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  • FIRST POST
    • OldFella
    • By OldFella 15th Jan 19, 10:36 AM
    • 23Posts
    • 8Thanks
    OldFella
    Wire Transfer from ETrade (US) to UK, can someone help please?
    • #1
    • 15th Jan 19, 10:36 AM
    Wire Transfer from ETrade (US) to UK, can someone help please? 15th Jan 19 at 10:36 AM
    Hi all, as far as my addled brain can tell this is my first post on this forum, so I hope I am doing everything right.


    I am desperate for some advice on how I can successfully set up a wire transfer instruction from an e*trade account I have to send funds to my bank in the UK.


    It appears that very recently, the rules on wire transfers were tightened to check that the sending account name and the recipient account name match.



    Changing my e*trade account name seems fraught with difficulty, so I figured it would be more straightforward to set up a new account with Halifax (where I bank already) with the name to my specification (ie to exactly match my e*trade account name).



    Not straightforward at all! Some test transfers between existing accounts and this new one reveal the account name is still the original account name! There seems no way to actually set the name to what I want it to be.



    I would very much appreciate any help any of you good people can provide, especially if you have managed to do this or even managed a successful wire transfer from e*trade to a UK bank very recently.


    Yours in hope,


    OF
Page 1
    • Voyager2002
    • By Voyager2002 15th Jan 19, 10:49 AM
    • 13,422 Posts
    • 9,248 Thanks
    Voyager2002
    • #2
    • 15th Jan 19, 10:49 AM
    • #2
    • 15th Jan 19, 10:49 AM
    Firstly, you would lose on the exchange rate if you have a wire transfer in US dollars sent to a UK bank account. You need to open an account to receive the funds: the option that I would use is a multi-currency account with Fineco Bank, but it might be simpler to use a currency broker such as Transferwise. Set up the account so that your name is exactly the same as with your US broker (presumably you still have identification in this name, otherwise you have more problems).
    • OldFella
    • By OldFella 15th Jan 19, 10:57 AM
    • 23 Posts
    • 8 Thanks
    OldFella
    • #3
    • 15th Jan 19, 10:57 AM
    • #3
    • 15th Jan 19, 10:57 AM
    Thanks for your reply, yes I was looking at potentially using TorFX but was unsure how to set that up in the e*Trade wire instruction as for UK they need IBANs, BICs, SWIFT codes and all manner of other things to be recorded.


    I shall look into Fineco, Transferwise etc, so thanks for those.


    OF
    Last edited by OldFella; 15-01-2019 at 10:58 AM. Reason: clarification
    • OldFella
    • By OldFella 15th Jan 19, 1:02 PM
    • 23 Posts
    • 8 Thanks
    OldFella
    • #4
    • 15th Jan 19, 1:02 PM
    • #4
    • 15th Jan 19, 1:02 PM
    Just a quick follow-up, I've bitten the bullet and signed up with TransferWise and availed myself of a 'borderless account'. I am now in the process of getting that verified with ET and hopefully this should get me a result.


    Thanks again,


    OF
    • londoninvestor
    • By londoninvestor 15th Jan 19, 6:35 PM
    • 1,335 Posts
    • 1,178 Thanks
    londoninvestor
    • #5
    • 15th Jan 19, 6:35 PM
    • #5
    • 15th Jan 19, 6:35 PM
    Just a quick follow-up, I've bitten the bullet and signed up with TransferWise and availed myself of a 'borderless account'. I am now in the process of getting that verified with ET and hopefully this should get me a result.


    Thanks again,


    OF
    Originally posted by OldFella
    Transferwise Borderless can accept US domestic payments using ACH (roughly the US equivalent of Faster Payments). Can E*Trade send the money using that rather than a wire transfer? It's likely to be fee-free that way.
    • OldFella
    • By OldFella 15th Jan 19, 7:17 PM
    • 23 Posts
    • 8 Thanks
    OldFella
    • #6
    • 15th Jan 19, 7:17 PM
    • #6
    • 15th Jan 19, 7:17 PM
    Transferwise Borderless can accept US domestic payments using ACH (roughly the US equivalent of Faster Payments). Can E*Trade send the money using that rather than a wire transfer? It's likely to be fee-free that way.
    Originally posted by londoninvestor
    Thanks for the reply, yes it seems that setting up the US$ balance generated routing codes and an account number so I've tried using those to set up a non-wire external account in ET. Still needs to be verified, but if it comes off then yes we could well be in business!

