How to wire your money to MyConstant via Prime Trust
We’re trying to get less custodial on MyConstant. That’s why for orders over $2,000, you need to wire your funds to our insured custodial partner, Prime Trust.
Prime Trust only accepts wire transfers, not ACH. They also require you to attach your reference number (pictured below) to your wire request. Without this number, they won’t know whose account to credit the funds.
We know that wire processes can be a bit confusing so we want to talk you through a couple of things you should be aware of when wiring from your bank.
Wire transfers often cost money
Wire transfers allow you to transfer funds quickly to other accounts in large amounts. But they’re considered a premium service. If you bank with a US bank account, you often pay fees for wiring money both in and out of your account. Here’s a breakdown of the wire fees for three banks we work with. (BOA = Bank of America, TD = TD Bank)
|incoming domestic||outgoing domestic|
As you can see these fees can add up pretty fast. That’s why we don’t recommend wiring anything less than $2,000 at a time to us or Prime Trust. Or better yet, open an account with a bank that doesn’t charge you fees for sending or receiving funds domestically.
A couple of other banking options to consider with lower wire fees are
- Fidelity (only a small service charge for wires)
- USAA ($20 outgoing wires)
- Credit Unions in almost all cases have lower wire fees (usually $0 for incoming wires)
- Ally Bank ($20 outgoing)
- Citibank ($20 outgoing)
Some banks have no option for wiring money online.
If, for example, you use TD Bank (not to be confused with TD Ameritrade), you must go to a branch and fill out a form to wire your money. Make sure you check with your bank whether online transfers are possible.
Not all banks have a convenient or obvious wiring process.
When you go to your bank’s online site or mobile app and click the transfer button, you might only see a screen for transferring between your personal accounts. To initiate a wire transfer, you may need to navigate to a transfer options menu where you can select the option.
Some banks like Bank of America list wire transfers with their ACH transfer options. Remember, wire transfers are usually the fastest option (same-day) as they come with a premium price tag. If the transfer is expected to take longer than a day, it’s probably not a wire.
Your bank may have limits on the amount you can wire.
Most banks have daily and monthly limits on how much a regular personal account can wire. For example, Wells Fargo has a daily limit of $5,000 and a 30-day limit of $12,500. If you want to transfer more money, you’ll likely need to take a trip to your local branch and negotiate in person.
Some banks require extra steps for wiring online.
More banks are throwing extra security measures onto their online banking. This is great for protecting your money, but also another step to consider when wiring funds. Bank of America, for example, has hard limits on the amount of money you can wire online before initiating their Safepass feature. If you want to wire more money you’ll have to get your mobile device authorized for Safepass.
Make sure your bank includes your reference number
As we mentioned earlier, Prime Trust needs to see your reference number in the wire transfer or they won’t be able to match your funds to your MyConstant account. Whether you fill out your wire form online or in person, stress to your bank this number needs to be included. We also encourage you to get a PDF of your wire receipt and send it to us as an email ([email protected]) for reference so we can make sure your funds get to your account smoothly.
Whew, that was a lot, wasn’t it? We know wiring can be a bit of a hassle but we believe the security that comes with keeping your money strictly between you and our insured custodial partner is worth the wait. Let us know if you have any further questions, and we’ll be happy to help.
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