How to Fund Your US Investing Account

by YuQing Chen DriveWealth provides a relatively large number of methods to fund your account. Want to realize your ambition in US stock market but still don’t know how to fund? Let us help you.

This article consists of four parts: global funding methods, US only, mainland China only, and other funding methods. Please search and read according to your address.

Global Funding Methods

Charge Card

Charges: 2.19~3.94%

Deposits in 2~3 business days

If you have a VISA card, MasterCard, Discover or American Express charge card, you can fund your account using your charge card. You’ll only need to visit our official website https://drivewealth.com/ , click on ‘Deposit Funds’ and login to your DriveWealth account, and choose ‘Charge Card’, then you can start funding. When typing your charge card information, please make sure the expiring date format is MM/YY. The slash ‘/’ will automatically appear after you enter the two-digit month.

The form is fully encrypted and your charge card information will not be stored. The charge card administrative fee will be 2.19~3.94% (3~3.94% for non-US based cards).

Wire Transfer

Charges: fees varies

Deposits in 2 business days

Advantages: shorter transaction time; comparatively lower fees for large amount transactions

If your online banking service is not activated, or you prefer more traditional funding methods, you may choose to fund your account by bank wire. Please provide the following information to your bank when doing a wire transfer:

Bank Name: Industrial and Commercial Bank of China (USA) NA
ABA#: 026010948
SWIFT code: ICBKUS3N
Bank Address: 202 Canal Street, New York, NY 10013 USA
Beneficiary Name: DriveWealth, LLC
Beneficiary Account Number: 1100011072
Beneficiary’s Address: 97 Main St, 2nd Floor, Chatham, NJ 07928 USA

To ensure that your deposit is processed as smoothly as possible, please indicate your email address or phone number on the ‘further credit to’ field.

 

Bitcoin settled through Bitpay

Charges: no fees

Deposits in 2~3 business days

As a US broker that provides the most funding and withdrawal methods, DriveWealth also supports Bitcoin. Following these steps:

Visit DriveWealth website at https://drivewealth.com/ , click on ‘deposit funds’ and log into your account, and then choose ‘Bitcoin’. If you already have a Bitcoin wallet and possess Bitcoin, you can simply enter the USD amount you would like to fund, and use your Bitcoin wallet on your mobile device to scan the QR code displayed on the order confirmation page. If your wallet is on the device you're using to view the order information, you can also open the payment in your wallet by tapping on ‘Open in Wallet’. If you do not have Bitcoin, you can purchase some through ‘Find a Bitcoin Exchange’ button or other links.

Usually funds will be credited into your account on the third business day after you make the deposit. However, if the value Bitcoin significantly changes during that time period, we may need additional time to process your Bitcoin transfer.

PayPal

Charges: 2.9~3.9%

Deposits in 3~4 business days

If you have a PayPal account, you can fund your DriveWealth account with PayPal.

You can visit our website https://drivewealth.com/ and log into your DriveWealth account, then, click on ‘add funds now’ and choose ‘PayPal’. Once you enter the amount you would like to deposit, the page will navigate to the PayPal login page where you can log in and finish the payment. If you do not have a PayPal account, you will have the opportunity to create one through the funding page.

The United States Only

Dwolla

Charges: no fees

Deposits in 1~3 business days

Dwolla is an ACH equivalent used for funds transactions. It is only applicable to US based accounts. Dwolla allows customers to quickly and safely fund their DriveWealth account by creating a Dwolla account, which is connected to their bank account. Even if you don’t have a Dwolla account, you can register for one through the funding page and connect your bank account to the Dwolla account.

Paper Check

Charges: no fees

Deposits in 2 business days

There is no charge for depositing funds via check, however this funding method is only applicable to US bank customers. The deposit time is generally within 2 business days of receipt. Please pay attention to the following information while writing a check:

Please make your check payable to DriveWealth, LLC; write “Account: 1100011072” on the top left of “pay to”; write your name and DriveWealth account number in the remarks column. Mail your check to: DriveWealth – 97 Main St, Chatham, NJ 07928.

