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

guli

OldFella wrote: »

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,


I think you and I might be in the same company. Starts with an 'S', ends with an 'E' , site celebrating 25 years anniversary? :beer:


Just wondering.


If so, not all employees have the brokerage accounts opened at the same time as the switchover from Smith Barney, just the lucky ones (and fast ones).

Nyco

MartynasVy wrote: »

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..)

Yes BIC is REVOGB21 but IBAN starts with GB82

dotnon

I also have an etrade account from my time at an American Company, and here’s my experience. I’ve transferred money three different ways, the most successful of which has been Transferwise.

First time was direct to UK bank in GBP. Let’s not go there.

Second time, I opened a USD account with my bank in the UK (HSBC). Receiving the money there was smooth; I received the full amount, no problems. What _did_ cause problems was converting it to GBP. I didn’t want to get screwed by HSBC’s ridiculous exchange rate, so I set up an account with a local FX company. When I sent the money from HSBC to their USD account (which I’m told was with Barclays), $50 just disappeared. HSBC said it wasn’t them, Barclays said it wasn’t them. Must have been some correspondent bank in the middle taking a cut, probably should have kicked up more of a stink. Scratch another method.

Third time, Transferwise. Success! HSBC USD account is now redundant. It was easy and fast; at least until January when they started requiring “TransferWise FBO (name)” as the account holder.

On researching what to do about the Transferwise situation I found this thread. I see OldFella has a full US domestic brokerage account. You are a lucky SoB; keep hold of that! Unfortunately, I have no such luck.

I contacted etrade on chat to ask about doing ACH from my account or upgrading it; they said it is a feature of US domestic brokerage accounts and as a UK resident I am not eligible. They suggested I contact the “Stock Plan Department” about setting up the Transferwise wire transfer, and gave me the phone number.

I rang them, and the guy helpfully updated the name on my Wire Transfer instruction to include “TransferWise FBO” in front of my name. After the call I tried to make a transfer, but the wire transfer instruction had disappeared from view. Phoned back, and the next guy told me that because the name on the instruction is now not my own, it’s treated as a third-party transfer and won’t be visible to me online for security reasons. This is daft; the security steps to verify me online require password and security token, but it can be done by phone if the caller simply knows my account number, address and DoB. What the f***.

Anyway he initiated the wire transfer for me over the phone, and I can now see the instruction in the etrade message centre. So it is at least possible to use Transferwise - you just have to phone them to update the account name, and then again each time you want to make a transfer. Hopefully they’ll streamline this in future.

For now my suggestion would be:
- Setup a Wire Transfer Instruction using your TransferWise account details (as a USD account, destination United States, that way the fee is $0.00), ignoring the name issue to begin with
- Phone etrade (check the contact page - sorry can’t post lints - https us etrade com /e/t/home/contactus_esp ; I phoned 00 800 33387233 from the UK) to update the account name as they require, and initiate the transfer

I’m still waiting for the transfer to come through, but I see no reason for it not to work, as I’ve used Transferwise successfully in the past. If there’s a better way though, I’d be happy to learn about it!


edit: Just to confirm, this worked fine; Transferwise notified me that I'd received the payment the next day.

MartynasVy

dotnon wrote: »

I also have an etrade account from my time at an American Company, and here’s my experience. I’ve transferred money three different ways, the most successful of which has been Transferwise.

First time was direct to UK bank in GBP. Let’s not go there.

Second time, I opened a USD account with my bank in the UK (HSBC). Receiving the money there was smooth; I received the full amount, no problems. What _did_ cause problems was converting it to GBP. I didn’t want to get screwed by HSBC’s ridiculous exchange rate, so I set up an account with a local FX company. When I sent the money from HSBC to their USD account (which I’m told was with Barclays), $50 just disappeared. HSBC said it wasn’t them, Barclays said it wasn’t them. Must have been some correspondent bank in the middle taking a cut, probably should have kicked up more of a stink. Scratch another method.

Third time, Transferwise. Success! HSBC USD account is now redundant. It was easy and fast; at least until January when they started requiring “TransferWise FBO (name)” as the account holder.

