Wise + Monzo to Receive US Payments

[jamesbrown]

I think that is again a separate thing. I doubt there is any link between the currency and third party payments, since third party payments are about money laundering risk and regulated institutions, AFAIK. You will need to contact Wise about a CHF account, but I expect they have one. I think you're just confused about/unaware of the real reason that payment was rejected.

[NowPermOutsideUK]

Thank you that is a valid point



"At the moment, you can receive money directly into your account in Australian dollars, British pounds, Canadian dollars, Euros, Hungarian forints, Malaysian Ringgit (only available for residents residing in Malaysia), New Zealand dollars, Romanian leu (only available for residents in the EEA, Switzerland, UK, Japan, Australia, Canada and USA), Singapore dollars, Turkish Lira, and US dollars"

CHF is excluded from that list which explains it - So you could not receive CHF payments from clients / third parties - Only from an account that is sent with a matching name

Does Revolut allow CHF transfers from third party / clients?

[jamesbrown]

Just be aware with Wise they do insist that the money transferred to you comes from your own personal account - If you have money coming to you even from a third party they will send it back

Source : tried to withdraw some pension money in CHF and pension provider had funds returned - This resulted in a charge which was quite annoying

You're confused. They don't accept payments from accounts that show the account holder as a third party. Payments from clients etc. are obviously fine, otherwise the whole thing would be pointless:

https://wise.com/help/articles/28981...-receive-money

[eek]

Just be aware with Wise they do insist that the money transferred to you comes from your own personal account - If you have money coming to you even from a third party they will send it back

Source : tried to withdraw some pension money in CHF and pension provider had funds returned - This resulted in a charge which was quite annoying

Evidence to back up what otherwise sounds like dodgy dealing on your behalf....

[NowPermOutsideUK]

Just be aware with Wise they do insist that the money transferred to you comes from your own personal account - If you have money coming to you even from a third party they will send it back

Source : tried to withdraw some pension money in CHF and pension provider had funds returned - This resulted in a charge which was quite annoying

[eek]

I would be more worried about dealing with a US client as a sole trader TBH.

We've already covered that in his previous set of posts and a limited company offers more flexibility but hey it's his choice and his (massive) risk ...

[jamesbrown]

No, I mean, that’s what they’re intended for. Just give your client your Wise USD account details, which should be a regular US checking account with an account number and ACH routing number.

I would be more worried about dealing with a US client as a sole trader TBH.

[Jonty789]

**MOVING SECTIONS*

Just wondering if this would be an optimal arrangement to receive payments from a US client (i'm a sole trader in UK)

I have a personal account with Monzo and have setup a US account inside my personal account in Wise to receive USD Payments
Essentially I would be receiving in the Wise US account, transferring to the Wise UK account and then transferring into Monzo account.

Does anyone foresee any practical issues here? I appreciate there's a 4.14$ charge for wire transfers in Wise but I'm comfortable with that. Also do you think most clients would be happy paying using the Wise US account details?

I appreciate my question might seem rather straight forward, but just trying to sense check myself also.

Thanks for your help.