer for you What we do is that we're a currency conversion service, we don't control the TAX or ever ask about it from you the person who is sending the money is responsible for any TAX that is unpaid if it is required so. What we do is take the fund, convert it into the other currency and send it out we ask for payment reason to prevent fraud and anti money laundering but controlling TAX isn't one of the things that we do Me: can you confirm that receiving money via your system does not require reporting income tax? Irma \| TransferWise Support: I can confirm you that we don't require reporting income tax Me: good luck with your abrakadabra thing. you NEVER answered my question. __________________________________________________ ______________ Did you understand if the receiving party is required to report income tax ? __________________ Русня, идите нахуй!