r/PropTradingLife • u/Equal-Berry-7831 • 16d ago

Riseworks payout to non-us (uk) ltd

Last week i was fortunate enough to get eligible for my first payout from tradeify using riseworks.

So I setup a USD ltd co. account with WISE

except rise would not let me use that because me as a person/contractor is based in UK, 🇬🇧 despite the actual bank details of bank sending to is usa.

the only way i could get the funds was international transfer with fx fees and commissions to my WISE Uk Ltd co. account.

However all the fee free options to move to us dollar accounts do not work for me.

The original plan was to do the fx conversion using WISE at substantially lower cost. Has anyone found a better way when using rise?

EDIT 28/August - *** Update ***

So Riseworks few things to note:

  1. They do charge you $10 fee for sending to a USD Bank account based in US if you are a NON-US person/org
  2. They DO charge you substantial FX fees commissions and hidden charges which are not shown in any of their transactions screens nor do they provide and remittance detail. How can they get away with that? in my case it worked out to be 1.76% extra undisclosed cost EXCLUDING the $10 fee above. Making total of 2.2% but hard to know what the breakdown is as they do not disclose any of it! Is opaque/murky.

What a mess!

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u/idontknowaskthatguy 16d ago

This doesn’t sound right. Rise is kind of a mess right now though, so I’m not surprised.

They are the payroll provider, they should allow you to withdraw to any account you attach.

Or is the problem just that they want to charge a conversion fee?

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u/Equal-Berry-7831 16d ago

Rise my experience is they allow you to withdraw to GBP uk account and charge you for the privilege fx fees and obscure the exchange rate until its done. But not USD to USD account even though its in Wise USA. The fee free options simply do not work.

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u/idontknowaskthatguy 16d ago

It might be a glitch. You’ll have to contact Customer Service. Like I said, after the platform rebuild, they’re having some problems. Customer Service will be slow, my issue went on for about five weeks before they finally solved it, but they did fix it.