ACH transfers to my Wise USD balance from the USD Thread poster: Jorge Rodríguez Rodríguez
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Dear colleagues,
It's the first time I have to invoice a company based in the US and I am not sure what information I have to give them in order to receive an ACH payment, which, according to Wise FAQ's, is cheaper.
I want them to send me the payment via ACH instead of a Wire transfer in order to avoid paying the Wise's comission for wire transfers.
Among the information in Wise for transfers from the US, there are the ACH number and the account number. Doe... See more Dear colleagues,
It's the first time I have to invoice a company based in the US and I am not sure what information I have to give them in order to receive an ACH payment, which, according to Wise FAQ's, is cheaper.
I want them to send me the payment via ACH instead of a Wire transfer in order to avoid paying the Wise's comission for wire transfers.
Among the information in Wise for transfers from the US, there are the ACH number and the account number. Does the client need both and I have to ask them for doing a ACH payment or do they need only the ACH number?
In addition, since the client takes her time to answer my e-mail and I have to invoice before 23rd January if a want to be paid in January, I have got another question.
Among the billing information they say that has to be included in my invoice, there is no kind of company's ID number or VAT number. Don't they have one in the US?
Thank you very much.
Jorge ▲ Collapse
| | | | Barbara Carrara 
Italy
Local time: 05:55
Member (2008)
English to Italian
+ ...
| Set all terms & conditions before you start working | Jan 17, 2022 |
Hi
Shouldn't you have discussed payment terms and method with your client BEFORE completing your assignment, rather than after?
This would have eased the paying process, both in terms of the information required in your invoice and time-wise.
So now, because of the above, plus the info you've provided, I have a feeling you may not get paid within the expected time frame.
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Commission? What commission? Some of my customers pay me through Wise and I haven’t paid any commission for the money received. The exact amount of my invoice goes directly to my bank account without any discounts every time. On the other side, when some months ago I sent money to my daughter who was living in Mexico I did pay a small commission.
P.S. I don’t know what an ACH payment is…
| | | | | Routing number | Jan 17, 2022 |
Teresa Borges wrote:
Commission? What commission? Some of my customers pay me through Wise and I haven’t paid any commission for the money received. The exact amount of my invoice goes directly to my bank account without any discounts every time. On the other side, when some months ago I sent money to my daughter who was living in Mexico I did pay a small commission.
P.S. I don’t know what an ACH payment is…
Hello, Teresa,
Thank you so much for taking part in this thread, since I know you use Wise. I agreed terms and payment method with the customer before doing the job, of course. The only problem is that it's the first time I am going to invoice an US based company and I am not sure about what information I have to include in my invoice.
Maybe "ACH payments or transfers" is a wrong name. I don't know how to call it but you have the information on the Wise Help Centre, here (https://wise.com/help/articles/2827506/how-do-i-use-my-usd-account-details?origin=topic-1pXx5wZnF7Rp83VWwzGPUv).
Maybe the ACH number is called "routing number" but I understand there are 2 ways of receiving money from the US into my USD balance. One of them takes longer but it's cheaper for both parts and the wire transfer takes shorter but it's more expensive for both parts.
In the Wise page I mentioned, there a section called "What if my sender used the wrong routing number?".
I guess they need the account number and the routing number, but its' the first time I use Wise to receive payments from somewhere.
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"If your routing number starts with 084
Your single routing number will work for both ACH and wire transfers."
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My routing number starts with 084, so, do I have to provide my routing number and the account number and ask for a ACH transfer? I think so.
Note: Sorry for the terminology. I am not used to Wise's terminology yet.
Jorge
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You need to give them the same information as Wise gives you:
USD bank account number: 9600000xxxxxxxxx
Routing number: 084009519 (probably the same as yours)
Account Holder: Your name or company name
Account Holder address: TransferWise, 19 W 24th Street, New York, 10010, United States
“Checking” account type
Bank name: Community Federal Savings Bank (CFSB)
And since it's the same information for wire and ACH, you need to tell them to ... See more You need to give them the same information as Wise gives you:
USD bank account number: 9600000xxxxxxxxx
Routing number: 084009519 (probably the same as yours)
Account Holder: Your name or company name
Account Holder address: TransferWise, 19 W 24th Street, New York, 10010, United States
“Checking” account type
Bank name: Community Federal Savings Bank (CFSB)
And since it's the same information for wire and ACH, you need to tell them to pay by ACH.
There is no VAT in the US. They have sales tax but it doesn't work the same way. You shouldn't add VAT to invoices for clients outside the EU's VAT area.
If Spain requires a NIF/TIN on all invoices to taxable entities worldwide, as Portugal does, you need to ask the client for their TIN or equivalent.
I do this every month and it works very well. I keep a modest USD balance in my Wise account for expenses in USD paid by the Wise debit card and convert the rest to EUR. ▲ Collapse
| | | | expressisverbis
Portugal
Local time: 04:55
Member (2015)
English to Portuguese
+ ...
| Yes, they have it | Jan 17, 2022 |
Jorge Rodríguez Rodríguez wrote:
Among the billing information they say that has to be included in my invoice, there is no kind of company's ID number or VAT number. Don't they have one in the US?
Jorge
It's called employer tax ID number.
You can check it here:
https://en.wikipedia.org/wiki/Employer_Identification_Number
| | | | | Tax ID number | Jan 17, 2022 |
expressisverbis wrote: Jorge Rodríguez Rodríguez wrote:
Among the billing information they say that has to be included in my invoice, there is no kind of company's ID number or VAT number. Don't they have one in the US?
Jorge It's called employer tax ID number. You can check it here: https://en.wikipedia.org/wiki/Employer_Identification_Number
Thank you so much. I have already asked the person who does all my administrative stuff for the Spanish Government about this case.
Best regards,
Jorge
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Thomas T. Frost wrote:
You need to give them the same information as Wise gives you:
USD bank account number: 9600000xxxxxxxxx
Routing number: 084009519 (probably the same as yours)
Account Holder: Your name or company name
Account Holder address: TransferWise, 19 W 24th Street, New York, 10010, United States
“Checking” account type
Bank name: Community Federal Savings Bank (CFSB)
And since it's the same information for wire and ACH, you need to tell them to pay by ACH.
There is no VAT in the US. They have sales tax but it doesn't work the same way. You shouldn't add VAT to invoices for clients outside the EU's VAT area.
If Spain requires a NIF/TIN on all invoices to taxable entities worldwide, as Portugal does, you need to ask the client for their TIN or equivalent.
I do this every month and it works very well. I keep a modest USD balance in my Wise account for expenses in USD paid by the Wise debit card and convert the rest to EUR.
Thank you so much, Thomas. Everything is clear now, since I have checked and, indeed, my routing number is the same as yours. I understand now the balance details.
Have a nice week!
Jorge
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