Apparently it is possible to withdraw money from E*trade using ACH transfer too, which I think is free to receive into a Wise account (although it might take a few days).Just to add as I only now noticed. There is a charge for wire transfer into wise of USD 4.14....I had two tranches of funds from sales so USD 8.28....
What's the issue with the Irish IBAN. I have transferred from HSBC, Chase and Citibank in the US before and after the IBAN change without an issue (transferred roughly 500k USD in the last 6 months)Used to work, but does not work with the new Irish IBAN!
Revolut say the issue is caused due to the lack of updated SSI from the sending bank. They say I should ask the sending bank to use an intermediary bank BIK: CHASGB2L as a work around. They said to also use the beneficiary BIC for Ireland (REVOIE23). They say "Rest assured, the sending bank's will route the transfers correctly accordingly to the list of SSIs available in the SWIFT network"What's the issue with the Irish IBAN
Checked it and only option open to me is either a cheque or wire.Apparently it is possible to withdraw money from E*trade using ACH transfer too, which I think is free to receive into a Wise account (although it might take a few days).
Ah, apologies for the misinformation. Maybe it's not available for everyone (such as people not in America). I was going by the rather complicated looking instructions on this page.Checked it and only option open to me is either a cheque or wire.
What is the advantage of doing the currency conversion with Revolut compared to doing it with Wise?- Get a Wise virtual debit card and use that to load the money in Revolut USD account.
- Change from USD to EUR in Revolut.
- Transfer to normal Irish bank account.
Better rates, not a massive difference think it works out currently at of saving of roughly 160 euro per 10k USD exchanged. This is of course only if you pay for Revolut Premium (or the exchange amounts are less than 1000)What is the advantage of doing the currency conversion with Revolut compared to doing it with Wise?
Revolut's exchange rate is "live", its constantly changing, whereas Wise's is set for X hours, so it may sometimes be better. Generally though doing the exchange with Revolut will result in more money in your pocket. Looking right now, I need to change 11k USD to Euro, Revolut is giving me 10424, Wise is giving me 10260. Don't do a FX exhange on Revolut at the weekend though, they take 0.5% extra at the weekend.At the moment it looks like the Wise rate to convert $10k to € is 0.93795, and the fee is $48.76, so the final amount is €9332.27. With Revolut the rate is currently 0.9362 and the exchange fee is $43.91. The way Revolut present this seems misleading, since (unlike Wise) I don't think they include the fee when they show you the converted dollar amount. To receive the same amount as you would get with Wise, I think you would need to send about $10013 with Revolut. From my reading of Revolut's fee page, Revolut Premium only means that you won't be subjected to the "fair usage fee", but you still have to pay the exchange fee. Does my understanding of all of this seem correct? Revolut say their exchange fees "help cover the cost of exchanging uncommon currencies and the uncertainty of making exchanges while the market is closed", so might it be less if I try it at a different time of the day? Edit: Actually, the Revolut exchange fee might only apply on weekends, even though they are showing it to me when I check the rate now.
Separately, has anyone tried Atlantic Money, which has a flat fee of €3?
Of course, none of this would be necessary if Revolut had correctly managed the transition to the Irish IBAN!- Etrade to Wise USD acc.
- Get a Wise virtual debit card and use that to load the money in Revolut USD account.
- Change from USD to EUR in Revolut.
- Transfer to normal Irish bank account.
I don't think it's Revolut. I can transfer from Wise to Revolut no problems. Wise recognises the Revolut IBAN. Computershare haven't updated their list of recognised IBANs, so won't allow Revolut to be used.Of course, none of this would be necessary if Revolut had correctly managed the transition to the Irish IBAN!
They are still happy to take the €80 Premium fee though!
You were 100% correct. FX is intended to facilitate investment.I have read posts (elsewhere) by people saying that Interactive Brokers' currency exchange is intended to facilitate investments using other currencies, and that if it is clear that you are just using it to transfer money in, exchange it, and then transfer it out again, without any investment activity, that you will eventually get a warning from them
Have you done this yourself - transferred cash from E*Trade to such an account? In my experience unless the receiving account is in your own name it's messy/complicated to get E*Trade to do the transfer.What about using lightyear for the proceeds from e trade share sales? The light year USD client account is with Wise Inc. Once the fund are received, I convert it to EUR and transfer back to my Irish bank account. Is there any risk associated with this?
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