Wire Transfers
- Thread starter firemankc
- Start date
Casey said:
I'm no expert but here's my experience.
When my wife wired a substantial sum of money from the sale of her late mother's apartment to my bank (Chase), it took less than a day from the time the overseas bank actually did the wire for me to receive it in my account. I went online and saw that it was received, but I could also have called my bank and asked if it had been received.
The overseas bank will use a code for your bank called a Swift code. When the money is credited to your account, the bank has already received the funds - it won't bounce. Bank to bank wire transfers are generally considered to be the safest way to transfer funds. The least expensive too, so far as I know. My bank charged me $15 to receive the wire. The sender has to pay also - how much depends on the country.
I can't think of any disadvantages, but maybe others can.
You can read more about them here.
We do it all the time for international sales - no problems.Casey said:
Get complete routing instructions from your bank and inform your buyer to instruct his bank to follow it exactly.
Also determine what your bank charges for incoming wire fees and any other charges.
Our bank charges a fee of $8 which we build into our shipping charge.
Ask the buyer to email you once the wire has been sent.
Do not ship merchandise until the funds have been credited to your account.
Easy to check if you do online banking.
PRO - same as getting cash and no chargeback possibility.
CON - depending on the size of your bank it may take a couple of days for funds to hit your account.
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Casey said:
I wouldn't accept it from India or Pakistan.........or NIGERIA !
Oy-Vey !
your pal,
Doug
Smorgass Bored said:
Why not?
There's no strings attached once a wire is posted to your account.
If anything, the sender of the wire assumes all the risk that merchandise will be shipped.
Of course if one receives a wire from any of those 3 countries and doesn't ship merchandise
I suppose it could be considered payback for all the BS schemes they spam the world with.
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Jerry Forsyth
Well-known member
On the advice of our banker AZB has a very small and separate account for accepting wire transfers. Once the wired money comes into this account we transfer it out to the main account.
This is because the wiring info contains both your account number and the wiring code and it is not impossible for a scammer to pull money out of your account via a dummy draft with this info. Does this happen often? No. But our banker felt it a real enough threat to set us up with the wire account at no charge.
This is because the wiring info contains both your account number and the wiring code and it is not impossible for a scammer to pull money out of your account via a dummy draft with this info. Does this happen often? No. But our banker felt it a real enough threat to set us up with the wire account at no charge.
RBC
Deceased
Jerry,
I guess someone could scam your bank that way, but they would be the ones who made the mistake. When you give someone wire transfer instructions you don't give them any more information than you give to everyone you write a check to. Yes, all that information is on every check you write!
Royce Bunnell
www.obcues.com
I guess someone could scam your bank that way, but they would be the ones who made the mistake. When you give someone wire transfer instructions you don't give them any more information than you give to everyone you write a check to. Yes, all that information is on every check you write!
Royce Bunnell
www.obcues.com
Wire Transfer
It's safe and easy. Once the money is in your account you are golden. There is no "paypal" type BS that can happen.
Your bank should have a print out with instructions. My wife works at a bank and she had me set up an account that I only use for such things. Once the money is in, I transfer it to my regular account.
It's safe and easy. Once the money is in your account you are golden. There is no "paypal" type BS that can happen.
Your bank should have a print out with instructions. My wife works at a bank and she had me set up an account that I only use for such things. Once the money is in, I transfer it to my regular account.
I Heard DIRECTLY From Mujibuhr
Get in line. I sent them my good faith money months ago.
D.
androd said:
Get in line. I sent them my good faith money months ago.
D.
if the wire transfer is via SWIFT through a bank:
swift transfers are authenticated and trusted by banks and other parties ;but they are revocable,I mean:the sender may want back the money any time before /till your account has been credited.After your account being credited,it is your money and only your instructions may cause the money go back.
İf the wire transfer happens via a swift message through a bank ,do not send the cue before your account has been credited.Swift payments have value dates.I mean:A swift wire transfer may come today but have a future value date and the bank only pays to you on the value date not before(the bank may discount the funds before the value date but if the funds demanded back by the sender before the value date the bank demands back the funds from from you) and between the wire transfer date and value date,the funds may be demanded back as stated above.so always wait for the credit to your account ;then you have the advantage.Do not act upon a copy of a swift message.
