Options for receiving a large amount of USD

Used Wise to receive proceeds from an etrade share sale and received funds into a USD account less than a day later.
 
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....
 
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....
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).
 
Used to work, but does not work with the new Irish IBAN!
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)
 
What's the issue with the 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"

I chose an alternative mechanism and did not try the above work around. I know someone who did try and they tell me it did not work!
 
How much would wise charge to send USD to Revolut in USD ? hard to determine when looking at their site.
 
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).
Checked it and only option open to me is either a cheque or wire.
 
CurrencyFair couldn't provide me a USD bank account with my own name on it (just a reference number) therefore the broker in the US wouldn't transfer money into it. They said the account needed to have my personal name on it.

Wise did give me an account with my own name on it.

Wise shows you exactly what transfer and conversion fees you are paying. There's a fixed fee of €4.14 for transfers into your Wise USD account.

Then it'll show you how much the fee is depending on how much you want to convert into Euros.

With both you can keep the USD there, then set your own desired exchange rate and hope it hits that.
You can convert it in chunks.
 
I used to transfer directly from etrade to Revolut and it worked great, but it doesn't work since we got the Irish IBANs, and I haven't tried using the intermediary route. Going to try the following:

- 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.
 
Sounds like issues with Revolut at present then. I was able to use etrade last year to transfer to Revolut in USD to USD. At the time, I checked rates in various places, and it worked out that simply upgrading to premium for a year (80 euro or so) gave me unlimited fx transactions. I made a test transfer to confirm (unfortunately with exorbitant trade fee, but it was for peace of mind), and then did the main one. Paying the 80 euro for premium meant I was able to then exchange at their rate with no limits on overall amount, and compared to just sending it to may bank (as an example) it meant over 1k difference in what I actually received in euro
 
- 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.
What is the advantage of doing the currency conversion with Revolut compared to doing it with Wise?
 
What is the advantage of doing the currency conversion with Revolut compared to doing it with Wise?
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)
 
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?
 
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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?
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.
 
- 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.
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!
 
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!
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.
 
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
You were 100% correct. FX is intended to facilitate investment.
 
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?
 
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?
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.
 
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