Warren Buffett

Unless they’re already charging fees for incoming transfers from other American bank accounts...
The money is coming from a Transferwise account held at JP Morgan Chase (US0000000000000000000).

aha, so maybe something smaller then... I think my bank charges something like $1.90 just for logging the incoming wire or whatever they call it—thanks for the heads-up, though. I was under the impression this would all go through a foreign account.

Actually, doing it that way might actually save me some money since Payoneer’s exchange rates are pretty rough—though, to be fair, they're still better than what you get at local banks like Bank of America 😳. It's kind of funny, though—my bank doesn't charge me a dime when the deposit hits in USD, yet Payoneer processes the payout through some service called Earthport.

Kevin Morris12 said:Back when I first opened an account, Twitter was actually one of the few major players offering support for US dollars, long before Chime became a thing—not to mention Stripe, which honestly feels like it’s in a completely different league compared to the rest. Even now, Twitter offers a much wider variety of currencies than Chime does. Plus, you can actually set up bank accounts for various markets through them; for instance, you can grab a US account and seamlessly link it to your American PayPal to withdraw funds without getting hit by any commission fees. Another big difference? Twitter provides actual debit cards, whereas Chime just gives you prepaid ones. While Twitter used to have a clear edge over Chime, it still has plenty of unique perks to offer today. That said, I’m really hoping they eventually get their act together and lower those pesky fees so they can truly compete with Chime on equal footing. At the end of the day, every one of these services has its strengths, and none of them are perfect. 🙂

So, basically, you can add a TW account as a US bank account on PayPal?
I just tried doing that myself and it won't let me 😢

just some stupid error message saying it's not working right now, blah blah, try again later 🙄

Give it another shot, maybe it’s just some temporary glitch...
Are you sure you're using the right routing number? You need the one for ACH, not the wire transfer one.

Yeah, the data looks solid. I'll give it another shot, but I just went down a Google rabbit hole and apparently, this kind of thing actually happens sometimes...

nope, it’s not working 😢
We're sorry. We're not able to process your request right now. Please try again later.

Hey there!
Do I actually need to report a Transferwise account to the IRS or something similar? Especially if I'm using it to receive payments from overseas?

When you say "necessary," do you think Transferwise is actually forcing your hand, or are you just trying to stay on the right side of the law?

ironcyclist58 said:When you say "necessary," do you think Transferwise is actually forcing your hand, or are you just trying to stay on the right side of the law?

The second one, I guess. If I'm moving money through Transferwise into a private bank account, I just don't want to run into any stupid problems.

You’ve gotta document everything, report it, all that jazz... (I don't know the specifics, I don't really deal with that stuff) just like when you're getting funds sent straight to an American bank account.

😢

What’s your routing number? Is it 026073150?

Hey!

I added you the day after you posted about everything acting up on your end.

so, looks like my luck's run out again :/

I think PayPal support totally brushed you off the second you mentioned Transferwise; they didn't even bother looking into what was actually going on.
Try reaching out to them again, but this time mention Community Federal Savings Bank.

And what’s her deal with claiming the US government doesn't allow you to link bank accounts to a PayPal account?

Dennis Williams40 said:Does anyone know when transfers from Wise actually hit an American business account? Also—does the bank usually tack on some random fee?
I’m assuming they do, though when I move money over from Payoneer, my bank doesn't charge me anything—the USD just shows up and that's that.
Looking at the numbers now, it seems like using Wise would be slightly more cost-effective, but I'm worried that any savings will just get eaten up by whatever service fee the bank decides to slap on me...

The bank hits you with a small fee because they process the incoming wire as a foreign currency transaction. Honestly, even after accounting for the Wise fee and that tiny bit of spread on the exchange rate, it still ends up being way more convenient for me than having direct transfers hit my checking account.

Hi,
I'll soon need to move a larger sum of money (over $900) to cover my rent via a UK account. I think Revolut is great and I've used them for smaller amounts before, but I'm worried they might freeze my account to verify the source of funds—which would be a nightmare since I'm just a student. Transferwise is my backup plan, but I'm wondering about the fees if I move money from a foreign currency account (like a Euro account at Bank of America) to TW. Is it better to send it to a borderless account first and then move it, or should I just go straight for a direct transfer?

I’ve gotta say, something about this is starting to bug me. New York City works with a bank called JPMorgan Chase, and word on the street is they're known for freezing accounts on foreigners and making it impossible to get your hands on your own cash. Has anyone here actually dealt with this? Like, has anyone had their money just vanish into thin air during a transfer via New York City?