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)?
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.
See: https://www.austrac.gov.au/business/how-comply-guidance-and-...
I have it good authority [1], that quite a few local Australian banks report when the threshold is 1000 or more.
For international transfers any amount must be reported:
https://www.austrac.gov.au/business/how-comply-guidance-and-...
[1]: My father works there.
[0]: https://www.austrac.gov.au/business/how-comply-guidance-and-...
Plus you're not doing international wire - they transfer from their local account (not 100% sure how it's accounted tho).
This is what I want to know
In South Africa for example, they've been partnered with exchange4free (dodgy name but legit) but recently changed to Bidvest. If TW isn't reporting, these third parties are. You have to sign mandate forms once a year explicitly for reporting purposes.