TransferWise

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Fees

We don’t charge any fees to receive deposits via TransferWise, but please keep in mind that third party fees may apply.

 

Additional wire transfer and wire transfer reversal fees charged by any originating, intermediary, or recipient bank may apply. Both incoming and outgoing wire transfer reversals are subject to wire transfer reversal fees.  Federal, state or local taxes charged by the customer's country of origin may apply.

Processing and service fees assessed by third parties may be passed through to the customer's account. Some products and services may require additional fees or transaction minimums not specifically listed here. 

 

Deposit information

 

Recipient name: DriveWealth, LLC

Recipient Address: 97 Main Street, Second Floor, Chatham, NJ 07928, USA

Bank account number: 9870304186

Bank Routing number: 022000046

Account type: Checking

Memo: Your account number 

 

Please make sure to include your account number in the additional information section of your wire request. Just copy the text in the “Memo” row found on your deposit screen in the app and paste.

 

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This is necessary for us to match your transfer to your Passfolio account and will help ensure there are no delays in the transaction.

 

Limits and minimums

You can start investing with as little as US$1!* Regarding limits, every country is unique and there might be limits imposed by regulation. We recommend you become educated on your country’s regulations about sending money overseas before depositing considerable amounts.

 

*Please see our Fractional Shares Disclosure

 

Time to reach your account

The estimated time to the money reach your account is between 1-4 business days

 

Holding period

When you fund your account with TransferWise, there is a holding period of 30 days before you can withdraw it. It means you will not be able to withdraw the amount you have deposited using TransferWise within 30 days. 

 

Currency exchange

If you are depositing via TransferWise, please check the conversion rate with the responsible third-party you’re using to transfer funds. We don’t charge any additional fees.

 

Problems with your deposit

There may be problems with your deposit if you provide erroneous information when transferring, such as:

  1. Wrong Type of Account 
  2. Wrong Branch ID
  3. Wrong Bank Account 
  1. Wrong required identification number

Also, deposits must be made from an individual account registered to your name and national ID number. If your deposit is not made from an individual bank account in your name, your money will be transferred back to your bank account with potential bank fees charged. For example, a deposit made from a joint bank account in the names of you and your partner will be returned.

To prevent problems, we recommend you confirm that you’ve entered the correct information before completing the transfer. You can also always reach us at support@passfolioapp.com if you have any questions after submitting your transfer.

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