Withdrawals to a US bank account

Vested Features & Support
1

I’m sure I’m not the only one facing this challenge so I’d like to hear what others have to say.

I have always funded my Vested Account from my US bank account. I was looking to withdraw funds but I didn’t see any option to choose a country other than India.

After checking with support, I found out that as per the compliance policy of DriveWealth (broker-partner), withdrawals can be initiated only to the country where the client is a resident of or the country where the client works. Since, in your case both the residency as well as employment country is India, you will be able to withdraw funds only to your bank account in India.

I found this to be double standards where Vested will accept funds from US but not return them there!

Although it is the compliance policy of DriveWealth (broker-partner) which limits the withdrawal only to the client’s country of residence or the country of employment; It’s Vested’s job to vet such policies and ensure they don’t work against their customers!

Apparently Vested currently working on a new withdrawal solution which will bring in more flexibility for withdrawals. I can only hope that this solution doesn’t entail incurring currency exchange losses and comes to life sooner.

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Hi @Ethical_Investor
Thank you for raising this, we completely understand your frustration and are actively working on this.

We are working on building a solution, and from March you should be able to withdraw back to US, if you have a valid Bank account and a reason to maintain account in US, you should be able to do the same. Also, there will be no currency exchange losses on USD to USD Withdrawal. Thank you for your patience on this one.

Regards,
Samveg

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That’s awesome! Looking forward to using this new feature.

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Are you able to withdraw money to US bank account? I also use my US bank account to invest through Vested. I am a tax resident in India. I want to withdraw money to my US bank account.
Vested mentioned we need to give a valid reason for withdrawing money to US account, what reason should be given? I just like to add money to US bank account for future investments. I don’t want to keep in Vested wallet.

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Hi @Ethical_Investor

We have enabled the new flow for you. This allowes USD Withdrawals as well as in all major currencies. Hope this helps. Thank you.

Regards,
Samveg

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Hi @Ritesh_Quantum_306

Hope you had a great weekend. We have enabled the new Withdrawal flow for you. You would now be able to withdraw in USD. Please note that withdrawal to a bank in a country which is not your tax resident is on approval basis. You need a reason to have a bank account in another country - United States in this case.

Once you add your bank account, and fill in the reason for holding the bank account, out team might reach out to you for confirmation. Once approved you can withdraw to your USD account. This is a one-time annual process and is not needed again and again. Hope this helps. Thank you.

Regards,
Samveg

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@Ritesh_Quantum_306 @Ethical_Investor can you guys please help and let me know which banks US bank account you guys use.

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Chase