WISE -interest or cashback?

D

daheff

Registered User
Messages
200
So from the deposits best buy thread Wise are paying 1.79% on balances over €68.


From my reading of their site they are calling it 'Variable Cashback'. Its paid net of 30% Belgian withholding tax.

My question is if 'Cashback' is then chargeable or a perk of a system? If its chargeable does it qualify as Interest (and subject to additional DIRT (or other tax) on top of the Belgian withholding tax)?


I'm thinking in terms of a comparison to (say PTSB) paying a cashback on one of their bank account products for using debit cards or other credit card providers paying a cashback also (i believe one of the AIB platinum cards pays a cashback of a small amount).
 
"Cashback" is a silly name for this product. It is not cashback. It is interest.

I think Wise gave it a different name to distinguish it from their other products.

I would think it is chargeable as deposit interest with 33% due to the Revenue less any tax already paid.
 
Piggybacking on this old thread.

I put some money into wise and received interest, the interest had the Belgian withholding tax taken from it. Can I get this back/refunded?
 
Last edited:
You must log in or register to reply here.
Back
Top