Archive for Olivier Wagner

Form 3520-A Explained: The Ultimate Resource For US Expats

Form 3520-A Explained: The Ultimate Resource for US Expats

Navigating the complexities of U.S. tax compliance and international taxation can be challenging, especially for U.S. expatriates. One form that often goes unnoticed but carries significant penalties for non-compliance is Form 3520-A. In this article, we’ll delve into what Form 3520-A is, who needs to file it, and the penalties for failing to do so.

WHAT IS FORM 3520-A?
Form 3520-A, also known as the “Annual Information Return of Foreign Trust With a U.S. Owner,” is a tax form required by the Internal Revenue Service (IRS) to report information about foreign trusts. If you are a U.S. person who is treated as the owner of any part of the assets of a foreign trust, you are obligated to ensure that this form is filed annually as part of your income tax return.

WHO MUST FILE FORM 3520-A?
The responsibility for filing Form 3520-A generally falls on the trustee of the foreign trust. However, if the foreign trust does not have a U.S. agent, the U.S. owner must ensure that the form is filed. A U.S. owner is defined as a U.S. person, including foreign persons who are treated as the owner of any part of the assets of a Foreign Grantor Trust under the grantor trust rules.

WHEN IS FORM 3520-A DUE?
Form 3520-A must be filed by the 15th day of the 3rd month following the end of the trust’s tax year, usually March 15th for calendar year taxpayers. This is a crucial 3520-A filing requirement that many expats are unaware of, leading to hefty penalties.
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Written by | Posted in Form 3520-A • TaxConnections

Understand Form 5471 And Controlled Foreign Corporations (CFC)

Understand Form 5471 And Controlled Foreign Corporations (CFC)

Controlled Foreign Corporations (CFCs) are a hot topic for U.S. expats who own or are considering owning a foreign company abroad. Understanding the U.S. tax implications of a CFC is crucial for compliance and optimal tax planning. This article aims to provide a comprehensive overview of what a CFC is, the benefits, and the tax obligations under U.S. law, focusing on the Internal Revenue Code (IRC) sections relevant to CFCs in the United States.

WHAT IS A CONTROLLED FOREIGN CORPORATION?
A Controlled Foreign Corporation is a corporate entity registered and operated in a foreign jurisdiction, where more than 50% of the total combined voting power or value is owned by U.S. shareholders. According to IRC Section 957, U.S. shareholders are defined as U.S. persons who own at least 10% of the foreign entity’s voting shares. This direct ownership is crucial for determining whether a corporation is a CFC under U.S. tax rules.

COMBINED VOTING POWER AND STOCK OWNERSHIP
The term “combined voting power” refers to the total voting rights held by U.S. shareholders in a foreign company. Stock ownership is not just direct but can also be indirect ownership through another entity. Understanding both direct and indirect ownership is crucial for determining CFC status.

FUNCTIONAL CURRENCY AND FINANCIAL STATEMENTS
The functional currency is the primary currency used in the day-to-day operations of the CFC. Financial statements, including balance sheets and income statements, must often be translated into U.S. dollars for reporting purposes.
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The Refundable Additional Child Tax Credit Guide For Expats

The Refundable Additional Child Tax Credit Guide For Expats

Navigating the labyrinthine U.S. tax system is challenging enough for American taxpayers living stateside, let alone for those residing abroad. One often-overlooked benefit that can make a significant difference on your expat tax return is the Refundable Additional Child Tax Credit (ACTC). This article aims to provide a comprehensive understanding of this credit, its refundable nature, and why it’s particularly beneficial for U.S. expats.

WHAT IS THE ADDITIONAL CHILD TAX CREDIT (ACTC)?

The ACTC is a tax credit designed to offer financial relief to families with children. Unlike the standard, nonrefundable Child Tax Credit, which requires the taxpayer to have lived in the U.S. for at least six months during the tax year, the ACTC has no such residency requirement. This makes it an invaluable asset for U.S. expats who may not meet the criteria for the standard Child Tax Credit but still have obligations for income taxes to the U.S. government.

For 2023, the refundable portion of this credit is worth up to $1,600 per qualifying child. The beauty of a refundable tax credit like the ACTC is that it not only reduces your tax liability to zero but can also result in a tax refund for the unused portion.

