We've started accepting USD deposits to fund your Hatch account! But before you make a deposit in USD, make sure you read this first.
To be able to deposit USD into your Hatch account, you’ll need to have made an initial deposit of NZD first ($0.10 is fine!). We’re required to do this for compliance reasons before we can accept your USD deposit. If you haven’t done this yet, check out the deposit instructions.
If you’ve made your initial NZD deposit, reach out to the team and we'll provide our USD banking details and your Hatch account reference number!
What to know when making a USD deposit:
You must include your Hatch account number as reference in the USD transfer reference field (this reference will be provided by the team)
Your USD deposit must be from an account in your name. You can use your USD bank account or preferred foreign currency platform (Wise, XE etc.), but the name on the USD account must match the name on your Hatch account. We'd hate to see your deposit rejected if sent from a business or joint account.
After you've made the deposit, you must send us a copy of the transfer receipt. This is important to ensure the USD deposit is processed to your Hatch account.
It can take 2-3 business days for USD to be processed to your Hatch account.
We don't charge a fee for USD deposits, but your USD provider might (e.g., your USD provider or the intermediary bank they use). Any fees charged for transferring USD to your Hatch account are to be paid by you, the customer. We do suggest discussing and negotiating with your USD provider to understand all or any fees to be charged.
When you want to withdraw funds from your Hatch account, you'll have to withdraw to an NZ bank account.
If you're depositing an via automated clearing house (ACH) like Wise (TransferWise) there will be a period of 30 days where you won't be able to withdraw any deposited funds from Hatch.
Please reach out to your USD provider to check whether they transfer money via an ACH.
Rest assured that the deposited funds can be used to invest immediately once it appears in your Hatch account (typically 2-3 working days following the date the payment was made).
You'll still be able to buy and sell shares with the funds, but you just won't be able to withdraw it back to your NZ bank account until the 30 day period is up, following your latest ACH deposit.