Transferring money

Chile Investment, how to invest in Chile, what to watch out for when investing, economic issues, currency exchange in Chile, and more.
thisisreallycomplicated
Rank: Chile Forum Citizen
Posts: 1845
Joined: Sun Aug 07, 2011 6:25 pm
Location: Coquimbo

Re: Transferring money

Post by thisisreallycomplicated » Fri Aug 24, 2018 10:19 pm

eeuunikkeiexpat wrote:
Mon Aug 13, 2018 11:10 pm
Where is my money stored?

All money in your TransferWise borderless account is stored and safeguarded securely in our bank accounts in the UK or USA depending on your country of residence on your profile.

If your profile address is in the US, your money will be stored in our accounts in the USA. If your profile address is in Australia, your money is stored in an account there. If your profile address is in Singapore, your money is stored on our accounts in Singapore and if your profile address is anywhere else, your money is stored in our accounts in the UK.
https://transferwise.com/help/article/2 ... ney-stored
I got conflicting information about this from someone I talked to at transferwise, so I'm not sure if this is accurate anymore.
“Now it’s conspiracy – they’ve made that something that should not even be entertained for a minute, that powerful people might get together and have a plan. Doesn’t happen, you’re a kook, you’re a conspiracy buff!” – George Carlin

User avatar
eeuunikkeiexpat
Rank: Chile Forum Citizen
Posts: 7288
Joined: Fri Sep 01, 2006 1:38 am
Location: Megalith of unknown origin near my digs, south V Region coast

Re: Transferring money

Post by eeuunikkeiexpat » Fri Aug 24, 2018 11:19 pm

thisisreallycomplicated wrote:
Fri Aug 24, 2018 10:19 pm
eeuunikkeiexpat wrote:
Mon Aug 13, 2018 11:10 pm
Where is my money stored?

All money in your TransferWise borderless account is stored and safeguarded securely in our bank accounts in the UK or USA depending on your country of residence on your profile.

If your profile address is in the US, your money will be stored in our accounts in the USA. If your profile address is in Australia, your money is stored in an account there. If your profile address is in Singapore, your money is stored on our accounts in Singapore and if your profile address is anywhere else, your money is stored in our accounts in the UK.
https://transferwise.com/help/article/2 ... ney-stored
I got conflicting information about this from someone I talked to at transferwise, so I'm not sure if this is accurate anymore.
That's why you should only open it as a US based account as it is already "regulated" by the local state and thus also federal authority. How can it be a "foreign account" if it is opened and operating under US state and federal authority?
Generally, just a SPAM KILLER. You are on your own in this forum. My personal mission here is done.

BUT when necessary, by way of ridicule and truth revelation we shalt do war.

--eeuunikkeiexpat

thisisreallycomplicated
Rank: Chile Forum Citizen
Posts: 1845
Joined: Sun Aug 07, 2011 6:25 pm
Location: Coquimbo

Re: Transferring money

Post by thisisreallycomplicated » Fri Aug 24, 2018 11:43 pm

eeuunikkeiexpat wrote:
Fri Aug 24, 2018 11:19 pm
thisisreallycomplicated wrote:
Fri Aug 24, 2018 10:19 pm
eeuunikkeiexpat wrote:
Mon Aug 13, 2018 11:10 pm
Where is my money stored?

All money in your TransferWise borderless account is stored and safeguarded securely in our bank accounts in the UK or USA depending on your country of residence on your profile.

If your profile address is in the US, your money will be stored in our accounts in the USA. If your profile address is in Australia, your money is stored in an account there. If your profile address is in Singapore, your money is stored on our accounts in Singapore and if your profile address is anywhere else, your money is stored in our accounts in the UK.
https://transferwise.com/help/article/2 ... ney-stored
I got conflicting information about this from someone I talked to at transferwise, so I'm not sure if this is accurate anymore.
That's why you should only open it as a US based account as it is already "regulated" by the local state and thus also federal authority. How can it be a "foreign account" if it is opened and operating under US state and federal authority?
I understand that. What I got conflicting info on was:
... if your profile address is anywhere else, your money is stored in our accounts in the UK.
I was told that USD is stored in a US bank account, which is a good thing, but conflicting. I still don't know what the right answer is, so I'll probably ask them about it again. It seems like their online documentation isn't always up-to-date, although it was probably correct when it was written.
“Now it’s conspiracy – they’ve made that something that should not even be entertained for a minute, that powerful people might get together and have a plan. Doesn’t happen, you’re a kook, you’re a conspiracy buff!” – George Carlin

