Sending USD sales proceeds to UK (E-trade) - options

wmb194

beckymclarke said:

Hi, Are people being charged a $25 wire transfer fee when transferring to the US Wise Account from etrade or is there a way around this? 

If you send it by ACH to e.g., a Wise USD account using its ACH account numbers you won't be charged. To etrade it'll look like a domestic transfer. ACH is the US' equivalent of Bacs.

sighup

wmb194 said:

beckymclarke said:

Hi, Are people being charged a $25 wire transfer fee when transferring to the US Wise Account from etrade or is there a way around this? 

If you send it by ACH to e.g., a Wise USD account using its ACH account numbers you won't be charged. To etrade it'll look like a domestic transfer. ACH is the US' equivalent of Bacs.

I have recently used both Revolut and Wise to empty a US checking account prior to closing it.  I used ACH routing to avoid charges for the transfer. Bear in mind transfer limits when planning transfers, which may trigger a charge.

Transfer speed
The Wise transfer completed the same day, with Revolut a day slower. 

Commission
Neither charged a commission for the value of USD to USD transfer.

USD to GBP
Wise charge a % commission to convert USD to GBP whereas Revolut do not. So, if you want to transfer USD and spend it all from Wise, e.g. online or with a Wise debit card on holiday, I would suggest Wise.

But ... if you want to convert USD to GBP, you will keep more of your money by using Revolut. i.e. you could do USD -> USD into Revolut, then convert to GBP when FX market is open, then immediately transfer GBP out to UK bank. I personally wouldn't leave a balance in either Wise or Revolut long term as they are not covered by FSCS, so in and out as quickly as possible.

The nail-biting part was making sure ACH routing details were 100% correct, so as usual I tested the transfer work with $10 before pulling the trigger on the remaining balance.