Ceist Beag
Registered User
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Wise pays balance cashback each month based on the EUR, GBP and USD you hold in your Wise account. You agree that the cashback rate is variable and that we may change the rate and/or stop paying cashback at any time. For eligible balances held in Wise accounts in February 2023, Wise paid an annualised cashback rate of:
1.12% for any EUR
2.65% for any GBP
3.53% for any USD
Wise Europe operates within the tax jurisdiction of Belgium, where cashback is liable for 30% withholding tax.
We deduct this tax and pay it to the Belgian tax authorities before we add the cashback to your account.
I'm thinking though that I could probably do something better with it than just sitting in a UK current account earning zero interest
Would I be allowed to earn tax-free interest on it up to a certain limit under the UK Personal Savings Allowance despite living and working in Ireland? Or would I still have to declare it to Revenue and pay DIRT on it?Move it to a UK savings account ? https://www.ulsterbank.co.uk/savings.html
We are not a bank, which means we don't lend out our customers’ money to people or businesses. This also means our payment services aren't subject to the Belgian Deposit Guarantee Scheme.
The Best Buys page should probably also make clear that Wise deducts 30% Belgian withholding tax. If you want to reclaim/reduce that you apparently need to apply to the Belgian authorities, which sounds like a hassle.
Double taxation relief is up to a maximum of 15%.
You have to claim tax relief from Belgium to reduce it whatever is the lower percentage they have for non-residents, otherwise you would end up paying 30% to Belgium and 33-15 = 18% to revenue, i.e. almost 50% between Belgium and Irish revenues
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