User avatar
eeuunikkeiexpat
Rank: Chile Forum Citizen
Posts: 7288
Joined: Fri Sep 01, 2006 1:38 am
Location: Megalith of unknown origin near my digs, south V Region coast

Re: Transferring money

Post by eeuunikkeiexpat » Sat Aug 25, 2018 12:34 am

eeuunikkeiexpat wrote:
Fri Aug 24, 2018 11:19 pm
thisisreallycomplicated wrote:
Fri Aug 24, 2018 10:19 pm
eeuunikkeiexpat wrote:
Mon Aug 13, 2018 11:10 pm
Where is my money stored?

All money in your TransferWise borderless account is stored and safeguarded securely in our bank accounts in the UK or USA depending on your country of residence on your profile.

If your profile address is in the US, your money will be stored in our accounts in the USA. If your profile address is in Australia, your money is stored in an account there. If your profile address is in Singapore, your money is stored on our accounts in Singapore and if your profile address is anywhere else, your money is stored in our accounts in the UK.
https://transferwise.com/help/article/2 ... ney-stored
I got conflicting information about this from someone I talked to at transferwise, so I'm not sure if this is accurate anymore.
That's why you should only open it as a US based account as it is already "regulated" by the local state and thus also federal authority. How can it be a "foreign account" if it is opened and operating under US state and federal authority?
Look at:
https://www.tiaabank.com/investing/foreign-currencies
formerly Everbank and their acquisition almost two decades back of Mark Twain Foreign Currency accounts (old time USA libertarians should be familiar with those names). These are all US accounts for all intents and purposes as they are under state and federal authority despite the "investments" and movement to and from different foreign currencies.
Generally, just a SPAM KILLER. You are on your own in this forum. My personal mission here is done.

BUT when necessary, by way of ridicule and truth revelation we shalt do war.

--eeuunikkeiexpat

User avatar
eeuunikkeiexpat
Rank: Chile Forum Citizen
Posts: 7288
Joined: Fri Sep 01, 2006 1:38 am
Location: Megalith of unknown origin near my digs, south V Region coast

Re: Transferring money

Post by eeuunikkeiexpat » Sat Aug 25, 2018 12:44 am

KIS principle.

Sounds like you already Schedule B foreign account affirmative and if the amounts of AFP and your Chile and other foreign bank accounts is $10,000 USD plus, then FBAR is already a done deal. For simplicity, do Transferwise as a US opened and regulated account to exempt it from foreign account reporting. (Again, it is not like the FEDS don't already know about this stuff, so KISS but legal).

JMO.
Generally, just a SPAM KILLER. You are on your own in this forum. My personal mission here is done.

BUT when necessary, by way of ridicule and truth revelation we shalt do war.

--eeuunikkeiexpat

thisisreallycomplicated
Rank: Chile Forum Citizen
Posts: 1845
Joined: Sun Aug 07, 2011 6:25 pm
Location: Coquimbo

Re: Transferring money

Post by thisisreallycomplicated » Sat Aug 25, 2018 1:33 am

eeuunikkeiexpat wrote:
Sat Aug 25, 2018 12:44 am
KIS principle.

Sounds like you already Schedule B foreign account affirmative and if the amounts of AFP and your Chile and other foreign bank accounts is $10,000 USD plus, then FBAR is already a done deal. For simplicity, do Transferwise as a US opened and regulated account to exempt it from foreign account reporting. (Again, it is not like the FEDS don't already know about this stuff, so KISS but legal).

