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Best way to wire funds?
Old 09-13-2017, 01:49 PM   #1
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Best way to wire funds?

I may be making a large purchase ($80K) and the seller is using a broker with an established escrow account.

All of my funds are in Vanguard accounts. I also maintain a no-cost checking account at a local credit union and an online checking/bill pay account with Bank of America.

It doesn't look like I can do a simple one-time wire transfer directly from Vanguard to the escrow account, so it appears I would need to do an ACH from Vanguard to either the credit union or BOA. Is that correct?

BOA has a small daily limit on wire transfers so I'm assuming I can go into a physical branch and initiate a larger amount in person.

Any recommendations?
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Old 09-13-2017, 02:20 PM   #2
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I would check with Vanguard. I just bought a house and wired the funds from Vanguard directly to the title company. After setting up the voice recognition password, it was a fairly easy process to do this over the phone.

It may be different making a payment to a broker with an escrow account, instead of to a title company, but in my dealings with Vanguard I did not hear of any specific limitations of who you could wire funds to.
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Old 09-13-2017, 02:31 PM   #3
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Call up Vanguard and ask them to wire money for you. Maybe you meant it looks like you can't click on the Vanguard web site and do it?

I've always just gone to the bank on my dog walk and taken care of it, so I haven't used Vanguard.
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Old 09-13-2017, 06:15 PM   #4
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Fidelity allows wire transfers for $10. You set it up yourself, and wire the money when you are ready.

I am sure Vanguard is similar.
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Old 09-14-2017, 07:54 AM   #5
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Quote:
Originally Posted by LOL! View Post
Maybe you meant it looks like you can't click on the Vanguard web site and do it?
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Originally Posted by Senator View Post
Fidelity allows wire transfers for $10. You set it up yourself, and wire the money when you are ready.

I am sure Vanguard is similar.
Yes, I was referring to VG's online options. They only allow for setting up ACH to external bank accounts and require the verification process of two small deposits.

I'll call them and ask about one-time domestic wire transfers. If that's something they can setup or do over the phone it would be much better than moving the funds to one of my banks and having to physically go into the lobby.
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