Mainland China Only

China Union Pay

Charges: 2%

Deposits in 2~4 business days

Advantages: simple procedures, no need for FX purchase by oneself

If your bank card has a UnionPay logo on it, and the online banking service is activated, you can use China UnionPay online funding to fund your DriveWealth account. It is easy to fund through UnionPay, because you won’t need to purchase US dollars yourself. UnionPay will process the FX purchase for you.

To deposit funds through UnionPay, simply visit http://www.drivewealth.cn/ and click on ‘deposit funds’ to login, then click on ‘add funds now’ and choose ‘China Union Pay’. Enter the USD amount you would like to deposit, and you’ll be able to see the payable CNY amount on the order confirmation page. Then, choose your bank and make an online payment.

We recommend that you use your PC instead of mobile phone to fund, because a mobile phone may lack some of necessary plug-ins. Mobile payments are usually subject to a lower limits and your deposit may fail if entered from a mobile device.

Online Banking

Charges: $20~$40, fees varies

Deposits in 2 business days

Advantages: Shorter transaction time, lower fees for large amount transactions

If you have accounts with Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, and China Everbright Bank, you can fund your DriveWealth account through an online banking service. If you fund through online banking, and you hold USD in your bank account at the same time, you can deposit right away. If you do not have USD, you need to purchase USD first before you can deposit through online banking.

Usually banks charge a commission for online banking transactions, the total transaction fee will be about 20 to 40 US dollars. To learn more about fees or funding through online banking, please visit our Chinese official website http://www.drivewealth.cn/ and click on the link ‘add funds now’.

Dinpay

Charges: 1.5%

Deposits in 2 business days

Any bank account under your name with an online banking service can be used to fund your DriveWealth account through Dinpay. You won’t need to exchange CNY for USD, instead, you can simply deposit CNY, and Dinpay will do the currency exchange for you.

Simply visit http://www.drivewealth.cn/ and click on the button ‘adding funds now’ and select ‘Dinpay’.

Other Funding Methods

SafetyPay

Charges: 2.3% or $3 whichever is higher

Deposits in 2~4 business days

SafetyPay is available in the following Latin American countries: Brazil, Columbia, Costa Rica, Mexico, Nicaragua, Panama and Peru; and these European countries: Austria, Germany, Netherlands and Spain.

There is an administrative processing fee of $3 or 2.3% (up to a maximum of $50) for SafetyPay. After you entering the payment page, please select your country on the top right corner, and then select your bank to further finish the payment.

TransferWise

Charges: exchange rate plus commission

Deposits in 1~4 business days

TransferWise is applicable to various countries in Oceania and Europe, and it can help you to exchange your local currency for US dollars and deposit funds to your DriveWealth account. You can convert the following currencies to USD: Australian Dollar, New Zealand Dollar, Euro, British Pound, Swiss Franc, Polish Zloty, Swedish Krona, Norwegian Krone, Danish Krone, Hungarian Forint, Czech Koruna, Bulgarian Lev, Georgian Lari, Romanian Leu, and Turkish Lira.

To fund your account with TransferWise, you need to have a TransferWise account first (you can register one through their official website). You may need following information to finish your payment.

REMIT TO:
Bank Name: Industrial and Commercial Bank of China (USA) NA
ABA#: 026010948
SWIFT code: ICBKUS3N
Bank Address: 202 Canal Street, New York, NY 10013 USA
Beneficiary Name: DriveWealth, LLC
Beneficiary Account Number: AC# 1100011072
Beneficiary’s Address: 97 Main St, 2nd Floor, Chatham, NJ 07928 USA
FURTHER CREDIT TO:
First Name & Last Name (Your Full Name)
DriveWealth Account #: (Your Account Number)
Email (Your Email Address)

 

Still have question? Please send us an email at: support@drivewealth.com