Withdrawals & Taxes

What is the nature of a withdrawal from Winglio, i.e. how should I report the money received from Winglio to my local tax authority?

If you are a regular user using the Professional plan, all withdrawals from Winglio balance are considered and paid to you as your secondary income. However, if you are a shareholder of the Winglio company then you can choose in each withdrawal request whether you want your balance to be paid out as a secondary income or dividend. In that way, you can optimize your personal tax duties in your country of residence.

Is it mandatory that my bank account is in my country of residence?

You can withdraw your funds to any personal bank account under your name in any country, it does not have to be your country of residence. If you create a withdrawal request to your bank account which is in a country outside the SEPA, the additional International transaction fee (15.50 EUR) might be charged. In order to avoid additional withdrawal costs to countries outside the SEPA, we would recommend opening an online bank account with one of the following service providers: Leopay, N26, Paysera, Revolut, or Transferwise.