I subscribed a few weeks ago and just found this video i didn't know you had this i looked it up on search and found the person I'm already subscribed to! Haha. So my question is do you still use this to show banks your direct deposits? And if you dont have you heard if banks still allow this method? Any updated info would be appreciated
I used it a lot last year when i didn't have a real job. It works more often than not. Now that i have a real job, I use a real DD. It's not that banks allow it, it's that their system isn't coded in depth enough to tell the difference, so it works but it probably shouldn't.
Strangely sometimes “Payroll” does seem to make a difference even when you don’t need a human to review. Juno for example only recognized Wise as a DD when you typed Payroll. I had several people tell me that it didn’t count when they forgot to add Payroll. I have no idea why writing Payroll should actually play a factor to the bank’s computer system but in some instances at least it does. 🤔 And at least twice I’ve messaged chat support and gotten them to manually add the bonus where it said Payroll so you’re right on there
If you do an ACH push from your bank account into Wise that won’t cost anything and once the funds are in your Wise account it only costs 39 cents to send money to any account you want. The bigger fees are from doing an ACH pull that you initiate from Wise. So just avoid that
@@journo8541 initiate an ACH transfer from the bank that you want to use to send money to Wise. If you want to send money to Wise from Chase then initiate the transfer from the Chase app. It will be cheaper than if you initiate the transfer from the Wise app.
I believe you can fund Wise that way. I don't because the transfers are quick and I don't always need Wise. Didn't want to leave money over there until needed.
Can I use Wise as a personal account? Sofi didn’t accept my ACH deposit as deposit for the bonus. So, when you say sole you mean personal account or I need another kind of account?
I don't think it being personal or business changes how the transaction is sent. What does changes is the sender name. Mine says Profitable Content LLC - Wise. Opposed to my name - Wise. This can help if you have to argue with the banks. Wise did ask for documentation for the LLC though. That's why most people end up doing a personal account. Sole prop would work but it's still your name in the transaction line since it's also the company name
RJ, how did you manage to get these guys to add your account to your business profile? Normally it would happen automatically. You wouldn't need to do anything, but now they say - pls ensure that your bank transfers money to us and then...we'll pay whoever you want to pay.
I never put money with Wise. I added my home bank account to fund transfers. The destination bank as a payee and then setup the payment to go to that bank. Wise takes it from one and sends to the other in a day or so
@@RunonTheBank Not for me. They failed to connect to my home bank. And they want me to do it for them. Did you ever talk to their customer support on the phone?
I setup a go2bank and setup a wise personal account did the tranfer it just shows up as achin on go2bank yes i did put payroll in the comments and still no bonus it has been almost 2 weeks now
Mine showed the same for GO2 bank. Doing Wise transfers has counted towards GO2 waiving the monthly fee. I'd imagine it'll work but you can try a few other things to be safe like biz account transfer
Not to be confused with Wisely. Only drawbacks I see is nothing seen about FDIC insured and if with some banks it does not code as payroll. Though it sounds like it works for a good amount of them. Good thing RJ you can pay yourself though this or elsewhere.
Rarely comes up lol. If you have more in depth questions, feel free to email me and I can take a look. Email is on the channel page or on the blog contact section.
It'd be easier to open a real bank account that allows for CC funding. Wise will charge a fee. Something like BluPeak, or US Bank Business checking. But, yes you could do it and it should count. I funded my US Bank biz checking with my new BofA card and got the bonus. Make sure to call the issuer and lower your cash advance fee as low as possible first
@@RunonTheBank thanks for answering, i was referring to actually add money to wise using my card online with apple pay without cash advance, won’t they “ban” me if they see such thing? Because i’m not spending anything it’s money that goes from me to me”
Nice idea, RJ (using Wise to mimic direct deposit income to satisfy bank bonus requirements), but unfortunately it didn’t work for me with SoFi. Eventually I decided to close my SoFi account because I wasn’t getting a competitive bank interest rate. 😔
Test your skills - www.profitablecontent.com
I subscribed a few weeks ago and just found this video i didn't know you had this i looked it up on search and found the person I'm already subscribed to! Haha. So my question is do you still use this to show banks your direct deposits? And if you dont have you heard if banks still allow this method? Any updated info would be appreciated
I used it a lot last year when i didn't have a real job. It works more often than not. Now that i have a real job, I use a real DD.
It's not that banks allow it, it's that their system isn't coded in depth enough to tell the difference, so it works but it probably shouldn't.
Strangely sometimes “Payroll” does seem to make a difference even when you don’t need a human to review. Juno for example only recognized Wise as a DD when you typed Payroll. I had several people tell me that it didn’t count when they forgot to add Payroll. I have no idea why writing Payroll should actually play a factor to the bank’s computer system but in some instances at least it does. 🤔 And at least twice I’ve messaged chat support and gotten them to manually add the bonus where it said Payroll so you’re right on there
Interesting, who woulda guessed the system was looking for actual words. I figured it'd be based on transaction type. Always good intel sir
i think the fee's will be an issue,,,if it's 3% them that can add up when some of the requirements are for several months and 500 or more....
If you do an ACH push from your bank account into Wise that won’t cost anything and once the funds are in your Wise account it only costs 39 cents to send money to any account you want. The bigger fees are from doing an ACH pull that you initiate from Wise. So just avoid that
Fees haven't been bad so far doing ACH's. Cost me about $3 for the Jovia transfer to make $150. Or what Channing said to help save a few dollars
$3 cost for $150? Sounds worth it to me. @@RunonTheBank
@@Channing_GoslingI’m kinda confused. What do I have to do to not eat the 3% percent every time?
@@journo8541 initiate an ACH transfer from the bank that you want to use to send money to Wise. If you want to send money to Wise from Chase then initiate the transfer from the Chase app. It will be cheaper than if you initiate the transfer from the Wise app.
