What does "wise" report to the IRS?

Wise (formerly TransferWise) is required to file a 1099-INT tax form with the IRS each year for any customer who earns more than $10 in interest from their Wise account.

Wise may be obligated to report customer transactions over $10,000 to the IRS, as per US laws regarding currency transaction reporting.

Also worth reading: Do you have to report rental income on your taxes if you didn't make any profit? · Does Cash App report personal account transactions to the IRS? · What are the best robo advisors for beginners in 2026?

The tax implications of using a Wise account can vary depending on the jurisdiction and specific account features, so customers are advised to consult a tax professional.

Large monetary gifts, such as those over $17,000 in a single year, may be subject to gift tax, and the customer may need to file the appropriate tax forms.

The IRS monitors international wire transfers, and there is a $10,000 overseas money transfer limit before the transaction must be reported to the IRS.

Wise is required to collect and report customer tax and financial information to the relevant regulatory bodies, as they are a financial service provider subject to applicable laws and requirements.

Customers who have a Wise account and meet the reporting thresholds may need to include their Wise account information on their annual FBAR (Foreign Bank and Financial Accounts) report.

The FBAR reporting requirement is separate from the IRS Form 8938 filing, which also applies to certain foreign financial accounts.

Failure to properly report foreign financial accounts, including Wise accounts, can result in civil and criminal penalties.

Wise cannot provide tax advice to customers, and it is the customer's responsibility to understand and comply with their tax obligations related to their Wise account.

The tax treatment of Wise account transactions, such as currency conversions or money transfers, may vary depending on the customer's specific circumstances and tax jurisdiction.

Customers who use Wise to receive large monetary gifts should be aware of the potential gift tax implications and consult a tax professional.