    Cheers,

    OF
    • AnotherJoe
    • By AnotherJoe 15th Jan 19, 10:03 PM
    • 16,354 Posts
    • 19,654 Thanks
    AnotherJoe
    • #7
    • 15th Jan 19, 10:03 PM
    • #7
    • 15th Jan 19, 10:03 PM
    A bit late now but I've wired from eTrade to a UK bank (Santander) without any issues and i did that because my main bank account (not Santander) is joint and thus has a different name to my etrade account. (though they will and have accepted fax transfers in that case but thats a lot of hassle as well)

    Seems your issue was to use a bank you already had a relationship with rather than one where you could start with a clean slate and nothing to muddy the waters on your account name.

    Would appreciate it if you let us know how you get on with the transfer company, and what the savings were maybe I'll look at that for my post April 5 next sell (I'm gradually burning down my US based shares to get rid of the hassle)
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
    • OldFella
    • By OldFella 16th Jan 19, 9:35 AM
    • 23 Posts
    • 8 Thanks
    OldFella
    • #8
    • 16th Jan 19, 9:35 AM
    • #8
    • 16th Jan 19, 9:35 AM
    Thanks, and yes I will definitely feed back on the success or otherwise of my quest.
    • guli
    • By guli 16th Jan 19, 1:34 PM
    • 154 Posts
    • 43 Thanks
    guli
    • #9
    • 16th Jan 19, 1:34 PM
    • #9
    • 16th Jan 19, 1:34 PM
    Whilst Transferwise used to work, from this new year they require your wire transfer into the US account to be prefixed with "Transferwise FBO" then your name.



    Won't work if etrade requires the wire transfer to be in your name as in your etrade account.


    **

    Today we're adding 'TransferWise FBO' before your account holder name. This will make it easier for us to deliver your money.

    You'll need to let some people know.
    On January 1, we'll start rejecting payments if the sender doesn't use the new name, 'TransferWise FBO First Name Last Name'.
    • OldFella
    • By OldFella 16th Jan 19, 1:46 PM
    • 23 Posts
    • 8 Thanks
    OldFella
    Thanks for your reply. Yes, I was a bit disappointed at that news, however it may be that I can avoid actual wire transfers by setting up my TW US$ balance on ET as a normal external ACH type account. If I am successful, the name on the account will no longer matter. If not... well, back to the drawing board I guess.
    • guli
    • By guli 16th Jan 19, 2:43 PM
    • 154 Posts
    • 43 Thanks
    guli
    Oldfella,


    Please let me know how you get on regarding setting up via ACH route


    THanks
    • coyrls
    • By coyrls 16th Jan 19, 3:17 PM
    • 1,291 Posts
    • 1,430 Thanks
    coyrls
    Whilst Transferwise used to work, from this new year they require your wire transfer into the US account to be prefixed with "Transferwise FBO" then your name.



    Won't work if etrade requires the wire transfer to be in your name as in your etrade account.


    **

    Today we're adding 'TransferWise FBO' before your account holder name. This will make it easier for us to deliver your money.

