Etrade brokerage online SWIFT wires

[Jingthing]

I had thought this service was disabled for some years but I just checked and it appears that Etrade does now support SWIFT wires online to foreign accounts, at least if in the same name.

I haven't actually tried it yet, but it looks like a go from the initial part.

This isn't possible from Etrade BANK accounts. For that, you need to mail in or fax a form.

So my question is this, has anyone actually tried this recently?

Namely an ONLINE SWIFT wire from Etrade brokerage to a Thai bank account?

Actually possible? Any special issues like needing to call in for verification?

Thanks!

[Jingthing]

OK,

I can confirm that Etrade brokerage does AGAIN support ONLINE SWIFT transfers. The verification is done by an email security code. Be careful though if you have changed your email address in the last three months that capability will be disabled during that time. Etrade bank still works with mailed in or faxed forms.

You are required to enter a REASON for the wire but they provide a list of "acceptable" answers.

Very convenient!

Edited June 25, 2016 by Jingthing

[TallGuyJohninBKK]

Thanks for posting that info, Jing... Good to know.

Normally, if I ever need to move more than ATM withdrawal money, I'll do it via a free U.S. bank to Bangkok Bank NY ACH transfer. And then pay their handling fee and small commission on the Thai BKKB receiving end.

What kind of SWIFT fee does ETrade have for their online, intl funds transfers? And I'd be wondering if they'd still take the same 1% foreign currency conversion fee on such transfers that they do when you want to use their debit card outside the U.S.

[gk10002000]

interesting because a few years ago I asked Etrade about SWIFT and the two reps I spoke with had no idea what I was talking about. Now they seem to have some SWIFT stuff back on their website and they mention that the transfer goes through Wells Fargo intermediary.

[Jingthing]

It's 25 dollars for any amount transferred.

You're sending dollars so Etrade is not doing any conversion.

Bangkok Bank ACH is great but the account I use for visa qualifying purposes is another Thai bank.

BTW, the bank I use to do ACH limits me to 2,000 dollars per transfer so even though the fee is low, that's not convenient if you want to transfer much more quickly.

Please note etrade is one of the financial institutions (most of them now) that is now more expat unfriendly.

Must have U.S. address, U.S. phone number I assume, and logon from outside the USA could cause problems.

Etrade brokerage online SWIFT is only possible if both accounts are in the SAME name!

What's kind of annoying is moving targets. A while back I was counting on doing the online wire but they had disabled it (for all). So I had to find another way to do it and luckily I had other ways, and the time to use them. That's why I suggest people set up fall back options BEFORE expatriating. But it's getting harder with the rules changes in recent years. "Know Your Client" being taken more seriously.

There is a trend now to REQUIRE U.S. mobile phone number security code verification, but Etrade brokerage, not yet.

I assume Citibank still offers online SWIFT but my experience with Citibank has been HELLISH.

Edited June 25, 2016 by Jingthing

[TallGuyJohninBKK]

There is a trend now to REQUIRE U.S. mobile phone number security code verification, but Etrade brokerage, not yet.

IME, Google Voice numbers work fine for receiving U.S. banking SMSs via the Google Voice app on one's mobile phone, or via the Google Voice's website.

Also, for those who use the MagicJack phone service from the U.S., they sometime back added SMS capability to their Android app, and it too works fine for receiving U.S. banking SMSs.

Both of those options also can receive recorded voice calls, if that's the verification route a particular financial institution is using instead of SMSs.

Edited June 25, 2016 by TallGuyJohninBKK

[Jingthing]

I'm having trouble with google voice.

It won't accept a VOIP number for setup.

Once you set it up, yes, you can forward all messages to arrive by email rather than your phone.

I don't have a U.S. mobile number which I suppose is typical for long term expats.

It's probably a separate topic though.

[taxout]

Yes, we've discussed this before.

Another problem: if you search around a bit for a work-around, you're likely to end up using a number that someone else has already used for Google Voice, and it won't work for you.