Wise - bordeless accounts.
Feb 15th 2024, 2:57 pm
#1
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Thread Starter
Joined: Feb 2018
Posts: 111
Wise - bordeless accounts.
Good morning/afternoon or evening!
A question for those who use the Wise (formerly TransferWise) service in regard to regular movement of funds. I am thinking about US tax refund and withdrawals once a year from IRA's and the like.
How reliable and easy is this organisation - any pro's and cons to be aware of.
I currently hold a US bank account to hold money( because i was told it would be the only way the money would be sent to me) but the transfer of the money is quite a pain both financially and in admin.
Looking for personal experiences both good and bad.
Thank you in advance
A question for those who use the Wise (formerly TransferWise) service in regard to regular movement of funds. I am thinking about US tax refund and withdrawals once a year from IRA's and the like.
How reliable and easy is this organisation - any pro's and cons to be aware of.
I currently hold a US bank account to hold money( because i was told it would be the only way the money would be sent to me) but the transfer of the money is quite a pain both financially and in admin.
Looking for personal experiences both good and bad.
Thank you in advance
Feb 15th 2024, 3:19 pm
#2
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Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,136
Re: Wise - bordeless accounts.
My wife and I live in the UK and we both have a Wise USD account linked to our Vanguard brokerage accounts and we take IRA distributions and the like directly into those Wise accounts. Moving money from our Wise USD accounts to our UK bank is extremely easy and fast.
Mar 2nd 2024, 10:42 am
#3
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Joined: Feb 2014
Posts: 55
Re: Wise - bordeless accounts.
Hi, we keep our US bank account for our IRA in the future but not sure how long that bank going to last. They only keep it for premier clients. Wondering about your advice on WISE bank, do you pay fee for receiving money from US to that account?
Mar 2nd 2024, 12:21 pm
#4
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Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,136
Re: Wise - bordeless accounts.
There is a fee for incoming wires but I always choose to receive via ACH which is free but takes overnight rather than same day, unless it is a weekend or Federal holiday. e.g. transfer Monday arrives Tuesday, transfer Friday arrives Monday.
Apr 12th 2024, 2:34 pm
#6
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Thread Starter
Joined: Feb 2018
Posts: 111
Re: Wise - bordeless accounts.
Apologies for my lateness in thanking you for your input - It seems it will work for my purposes as it really is just to funnel the IRA distributions into my UK account. Once again thank you for reply.
Apr 25th 2024, 4:17 pm
#7
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Joined: Nov 2004
Location: Looe, Cornwall
Posts: 674
Re: Wise - bordeless accounts.
How do you use Wise to transfer money from Canada to UK? I did bank with HSBC but they have now sold out to RBC. Wise are not on there list of payees for bill
payment and to transfer money to them any other way is expensive. Interact transfer is no longer available with RBC. RBC does not let you transfer Cad $ to a UK HSBC Cad $ account. RBC will only let you convert Cad $ to £ using international transfers.
payment and to transfer money to them any other way is expensive. Interact transfer is no longer available with RBC. RBC does not let you transfer Cad $ to a UK HSBC Cad $ account. RBC will only let you convert Cad $ to £ using international transfers.
Last edited by getoutofbritainquick; Apr 25th 2024 at 4:19 pm.