REFUNDABLE VS. NON-REFUNDABLE CREDITS

Tax credits come in two flavors: refundable and non-refundable. A nonrefundable credit, like the standard Child Tax Credit, can reduce your tax liability but won’t result in a tax refund if the credit amount exceeds your tax liability. On the other hand, a refundable tax credit like the ACTC can not only reduce your tax liability to zero but also result in a refund for the unused portion.

For example, if your federal tax return shows a tax liability of $1,000 and you qualify for a $1,400 ACTC, you would not only eliminate your tax liability but also receive a $400 refund from the IRS.
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Written by | Posted in Expat Tax Refunds • Expatriate

Managing Taxes In Singapore: An American Expat’s Guide

Managing Taxes In Singapore: An American Expat’s Guide

Living as a US expatriate in Singapore presents a unique set of challenges, especially when it comes to understanding and navigating the tax system. The country’s tax-friendly environment for corporations, featuring a flat corporate tax rate, makes it particularly attractive for business owners and individuals engaging in business operations.

This guide aims to provide a comprehensive overview of the tax obligations for US expats living in Singapore, helping you to better understand your responsibilities and potentially avoid any tax pitfalls related to rental income, employment income, business profits, and more.

UNDERSTANDING TAX RESPONSIBILITIES FOR US EXPATS IN SINGAPORE

The US has a citizenship-based taxation system which means US expats must file a federal income tax return and report their worldwide income annually once their taxable income exceeds the filing threshold regardless of where they reside.

Singapore’s tax system, on the other hand, is territorial, meaning only income earned within the country is subject to tax. Tax obligations in Singapore are determined by one’s tax residency status. Non-resident individuals are only taxed on income earned within Singapore.

HERE’S A QUICK GLANCE AT SOME KEY FACTS:
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Written by | Posted in Expatriate Taxes • Singapore

Tax Intelligence Report Introduces: Expatriate Tax Professional Olivier Wagner

OLIVIER WAGNER

This interview is part of TaxConnections Tax Intelligence Report Series as we profile our tax professional members. This week we present Olivier Wagner who has written many helpful articles read by tens of thousands of our readers interested in expatriate taxes. Olivier Wagner, Tax Managing Director, 1040 Abroad, Toronto, Canada is highly knowledgeable and educates taxpayers on expatriate tax matters. This interview provides many valuable links to his writing during this special interview. If you are an expatriate taxpayer you will want to read this interview and access these valuable and educational links.

Kat Jennings: Can You Tell Me How You Got Started Doing Expatriate Tax Returns?
Olivier Wagner: Funny story. I always had the “foreign on my mind”, as I dreamt of leaving France. I was working at Moody’s, the credit rating agency in New York when the 2008 hit, while my position was safe, and I wasn’t concerned about losing my job, the work conditions did get noticeably worse.
I started to dream of working for myself and have a location independent business.

In 2011, I moved to Canada, and I was a US citizen at that point. Given my skill set, I figured that preparing tax returns for US citizens who live outside the US was a good fit. In addition, I figure that my clients would be spread out geographically, which would serve me well in having a location independent business.
In the coming months became an Enrolled Agent, I subsequently became a CPA (New Hampshire) and became fully nomadic from 2016-2018. I am based in Toronto, Canada but I still regularly hit the road.

Kat Jennings:Can You Tell Us About The New IRS Program That Enables Former U.S. Citizens To Become Compliant With U.S. Tax Law Without Risking Any Penalties?
Olivier Wagner: Yes, absolutely. By way of background, people were renouncing without having filed the prior 5 years of tax returns which, wither due to ignorance or defiance. It would by itself make them covered expatriate, subject to the exit tax.
The IRS found it somewhat unfair, for people who are no longer US citizen, have not and possibly never regarded themselves as US citizens.
The requirement is that:
– They are not otherwise covered expatriates
– They never filed US tax returns (hence my comment above)

https://www.taxconnections.com/taxblog/irs-releases-a-new-program-tax-relief-procedures-for-certain-former-united-states-citizens-without-risking-any-penalties/

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Written by | Posted in Expatriate Taxes

How To File IRS Form 8833: Expert Advice For U.S. Expatriates

How To File IRS Form 8833: Expert Advice For U.S. Expatriates

WHAT IS FORM 8833?

Form 8833, “Treaty-Based Return Position Disclosure Under Section 6114 or 7701(b),” is a document that individual taxpayers use to disclose their treaty-based position to the IRS providing a reasonable explanation. This form is required if a taxpayer is claiming treaty benefits or taking a treaty position that may affect their federal income tax liability. It is important for dual-resident taxpayers and those earning income in a foreign country to complete this form accurately.

