Transfers

[zlodnick]

My wife just opened an account with Bank of America. They have a daily limit of $3,500 per day. Would it make any difference if she used Wise, or is the limit the limit?

[CharlieH]

The limit is determined by the bank, I am not aware of any such limit with Wise.

[Gottfrid]

18 minutes ago, zlodnick said:

My wife just opened an account with Bank of America. They have a daily limit of $3,500 per day. Would it make any difference if she used Wise, or is the limit the limit?

As the limit is set by the bank, and you take money out of, or transfer to, the account. Then it will be the bank that decides the limit, not Wise. If you put money into, or send to from, WISE to/from other source, you bank will not have anything to do with that.

 

17 minutes ago, CharlieH said:

The limit is determined by the bank, I am not aware of any such limit with Wise.

We must assume he meant using the bank account together with WISE in some way.

[zlodnick]

yES, Using the bank and wise.

[KhunLA]

Depending on the bank, you can control the limits.  I just raised mine from the default 50k, to 300k THB.  I believe Wise has a limit, but it's very high, or was, so shouldn't be an issue.

[bamnutsak]

I think that $3,500 limit is when using Zelle.

 

I don't think WISE supports/accepts Zelle transfers.

 

You can fund a WISE transfer with a ACH transfer from BofA. You may have to use PLAID. I did.

 

What are you trying to do? Exactly?

[zlodnick]

We like to make large but infrequent transfers.  $9,000 once a year is the norm.

[zlodnick]

We have been with Morgan Stanley for years and it's been great, but they just informed us that because we live overseas, we must find another bank.

[zlodnick]

I think I'll go with US SS direct deposit

[mudcat]

10 minutes ago, zlodnick said:

We have been with Morgan Stanley for years and it's been great, but they just informed us that because we live overseas, we must find another bank.

I am not looking forward to the day I need to move on from JPMorganChase.  As a fallback I think we will open bank and credit card accounts with the State Department Federal Credit Union who explicitly supports expats.  Where to park my Roth and brokerage accounts is a bridge I will cross when I need to

[bamnutsak]

39 minutes ago, zlodnick said:

We like to make large but infrequent transfers.  $9,000 once a year is the norm.

 

Once a year I'd pay for a SWIFT transfer. It's $45 at BofA, and 500 baht at BBL THL at the TT rate.

 

AFAIK, you can transfer $9,000 via SWIFT or ACH (domestic), but check with BofA on limits. the $3,500 limit is just for Zelle.

 

Maybe check out Scwab and Fidelity for brokerage/IRA. 

 

[gamb00ler]

9 hours ago, zlodnick said:

My wife just opened an account with Bank of America. They have a daily limit of $3,500 per day. Would it make any difference if she used Wise, or is the limit the limit?

BofA may have different limits for different methods of doing transfers.

 

I suspect the $3500 limit is for transfers using your BofA debit card.

 

You can also fund a WISE transfer using ACH (Automated Clearing House) transfers.  There is probably a higher limit on this type of transfer.

 

The cheapest way to get the funds into WISE for a transfer is to do an ACH "push" from your BofA account to your WISE account and then use those funds to transfer to Thailand.  WISE has fees for all other funding methods but a "push" transfer from your US bank incurs no WISE fee.  I think BofA also has no fee for that type of transfer.

[Presnock]

18 hours ago, mudcat said:

I am not looking forward to the day I need to move on from JPMorganChase.  As a fallback I think we will open bank and credit card accounts with the State Department Federal Credit Union who explicitly supports expats.  Where to park my Roth and brokerage accounts is a bridge I will cross when I need to

when BOA dropped my account (50+ years) I joined SDFCU and after 4 years with them am very happy with their services, credit card too.