Are we able to use TransferWise to buy US stocks? - Seedly
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Anonymous

Asked on 06 Nov 2019

Are we able to use TransferWise to buy US stocks?

Will there be additional charges and whatnot?

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8 answers

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Bjorn Ng
Bjorn Ng
Level 9. God of Wisdom
Answered on 06 Dec 2019

Hi there, TransferWise works as a money transfer service, they do not act as the "middleman" to transfer money to your stock brokerage. If you want to purchase overseas stocks, may I recommend that you can use Interactive Brokers? You can top up in SGD and exchange to other currency through the platform, real time exchange rate as well!

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šŸ‘ 8
Jonathan Ang
Jonathan Ang
Level 7. Grand Master
Answered on 08 Dec 2019

You wont be able to do it :)

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šŸ‘ 6
Wallace Chai
Wallace Chai
Level 9. God of Wisdom
Answered on 07 Dec 2019

Not able to as it is not a brokerage firm. It is just fintech company focus on money exchange.

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šŸ‘ 4
Bibiana
Bibiana
Level 7. Grand Master
Answered on 08 Dec 2019

I love TransferWise! Their commissions are very minimum.

It is just a platform to change currencies, not a brokerage account though.

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šŸ‘ 2
Junus Eu
Junus Eu
Level 9. God of Wisdom
Answered on 05 Dec 2019

No. Why would you consider Transferwise?

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šŸ‘ 1

Unfortuantely, no. Transferwise do remittances not share brokerage.

You could use them to unbundle the FX conversion that is part of a full service broker but that's it.

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šŸ‘ 1
JC
Jon Chua
Level 4. Prodigy
Answered on 08 Dec 2019

Sorry... I don't think you can.... I think TransferWise works as a money exchange service...

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šŸ‘ 0
Choon Yuan Chan
Choon Yuan Chan
Level 9. God of Wisdom
Answered on 05 Dec 2019

No, transferwise cannot fund US stock brokerages, if they could it would have saved us a lot of foreign currency exchange fee

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šŸ‘ 0