Has anyone here sent international wires from State Department Federal Credit Union? I’d like to hear how it went.
Background: I’m taking a 401(k) distribution from Fidelity, and Fidelity will only pay it out to a domestic checking account by EFT. No concerns over the taxes and penalty. I won’t go into why my existing US accounts are bad options. My problem is purely finding a good account to receive the money and then wire it abroad.
What I need is an account that Fidelity can link to and pay out to, and that lets me send international wires online without calling in or flying to the US. I also no longer have a US residential address, so the bank has to accept a foreign one.
Plenty of people pointed me to Schwab. Because of my foreign address, Schwab said I could only open their international brokerage account, and that the process would be smooth. It hasn’t been. Getting the account opened took repeated contacts over issues they had told me wouldn’t happen. Once it was open, linking external accounts inside Schwab kept failing, and Fidelity couldn’t link the Schwab account either, even though I entered the checking routing and account numbers exactly as given. I’m done with Schwab.
Then someone mentioned SDFCU. I joined American Citizens Abroad and applied for SDFCU accounts yesterday, and I’m waiting to hear back. While I wait, I’d like to learn from people who have actually used them:
Have you had trouble receiving a large incoming transfer at SDFCU? What happened, and how did you resolve it?
Have you wired a large sum from SDFCU to a foreign bank account? Did you do it completely online? Did it go through smoothly?
Or, have you used Wise to internationally wire a large sum? I have a new Wise account, but I feel insecure to use it, since it is not a traditional bank and not insured. In addition, if it fails to receive the 401(k) from Fidelity, the money can't be returned back to the plan.
Anything else I should know before I rely on them for this? I don’t want my money stuck somewhere, or staying up many nights dealing with their representative because of the time difference.
There’s an older thread here about SDFCU, but it’s about eight months old, so I’m starting a fresh one. Someone in that thread asked whether SDFCU blocks foreign IPs. I had no trouble reading their site or submitting my application from Taiwan, so maybe they block certain ranges rather than all foreign traffic. For what it’s worth, Colorado state sites block me constantly, and I’ve had to use a VPN just to pay bills there.