How To: USD Wire transfer from Schwab brokerage account (e.g. for RSU & ESPP)

#1

I spent a while working out how to transfer the proceeds from the sale of some US shares which I received from my employer. This was to avoid using Schwab’s high and hidden FX fees (estimated at 4-6%).

Here is the simple(!) two-step process:

  1. Transfer the funds into your Individual Brokerage Account.

The Wire Transfer option from the equity account is different from your individual brokerage account, i.e. it doesn’t let you specify a reference. My individual brokerage account initially showed up as “Restricted” and I was not able to transfer the funds, I had to call Schwab (0800015876) and ask them to make the transfer. This only happens in PST working hours.

  1. Initiate a wire transfer form individual brokerage to the USD account in your Revolut app

First navigate to the Wire Transfer tab:

Enter the details as shown below (you can use my personal reference, but you’d probably prefer to enter your own!):

Note that Schwab will automatically withhold a receiver’s charge - mine was $16.86. This means you cannot transfer your whole balance, you have to subtract both Schwab’s $25 and the additional charge - which you can only find out when you submit a valid wire transfer. I just subtracted $50.

My wire transfer was initiated at 16:00 GMT and completed in 30 minutes (cool-off period) at 16:33. The funds were received in my Revolut account at 09:00 the following day.

All pretty painless really, especially when it’s saving around 5% in FX fees from Schwab.

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#2

Where can I find the personal reference?

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#3

If the app does not show you the reference anymore, it means you were migrated to personal IBANs. (Reference is only necessary for pooled accounts). Just use exactly the informations the app shows you for a given currency.

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#4

Thanks, but in the Schwab wire transfer screens there is no mentioning to input my IBAN number so how would Revolut know that the money belongs to my account?

Also what should i use as the ‘account number’ (Tag59)?

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#5

Personal IBAN means it’s your personal account no. No one else uses it. Google for IBAN calculators to find out the account no bits of the IBAN.

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#6

Thanks. To make sure I understand fully, can you confirm the following:

The receiving bank for Revolut is LLOYD it seems. The account number (which is a portion of your personal IBAN) is used for LLOYD to deposit the amount to your personal account. Which is when Revolut can show it in the app. There is no need for a reference number any longer (due to the personal IBAN). Is this correct?

If I calculate my account number (Google) from IBAN, it only has 8 digits. Which is what makes me doubt because the account number in the screenshots above is much longer. And Schwab clearly states that if the account number is wrong it could result in a loss of the transferred amount. That’s why I need to be 100% sure here.

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#7

This shows how GB IBANs are constructed:

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#8

In the EAC wire transfer page, the account number field should be the full revolut IBAN.
The problem was back in the days when revolut had pooled usd accounts with reference numbers. Now that we all have our personal usd IBAN, wire transfer is the same as any other swift transfer. No need to break down the Iban to account number

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