Currently, we're offering balance cashback to all customers in the European Economic Area (EEA) as set out below. This info is for customers based in EEA only.
Why is Wise paying cashback?
Wise keeps your money safe in accounts that are separate from the ones we use to run our business. The accounts are approved by the regulators. Your funds aren't at risk. As interest rates have risen, Wise is now starting to generate income from the money you hold with us. It's interest on your money, so we believe it's right to share it with you.
Our mission is money without borders — to make it instant, cheap, convenient and transparent. See how you can help.
How is cashback calculated?
Wise pays balance cashback each month based on the EUR, GBP and USD you hold in your Wise account. You agree that the cashback rate is variable and that we may change the rate and/or stop paying cashback at any time. For eligible balances held in Wise accounts in October 2024, Wise paid an annualised cashback rate of:
1.80% for any EUR
3.20% for any GBP
3.20% for any USD
Wise Europe operates within the tax jurisdiction of Belgium, where cashback is liable for 30% withholding tax.
We deduct this tax and pay it to the Belgian tax authorities before we add the cashback to your account.
Here's an example:
If you held a balance of 1,000 GBP and a Jar of 2,000 EUR for a whole month, you would have received 1.90 GBP back to your balance and 2.14 EUR into your Jar. We would have already deducted 30% to pay the withholding tax for both transactions.
How much do I need to hold to receive cashback?
Based on the cashback rates for October 2024, you would need to hold a minimum balance of 37 GBP, 65 EUR, or 37 USD for the whole month to receive cashback.
The cashback is based on our calculations of how much you hold in your account each day, for the days there was money in your account, and this is done over a period of one month.
Who's eligible for cashback?
You'll receive cashback for any funds and Jars with a positive balance of EUR, GBP and USD held in your Wise account.
You won’t receive cashback if:
your Wise account is outside of the EEA (any days your account was registered outside of the EEA won’t be eligible for cashback)
you don't hold EUR, GBP or USD
your money on a balance is held in our Assets funds — Interest or Stocks (any days you hold money as Assets won’t be eligible for cashback)
you close an eligible balance or Jar before cashback is paid
your account is suspended or deactivated
your balance is negative
the pre-tax amount of cashback would be less than 0.10 in an eligible currency
we believe you have breached our Customer Agreement
you've opted out of receiving balance cashback
How can I opt out of balance cashback?
Wise has automatically enrolled all customers in the EEA into receiving balance cashback.
If you’d like to stop receiving balance cashback, you can opt out at any time.
When should I expect my cashback?
We process cashback payments on a monthly basis. While we don't have a specific date or period for these payments, rest assured that if you meet the eligibility criteria, you'll receive your cashback within the month.
Tax information
Do I need to pay tax?
Wise Europe operates within the tax jurisdiction of Belgium, where cashback is liable for 30% withholding tax.
This tax is paid by Wise but you may be able to claim some, or all, of the tax back depending on your tax status and country of residence. We recommend that you obtain independent advice or consult with the tax authority of your country of residence.
Do you share personal information with the tax authorities?
No. Wise Europe files a monthly withholding tax return with the Belgian tax authority showing the total withholding tax due each month. We do not reveal any personal information.
We keep customer data on file internally for audit and documentation purposes. We would only provide customer details to the tax authority if requested and according to GDPR regulations.
Can I get a statement for reporting tax?
Yes, if you've received cashback then you can get a tax statement (credit advice). You'll need to reach out to us to ask for one. Make sure to include:
the start and end month
the year
All tax statements are generated in EUR, so cashback received in USD and GBP will be converted to EUR on your statement.
Can I get a tax reduction or refund?
Currently, we're unable to apply withholding tax reductions as we do not collect tax residency information.
If you’re eligible for a lower withholding tax rate under the Belgium double tax treaty with your country of residence, apply to the Belgian tax authority using the official form for refund of Belgian WHT (Form 276 INT). The process to obtain a refund may differ for each country so seek advice from a tax adviser if you are unsure.
Can I get a tax statement in another currency, for example USD or GBP?
You can receive cashback for USD, GBP and EUR, but the amount on the statement will be shown in EUR. This is because the tax is withheld under Belgian Tax Law, and we can’t provide separate tax statements for each currency.
But you can download a regular balance statement if you'd like to see the cashback in other currencies.
Learn how to download statements here
Can I get a tax statement in a different language?
Unfortunately, no. We can only provide tax statements in English.