Is Wise a foreign bank account for tax?

How to tell if Wise or Revolut is a foreign account

If you’re wondering whether Wise counts as a foreign bank account for tax purposes, there’s not a one-size-fits-all answer. It depends on your country’s legal definitions, which usually focus less on the company’s name and more on where your account is actually kept. Both Wise and Revolut let you hold and move money in several currencies. Sometimes their advertising calls these services 'banking', but in legal terms, the company may just hold an e-money institution license, not a full banking license. Some countries’ tax laws refer only to banks, while others include e-money providers, so your reporting duty can differ, even if someone else is using the very same app. To see the standard requirement, see reporting foreign bank accounts in our knowledge base.

The factors that decide whether an account is foreign

Tax offices tend to look at several details before calling an account foreign:

Licence location: The country where the provider (that actually holds your funds) is registered and supervised matters. You’ll usually find this on your official statement.
Account location: For accounts with an IBAN, the initial two letters specify the country. If yours starts with 'DE', it points to Germany, for example.
Type of institution: Sometimes only banks are covered, sometimes also e-money services. This changes which rules are relevant to you.
Your country of residence: Tax law applies from your own country's viewpoint. What is foreign to the US isn’t always foreign to the EU, and vice versa.

Since Wise and Revolut both partner with licensed companies in many countries, you might have several balances under one login. Always verify what’s on your statement, not just what the app shows.

Interest, balances and what to report

If your country’s rules don’t class your Wise or Revolut account as a foreign bank account, you might still have reporting duties. For example, any interest you earn (if the balance pays interest) is typically taxable where you live. You’ll find details in how interest on foreign currency savings is taxed. Some rules also mean you’ll need to declare gains if your balances change value due to currency shifts. In reality, multi-currency accounts often pay little to no interest, so review the terms for your specific account.

Many providers now pass account information to tax authorities as required under the Common Reporting Standard. Your country may already get automatic records matching your name and tax ID. To avoid issues, your own documents should line up with what’s reported by the provider, as outlined in what the Common Reporting Standard is.

Frequently asked questions

Is a Revolut account always a foreign account for tax?

No. Whether Revolut is a foreign account for tax depends on where you live and which legal entity holds your account. If your money is with a company licensed and based in your home country, different tax rules may apply compared to an account held by an overseas Revolut company. Always check the small print on your account paperwork and your country’s guidance before reporting.

Do I need to report a Wise account if I already paid tax on the money?

You may still need to report a Wise account even if the money inside was already taxed. The requirement to report a foreign account is separate from paying income tax. If your country asks you to report such accounts, you must usually declare it regardless of the tax paid earlier. When in doubt, consult your tax office or a certified adviser for advice.