Foreign currency account

sausage_time

Shame Zing wont accept US$ into the US$ account (yet).  You have to move from GBP balance.

DoboChopSueyBar

Yep, Zing (at present) are really only good for converting from GBP.

JohnBravo

sausage_time said:

Another issue - the sender may charge to send to an IBAN account as a wire.  The beauty of having US$ details is that it should be free to send US$ there.

I wonder why there is a waiting time to get the US$ details?  It was instant when I created my US$ "account" - but that was a few years ago.

Yes, without US account details this is international wire transfer with Swift network so they will charge something for it.
And yes, it looks like before Wise was giving USD account details pretty quickly or instantly. I don't know. Now you have to wait and I don't know what is the wait time.

JohnBravo

DoboChopSueyBar said:

Maybe I've been extremely lucky so far but I've never had any issues with Revolut (Premium account). I've been using it for 3 years now to receive AED from UAE every month (around AED 25k each month) as I've saved a small fortune versus using Wise or HSBC Global Money. Revolut did once ask me for source of funds in UAE as part of their KYC checks, i just sent them my last 6 months salary slips and that seemed to satisfy them. No real issues, maybe they offer better support to Premium members i don't know. 

right, but do you have USD account details or do you use the general GB IBAN and then make sure they sender bank sends in the right currency?

eDicky

JohnBravo said:

DoboChopSueyBar said:

Maybe I've been extremely lucky so far but I've never had any issues with Revolut (Premium account). I've been using it for 3 years now to receive AED from UAE every month (around AED 25k each month) as I've saved a small fortune versus using Wise or HSBC Global Money. Revolut did once ask me for source of funds in UAE as part of their KYC checks, i just sent them my last 6 months salary slips and that seemed to satisfy them. No real issues, maybe they offer better support to Premium members i don't know. 

right, but do you have USD account details or do you use the general GB IBAN and then make sure they sender bank sends in the right currency?

With the likes of Wise, Revolut, after opening the main account you open sub-accounts in the currencies you need to send/receive/use. Then you give the personal account details for the currency you want to receive to the sender. After receipt, conversion to GBP etc can be done in the app at leisure and minimal cost, before sending on to a bank account.

Wise not providing USD account details immediately is mysterious, perhaps they have some issues with the US bank providing services and are looking for a replacement.

sausage_time

eDicky said:

JohnBravo said:

DoboChopSueyBar said:

Maybe I've been extremely lucky so far but I've never had any issues with Revolut (Premium account). I've been using it for 3 years now to receive AED from UAE every month (around AED 25k each month) as I've saved a small fortune versus using Wise or HSBC Global Money. Revolut did once ask me for source of funds in UAE as part of their KYC checks, i just sent them my last 6 months salary slips and that seemed to satisfy them. No real issues, maybe they offer better support to Premium members i don't know. 

right, but do you have USD account details or do you use the general GB IBAN and then make sure they sender bank sends in the right currency?

With the likes of Wise, Revolut, after opening the main account you open sub-accounts in the currencies you need to send/receive/use. Then you give the personal account details for the currency you want to receive to the sender. After receipt, conversion to GBP etc can be done in the app at leisure and minimal cost, before sending on to a bank account.

Wise not providing USD account details immediately is mysterious, perhaps they have some issues with the US bank providing services and are looking for a replacement.

Wise have changed US provider before, so that is a possible explanation.

JohnBravo

eDicky said:

JohnBravo said:

DoboChopSueyBar said:

Maybe I've been extremely lucky so far but I've never had any issues with Revolut (Premium account). I've been using it for 3 years now to receive AED from UAE every month (around AED 25k each month) as I've saved a small fortune versus using Wise or HSBC Global Money. Revolut did once ask me for source of funds in UAE as part of their KYC checks, i just sent them my last 6 months salary slips and that seemed to satisfy them. No real issues, maybe they offer better support to Premium members i don't know. 

right, but do you have USD account details or do you use the general GB IBAN and then make sure they sender bank sends in the right currency?

With the likes of Wise, Revolut, after opening the main account you open sub-accounts in the currencies you need to send/receive/use. Then you give the personal account details for the currency you want to receive to the sender. After receipt, conversion to GBP etc can be done in the app at leisure and minimal cost, before sending on to a bank account.

Wise not providing USD account details immediately is mysterious, perhaps they have some issues with the US bank providing services and are looking for a replacement.

I have a Revolut account for many years including USD account + other currencies however when I checked the IBAN for USD account it is the same as for the GBP account. Perhaps Revolut Premium provides a USD account.

I think your reasoning about Wise not providing the USD account details is correct. It looks like they used up the limit with their existing US bank and look for a new provider OR have some issues and looking for a replacement. It could be a bit of both.

JohnBravo

sausage_time said:

eDicky said:

JohnBravo said:

DoboChopSueyBar said:

Maybe I've been extremely lucky so far but I've never had any issues with Revolut (Premium account). I've been using it for 3 years now to receive AED from UAE every month (around AED 25k each month) as I've saved a small fortune versus using Wise or HSBC Global Money. Revolut did once ask me for source of funds in UAE as part of their KYC checks, i just sent them my last 6 months salary slips and that seemed to satisfy them. No real issues, maybe they offer better support to Premium members i don't know. 

right, but do you have USD account details or do you use the general GB IBAN and then make sure they sender bank sends in the right currency?

With the likes of Wise, Revolut, after opening the main account you open sub-accounts in the currencies you need to send/receive/use. Then you give the personal account details for the currency you want to receive to the sender. After receipt, conversion to GBP etc can be done in the app at leisure and minimal cost, before sending on to a bank account.

Wise not providing USD account details immediately is mysterious, perhaps they have some issues with the US bank providing services and are looking for a replacement.

Wise have changed US provider before, so that is a possible explanation.

I hope it's not some bank from Silicon Valley. LOL

DoboChopSueyBar

JohnBravo said:

DoboChopSueyBar said:

Maybe I've been extremely lucky so far but I've never had any issues with Revolut (Premium account). I've been using it for 3 years now to receive AED from UAE every month (around AED 25k each month) as I've saved a small fortune versus using Wise or HSBC Global Money. Revolut did once ask me for source of funds in UAE as part of their KYC checks, i just sent them my last 6 months salary slips and that seemed to satisfy them. No real issues, maybe they offer better support to Premium members i don't know. 

right, but do you have USD account details or do you use the general GB IBAN and then make sure they sender bank sends in the right currency?

My Revolut USD account has 2 tabs: local and SWIFT. local info consists of account no, ACH routing number, wire routing number and US bank address (Metropolitan Commercial Bank, NY). SWIFT consists of IBAN (GB95REVOxx), REVOGB21 as BIC and Revolut UK London as bank address. You are supposed to use local details for US domestic transfers only and SWIFT account details for USD transfers from outside the US. Last year I had around $500 deposited into my local USD account from someone in US and there was no issue (no fees deducted by Revolut).

TBH i don't think you'll have any issues with receiving a $40k payment into your Revolut account providing its a kosher payment. On Revolut reddit section, there's been cases of people having far greater amounts deposited (eg 170k euros) without any issues. Worst thing that can happen is Revolut ask you for source of funds (proof) and they hold your funds for a few days. But no need to tell them of any incoming transfer even if its large, they rely on automated algorithms to flag suspicious transactions rather than someone manually checking every incoming transfer.

DoboChopSueyBar

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