JMO.
It's not clear to me if even a US-opened transferwise account, is entirely a US account for FBAR purposes, if it contains Chilean pesos. What if those Chilean pesos are held in Chilean bank account, and I have control over what happens to them? I really don't know the answer yet, and the link you posted earlier might answer that. But I haven't had a chance to read it yet. I've got too much other work to get done this weekend, so I probably won't have time until next week.
“Now it’s conspiracy – they’ve made that something that should not even be entertained for a minute, that powerful people might get together and have a plan. Doesn’t happen, you’re a kook, you’re a conspiracy buff!” – George Carlin

User avatar
eeuunikkeiexpat
Rank: Chile Forum Citizen
Posts: 7288
Joined: Fri Sep 01, 2006 1:38 am
Location: Megalith of unknown origin near my digs, south V Region coast

Re: Transferring money

Post by eeuunikkeiexpat » Sat Aug 25, 2018 3:30 am

If doubt and paranoia reign, then open it as a Chilean based account and include it in Schedule B and FBAR declarations, again KISS. That may be the best way to go if one has a conservative and paranoid stance on the matter.
Generally, just a SPAM KILLER. You are on your own in this forum. My personal mission here is done.

BUT when necessary, by way of ridicule and truth revelation we shalt do war.

--eeuunikkeiexpat

thisisreallycomplicated
Rank: Chile Forum Citizen
Posts: 1845
Joined: Sun Aug 07, 2011 6:25 pm
Location: Coquimbo

Re: Transferring money

Post by thisisreallycomplicated » Sat Aug 25, 2018 3:49 am

eeuunikkeiexpat wrote:
Sat Aug 25, 2018 3:30 am
If doubt and paranoia reign
They do when it comes to FBARs:)
eeuunikkeiexpat wrote:
Sat Aug 25, 2018 3:30 am
, then open it as a Chilean based account and include it in Schedule B and FBAR declarations, again KISS. That may be the best way to go if one has a conservative and paranoid stance on the matter.
I agree. I would just need to figure out how to report it. I probably should call the FBAR people and ask them directly.
“Now it’s conspiracy – they’ve made that something that should not even be entertained for a minute, that powerful people might get together and have a plan. Doesn’t happen, you’re a kook, you’re a conspiracy buff!” – George Carlin

thisisreallycomplicated
Rank: Chile Forum Citizen
Posts: 1845
Joined: Sun Aug 07, 2011 6:25 pm
Location: Coquimbo

Re: Transferring money

Post by thisisreallycomplicated » Sat Aug 25, 2018 4:23 am

eeuunikkeiexpat wrote:
Sat Aug 25, 2018 12:34 am
eeuunikkeiexpat wrote:
Fri Aug 24, 2018 11:19 pm
thisisreallycomplicated wrote:
Fri Aug 24, 2018 10:19 pm
eeuunikkeiexpat wrote:
Mon Aug 13, 2018 11:10 pm
Where is my money stored?

All money in your TransferWise borderless account is stored and safeguarded securely in our bank accounts in the UK or USA depending on your country of residence on your profile.

If your profile address is in the US, your money will be stored in our accounts in the USA. If your profile address is in Australia, your money is stored in an account there. If your profile address is in Singapore, your money is stored on our accounts in Singapore and if your profile address is anywhere else, your money is stored in our accounts in the UK.
https://transferwise.com/help/article/2 ... ney-stored
I got conflicting information about this from someone I talked to at transferwise, so I'm not sure if this is accurate anymore.
That's why you should only open it as a US based account as it is already "regulated" by the local state and thus also federal authority. How can it be a "foreign account" if it is opened and operating under US state and federal authority?
Look at:
https://www.tiaabank.com/investing/foreign-currencies
formerly Everbank and their acquisition almost two decades back of Mark Twain Foreign Currency accounts (old time USA libertarians should be familiar with those names). These are all US accounts for all intents and purposes as they are under state and federal authority despite the "investments" and movement to and from different foreign currencies.
I took a quick look, and TIAA only allows you to withdraw USD, so it's probably structured differently. And they don't offer CLP. Transferwise is designed to cheaply transfer to different currencies in different countries, without the actual money crossing borders. So they probably keep piles of cash in each country, that stays in each country. And if you convert USD to CLP, it's probably just an accounting entry in their books, with no actual transfer taking place. So if you convert USD to CLP in a borderless account, you probably have CLP that's kept in their Chilean bank account. And that could be FBAR reportable (or not). At least that's how I understand it, but I could have it all wrong.