By filing Form 8833, taxpayers can prevent double taxation and ensure that they are properly utilizing the tax treaty provisions between the United States and the foreign country.

WHAT ARE INTERNATIONAL TAX TREATIES?

International tax treaties, also known as tax conventions or double tax treaties, are agreements between two countries that are designed to avoid or mitigate the double taxation of the same income. These treaties typically cover income tax, corporate tax, and other taxes that individuals and businesses may be liable for in both jurisdictions.

The main purpose of such treaties is to determine which of the two contracting states should have the right to tax specific types of income or capital, or whether there should be a division of the taxing rights between the two states. Some common income items that may be subject to a treaty position include dividends, interest, royalties, and periodic income. By disclosing these income items on Form 8833, individuals can claim the applicable tax treaty benefit that reduces their federal income tax liability. When individuals have income from U.S. sources and they are residents of a treaty country, they can claim this treaty benefits on their tax returns.

These treaties also often include provisions for cooperation and information sharing between tax authorities to prevent tax evasion and other forms of tax fraud.

WHO SHOULD FILE FORM 8833?
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FBAR Deadline 2023 Extension: Key Information For Taxpayers

FBAR Deadline 2023 Extension: Key Information For Taxpayers

In this article, we will provide key information for taxpayers regarding the FBAR (Foreign Bank Account Report) deadline extension for the year 2023. The FBAR is an important requirement for U.S. taxpayers who have financial accounts outside of the United States. It is crucial to understand the deadline extension and the necessary steps to comply with the regulations. Let’s dive into the details and ensure you have all the information you need to meet your FBAR obligations.

FBAR DEADLINE 2023 EXTENSION: KEY INFORMATION FOR TAXPAYERS

The FBAR deadline extension for the year 2023 is automatic for taxpayers who reside overseas. They get an additional 6 months to fulfill their reporting obligations. This extension gives individuals who need to file FBAR more time to gather the required information and complete the necessary forms accurately. It is important to note that the extended deadline applies specifically to the FBAR filing and not to other tax-related deadlines.

The US expat deadline for the FBAR filing is October 15, 2023. Taxpayers must ensure that their FBAR reports are submitted on or before this date to avoid penalties and potential legal consequences.

WHO NEEDS TO FILE FBAR?

FBAR filing is mandatory for U.S. taxpayers who meet the reporting threshold set by the IRS. If the total value of your foreign financial accounts exceeds $10,000 at any point during the year, you are required to file an FBAR. This includes individuals with personal accounts as well as those with financial interests in foreign entities.
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Written by | Posted in 1040 Abroad • TaxConnections

Affordable Renunciation: Power Of Recovery Rebate Credit

Affordable Renunciation: Power Of Recovery Rebate Credit

Are you concerned about the costs involved in renouncing your US citizenship or becoming tax-compliant? We have great news that can make this process more affordable. In this blog, we will explore the remarkable opportunity presented by unclaimed stimulus checks issued by the IRS during the COVID-19 pandemic. Learn how these checks have significantly alleviated the financial burden for many, making renunciation and compliance more accessible than ever before.

At our firm, we have witnessed firsthand the positive impact of unclaimed stimulus checks. Many individuals who were initially worried about the costs found relief when they discovered that they were eligible to claim up to $3,200 through these checks.

UNDERSTANDING THE EXPENSES OF RENOUNCING US CITIZENSHIP

A. GOVERNMENT RENUNCIATION FEE

Renouncing US citizenship comes with a government fee of $2,350, making it one of the most expensive renunciations among other countries. The fee includes administrative costs and the review process conducted by lawyers in Washington, DC. The US government considers the fee necessary for proper case review and approval. There have been discussions about potentially lowering the fee to $400, but it seems unlikely to happen in the near future.

B. COMPLIANCE COSTS
Before renouncing their citizenship, expats must become tax-compliant. This means meeting certain requirements, including filing tax returns for the prior 5 years and 6 years of Foreign Bank Account Reports (FBARs). Achieving tax compliance is crucial, and failure to do so may result in penalties or other consequences.

