Transferring USD to GBP?

Zerforax

I received some RSUs from a previous employer a few years ago. Recently sold these so have just under $10k that I need to withdraw from E*trade and then want to transfer to any GBP account.

I found some old threads on the Forum that suggested Wise or Revolut but as these threads were a few years old I wanted to check if they were still the best options!

friolento

If e*trade support Wise, that would be my choice. If there is any issue, the Wise CS is superb whilst Revolut CS have a rather questionable reputation. You probably get a few pounds more using Wise, and it's also faster. What I don't know is whether e*trade support Wise.

friolento

On current exchange rates:

💱 

Wise Estimate

Wise uses the mid-market rate and then charges a transparent fee (usually around ~0.3–0.5 % of the amount on USD → GBP transfers). 

So for $10,000:

• Mid-market value: ~£7,470–£7,480
• Fee (≈0.4 %): ~£30–£35
  ➡️ Estimated Wise amount received in GBP: ~£7,430–£7,450

(Exact depends on the precise live rate and specific Wise fee at the time — but Wise always shows you the “you get” amount upfront.)

💷 

Revolut Estimate

Revolut’s rate can be close to mid-market on weekdays but may include mark-ups or fees depending on your plan and when you exchange (weekend/day vs market-hours). 

Their in-app converter currently suggests:

• $10,000 ≈ £7,471 before fees and exchange costs.  

But Revolut may add:

• A mark-up or spread — especially on the Standard free plan and/or outside market-hours.  
• Monthly limits (e.g., £1,000 free FX on Standard) — then typically ~0.5–1 % after that. 
  ➡️ If you exceed limits or it applies weekend mark-ups, you might get £7,350–£7,420 or even less after fees and rate mark-ups, depending on timing and plan.

wmb194

Zerforax said:

I received some RSUs from a previous employer a few years ago. Recently sold these so have just under $10k that I need to withdraw from E*trade and then want to transfer to any GBP account.

I found some old threads on the Forum that suggested Wise or Revolut but as these threads were a few years old I wanted to check if they were still the best options!

Wise still works. Open a USD account and find its US account number and routing code and use that. To set it up Etrade will send a small test payment to Wise to check the details and that it's in your name and then you'll be good to go.

sausage_time

I have previously sent from E*Trade to my Wise US bank details (using ACH - so no cost).  And from there to my GB bank account.

Zerforax

Okay reassuring to know this works! When I was reading, people were complaining how much E*trade charge if you withdraw directly to an international bank account.

sausage_time

With Wise for all intents and purposes it is a US bank account.  Be sure to choose ACH to send and not Wire which I think E*Trade will charge for.  From memory transfer was overnight to Wise, then a few seconds to send on to a GB domestic account from Wise.

Zerforax

Took me 5-10 mins to set up the Wise GBP and USD account. Now if only E*trade was so cooperative.. won't let me add any external bank account details but doesn't explain how to unblock any verification it wants to do.

wmb194

Zerforax said:

Took me 5-10 mins to set up the Wise GBP and USD account. Now if only E*trade was so cooperative.. won't let me add any external bank account details but doesn't explain how to unblock any verification it wants to do.

You went to 'Pay & Transfer' - 'External Funding Accounts' - select 'Add external funding account' and then followed the 'add automatically' wizard? It has a manual option as well. 

It's been a couple of years since I set it up but IIRC there was a code included in the reference of the test payment(s) to Wise that you needed to enter in the etrade website. This might be different automatic vs manual though. Payments from etrade to Wise are usually next working day.

sausage_time

My E*Trade is closed so I can't check what I did to set this up.  I found their support quite helpful - I had a different issue they resolved quite quickly.  So if your account is restricted in some way they can likely enable it via the message system.

Zerforax

wmb194 said:

Zerforax said:

Took me 5-10 mins to set up the Wise GBP and USD account. Now if only E*trade was so cooperative.. won't let me add any external bank account details but doesn't explain how to unblock any verification it wants to do.

You went to 'Pay & Transfer' - 'External Funding Accounts' - select 'Add external funding account' and then followed the 'add automatically' wizard? It has a manual option as well. 

It's been a couple of years since I set it up but IIRC there was a code included in the reference of the test payment(s) to Wise that you needed to enter in the etrade website. This might be different automatic vs manual though. Payments from etrade to Wise are usually next working day.

Unfortunately as soon I as click "Add external funding account" it shows:

Add external funding account

For added security, please verify your identity before adding an external funding account.

We're unable to process this request at this time, please try again. If the issue persists, please call us for assistance.