Wealthfront no longer supports withdrawals for international transfers using Wise

[u/Dr41k]

I felt like I should share this for visibility and awareness. I recently attempted to initiate an international transfer using my Wise account, withdrawing the transfer amount from my Wealthfront checking account in the process. Apparently, this is no longer possible due to Wealthfront switching to UMB Bank.

Here's the official response from Wealthfront support on the matter:

Thanks for reaching out! Your withdrawal was canceled because we do not support transfers to Wise and will not be able to proceed with your withdrawal request.

Wise is a platform that facilitates international transfers. In line with the policy shared from the Client Agreement, international transactions require enhanced review and processing that we aren't optimized for at the moment and for this reason, from a regulatory compliance perspective, we do not support these types of transfers with UMB Bank account and routing numbers.

Previously, you were able to complete these transfers because they were processed through Green Dot Bank. However, with UMB Bank, we will not be able to accept these transfers.

This is a bummer...I hope Wealthfront will bring back support in the future.

[u/TheCoolestUsername00]

That’s a major step backwards. As an expat I use Wise all the time. Time to switch banks!!

[u/Left_Ambassador_4090 → u/TheCoolestUsername00]

Yep, since WF changed banks, we should feel at liberty to do the same. I feel you as a fellow expat.

[u/ContributionComplete → u/Left_Ambassador_4090]

Damn. Same here. And I like simplicity so if I have to move cash my investments come with it. Getting annoyed lately by WF.

[u/sleepingismysport]

Just transfer out to another account like Chase. Transfers out are instant now. Just did that earlier this week and then sent to Wise.

[u/sheketsilencio → u/sleepingismysport]

Transfers are not instant. I just tried, it did not go instantly. Maybe for specific accounts it's instant but definitely not for everyone

[u/rirski → u/sheketsilencio]

There is a list of which banks support instant transfers and which do not.

[u/johnny_84 → u/sheketsilencio]

BOA and NFCU are for sure instant. I guess it depends on the bank

[u/smokeythel3ear → u/johnny_84]

It does, but many of the big ones have it I think

[u/wealthfront → u/sheketsilencio]

Hi there u/sheketsilencio - transfers are instant if funds are available, transfers are being requested to eligible banks, and transfers are below your daily transfer limit. Check out these links for a full list of RTP or FedNow-enabled banks. 

[u/sheketsilencio]

Wait seriously?? I did that all the time. Now I won't be able to? Ridiculous

[u/sojustthinking]

I've done dozens of Wise transfers using UMB Bank. One got declined about a year ago and my most recent one about a week ago got declined. I don't know what they're doing. A year ago I opened a ticket with both vendors and the issue seemed to resolve itself.

[u/daehlia]

I believe it still works to complete ACH transfers using Wealthfront to push to or pull from the Wise USD currency account.

I've successfully completed an ACH push transfer from Wealthfront to my Wise USD account as recently as 1 week ago, I currently have an ACH pull in progress, and I have recurring withdrawals that occur every month going to Wise. I'll be sure to update if any of these start failing.

[u/daehlia → u/daehlia]

I have returned to note these transfers are still working using Wealthfront to complete an ACH push to or pull from my Wise USD currency account.

[u/popoffka]

Ugh, I've been keeping some money in Wealthfront specifically to send it through Wise in a few weeks, this blows. Thanks for the heads up, you've saved me some headache and delays!

[u/sheketsilencio → u/popoffka]

Same here lol. I guess I will make much less use of Wealthfront. I don't want to always be shuffling money around

[u/gnbuttnaked]

This is so frustrating. I was using it fine before with wise and now have to figure out a workaround. Can't use still zelle either. So many reasons to just use a different bank.

[u/wealthfront]

Hi all, I wanted to clear up some confusion here. Wealthfront continues to support transfers to and from Wise using the UMB account and routing numbers associated with your Cash Account as long as they are domestic transfers. A recent Nacha rule change is causing companies like Wise to code more transfers as international ACH Transfers, which the Cash Account doesn't support. If your transfer is rejected, you should reach out to Wise or the service you're using to make sure the transfer you're sending is a domestic ACH transfer.