We use Alpaca to avoid commission fees since Alpaca has zero commission. You are taxed on the total profit after gains and losses, meaning the overall profit of the capital you have invested by the end of the year.
How to deposit to Alpaca via Wise
Transactions between your bank and Alpaca are handled via Wise. Follow these steps to register with Wise, open a USD account, link it to Alpaca, and initiate the deposit directly from Alpaca.
This is a general guide. Always verify the latest instructions in your Alpaca and Wise apps.
Step 1: Create a Wise.com account
- Go to https://wise.com.
- Click ‘Register’.
- Choose a personal account (unless you operate a business).
- Enter your email, set a password, and verify your identity (ID/passport may be required).
- Once created, sign in.
Step 2: Open a US (USD) account in Wise
- In Wise, open ‘Balance’ or ‘Accounts’.
- Click ‘Open a balance’ and select USD.
- Click ‘Get account details’.
- Wise will provision a US bank account for you.
- You’ll get a Routing number (ABA)
- An Account number
- Account type: Checking
- Bank name (e.g., Community Federal Savings Bank)
- Account holder name (your name)
You’ll use these details to link the account to Alpaca later.
Step 3: Add funds to your Wise account
- Click ‘Add money’ to your USD balance.
- Choose the source currency (e.g., SEK).
- Enter the amount.
- Pick a payment method (bank transfer, Swish, card).
- Follow the instructions to complete the top‑up.
- Funds are converted to USD using Wise’s rate.
Step 4: Link the Wise account to Alpaca
- Sign in to your Alpaca account.
- Go to Transfers → Deposit Funds.
- Select ACH Transfer / Bank Transfer (ACH).
- Link via Plaid if available.
- If Wise isn’t shown, choose Manual verification (Link manually).
- Enter Routing number, Account number, Account type: Checking, and your name.
- Confirm. Alpaca may send micro‑deposits for verification.
Step 5: Transfer via Alpaca (with the Wise‑linked account)
- Once linked, you can initiate the transfer directly in Alpaca:
- Sign in to Alpaca.
- Go to Transfers → Deposit Funds.
- Choose Bank (ACH).
- Select your Wise account.
- Enter the USD amount and confirm.
Alpaca sends an ACH request to Wise. You don’t need to log in to Wise to send the funds.
Step 6: Confirm the deposit
- In Alpaca, open Transfers or Portfolio.
- When complete, the USD balance will be available for trading.
Tips
- Names must match on Wise and Alpaca.
- Ensure you hold USD in Wise before starting an ACH deposit in Alpaca.
- The first deposit may take longer due to verification.
FAQ
- Do I need to convert SEK to USD in Wise first?
Yes, it’s best to hold USD in Wise before initiating an ACH deposit in Alpaca.
- Can I instead send from Wise manually?
Yes, but it’s smoother to initiate the transfer from Alpaca once the account is linked.
- Why do I see two small deposits in Wise?
Those are micro‑deposits for verification. Confirm the amounts in Alpaca.