Quick Fbar question

I’m just about to get started on the 2022 FBAR. I have a WISE account, and my question is do I declare the US wise account even though it has a US bank address, or just the foreign, UK and Euro accounts?
Thanks in advance,
Clare

If you have a Wise account denominated in GBP then I would declare it.  My daughter has Wise accounts denominated in USD and also in GBP.  The GBP account has a UK sort code and account number and the address in the UK is as below

A quick check on the UK FCA website and it appears the address may be as follows.

https://register.fca.org.uk/s/firm?id=001b000001EjC6SAAV

Address information
6th Floor
TEA Building
56 Shoreditch High Street
London
E1 6JJE 1 6 J J
UNITED KINGDOM

Phone
+44 2036950999

+44203-695-0999
Email
regulatoryuk@transferwise.com

regulatoryuk@transferwise dot com
Website
https://wise.com/https://wise dot com/. opens in a new window
Firm reference number
900507

Registered company number
Companies House number information
07209813

Thank you for answering, Durham Lad.
Yes, I always declare the U.K. accounts but it seems a bit odd with the $ account as it has a US   NY address and  US routing number. I’ll try and get an answer from Wise or perhaps I should just add all the accounts together and report  the total. That seems the safest thing to do. 

Thank you for answering, Durham Lad.
Yes, I always declare the U.K. accounts but it seems a bit odd with the $ account as it has a US   NY address and  US routing number. I’ll try and get an answer from Wise or perhaps I should just add all the accounts together and report  the total. That seems the safest thing to do.

I do not report my Wise USD account as it has a US bank routing and account number and is registered in the USA.  As I say above it is only necessary to report a Wise GBP account if you have one as that is foreign account registered in London.

My daughter will need to report her Wise GBP account as she opened that before moving back and it has been extremely useful prior to and during her transition to the UK.

Thanks for clarifying

For what it's worth, I do the same as DurhamLad, report the GBP part and not the USD part. I've got the same address, 56 Shoreditch High Street.

There are some cases where I report USD balances in foreign accounts (Paypal is in Luxembourg, Interactive Brokers is in the UK - for me, your setup might vary), but Wise USD seems to be in the US.

That is what I have always done (report the GBP account but not the USD)  as I’ve been a TransferWise/Wise customer for years but I suddenly thought maybe I’d been doing it wrong,  so would check with the knowledgeable and helpful folk here.
Thank you

I will start this reply by saying that I am a dually US and UK qualified tax professional. Our firm is in London and has successfully filed returns for several hundred clients in exactly this situation. Enough of the commercial.  A lawyer is never required unless there is criminal conduct.

Honestly, whilst firms like ours could handle the work, I'd suggest doing these yourself in the circumstances described. Most folks would use the official penalty-free IRS Streamlined Foreign Offshore Procedures (SFOP) as the lowest risk and lowest cost way of catching up. https://www.irs.gov/individuals/international-taxpayers/u-s-taxpayers-residing-outside-the-united-states

I will start this reply by saying that I am a dually US and UK qualified tax professional. Our firm is in London and has successfully filed returns for several hundred clients in exactly this situation. Enough of the commercial.  A lawyer is never required unless there is criminal conduct.

Honestly, whilst firms like ours could handle the work, I'd suggest doing these yourself in the circumstances described. Most folks would use the official penalty-free IRS Streamlined Foreign Offshore Procedures (SFOP) as the lowest risk and lowest cost way of catching up. https://www.irs.gov/individuals/international-taxpayers/u-s-taxpayers-residing-outside-the-united-states

I don’t believe she said she is behind with either her taxes or her FBAR reporting, just asking if a particular type of account should be included this year.

You are correct,  durhamlad. I have been filing my own taxes and FBARs for 10 years. I am not behind with either. I was only asking a question about Wise.

I don’t believe she said she is behind with either her taxes or her FBAR reporting, just asking if a particular type of account should be included this year.

I think Guya meant to reply on the other recent thread about the lady and her mother who are considering becoming compliant, rather than on this one.