Wiring money from Vanguard?

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Annabel Lee
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Wiring money from Vanguard?

Post by Annabel Lee »

Simple question without an easily Googlable answer: can I wire money from Vanguard to settle a real estate transaction?

Note - I don’t want to wire money to my bank, I want to wire it to whatever bank the closing/title company uses. Possible or no?

Thanks. AL
123
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Re: Wiring money from Vanguard?

Post by 123 »

It's likely possible but likely takes a couple weeks of advance planning with snail-mail paperwork that requires a signature guarantee by a bank, brokerage, etc. https://investor.vanguard.com/contact-u ... ot-on-file

The Vanguard link for the brokerage account option is broken. I would guess it's as tedious as the mutual fund account method.

The Vanguard procedure seems complex enough as to not be very useful which is an excellent way to protect someone from fraudulently wiring money out of your account without your knowledge or authorization.
The closest helping hand is at the end of your own arm.
Hiker-Biker
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Re: Wiring money from Vanguard?

Post by Hiker-Biker »

Call Vanguard and ask them. I had a mortgage pay off wired to my servicing company last year. I was asked to provide the account information for the receiving bank and to verify the information provided to VG was correct. After I gave my verbal affirmation, the wire was sent. I did wait nervously for about 12 hours before my servicing bank showed the payoff was received though.
TropikThunder
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Re: Wiring money from Vanguard?

Post by TropikThunder »

123 wrote: Fri Feb 26, 2021 11:25 pm It's likely possible but likely takes a couple weeks of advance planning with snail-mail paperwork that requires a signature guarantee by a bank, brokerage, etc. https://investor.vanguard.com/contact-u ... ot-on-file

The Vanguard link for the brokerage account option is broken. I would guess it's as tedious as the mutual fund account method.

The Vanguard procedure seems complex enough as to not be very useful which is an excellent way to protect someone from fraudulently wiring money out of your account without your knowledge or authorization.
The text below the links says they require a Medallion Signature too, surely it would be easier to just do it via one's regular bank.
Nutmeg
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Re: Wiring money from Vanguard?

Post by Nutmeg »

I researched this issue on the Vanguard website this week, and concluded there were other easier ways to transfer money than by wiring it from Vanguard to the ultimate recipient (the mortgage division of my bank).

I completed Vanguard’s wire transfer form that I found online, and then realized that the form required me to snail mail it to Vanguard, which could take weeks. According to the form, I could choose to ask Vanguard to verify the wire without a medallion signature guarantee by providing my phone number, which Vanguard would then call to obtain voice verification (which I previously set up) once it had reviewed the form. The wire transfer form then said that if Vanguard failed to reach me, it would cancel the transaction.

This seemed time-consuming and had a potential for failure, so I arranged online for Vanguard to transfer the money through EFT to my bank account, which I had previously linked to Vanguard. In my case, the ultimate recipient happened to be a division of my bank, which then was able to pull the money from my bank account with just a telephone call from me.

My situation is different from that of the OP in that the ultimate recipient in my case happened to be affiliated with my bank, but I am relating what I learned in case it would be helpful to the OP or others.
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HueyLD
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Re: Wiring money from Vanguard?

Post by HueyLD »

Annabel Lee wrote: Fri Feb 26, 2021 10:50 pm Simple question without an easily Googlable answer: can I wire money from Vanguard to settle a real estate transaction?

Note - I don’t want to wire money to my bank, I want to wire it to whatever bank the closing/title company uses. Possible or no?
How many weeks of lead time do you have?

As others pointed out, it can be a very long process especially in this COVID environment and the tax season.

I highly recommend that you use a REAL bank to do important wire transfers.
toblerone
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Re: Wiring money from Vanguard?

Post by toblerone »

Yes, I did it to purchase a house last year. Wired money from my VG account directly to the closing account. No medallion signature necessary. I called the week prior to ask about it and the VG rep gave me instructions.
Call_Me_Op
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Re: Wiring money from Vanguard?

Post by Call_Me_Op »

Annabel Lee wrote: Fri Feb 26, 2021 10:50 pm Simple question without an easily Googlable answer: can I wire money from Vanguard to settle a real estate transaction?

Note - I don’t want to wire money to my bank, I want to wire it to whatever bank the closing/title company uses. Possible or no?

Thanks. AL
I did this with Fidelity but physically visited one of their centers and asked them to handle it. You do need to be careful to wire it to the right place.
Best regards, -Op | | "In the middle of difficulty lies opportunity." Einstein
Random Poster
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Re: Wiring money from Vanguard?

Post by Random Poster »

toblerone wrote: Sat Feb 27, 2021 2:00 am Yes, I did it to purchase a house last year. Wired money from my VG account directly to the closing account. No medallion signature necessary. I called the week prior to ask about it and the VG rep gave me instructions.
Same here.

No issues whatsoever.

