When do I need to send funds for my investment?
We typically market our offerings for 2 weeks or until an offering is fully allocated. We begin accepting funds at the end of this period. If there is significant demand for the offering, we will begin accepting subscriptions immediately, and you would have until the Deadline for Confirmation, as listed on the Offering Document, to submit a completed subscription.
By signing a term sheet, you are reserving an allocation and must complete the investment process before the Deadline for Commitment. You will be subject to a $500 termination fee if you cancel your investment after completing the investment process. The investment process is completed once you have clicked "Submit" from the Transaction Summary page. While your investment is subject to the Termination Fee, an indication of interest or a Term Sheet is not binding.
In most cases, we send a 7-day notice before the funds transfer date. We do our best to determine this date while we are collecting subscriptions. The funds transfer date is determined by whether we anticipate the Right of First Refusal to be waived or if we are not sure whether the company will or will not waive the Right of First Refusal.
Sending funds internationally with Wise
What is Wise?
Wise is an online money transfer service that is typically cheaper than most banks. It bypasses pricey international payments entirely by using two local transfers (one on the sender side, the other on the recipient side) instead of one international transaction. For more information, visit https://wise.com/us/about/our-story
Typically cheaper than most banks for sending a wire (see Wise's fee comparison)
Wise says their costs are always transparent, unlike some other services, which add a markup to the real exchange rate in addition to their fees
Arrange your transfer online and via mobile for convenience
Wise is used by over 5 million customers and processes $5 billion in transactions every month (Source: Wise)
How to use EquityZen Wise for funding:
Follow the steps below to set up Wise for funding investments. EquityZen is not responsible for any errors, delays or non-delivery of funds by your bank or by Wise.
1) Use the following link to visit Wise and create an account (or log in if you already have an account) https://wise.com/
2) Add our escrow account as a new recipient using the details below. This will save the details for the future.
Recipient Type: Business
Their email: email@example.com
Name of the business: South State Bank (Atlanta, GA)
Country: United States
Address: 3280 Peachtree Road NE
Zip Code: 30305
Recipient’s bank details:
Bank account country: United States
Routing number: 061121025
Account number: See your My Investments page when you're ready to fund an investment
Account type: Checking
3) Now that you’ve added the recipient you can “Send Money”.
4) Make sure that we will receive the required amount in USD.
5) Each time you make a transfer, you must remember to add the unique transaction reference. We need this reference to correctly allocate your funds.