... so I thought about it a little more, and maybe transferwise accounts could be completely US based for FBAR purposes, depending on how their accounting is structured. And TIAA could use a similar structure. I probably just need to ask the FBAR people if they know.

And thanks for mentioning TIAA, it looks like it could be useful.
“Now it’s conspiracy – they’ve made that something that should not even be entertained for a minute, that powerful people might get together and have a plan. Doesn’t happen, you’re a kook, you’re a conspiracy buff!” – George Carlin

User avatar
eeuunikkeiexpat
Rank: Chile Forum Citizen
Posts: 7288
Joined: Fri Sep 01, 2006 1:38 am
Location: Megalith of unknown origin near my digs, south V Region coast

Re: Transferring money

Post by eeuunikkeiexpat » Sat Aug 25, 2018 10:55 am

thisisreallycomplicated wrote:
Sat Aug 25, 2018 3:49 am
eeuunikkeiexpat wrote:
Sat Aug 25, 2018 3:30 am
If doubt and paranoia reign
They do when it comes to FBARs:)
eeuunikkeiexpat wrote:
Sat Aug 25, 2018 3:30 am
, then open it as a Chilean based account and include it in Schedule B and FBAR declarations, again KISS. That may be the best way to go if one has a conservative and paranoid stance on the matter.
I agree. I would just need to figure out how to report it. I probably should call the FBAR people and ask them directly.
You would use the highest total USD dollar value during the year of your entire Chile opened transferwise account. There are instructions online like there are for each IRS tax form.
Generally, just a SPAM KILLER. You are on your own in this forum. My personal mission here is done.

BUT when necessary, by way of ridicule and truth revelation we shalt do war.

--eeuunikkeiexpat

thisisreallycomplicated
Rank: Chile Forum Citizen
Posts: 1845
Joined: Sun Aug 07, 2011 6:25 pm
Location: Coquimbo

Re: Transferring money

Post by thisisreallycomplicated » Sat Aug 25, 2018 3:22 pm

eeuunikkeiexpat wrote:
Sat Aug 25, 2018 10:55 am
thisisreallycomplicated wrote:
Sat Aug 25, 2018 3:49 am
eeuunikkeiexpat wrote:
Sat Aug 25, 2018 3:30 am
If doubt and paranoia reign
They do when it comes to FBARs:)
eeuunikkeiexpat wrote:
Sat Aug 25, 2018 3:30 am
, then open it as a Chilean based account and include it in Schedule B and FBAR declarations, again KISS. That may be the best way to go if one has a conservative and paranoid stance on the matter.
I agree. I would just need to figure out how to report it. I probably should call the FBAR people and ask them directly.
You would use the highest total USD dollar value during the year of your entire Chile opened transferwise account. There are instructions online like there are for each IRS tax form.
That part I understand, and I already looked at the form and instructions which are pretty detailed. But I don't know what to use yet, for things like account number(s). They give you "account details", but those aren't real account #'s. It's probably simple, but I just haven't looked into it yet.
“Now it’s conspiracy – they’ve made that something that should not even be entertained for a minute, that powerful people might get together and have a plan. Doesn’t happen, you’re a kook, you’re a conspiracy buff!” – George Carlin

User avatar
eeuunikkeiexpat
Rank: Chile Forum Citizen
Posts: 7288
Joined: Fri Sep 01, 2006 1:38 am
Location: Megalith of unknown origin near my digs, south V Region coast

Re: Transferring money

Post by eeuunikkeiexpat » Sat Aug 25, 2018 5:12 pm

Could use your name as the account number or a client number or ... the main thing is the "reporting" aspect.
Generally, just a SPAM KILLER. You are on your own in this forum. My personal mission here is done.

BUT when necessary, by way of ridicule and truth revelation we shalt do war.

--eeuunikkeiexpat

Post Reply