Free International Wire Transfer via Fidelity in 2021

Free International Wire Transfer via Fidelity or Vanguard:

It was time to make a deposit with our Kenya tour operator for our next trip in January. If you need to transfer money to another country and the receiving party wants the money in their own currency, you can use an international money transfer service such as OFX or TransferWise.

Once the money is received in the United States, the international money transfer service sends the converted currency to the intended recipient in the destination country. Your service charges are usually a small percentage of the amount you transfer, sometimes included in the reported exchange rate increase. Check out the previous article on the best international money transfer: TransferWise, OFX.

However, our next trip to Kenya was valued in US dollars and the tour operator wanted to receive US dollars, not Kenyan shillings. Apparently, they can keep US dollars in their Kenyan bank accounts. If you don’t need to convert a currency, an international bank transfer is suitable. If you need to send an international bank transfer, it usually costs less than a bank or credit union to open a brokerage account.

I used Fidelity for this Kenya bank transfer. For me, it was completely free. If you do it through Vanguard, it only costs $ 10; the fee does not apply if you are a large client (with $ 1 million or more in Vanguard funds and Vanguard ETFs). In comparison, Bank of America charges $ 45 for an international bank transfer in US dollars. Credit commitments aren’t necessarily better. Alliant Credit Union charges $ 50 for an international bank transfer.

The reason a wire transfer via a brokerage account costs less than a bank is that the broker sees wire transfers more as an extra service to keep you a customer of their basic investment services. This is not a profit center for them.

Loyalty redemption from

Fill out a withdrawal form to send a one-time transfer from a regular Fidelity brokerage account. If you don’t have enough money in your Fidelity brokerage account, you will need to transfer the money there first. Remember to use ACH pressure, not ACH traction; otherwise, the money withdrawn can be withheld at the source. Fidelity displays a router number and account number for each trading account. You can use these two numbers to link it to your bank account and then transfer funds from your bank account to your Fidelity brokerage account.

Correspondent or intermediary

Fidelity’s withdrawal form contains a section for information on a correspondent or intermediary. These two terms are used interchangeably. A correspondent bank is a bank where the receiving bank has an account. When the sending bank does not have a direct relationship with the receiving bank in another country, the sending bank sends the money to the correspondent bank. The correspondent then acts as an intermediary (hence the name): he credits the receiving bank’s account before instructing the receiving bank to further credit the receiving party (electronically called the beneficiary).

The correspondent bank can charge a fee to act as an intermediary, usually between $ 10 and $ 15, but it can also be done for free, especially if the correspondent bank is in the same residence as the receiving bank. Choosing the right correspondent bank can also save you money. The receiving bank usually has one or more correspondent banks for each major currency. If you are unsure which correspondent bank to use, ask the receiving party to obtain this information from your bank. Or you can see if the receiving bank has a sister bank in the US (usually New York)

Guarantee of access to the medal

The Fidelity withdrawal form stipulates that a single bank transfer is guaranteed to sign the medal. A guarantee for signing medals is not the same as having your signature notarized. Only financial institutions can issue a signature guarantee for medals. It is mainly used by brokers to transfer assets. Many banks no longer offer guarantees for medal subscriptions.

When I left the signed form at a Fidelity office near me, the representative confirmed my identity. Maybe they put their stamp on the form after I left the office. I do not have to worry about it.

A few hours later, I called the Fidelity Post Office with the prefix Texas 817. As part of the proceedings, the representative of the news agency read some revelations and had to give oral consent. Shortly afterward I received an SMS that the telegram had been sent. A few days later, our tour operator in Kenya confirmed that they had received the money. I was very pleased with the efficiency and cost-effectiveness of Fidelity in carrying out the bank transfer

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