On researching what to do about the Transferwise situation I found this thread. I see OldFella has a full US domestic brokerage account. You are a lucky SoB; keep hold of that! Unfortunately, I have no such luck.

I contacted etrade on chat to ask about doing ACH from my account or upgrading it; they said it is a feature of US domestic brokerage accounts and as a UK resident I am not eligible. They suggested I contact the “Stock Plan Department” about setting up the Transferwise wire transfer, and gave me the phone number.

I rang them, and the guy helpfully updated the name on my Wire Transfer instruction to include “TransferWise FBO” in front of my name. After the call I tried to make a transfer, but the wire transfer instruction had disappeared from view. Phoned back, and the next guy told me that because the name on the instruction is now not my own, it’s treated as a third-party transfer and won’t be visible to me online for security reasons. This is daft; the security steps to verify me online require password and security token, but it can be done by phone if the caller simply knows my account number, address and DoB. What the f***.

Anyway he initiated the wire transfer for me over the phone, and I can now see the instruction in the etrade message centre. So it is at least possible to use Transferwise - you just have to phone them to update the account name, and then again each time you want to make a transfer. Hopefully they’ll streamline this in future.

For now my suggestion would be:
- Setup a Wire Transfer Instruction using your TransferWise account details (as a USD account, destination United States, that way the fee is $0.00), ignoring the name issue to begin with
- Phone etrade (check the contact page - sorry can’t post lints - https us etrade com /e/t/home/contactus_esp ; I phoned 00 800 33387233 from the UK) to update the account name as they require, and initiate the transfer

I’m still waiting for the transfer to come through, but I see no reason for it not to work, as I’ve used Transferwise successfully in the past. If there’s a better way though, I’d be happy to learn about it!


edit: Just to confirm, this worked fine; Transferwise notified me that I'd received the payment the next day.

Wow, great success buddy! :beer: I just have two more questions:
1. Did you use TW's Wire transfer number as ET's Routing number for receiving bank?
2. And did you make phone calls/wire details changes before placing sell order with wire transfer or after it?

I would really appreciate that if you could share your experience. Thanks.

dotnon

Sorry for the delayed response!

MartynasVy wrote: »

1. Did you use TW's Wire transfer number as ET's Routing number for receiving bank?

Yes, I'm pretty sure this is correct. The other number TW gives you is for ACH.

2. And did you make phone calls/wire details changes before placing sell order with wire transfer or after it?

In this case it was cash in my account (I.E. sold first). If you had to do the sell order over the phone as well I imagine it would be more complicated.


edit: You can place a sell order, receiving the funds into your brokerage account. Don't do the wire transfer at the same time. Once it's gone through, you'd then phone them up to initiate the wire transfer to TW.

OldFella_2

guli wrote: »

OldFella,


I think you and I might be in the same company. Starts with an 'S', ends with an 'E' , site celebrating 25 years anniversary? :beer:


Just wondering.


If so, not all employees have the brokerage accounts opened at the same time as the switchover from Smith Barney, just the lucky ones (and fast ones).

Not the same company I'm afraid... the company I worked for is a well known supplier of database software and applications beginning with 'O'.

londoninvestor

OldFella wrote: »

Not the same company I'm afraid... the company I worked for is a well known supplier of database software and applications beginning with 'O'.

Ceefax was always better

greenglide

I liked Ingres until it fell way, way behind!

OldFella_2

londoninvestor wrote: »

Ceefax was always better

... and faster, sometimes! Actually, therein lies a tale about how ITV were 'invited' to change the name of their service to 'ITV Teletext'...

greenglide wrote: »

I liked Ingres until it fell way, way behind!

I always preferred VAX DBMS until Digital were bought out... by a well-known supplier of database software and etc etc...


Really showing my age now


OF

coyrls

[FONT=&quot]I remember implementing the “O” DB in the 80’s. We had a presentation to explain the benefits to the business. The day after the presentation, one of the people at the presentation came up to me and said, “I’ve got that on my telly and after the presentation I went home and played with it and it doesn’t do any of the things you said”.[/FONT]