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Where I live (USA) I tried to transfer money between my Wells Fargo account (that charges large fees for foreign ATM withdrawals) and a credit union account (th
by cft 5y ago
Where I live (USA) I tried to transfer money between my Wells Fargo account (that charges large fees for foreign ATM withdrawals) and a credit union account (that required heavy bureaucracy to open a business account, that's why my main accounts are in Wells Fargo, but the credit union withdrawals at the foreign ATMs are free). Wells Fargo offered Zelle for ACH but I got confused. Then I tried transferring through Robin Hood, where I had both accounts connected. RH presented a pop-up saying that if I want to transfer to a different account from the funding account, I have to email them some documents to comply with AML. Same with WeBull. PayPal charges fees. So I came to the conclusion that the only simple way was to write myself a check, and deposit it in the phone app to the other account. And that is only permitted because checks were created before the current Orwellian financial system. But I could not write a check, because I am abroad and do not have my checkbook.
- angry_octet 5y agoThe baroque steam punk vibe of signing a cheque to yourself, then depositing it to your own account by taking a photo of it with your handheld supercomputer... I must order some more cheques. I wonder if you could just fudge it with Photoshop (Gimp)? Could you get in trouble for forging a cheque to yourself?
- HWR_14 5y agoWeird. Have you thought about using Wells Fargo's web interface to send the money? It's usually not hard to do if you have two account numbers.
- cft 5y agoBoth have to be in WF, or you have to use Zelle or wire transfer (big fees). I ended up using WF Business Pay that i used for employee payroll...
- HWR_14 5y agoThe internet says that WF has no bank-to-bank fees outside of WF. At least, as of 3 weeks ago.
- cft 5y agoCan you post a non-Zelle link with instructions?
- HWR_14 5y agoThe best I can do is post this link: https://www.wellsfargo.com/online-banking/transfers/ https://www.wellsfargo.com/online-banking/transfers/ You can add non-WF banking destinations once you are logged in. They put up a disclaimer to expect registering the account as a recipient to take up to 3 business days. Articles on the Internet from May of this year claim that there are no fees, even outside the WF ecosystem. However, they refuse to publish fees as they vary by account. I do wish you luck, and I hope that it was just a matter of that link being hard to find (they definitely try to funnel you to wire instructions.)
- mancerayder 5y agoYes, I think cryptocurrency has a potential use case of cheap international transfers. I too faced issues living abroad and transferring money back and forth from the US. There are both flat fees, making small transfers expensive, and %age costs, since banks don't give you spot price for cross currency transactions but instead skim the spread between spot and whatever exchange rate they choose. If the above doesn't sound correct to a reader here, then either you've never lived outside of the US or, please tell me how to transfer money via banks and not get fleeced.