Do you always use wise for DD requirements or do you try just pushing ach from ur llc first?
I did last year but I have a real job now so I use real DD. Wise is easier than playing the guessing game to me
Why cant I do an ACH transfer from a connected account to add money to Wise?
I believe you can fund Wise that way. I don't because the transfers are quick and I don't always need Wise. Didn't want to leave money over there until needed.
Trying this for the first time currently with BMO. Personal wise account with “Direct Dep” in the note. 🤞
Worked for me.
Good hunting and let us know how it works
@@RunonTheBank just checked and it showed as PPD. i think that means im good?
@@tdelgado1138 That is a good sign. Prearranged Payment Deposit (PPD)
Can I use Wise as a personal account? Sofi didn’t accept my ACH deposit as deposit for the bonus.
So, when you say sole you mean personal account or I need another kind of account?
I don't think it being personal or business changes how the transaction is sent. What does changes is the sender name. Mine says Profitable Content LLC - Wise. Opposed to my name - Wise. This can help if you have to argue with the banks.
Wise did ask for documentation for the LLC though. That's why most people end up doing a personal account. Sole prop would work but it's still your name in the transaction line since it's also the company name
Can you still do it without an LLC or sole proprietorship?
If you do it as a personal our name will pop up and could you write 'Payroll'?
They offer personal accounts. You likely get the same data field. The transaction line will have your name opposed to a business name
RJ, how did you manage to get these guys to add your account to your business profile? Normally it would happen automatically. You wouldn't need to do anything, but now they say - pls ensure that your bank transfers money to us and then...we'll pay whoever you want to pay.
I never put money with Wise. I added my home bank account to fund transfers. The destination bank as a payee and then setup the payment to go to that bank. Wise takes it from one and sends to the other in a day or so
@@RunonTheBank Not for me. They failed to connect to my home bank. And they want me to do it for them. Did you ever talk to their customer support on the phone?
@@marypac4882 No. They messaged me once requiring LLC documentation. After that, no contact.
@@RunonTheBank What documentation do they want?
@@headlibrarian1996 Articles of incorporation for the LLC
Great video Ryan!! So helpful!🙂❤
Is Wisely by ADP the same type of service as this Wise company?
No. Wise started for sending money abroad in different currencies but it also works for our purposes. Not sure about Wisely
Does this work with Sofi?
Not sure, Sofi has gotten more strict in the past years
Does it work with Amex Checking?
To trigger a DD? It would probably work
Maybe if it’s a business account. I think it has a built in DD capability for a small fee.
I setup a go2bank and setup a wise personal account did the tranfer it just shows up as achin on go2bank yes i did put payroll in the comments and still no bonus it has been almost 2 weeks now
Mine showed the same for GO2 bank. Doing Wise transfers has counted towards GO2 waiving the monthly fee. I'd imagine it'll work but you can try a few other things to be safe like biz account transfer
Not to be confused with Wisely.
Only drawbacks I see is nothing seen about FDIC insured and if with some banks it does not code as payroll. Though it sounds like it works for a good amount of them. Good thing RJ you can pay yourself though this or elsewhere.
I don't have their bank account. Just send it as Wise being the middleman. Waiting till they offer some kinda promo to get their bank account
Does wise send your money instant?
I've gotten transfer same day in the past. It's hit or miss. Majority are next day
What is the price to join?
Free to join. Wise makes their money on the transfer
@@RunonTheBank there is a $31 fee in the cart that I can't get rid of 😅😅
@@SledgeIncTeam Only fees I've seen are at the end for settling the transfer. Doing ACH shouldn't be that much either
Do you offer consultations ?
Rarely comes up lol. If you have more in depth questions, feel free to email me and I can take a look. Email is on the channel page or on the blog contact section.
Hello , new subscriber here! I want to know whether it's OK to fund my wise account with a credit card to get the signup bonus ?
It'd be easier to open a real bank account that allows for CC funding. Wise will charge a fee. Something like BluPeak, or US Bank Business checking. But, yes you could do it and it should count.
I funded my US Bank biz checking with my new BofA card and got the bonus.
Make sure to call the issuer and lower your cash advance fee as low as possible first
@@RunonTheBank thanks for answering, i was referring to actually add money to wise using my card online with apple pay without cash advance, won’t they “ban” me if they see such thing? Because i’m not spending anything it’s money that goes from me to me”
Any IRS dangers?
None that I know of. It's transfering money you have from one account to another. The records would also support that should anything come up
💲Happy Transfers💲 🤑👍👍
It’d be wise for the government to stop transferring from my paycheck to the Treasury General Account!
How many bricks did you buy for the Wall fundraiser years ago?
@@RunonTheBank Mexico paid for that!
Has any one had success using melio?
Melio’s terms basically forbid paying any account owned by you.
Good that Jovia paid you. Still waiting on mine. Based on your data, I should get it in a week or so.
My Jovia was weird. It took them 3 months to open my account... was shocked they paid. Don't think I'll get the referral piece but I'll take it
RJ, in your experience does Wise work 100% of the time to create a real direct deposit for every bank bonus needing one?
Not 100%. But definitely a majority of the time.
What Channing said. It's not foolproof but most of the time it comes thru for us
Nice idea, RJ (using Wise to mimic direct deposit income to satisfy bank bonus requirements), but unfortunately it didn’t work for me with SoFi. Eventually I decided to close my SoFi account because I wasn’t getting a competitive bank interest rate. 😔
@@youngalwyn1124same thing happened to me sofi is strict but it worked for capital one
@@youngalwyn1124 do you know any other ways for Sofi to recognize a fake DD from employer?
Thanks for the video
🎯💯
Based RJ
Thanks for the info + video!
Thank you