@MonsieurMD , from your post and information of how WISE works for a standard account, what I get is that WISE facilities that you are using is like Western Union of old time. It is a conduit for transferring monies between two bank accounts in two countries ( in your case ). Thus it is NOT a bank account in the traditional sense of the word ( not a savings / checking / investment ) financial account. Even in the extreme case where you transfer say $10, 000 from your French Savings account ( already reported under FBAR ) to your bank account in Australia ( also reported on FBAR ) where for some reason the withdrawal takes place immediately but is not completed/ deposited for a week ( thus monies rested in your WISE account for a week ), it still does not require reporting because it is still a conduit., perhaps a slow one Therefore I do not believe this type of account comes under the purview of FBAR or FATCA regulations.
On the other hand if you had the type called "account without borders " where monies actually are held and can be withdrawn in any of the allowed / supported currencies , it would need to be reported because it is not behaving as conduit -- it is just an account where monies are held in one denominated currency and can be withdrawn/credited in any other denominated currency -- thus meeting the definition of a normal bank/financial account that you control. This would have to be reported for FBAR/FATCA purposes.
Does this make sense ?
Is there more I can do for you ?