Related: Being an Accidental American: A Tax Perspective

Our firm offers a comprehensive renunciation package designed to assist expats in becoming tax-compliant. For those who have failed to file tax returns due to a lack of awareness, we recommend taking advantage of the Streamlined Foreign Offshore Program. This amnesty program offered by the IRS waives penalties for those who were unaware of their tax obligations to the US.

THE WINDOW OF OPPORTUNITY: CLAIMING STIMULUS CHECKS
Stimulus checks, issued by the IRS during the COVID-19 pandemic, have provided essential economic relief. Every American has the right to claim these checks, which can be done as a recovery rebate credit on their 2020 and 2021 tax returns. It’s important to note that the amount you receive is subject to limitations, particularly for high-income earners who may receive a partial amount.
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Written by | Posted in Affordable Renunciation • TaxConnections

Nonresident Alien Vs. Resident Alien: Understanding The Difference

Nonresident Alien Vs. Resident Alien: Understanding The Difference

WHAT IS A NONRESIDENT ALIEN?
A nonresident alien is an individual who does not meet the criteria for being classified as a resident alien for tax purposes in the United States. According to the Internal Revenue Code, nonresident aliens are generally only subject to U.S. income tax on their U.S.-sourced income. For example, if a nonresident alien works in the U.S. for six months and earns income from a U.S. employer, that income would be subject to U.S. income tax.

Nonresident aliens are required to file a tax return if they have U.S.-sourced income and want to claim a refund of any taxes withheld. They may also need to report any income from sources outside the U.S. if it is effectively connected with a U.S. trade or business. Nonresident aliens are not eligible for certain tax deductions and credits that are available to resident aliens and U.S. citizens.


WHAT IS A RESIDENT ALIEN?
A Resident Alien is an individual who meets the substantial presence test, which is based on their physical presence in the United States over a three-year period or meets the Green Card test. This means that they have been present in the U.S. for at least 31 days in the current year and 183 days in total over the past three years.

Resident aliens are treated similarly to U.S. citizens for tax purposes and are required to report their worldwide income on their tax returns. They are eligible for the same tax deductions and credits as U.S. citizens and are fully subject to U.S. income taxes. They may also have certain reporting requirements, such as reporting their foreign bank accounts if the total value exceeds a certain threshold.

Related: FBAR and FATCA: Reporting foreign accounts as US Expat
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Written by | Posted in Non Resident Alien • Resident Alien

FEIE vs. Foreign Tax Credit: Which One To Choose?

FEIE vs. Foreign Tax Credit: Which One To Choose?

When it comes to navigating the complexities of international taxation, understanding the distinctions between the Foreign Earned Income Exclusion (FEIE) and the foreign tax credit is crucial. These two mechanisms offer expatriates different options for minimizing their tax liabilities. In this article, we aim to provide you with essential information about FEIE and the foreign tax credit, helping you make an informed decision on which approach may be more suitable for your unique circumstances. Let’s delve into the key factors you need to know when considering FEIE and the foreign tax credit.

OVERVIEW OF FEIE AND FOREIGN TAX CREDIT

US Expats earning income overseas may be responsible for paying taxes in both their country of residence and the U.S. To alleviate double taxation, two options exist: the Foreign Earned Income Exclusion and the Foreign Tax Credit. This article will offer an explanation of each option to assist in determining the appropriate choice for one’s tax circumstances.

FEIE allows qualifying individuals to exclude a certain amount of their foreign income from their U.S. taxable income. On the other hand, FTC allows individuals to claim a dollar-for-dollar credit for foreign income taxes paid on their foreign-sourced income.

This credit can be claimed on Form 1116 and applied against U.S. tax liability. Unlike FEIE, there are no restrictions on the amount of foreign income that can be used to claim FTC. However, if the foreign tax rate is lower than the U.S. tax rate, individuals might benefit more from using FEIE.
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Written by | Posted in FEIE vs. Foreign Tax Credit • Foreign Tax Credit

Relief For Expats Owning Foreign Corporations In U.S. Tax Court

Relief For Expats Owning Foreign Corporations In U.S. Tax Court

For US expats who own businesses in foreign countries and need to file Form 5471, the recent Farhy v. Commissioner decision by the US Tax Court may be of interest. On April 3, 2023, the U.S. Tax Court made a decision in Farhy v. Commissioner regarding penalties for failure to file Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations. This decision has implications for U.S. expats who own businesses in foreign countries and need to file this complicated form.