Call up Vanguard, tell them you want to wire money from your account to X, and then give them the wire instructions over the phone. It was a several hundred thousand dollar amount and no paper signatures were required from me, only had to answer some confirmation questions over the phone (plus the whole “my voice is my password” initial screen).

I think that you have to get the wire order and instructions in by 11 Eastern Time for a same-day wire, but don’t quote me on the time. You probably have until noon, but I just remember wanting to get it all done first thing in the morning to be safe. I also over-funded the closing amount and sent it a few days before actual closing date, but that is probably overkill for most people.
Nowizard
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Re: Wiring money from Vanguard?

Post by Nowizard »

It worked simply for us. The only issue is that scammers can tap into Realtor computer systems. Be sure you have gone to the closing office to verify the address for sending funds, then check to see they arrived when notified they have been sent. Other than that, it should go smoothly. If you have not wired from Vanguard previously, they will perform test wirings to be certain everything is set up correctly. Those took a couple of days in our case.

Tim
Scorpion
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Re: Wiring money from Vanguard?

Post by Scorpion »

I'm resurrecting this thread to provide some info and to ask a question. I have been able to easily wire from Vanguard a number of times, as long as it is a next-day wire, which probably doesn't work for home closings. I call 877-662-7447 and say wire transfer. But, I am experiencing HUGE hold times lately. Had 1.5 hours in early November, and I am going on 43 mins right now and still waiting. Does anyone know a magic number to call to facilitate these wires? They MUST be done on the phone - no way on the website. Is there a way to get Vanguard to call you back so I don't have to hold? I am a Flagship member, but there's no specific person listed on my account like there used to be, and I think when I called Flagship earlier this year, I got directed to the number above. Any shortcuts would be appreciated!
gips
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Re: Wiring money from Vanguard?

Post by gips »

yes, call the vanguard brokerage phone, tell the vr system that you’d like to make a trade, wait time under 5
mins. this has been documented several times here on bh. i made an re escrow payment next day without a problem.
59Gibson
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Re: Wiring money from Vanguard?

Post by 59Gibson »

HueyLD wrote: Sat Feb 27, 2021 12:54 am
Annabel Lee wrote: Fri Feb 26, 2021 10:50 pm Simple question without an easily Googlable answer: can I wire money from Vanguard to settle a real estate transaction?

Note - I don’t want to wire money to my bank, I want to wire it to whatever bank the closing/title company uses. Possible or no?
How many weeks of lead time do you have?

As others pointed out, it can be a very long process especially in this COVID environment and the tax season.

I highly recommend that you use a REAL bank to do important wire transfers.
I second this advice. I spoke with Vanguard about wires for RE transaction and it did seem burdensome, maybe it's changed?
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MP123
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Re: Wiring money from Vanguard?

Post by MP123 »

Scorpion wrote: Tue Nov 30, 2021 2:37 pm I'm resurrecting this thread to provide some info and to ask a question. I have been able to easily wire from Vanguard a number of times, as long as it is a next-day wire, which probably doesn't work for home closings. I call 877-662-7447 and say wire transfer. But, I am experiencing HUGE hold times lately. Had 1.5 hours in early November, and I am going on 43 mins right now and still waiting. Does anyone know a magic number to call to facilitate these wires? They MUST be done on the phone - no way on the website. Is there a way to get Vanguard to call you back so I don't have to hold? I am a Flagship member, but there's no specific person listed on my account like there used to be, and I think when I called Flagship earlier this year, I got directed to the number above. Any shortcuts would be appreciated!
I've called the Flagship number on the statement, not the one you have above. Maybe a five minute wait and a very easy wire transfer. You do have to plan around the next-day arrival but that's not a big deal for a real estate transaction. Be sure you have voice verification set up first.
Scorpion
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Re: Wiring money from Vanguard?

Post by Scorpion »

MP123 wrote: Tue Nov 30, 2021 3:43 pm
Scorpion wrote: Tue Nov 30, 2021 2:37 pm I'm resurrecting this thread to provide some info and to ask a question. I have been able to easily wire from Vanguard a number of times, as long as it is a next-day wire, which probably doesn't work for home closings. I call 877-662-7447 and say wire transfer. But, I am experiencing HUGE hold times lately. Had 1.5 hours in early November, and I am going on 43 mins right now and still waiting. Does anyone know a magic number to call to facilitate these wires? They MUST be done on the phone - no way on the website. Is there a way to get Vanguard to call you back so I don't have to hold? I am a Flagship member, but there's no specific person listed on my account like there used to be, and I think when I called Flagship earlier this year, I got directed to the number above. Any shortcuts would be appreciated!
I've called the Flagship number on the statement, not the one you have above. Maybe a five minute wait and a very easy wire transfer. You do have to plan around the next-day arrival but that's not a big deal for a real estate transaction. Be sure you have voice verification set up first.
As I recall, the Flagship person transferred me to the number I posted above back when I did my first transfer in the spring. I guess I can try flagship again and see if they are capable of doing wires themselves instead of transferring me.
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