İf the wire transfer happens By paypal:
I do not have a comprehensive knowledge about paypal.But buyers can open paypal accounts and pay via their credit cards through paypal system but they do not authenticate their account opening through paperwork to Paypal system and then Paypal reverse the accounts.So a seller may surprıse when the payment which once was credited,was gone from his paypal account.This happened to me but I was the buyer
but I was very ashamed against the seller
I have no knowledge about other payment mechanisms
So, since you will send cue after you have the money,theoratically you are safe no matter from what country the money is coming on the condition that the money landed on your account except maybe paypal as I explained above.
The best is SWIFT.İt is famous,international,common everywhere but maybe operational cost for the wire transfer to the buyer may be a bit expensive.Also the receipent bank-your bank- may claim their own operational costs from you.
Regards,
swift transfers are authenticated and trusted by banks and other parties ;but they are revocable,I mean:the sender may want back the money any time before /till your account has been credited.After your account being credited,it is your money and only your instructions may cause the money go back.
İf the wire transfer happens via a swift message through a bank ,do not send the cue before your account has been credited.Swift payments have value dates.I mean:A swift wire transfer may come today but have a future value date and the bank only pays to you on the value date not before(the bank may discount the funds before the value date but if the funds demanded back by the sender before the value date the bank demands back the funds from from you) and between the wire transfer date and value date,the funds may be demanded back as stated above.so always wait for the credit to your account ;then you have the advantage.Do not act upon a copy of a swift message.
İf the wire transfer happens By paypal:
I do not have a comprehensive knowledge about paypal.But buyers can open paypal accounts and pay via their credit cards through paypal system but they do not authenticate their account opening through paperwork to Paypal system and then Paypal reverse the accounts.So a seller may surprıse when the payment which once was credited,was gone from his paypal account.This happened to me but I was the buyer
but I was very ashamed against the seller I have no knowledge about other payment mechanisms
So, since you will send cue after you have the money,theoratically you are safe no matter from what country the money is coming on the condition that the money landed on your account except maybe paypal as I explained above.
The best is SWIFT.İt is famous,international,common everywhere but maybe operational cost for the wire transfer to the buyer may be a bit expensive.Also the receipent bank-your bank- may claim their own operational costs from you.
Regards,
Timur is right - daima dogrusun 
I work in the internet payment industry. It all depends on where you are sending/receiving from.
I work with swift transfers in India quite a bit. It differs from bank to bank, even banks like ICICI take a LONG time. There is also different limits. Usually inter-bank swift transfers in countries like India are done via inter-bank draft cheques. These can take many weeks to process. You will also likely get hit with fees. Depending on the $ amount of the purchase, there can be other fees/restrictions. Starting in 2008, Indian banks were trying to focus on B2B wires rather than ones from consumers, so anything less than about 2,000 rupees was hard to get through.
For EU countries, you need IBAN numbers and such. It really all depends on location.
feel free to PM me if you want some private help/consultation. be careful with PayPal
I work in the internet payment industry. It all depends on where you are sending/receiving from.
I work with swift transfers in India quite a bit. It differs from bank to bank, even banks like ICICI take a LONG time. There is also different limits. Usually inter-bank swift transfers in countries like India are done via inter-bank draft cheques. These can take many weeks to process. You will also likely get hit with fees. Depending on the $ amount of the purchase, there can be other fees/restrictions. Starting in 2008, Indian banks were trying to focus on B2B wires rather than ones from consumers, so anything less than about 2,000 rupees was hard to get through.
For EU countries, you need IBAN numbers and such. It really all depends on location.
feel free to PM me if you want some private help/consultation. be careful with PayPal
CON: TOO EXPENSIVE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Wiring via SWIFT from the UK to the USA can cost as much as $40 per transaction.. Plus you have to decide whether to eat the charges or share them......
Wire transfers are very admin intensive for banks, too much paperwork/input, hence the cost.....
Wiring via SWIFT from the UK to the USA can cost as much as $40 per transaction.. Plus you have to decide whether to eat the charges or share them......
Wire transfers are very admin intensive for banks, too much paperwork/input, hence the cost.....