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

OldFella_2

In your example above, the routing number would be 044444444, not 022222222?

MartynasVy

Oh, sorry, yes you are right. I messed it up on my post.

Nyco

Hello,

I am in the exact same situation as MartynasVy. ( ESPP and Non US )
I get the same error when trying to add a transfertwise ACH transfer.

I believe the issue is that we only have a "Stockoption" account linked to the ESPP plan, and we would need to open a "Brokerage account" in order to be able to set up ACH transfers.

But it seems ET does not allow NonUS resident to open such a Brokerage account.

@Oldfella, do you have a "regular" brokerage account on ET ?

Nyco

OldFella_2

Nyco wrote: »

Hello,

But it seems ET does not allow NonUS resident to open such a Brokerage account.

@Oldfella, do you have a "regular" brokerage account on ET ?

Hi Nyco, yes I have two accounts, one called 'Stock Plan' (however it's definitely not a stock OPTION plan), the other is a brokerage account. The origins of this are that I transferred in my old Smith-Barney account to ET, which for reasons I don't understand, this went to a brokerage account.


It seems odd to me that a non-US person cannot set up a brokerage account, given that's the only way they could sell any of their stock!


OF

OldFella_2

The other thing I meant to ask is, have you actually sold any shares? Even if you have no external account to send anything to, you must at least have a balance of cash? Would that not automatically create a brokerage account for you?


OF

EdSwippet

EdSwippet wrote: »

Nice. I am stuck at the moment. Vanguard will not ACH to TransferWise unless they support both deposit and withdrawal requests, and they don't.

To close the loop, and for the benefit of anyone in a similar position ...

Just today I managed to transfer my first small test payment of USD from Vanguard US to TransferWise via ACH. Vanguard's automated process will not set up ACH unless the other end of things is bi-directional, but they do have a paper-based process that can be used if you can find it.

Setting up transfers through that requires 'wet signature', letters from the bank, copies of statements (I used screen captures as TransferWise doesn't issue statements), and perhaps also cancelled cheques or paying in slips, so it takes quite a while to set up. However, with persistence it can be done. Finally I'm in business, then.

Nyco

OldFella wrote: »

The other thing I meant to ask is, have you actually sold any shares? Even if you have no external account to send anything to, you must at least have a balance of cash? Would that not automatically create a brokerage account for you?

OF

I have not sold anything yet. But I checked the options, when selling the stock, I can set a wire tranfert ( in USD)
- either to my french bank, in this case it costs 10$ but then the change applied by my bank would be killing.
- I tried setting up a wire transfert to Revolut ( UK ) or Transferwise ( US ) in USD, and in those cases, it costs 25$ per wire.

I do have a balance cash, dividends generated by my company stock, and until recently, there was a warning messsage that stated that if I wanted to act on this, I needed to call them.
They recently added a new buton to disburse this cash and the options are the same as I explained just above.

It seems I'll need to call them in order to see if I can open a brokerage account

MartynasVy

Nyco wrote: »

- I tried setting up a wire transfert to Revolut ( UK ) or Transferwise ( US ) in USD, and in those cases, it costs 25$ per wire.

Did you have any luck setting up a wire to Revolut?

Nyco

MartynasVy wrote: »

Did you have any luck setting up a wire to Revolut?

I did setup the wire ( I did not proceed with selling the shares though )

For Revolut or my French bank, it's an international transfert ( use BIC and IBAN )
The wire is setup, for France it's 10$ for UK it's 25$ for some reason. Both setup being in USD.

I expect Revolut to accept the USD as it is, since I activated the USD balance, so the total cost of the transfer would be 25$
My French account is in EUR. So there would be a change applied by my bank and it won't be pretty.

MartynasVy

Nyco wrote: »

I did setup the wire ( I did not proceed with selling the shares though )

For Revolut or my French bank, it's an international transfert ( use BIC and IBAN )

Thanks for sharing this. By the way, may I ask if you used BIC REVOGB21 and how your IBAN starts?

The problem I have with Revolut is that ET does not validate my IBAN because (I strongly believe this is a reason) my BIC is REVOGB21 (which is Brittish) and IBAN is Lithuanian (starts with LT28..)