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AMP account funding/withdrawal via ACH with Transferwise


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AMP account funding/withdrawal via ACH with Transferwise

  #1 (permalink)
Christchurch
 
 
Posts: 16 since May 2020
Thanks: 8 given, 4 received

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:
  1. You can use Transferwise's very competitive exchange rates to convert your currency to USD before funding your AMP U.S. account
  2. You can avoid your bank's wire fee by using ACH to fund
  3. You don't need to pay US$30 for each wire withdrawal from AMP
  4. 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


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