How Wise can save you unnecessary currency fees on your next US Dollar RSU payout

You may not realise it but if you work for a US-listed company and receive RSUs or sell shares in US dollars you could be losing a lot of money paying currency conversion fees.

These are charged when you have the USD proceeds sent directly to your local GBP bank account; for example moving $50k from a share trading platform directly into a UK GBP sterling account could incur over £389 in currency conversion fees.

With the Wise account, you can get access to USD details and convert those RSUs at a low, transparent rate where the same amount would cost £125 - a 3x saving.*

*Fee calculation taken in October 2024. Saving comparison based on Wise hypothetical example using Fidelity pricing - see below.

Read on to learn how the Wise account offers a flexible solution that allows you to maximise your return on every dollar from RSUs or company share sales.

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Where and how do I lose money?

There are two ways currency conversions costs can creep in:

1. Fees incurred from your share or equity management platform when processing the transfer

2. Fees incurred from your bank account (and corresponding banks) when they convert your dollars into pounds

Fee structures vary depending on which platform your employer uses but some platforms include a currency conversion fee to process payment of your proceeds if you choose to cash out in a different currency to what your RSUs are held in.

Using Fidelity pricing, withdrawing funds in anything other than GBP could result in an additional currency conversion fee anywhere from 0.25% on funds over $150k to up to 1% for funds below $50k* of your pay out.

As an example, this could mean:

• A cost of £389 ($500) to receive $50k in proceeds - paying a 1% currency conversion fees (excl. other platform management or processing fees)

With Wise the fee would be only £125 - at least 3x times cheaper*.

*Note: Fidelity pricing taken in October 2024

Similarly, most banks typically charge a one-off fee to receive money - however there could also be currency conversion cost or mark-up on the amount transferred which is often not known until after the payment has been processed.

All of this can significantly reduce the amount you’re eventually left with.

Okay so how can I make sure I get more money from my proceeds?

Meet Wise - the app for doing things in other currencies

Get your dollars paid straight into Wise for free

With the Wise account, not only can you convert and send money quickly and cheaply, you can also receive money in other currencies for free by turning on local account details (restrictions apply).

You’ll get access to US Dollar account details (i.e. Account number, ACH and wire routing number) which allows you to get paid directly in dollars even if you are in the UK.

In the US they pay out over a system called ACH (similar to BACS in the UK) and that’s free.

Now you have all your dollars in Wise you can then convert them to GBP within your Wise account at the mid-market rate which means low, transparent fees (up to 4x cheaper than a bank*). You can do this instantly or at a later date with our Auto Conversions tool.

* Based on competitor analysis between Wise and competitors sending £250

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What else can you do with a Wise account?

You can now easily send your pounds to your local UK account and move on, but now you will want to get the most out of your Wise account.

First the basics - get the benefit of our low transparent fees at the mid-market rate to:

• Get a Wise card and avoid exchange rate markups when you spend abroad and withdraw cash.
• Use your Wise card to spend online in 40+ currencies
• Convert and send money to friends and family in over 160+ countries

Next you can level up and:

• Discover how to hold money in over 40 currencies
• Turn on Wise Interest and earn a 4.46% return on GBP, 3.24% on USD by investing in government guaranteed assets*
• Receive payments with local account details in up to 8+ currencies including USD, Euro and more.

* Note - these rates are for UK customers only.

Capital at risk. Growth not guaranteed. Wise Assets UK Ltd is authorised and regulated by the Financial Conduct Authority with registration number 839689. When facilitating access to Wise investment products, Wise Payments Ltd acts as an Introducer Appointed Representative of Wise Assets UK Ltd. Please be aware that we do not offer investment advice, and you may be liable for taxes on any earnings. If you’re uncertain, we urge you to seek professional advice. To find out more about the Funds, visit our website.

How do I get started?

You won’t need anything more than your phone and your normal photo ID document:

If you need to get an account - go to Wise or download the app and click on Create account. Next:

1. Log in, scroll right and tap Open or the + symbol
2. Select Balance and choose USD
3. Click ‘Get account details’ under the balance
4. Add 20 GBP to your account and verify your identity with your ID and a selfie
5. Then click on Payments in the menu bar - scroll to ‘Account Details’ and select US Dollar
6. Make sure you have selected the ‘Local’ tab and copy the account details and input these into your share trading platform.
7. Get paid. Save money!

You can read more about how to use your USD details here.

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What if I need to convert a lot of money?

If you are looking to sell and convert a large amount of RSUs, we know there’s a lot to consider when managing big sums of money.

That’s why we believe your transfer needs a dedicated support team — as well as a low fee*.

And you can request to speak to one of our experts who can walk you through how it all works to make the process as smooth as possible.

Just fill out this form and they’ll get in touch via email or a call back - whatever works best for you.

For more information on large transfers, watch our video guide here.

How is Wise regulated?

Wise is a financial services provider regulated in the UK, and all over the world. It is not a bank but it’s an alternative option whenever you want to receive, hold, exchange or send funds overseas.

In the UK Wise is regulated by the FCA - like banks - and has to follow stringent guidelines to keep customers and their money safe. If you have money deposited to your Wise account, it’s safeguarded and held separately to Wise’s own operating capital. This means that Wise will hold funds on your behalf in banks and secure liquid assets.

Find out more about our
security features here 🔐

What if I need help?

Wise customer support is available 24/7. The easiest way to get in touch is in the Wise app - just tap the profile button in the top left of the homescreen, and then select Help. Here you can view and ask questions about recent transactions, view handy guides to common problems, or open a live chat with an agent.

Can I convert at a later date?

With your Wise account you can convert your USD to GBP straight away at the mid-market rate or you can take advantage of some neat Wise tools to convert when you want.

• Rate Alert: Keep track of the real exchange rate and alerts you when it gets to a certain level
• Auto Conversions: Set your desired rate, let Wise watch the exchange rate for you and automatically convert when it hits.