    You'll need to let some people know.
    On January 1, we'll start rejecting payments if the sender doesn't use the new name, 'TransferWise FBO First Name Last Name'.
    Originally posted by guli
    I had made successful transfers between E*Trade and my US$ TransferWise account last year. I received the same email about the account name and thought that it might prevent transfers from working. I have now tested a transfer and it worked as before. I guess that, as OldFella suggests, name checks are not made on a non-wire transfer.
    • EdSwippet
    • By EdSwippet 16th Jan 19, 3:30 PM
    • 1,056 Posts
    • 1,066 Thanks
    EdSwippet
    I have now tested a transfer and it worked as before. I guess that, as OldFella suggests, name checks are not made on a non-wire transfer.
    Originally posted by coyrls
    Right. The "FBO" nonsense apparently does not (yet?) apply to ACH. From TransferWise:
    Starting January 1, 2019, we’ll reject any wire payments made to this account that don’t include the updated account holder name. We'll only reject payments with outdated account holder names sent via wire and SWIFT transfers. This change won't affect ACH payments.
    • OldFella
    • By OldFella 17th Jan 19, 8:08 PM
    • 23 Posts
    • 8 Thanks
    OldFella
    I'm still waiting for the 'test' deposits to show up on my TW US$ that will allow me to complete the validation of the account from E-Trade's perspective. If they don't show up tomorrow, I guess I will need to get in touch with ET to see what I can do to get things moving.
    • coyrls
    • By coyrls 17th Jan 19, 8:18 PM
    • 1,291 Posts
    • 1,430 Thanks
    coyrls
    I'm still waiting for the 'test' deposits to show up on my TW US$ that will allow me to complete the validation of the account from E-Trade's perspective. If they don't show up tomorrow, I guess I will need to get in touch with ET to see what I can do to get things moving.
    Originally posted by OldFella
    The interface is confusing for sending the test tansactions. I thought I had done it but when I went back I realised that there was an extra stage to get the test transactions actually sent. Sorry I can't remember the details.
    • OldFella
    • By OldFella 17th Jan 19, 8:23 PM
    • 23 Posts
    • 8 Thanks
    OldFella
    Thanks for this, and thinking about it now you could well be right. There was a button marked 'Make deposit' or similar, which I didn't touch as I thought that this referred to sending money once the account has been verified. I'll take another look.
    • OldFella
    • By OldFella 17th Jan 19, 8:34 PM
    • 23 Posts
    • 8 Thanks
    OldFella
    You're absolutely right, I've just pressed the button and the deposits have now been sent! Just 2-3 business days to wait now. Thanks again for the tip!
    • coyrls
    • By coyrls 17th Jan 19, 11:28 PM
    • 1,291 Posts
    • 1,430 Thanks
    coyrls
    Thanks for this, and thinking about it now you could well be right. There was a button marked 'Make deposit' or similar, which I didn't touch as I thought that this referred to sending money once the account has been verified. I'll take another look.
    Originally posted by OldFella
    Yes, that was it..... the same mistake I made.
    • OldFella
    • By OldFella 18th Jan 19, 2:52 PM
    • 23 Posts
    • 8 Thanks
    OldFella
    I just received 2 alerts (and emails) on my TW account to say that I have received 2 deposits. I was able to go back to ET and complete the account verification. I've now done a proper transfer from ET which will hopefully see a modest sum in my TW account over the next couple of days... so I'm at least partly along the road to enlightenment!

    The next step will be the conversion of that US$ amount into a GBP amount in my GBP balance on TW. I've already linked my own domestic bank account to that, so onward transfer should be straightforward. Fingers crossed and all that...


    Thanks again to all for your comments and help.
    • EdSwippet
    • By EdSwippet 19th Jan 19, 10:20 AM
    • 1,056 Posts
    • 1,066 Thanks
    EdSwippet
    I just received 2 alerts (and emails) on my TW account to say that I have received 2 deposits. I was able to go back to ET and complete the account verification.
    Originally posted by OldFella
    Hopefully you won't see the same issue, but ... I've just run into the buffers setting up the same thing from Vanguard to TransferWise. I received the two deposits, confirmed them with Vanguard, they were happy with that, but a day later they unilaterally deleted the account. On investigation, it seems that this was because they could not withdraw these two deposits back from TransferWise via ACH. No further detail.

    My hypothesis is that TransferWise charge for outgoing ACH transactions, and my current TransferWise USD balance is literally just the two micro-deposits, so below $0.25. Not enough to pay TransferWise's outgoing ACH charge (never mind the amount requested by Vanguard!). Right now I'm negotiating with both Vanguard and TransferWise to try to determine the actual cause of the problem.

    How is your Etrade setup going, then? Did you run into similar problems, or still operating smoothly? Does Etrade recover its micro-deposits, or just write them off?
    Last edited by EdSwippet; 19-01-2019 at 10:47 AM.
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