With HSBC closing down their US bank accounts and transferring folks to Citizens Bank with all the reported issues of them not supporting overseas addresses and requiring text messages to US mobiles only I decided to create a Wise account as they have been recommended here.
I thought I would pass on my specific experience doing this. I realize that the account is not FDIC insured but I only intend it to be used as a pass-through account to receive my US pensions and transfers from my Vanguard retirement accounts which I will then transfer to my UK HSBC account.
I already have a Wise account that I've used many times to transfer money from my US HSBC account to my UK account. Today I logged on and clicked on the link to create a checking account in USD. To complete the process I needed to deposit $20 and I chose the method using my UK HSBC mobile app.
Wise put a QR code on the monitor which I pointed my phone camera at and touched "HSBC UK" when the link appeared on my phone. My UK HSBC mobile app then appeared and I logged in using my face id as usual. A screen appeared asking me to confirm the transfer of £15.36 which I did. Seconds later $20 appeared in my Wise account!!
With the $20 in the account I then clicked on account details to get the US routing number for their bank plus my account number.
I have now initiated the process with Vanguard to add this new bank checking account so that I will have the option of transferring money to it. Currently I only have my US HSBC account set up in Vanguard so I want to have a second bank account already set up if/when HSBC US goes tits up for me.
It will take a number of days as Vanguard will send 2 or 3 small amounts to the Wise account and I will then have to report those sums back to Vanguard as part of the validation process.
I'm hoping very much this will work because I will then need to do similar for the 2 companies currently paying my US pensions.
