Ceist Beag
Registered User
- Messages
- 1,428
I recently became aware of the above as I had used Wise for transfer of a cash amount from USD to EUR. It seems they offer cashback to customers in the EEA. The rates seem quite reasonable but I don't fully understand how this works. The description of the feature is
See https://wise.com/help/articles/b8sVSdAzytqVamfajSirb/how-does-balance-cashback-work for more.
Does this mean that you can lodge money to your Wise account and receive the above rates? If I simple add EUR and convert it to my USD account does that mean I can triple the rate received? It sounds a bit too simple so I'm sure I must be missing something here as otherwise isn't this a very attractive deposit rate?
Code:
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.
Does this mean that you can lodge money to your Wise account and receive the above rates? If I simple add EUR and convert it to my USD account does that mean I can triple the rate received? It sounds a bit too simple so I'm sure I must be missing something here as otherwise isn't this a very attractive deposit rate?