Declare foreign bank account - Tansferwise/Revolut

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charlie_45

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I noticed recently on the Form 11 that there is a section to declare foreign bank accounts:
Foreign Bank Accounts (S.895)
Give the following details for each foreign bank account opened in 2019 of which you or your spouse/civil partner were the beneficial owner of the deposits held


I (like many people) have a Revolut and Transferwise account with deposits sitting in them, and both accounts have addresses outside Ireland. Does anyone have experience in this area and know if I need to declare these? And if so, does that mean anyone who opens one of these accounts needs to file a Form11 to declare a foreign bank account? I've had both accounts open for a few years, I don't receive any interest on them, and have never declared them to Revenue. I haven't heard anything about needing to inform Revenue of these type of accounts before, and a quick google search hasn't yielded much information, so any advice would be appreciated.
 
I think TFW said to me at one point that it wasn't really an account I had, despite the account number and details, sort of a subdivision of their bank account
 
charlie_45 said:
I noticed recently on the Form 11 that there is a section to declare foreign bank accounts:
Foreign Bank Accounts (S.895)
Give the following details for each foreign bank account opened in 2019 of which you or your spouse/civil partner were the beneficial owner of the deposits held


I (like many people) have a Revolut and Transferwise account with deposits sitting in them, and both accounts have addresses outside Ireland. Does anyone have experience in this area and know if I need to declare these? And if so, does that mean anyone who opens one of these accounts needs to file a Form11 to declare a foreign bank account? I've had both accounts open for a few years, I don't receive any interest on them, and have never declared them to Revenue. I haven't heard anything about needing to inform Revenue of these type of accounts before, and a quick google search hasn't yielded much information, so any advice would be appreciated.
Click to expand...

When filling in your return, fill in the section re foreign bank accounts. Your revolut a/c is based in London. Revenue can access the name of the account holders so you might as well be 100% accurate with your return.
 
Gervan said:
I think TFW said to me at one point that it wasn't really an account I had, despite the account number and details, sort of a subdivision of their bank account
Click to expand...
It's a foreign bank account with an IBAN number. You'll never guess what the B and A stand for. ? .
 
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I'll add them on my 2019 return. I only submitted a Form11 for the first time last year, and have both accounts a few years. I never actually knew it was something I should do, and from asking around it doesn't seem that widely known.
 
It’s one of those things that there but isn’t really that important.

With AEOI (Automatic Exchange of Information), Revenue find out if one of us opens an account in, say, France. It’s likely that Revenue’s REAP system then risk assesses that person with a view to deciding whether to investigate further. But if Revolut are suddenly sharing data, Revenue will have to adjust their approach accordingly.
 
reopening an old thread but .. similar question : except that on the revenue form the question is asked about whether i 'opened a foreign bank account in (2019) "
interpreting this very literally, this is asking me if i actually went through the process of opening an account
not 'did i have funds in a foreign bank'
or even .. 'did i have a foreign bank account' .. during 2019

am i being pedantic or does anyone really know what this section of Form 11 is looking for ?

reason i ask is that i have a TFW - no idea when i opened it and no money in it, N26 - ditto (with 2 EUR in it), Revolut - which i do use, Chase in the US with 1400 $ (opened in a flap when banks here were in collapsio territory)
it is going to be a giant pain in the rear getting the info on when they were opened ..
 
They are normally reasonable.

You could send them a my enquiry declaring the details of all your (small) foreign bank accounts to ensure you are covered for past years.

If you didn't open one in 2019 leave it blank on the form.
 
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