Moving USD from Morgan Stanley to Ireland

[Hockeystick14]

As part of my compensation package with the US company I work for, I receive shares into a Morgan Stanley $ account. I want to sell these and move the cash to Ireland via an FX Broker such as Wise or MoneyCorp as they give best rates on $ -> €. Both of these companies have given me their $ account details in the US with a payment reference that is unique to me. My issue is that Morgan Stanley will only allow me to transfer/wire funds to an account in my own name. Has anyone successfully got around this issue? I really don't want to have to transfer the funds to AIB (poor exchange rates) or Revolut (sum likely to be 6 figures and I don't trust Revolut with that amount).

 

[ClubMan]

Any use?

Transferring USD from E*Trade account - avoiding double FX

Hi, I have some USD denominated shares in my employer E*Trade account which I would like to invest in other (non-employer) USD denominated shares/S&P ETF etc for diversification and I'm wondering whether there is a way to avoid a double hit to FX fees. For instance, atm, I am selling the shares...

www.askaboutmoney.com

Also...

https://www.reddit.com/r/irishpersonalfinance/comments/165cdc8/most_efficient_method_of_transferring_usd_out_of/

https://www.reddit.com/r/irishpersonalfinance/comments/sr4mjz/etrade_stock_wire/

https://www.reddit.com/r/irishpersonalfinance/comments/17p4v7q/etrade_transfers_to_wise/

 

[sadie]

Have you opened a Wise Account? I'm nearly sure it will have your name on it.

 

[Hockeystick14]

Thanks for the responses. Unfortunately with both Wise and MoneyCorp you are sending money to their holding account in USD so their name is the Payee. Wise/MoneyCorp then identify you based on the unique payment reference number they give you. I feel this is mostly a Morgan Stanley issue as based on those Reddit links, ETrade does allow transfers to FX broker accounts. Would love to hear from others who deal with Morgan Stanley on these kinds of transactions.

 

[newirishman]

Wise works for Morgan Stanely.
The USD account will be in your name

 

[Hockeystick14]

Maybe I misunderstood from the Wise sign up flow - will have another look. MoneyCorp seemed to be a bit better on the customer service front as they provide you with a dedicated person to support you whereas Wise is a bit more taking your chances in the void of customer support!