AMP account funding/withdrawal via ACH with Transferwise

May 17th, 2020, 08:18 PM

Hello all,

I'm positing this here so that it might help anyone else searching for an answer about AMP accounts and Transferwise.

I live in New Zealand and wanted to know whether I could fund my AMP U.S. account (not a Global account) with USD via ACH using Transferwise.

The answer from AMP is 'yes', and you can also withdraw from your AMP U.S. account using ACH to Transferwise.

This means a few things for non-US residents who have a AMP U.S. account:

You can use Transferwise's very competitive exchange rates to convert your currency to USD before funding your AMP U.S. account
You can avoid your bank's wire fee by using ACH to fund
You don't need to pay US$30 for each wire withdrawal from AMP
You can use Transferwise's exchange rates to convert your withdrawals to your own currency before transferring to your personal bank account.

All in all, it means $$ saved!

Cheers

May 17th, 2020, 08:19 PM

Please use the main AMP thread:

AMP Futures / AMP Global Review

This is solely based on my experience.

One word. They suck.

First they overcharged commission than what they agreed and it took more than 2 weeks to refund that $2.
It took too many phone calls and emails to get my $2 back.

Talking about phone …

Mike

AMP account funding/withdrawal via ACH with Transferwise

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AMP account funding/withdrawal via ACH with Transferwise