Wire Transfer from ETrade (US) to UK, can someone help please?

coyrls

guli wrote: »

Whilst Transferwise used to work, from this new year they require your wire transfer into the US account to be prefixed with "Transferwise FBO" then your name.



Won't work if etrade requires the wire transfer to be in your name as in your etrade account.


**

Today we're adding 'TransferWise FBO' before your account holder name. This will make it easier for us to deliver your money.

You'll need to let some people know.

On January 1, we'll start rejecting payments if the sender doesn't use the new name, 'TransferWise FBO First Name Last Name'.

[FONT=&quot]I had made successful transfers between E*Trade and my US$ TransferWise account last year. I received the same email about the account name and thought that it might prevent transfers from working. I have now tested a transfer and it worked as before. I guess that, as OldFella suggests, name checks are not made on a non-wire transfer.[/FONT]

EdSwippet

coyrls wrote: »

I have now tested a transfer and it worked as before. I guess that, as OldFella suggests, name checks are not made on a non-wire transfer.

Right. The "FBO" nonsense apparently does not (yet?) apply to ACH. From TransferWise:

Starting January 1, 2019, we’ll reject any wire payments made to this account that don’t include the updated account holder name. We'll only reject payments with outdated account holder names sent via wire and SWIFT transfers. This change won't affect ACH payments.

OldFella_2

I'm still waiting for the 'test' deposits to show up on my TW US$ that will allow me to complete the validation of the account from E-Trade's perspective. If they don't show up tomorrow, I guess I will need to get in touch with ET to see what I can do to get things moving.

coyrls

OldFella wrote: »

I'm still waiting for the 'test' deposits to show up on my TW US$ that will allow me to complete the validation of the account from E-Trade's perspective. If they don't show up tomorrow, I guess I will need to get in touch with ET to see what I can do to get things moving.

The interface is confusing for sending the test tansactions. I thought I had done it but when I went back I realised that there was an extra stage to get the test transactions actually sent. Sorry I can't remember the details.

OldFella_2

Thanks for this, and thinking about it now you could well be right. There was a button marked 'Make deposit' or similar, which I didn't touch as I thought that this referred to sending money once the account has been verified. I'll take another look.

OldFella_2

You're absolutely right, I've just pressed the button and the deposits have now been sent! Just 2-3 business days to wait now. Thanks again for the tip!

coyrls

OldFella wrote: »

Thanks for this, and thinking about it now you could well be right. There was a button marked 'Make deposit' or similar, which I didn't touch as I thought that this referred to sending money once the account has been verified. I'll take another look.

Yes, that was it..... the same mistake I made.

OldFella_2

I just received 2 alerts (and emails) on my TW account to say that I have received 2 deposits. I was able to go back to ET and complete the account verification. I've now done a proper transfer from ET which will hopefully see a modest sum in my TW account over the next couple of days... so I'm at least partly along the road to enlightenment!

The next step will be the conversion of that US$ amount into a GBP amount in my GBP balance on TW. I've already linked my own domestic bank account to that, so onward transfer should be straightforward. Fingers crossed and all that...


Thanks again to all for your comments and help.

EdSwippet

OldFella wrote: »

I just received 2 alerts (and emails) on my TW account to say that I have received 2 deposits. I was able to go back to ET and complete the account verification.

Hopefully you won't see the same issue, but ... I've just run into the buffers setting up the same thing from Vanguard to TransferWise. I received the two deposits, confirmed them with Vanguard, they were happy with that, but a day later they unilaterally deleted the account. On investigation, it seems that this was because they could not withdraw these two deposits back from TransferWise via ACH. No further detail.

My hypothesis is that TransferWise charge for outgoing ACH transactions, and my current TransferWise USD balance is literally just the two micro-deposits, so below $0.25. Not enough to pay TransferWise's outgoing ACH charge (never mind the amount requested by Vanguard!). Right now I'm negotiating with both Vanguard and TransferWise to try to determine the actual cause of the problem.

How is your Etrade setup going, then? Did you run into similar problems, or still operating smoothly? Does Etrade recover its micro-deposits, or just write them off?

coyrls

EdSwippet wrote: »

Hopefully you won't see the same issue, but ... I've just run into the buffers setting up the same thing from Vanguard to TransferWise. I received the two deposits, confirmed them with Vanguard, they were happy with that, but a day later they unilaterally deleted the account. On investigation, it seems that this was because they could not withdraw these two deposits back from TransferWise via ACH. No further detail.

My hypothesis is that TransferWise charge for outgoing ACH transactions, and my current TransferWise USD balance is literally just the two micro-deposits, so below $0.25. Not enough to pay TransferWise's outgoing ACH charge (never mind the amount requested by Vanguard!). Right now I'm negotiating with both Vanguard and TransferWise to try to determine the actual cause of the problem.

How is your Etrade setup going, then? Did you run into similar problems, or still operating smoothly? Does Etrade recover its micro-deposits, or just write them off?

TransferWise don't support ACH debits. E*Trade state that they debit the transactions and so I thought that the validation might fail, however the validation was passed despite E*Trade not being able to debit the transactions. There were no subsequent issues and so I guess E*Trade just write off the transactions (less than $1).