Withdraw Funds from Wise Account

[andrewh2024]

Hey BHW forum,
I have funds in my Wise account but no card (it's not possible to get a card, not even digital one). Is there a way to buy crypto with a Wise Transfer or any other way without sending the money to my local bank?

 

[Suspended Account]

Transfer it to your local bank
Or buy crypto using a P2P platform

 

[andrewh2024]

Transfer it to your local bank
Or buy crypto using a P2P platform

But if i transfer it to my local bank that means i will have to pay tax.

 

[andrewh2024]

And i also forgot to mention that Coinbase is restricted in my country (i know that they give you a usd receiving bank account details to send transfer and receive money). Is there an alternative platform that gives the same abilities as Coinbase (i am referring to the receiving bank account with my name because it has to be the same name for the transfer to go through from my Wise account)

 

[Suspended Account]

But if i transfer it to my local bank that means i will have to pay tax.

sorry, you didn't mention it was a problem
unfortunately we all need to pay those taxes
do some math and see if it's better or worse than using Binance P2P

 

[JessiPinkme]

P2P is always the best option for wise. Its fast. Binance P2P have a lot of traders accepting wise instantly almost. I think even with basic binance account you can do some P2P trading atleast.

 

[andrewh2024]

But it's against the rules to transfer money from Wise to a random Wise account. I think they will ban my account (i already have several accounts banned, i don't know the exact reason but i think sending money to random Wise account is the problem, they start asking for documents and proof of connection with the other Wise account holder which i don't have because it's p2p)

 

[JessiPinkme]

I think your account is pretty restiricted, I never had such problem with them or you are trying to do something shady if you are having issue you can still contact their support they are very helpful.

 

[andrewh2024]

No my account is not restricted directly (i live in a restricted country and that's why i have no card). Do you think it's okay to send large amounts of money to friends Wise accounts? I thought that's against the terms.

 

[JessiPinkme]

When doing p2p trading, you can easily pay via wise payment link or directly to wise bank account it just sends money in seconds.

 

[andrewh2024]

Yes but isn't that against the rules of Wise? I thought you are forbidden to send large amounts of money to a random guy on Wise or a friend (they will be suspicious and investigate further and ask for connection with that account and then ban the account)

 

[JessiPinkme]

Never happend to me i have 1000s of small, medium and large transactions with them. And you don't have to send large funds try with smaller amounts you will surely find a solution.

 

[mirrorer]

Wise already reports your account details and amounts to the tax authorities of your country of residence, so there is no way to avoid taxes.

Better pay and be safe.

 

[uweb3bank]

Wise already reports your account details and amounts to the tax authorities of your country of residence, so there is no way to avoid taxes.

Better pay and be safe.

This has been the case since the beginning of 2024.

 

[andrewh2024]

Wise already reports your account details and amounts to the tax authorities of your country of residence, so there is no way to avoid taxes.

Better pay and be safe.

I am not sure about this, maybe this applies to more advanced countries.

 

[moonshine7000]

Wise already reports your account details and amounts to the tax authorities of your country of residence, so there is no way to avoid taxes.

Better pay and be safe.

Yes its called CRS(Common Reporting Standard)its like FATCA for everyone else it reports your balance to the tax authorities every Dec 31st

 

[MayhemBH]

I am not sure about this, maybe this applies to more advanced countries.

Yeah it depends on the country. They don't report anything to mine for example. Your best bet is P2P crypto if you don't want to withdraw to your local bank. Binance should work

 

[moonshine7000]

Yeah it depends on the country. They don't report anything to mine for example. Your best bet is P2P crypto if you don't want to withdraw to your local bank. Binance should work

These exchanges will soon have to comply with eu directives like dac9 and catf so you soon better cash out fast

 

[kalpana007]

Hey BHW forum,
I have funds in my Wise account but no card (it's not possible to get a card, not even digital one). Is there a way to buy crypto with a Wise Transfer or any other way without sending the money to my local bank?

Make a direct deal with someone and transfer from own wise to his wise account. Ask him to pay equivalent in crypto.

 

[andrewh2024]

Make a direct deal with someone and transfer from own wise to his wise account. Ask him to pay equivalent in crypto.

if i send too much money to someone else's Wise account it will start asking me for documentation and connection with that account holder.