In the case, Alon Farhy owned two Belize corporations from 2003 to 2010, but did not file Forms 5471 for either corporation, despite being required to do so. In November 2018, the IRS assessed penalties of $10,000 per failure to file, per year, and a continuation penalty of $50,000 for each year. However, the U.S. Tax Court ruled that the Internal Revenue Code does not authorize the IRS to assess these penalties, and therefore the IRS cannot collect them via levy.

While this ruling may lead some taxpayers to consider filing refund claims for penalties previously assessed and paid under Section 6038(b), it is unclear whether this case creates a right to a refund. Additionally, it is important to note that the case does not relieve the obligation to file Form 5471 or any other required form. Failure to file certain international information returns, such as Forms 5471 and 5472, may impact the limitations period on a taxpayer’s return, and this case does not change that rule. U.S. expats who own businesses in foreign countries should be aware of the requirements for filing Form 5471 and consult with a tax professional to ensure compliance with all applicable tax laws.

Need help with US expat taxes? Our expert tax professionals provide free email advice. Contact us for answers to your questions about double taxation and reducing your tax liability. We’re here to help you navigate international tax laws. Have a question? Contact Olivier Wagner, 1040 Abroad.

Written by | Posted in Expats Owning Foreign Corporations • TaxConnections

Receiving A Tax Refund Abroad: Many Expats Are Unaware They Have Refunds Due

Expatriate Tax Refund

We receive a lot of inquiries about tax refunds for U.S. citizens who live abroad. If you live in the U.S., your refund would be directly deposited to your account. Once you move overseas, receiving a refund becomes more complicated as many U.S. Expats no longer keep their U.S. bank account.

Since the refunds cannot be deposited to a foreign bank account, taxpayers living overseas receive a check instead. However, these can take months to arrive. There are few things you can do to ensure you receive your refund faster.

RECEIVING A TAX REFUND FOR U.S. CITIZENS ABROAD
Receiving a tax refund is surely the best thing about filing your U.S. Expat Tax Return. You cannot imagine how much joy it brings us to inform our clients they’re now not only compliant, but they are actually due a refund. Many taxpayers are simply not aware of the credits they are eligible for. The additional child tax credit is the most common example of a tax credit U.S. expats don’t know about.

Although many expats receive refunds every year, there are ways to speed up processing of your refund. Most U.S. citizens abroad receive their refund in a mail, often waiting even months for their checks. In this blog post we’ll discuss the ways to ensure your refund isn’t delayed.

ARE YOU ENTITLED FOR A TAX REFUND WHEN YOU LIVE ABROAD?
Surprisingly, even if you didn’t file tax returns in years, or if you have a child (US citizen with SSN), the answer is most likely yes.

RECOVERY REBATE CREDIT (AKA COVID 19 STIMULUS CHECKS)
The covid 19 stimulus checks were issued based on the 2019 (and later 2020) federal tax return, as such, if the IRS didn’t have such a return on file, they couldn’t issue a check.

Many taxpayers who were not in compliance (didn’t file their tax returns) can now request them as a refundable tax credit on their 2020 & 2021 tax returns. For single filers with no dependents who earn less than 75,000 USD, the refund would be 1,800 USD on the 2020 tax return and 1,400 USD on the 2021 tax return.

This applies to others who didn’t receive the original checks for various reasons.

If you haven’t file a tax return in year, there hasn’t been a better time to become compliant. You now can claim all the stimulus checks by filing your delinquent returns.

ADDITIONAL CHILD TAX CREDIT
For those living outside the US, a taxpayer can still request the 2,000 USD child tax credit, 1,400 USD of which is refundable.

Starting in 2021, those who spent over 6 months in the year in the U.S. are entitled to a higher child tax credit.

The additional child tax credit is not compatible with the Foreign Earned Income Exclusion, so the Foreign Tax Credit would have to be used. Your US citizen child would also need to have a US Social Security Number for the tax year in question.

Important: The Foreign Tax Credit is not a refundable credit. Learn more about the Foreign Tax Credit here.

WAYS TO GET YOUR REFUND FASTER
E-FILE AND FILE EARLYTHE FASTEST WAY TO RECEIVE YOUR REFUND IS TO FILE EARLY. THE SOONER THE IRS CAN PROCESS YOUR RETURN, THE SOONEST YOU CAN ENJOY YOUR REFUND.
IF YOU FILE YOUR RETURN ELECTRONICALLY, THE IRS CAN PROCESS THE RETURNS RIGHT AWAY. AS SUCH, IF YOU CAN, YOU SHOULD E-FILE YOUR TAX RETURN OR YOUR TAX PREPARER CAN E-FILE THE RETURN ON YOUR BEHALF.

IF YOU FILE YOUR RETURN ELECTRONICALLY, YOUR REFUND SHOULD BE ISSUED IN LESS THAN THREE WEEKS, EVEN FASTER WHEN YOU CHOOSE DIRECT DEPOSIT.

HOWEVER, IN SOME CIRCUMSTANCES, THE RETURN CANNOT BE ELECTRONICALLY FILED FOR EXAMPLE, IF YOUR SPOUSE IS A NON RESIDENT ALIEN (NRA) AND DOESN’T HAVE A SSN. THE SOFTWARE WOULD IDENTIFY AN ERROR AND THE RETURN COULDN’T BE ELECTRONICALLY FILED.

FOR RETURNS FILED ON PAPER YOUR REFUND SHOULD BE ISSUED IN ABOUT SIX TO EIGHT WEEKS FROM THE DATE IRS RECEIVES YOUR RETURN.

MONITOR YOUR REFUND. WHERE IS MY REFUND?
You can now check the status of your refund on theIRS’ website as well as on your mobile device using the IRS2go app. You will need your SSN, your filing status and your exact refund amount to login to your account.

You can check the status of your refund 24h after e-filing your tax return or 4 weeks after mailing your paper return.

The IRS account will provide you with the data your return has been processed, when the refund was approved and how and when you’ll receive it.

CAN THE IRS DEPOSIT THE CHECK TO A FOREIGN BANK ACCOUNT?
No, the IRS will only deposit refunds to U.S. bank accounts. If you live overseas and no longer have a US bank account, you will receive a check instead of a direct deposit.

Important: Ensure correct mailing address and be patient. It can take up to several months for the checks to arrive.

There is another workaround where you can open US bank details as a US citizen living abroad using smart fintech companies that give you access to international bank details no matter where you are in the world. Read on to find out more.

HOW TO CASH US CHECKS OVERSEAS?
I already discussed it in my previous post on Stimulus Checks and you can read it here.

In a nutshell, if you do have a US bank account, but for some reason you did not provide your account details on your tax return and received a check, you can use the bank’s mobile app to take a picture of the check and deposit the amount to your account.

DIRECT DEPOSIT
If you don’t have a U.S. bank account, it might still be worthwhile to request a direct deposit. Not only will it be faster, but you will save the bank fees associated with depositing a US check into a foreign bank account.

Using direct deposit is not only fast, but it doesn’t make you reliant on postal services. This would be an additional incentive for people who live in countries in which the postal system is less reliable.

OPENING A U.S. BANK ACCOUNT AS A NON-RESIDENT
Most US banks will require you to appear personally in their branch (in the US) in order to open a bank account.

SDFCU (the Department of State credit union) is one of the rare options which allow you to open a bank account remotely. You would need to have an affiliated membership, which would normally mean that you would pay 70 USD for an ACA membership.
You would have to go through a bank opening process which can take a week or two. And you would have to wait to get that bank account open in order to be able to enter the ACH and bank account numbers on your tax return, delaying the process.
With that being said, SDFCU does provide full service banking. As such, you would have a checkbook and other traditional functionalities.
Wise (formerly Transferwise) are a global technology platform that makes it cheaper, easier and more convenient to send, receive and spend money overseas. Wise offers multi-currency accounts. For these accounts (aside from less mainstream currencies), you get local account details eg. account number and routing number for that country. As such, a USD account will have a US based bank account number and ACH number, which can be used to request a direct deposit from the IRS.
A huge benefit of Wise is that you can open these international account details online in minutes from anywhere in the world. Just go to their website and after a few minutes of filling out their registration form you’ll get access to your account number and ACH immediately. Another advantage of Wise is they have one of the most competitive / lowest fees for international wire transfers on the market. This is because they always convert your money at the mid-market rate and add no mark ups. You can easily access your international funds, hold over 50 currencies and spend money abroad using their Wise debit account. You can manage your money via their app or desktop and keep on track of all your transfers and spending. For these reasons I would recommend using Wise over other options. Get your cha ching faster.
Reposted From Previously Popular Blog By Olivier Wagner, 1040Abroad

Written by | Posted in Expat Tax Refunds
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