Questions tagged [money-transfer]

Transferring money electronically between accounts.

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94 votes
10 answers
90k views

Scam or Real: A woman from Facebook apparently needs my bank account to send money

A woman on Facebook recently contacted my dad. She asked him to get a bank account so she could send him money, and he would send money to her employees (about 12 people), and she would pay him for ...
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51 votes
5 answers
27k views

Why is transferring money online to someone else's bank account so difficult in the U.S.?

I used to live in a poor, third world country (India) where I freely transferred money between my bank account (a savings account) to accounts held by my friends in different banks, and different ...
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67 votes
6 answers
24k views

Stranger sent me $12,100

I have a small landscaping business and I advertised through Facebook. Some guy reached out to me via text message, asking me to do a job for him. He asked for a quote for installing sod in his ...
2 votes
1 answer
2k views

Transfer Money from My Account in India to my account in the USA

I am an Indian citizen living in the USA. Can I wire transfer money from the my NRO account in India to my checking account in the USA? This money, I originally wire transferred from my checking ...
-3 votes
1 answer
732 views

Is this a scam or not a scam?

I received the below email. Is is a scam or not a scam? Attention: Mohamed Atef, May the peace of the Lord be with you. Yes He left an ATM/VISA CARD with me before he traveled out of the ...
6 votes
2 answers
4k views

How does remittance work? How does it differ from direct money transfer?

I have a bank account in Germany in which I receive my salary in Euros. I want to deposit a part of it in my Indian bank account for personal savings. My Indian bank account is in INR. As I see it, I ...
6 votes
1 answer
62k views

Tax implications in India for sending money to India from US

I am planning to transfer around $8K-10K in my parent's bank account(Joint bank a/c) in India . I have read a lot of posts(like Will I have to pay taxes in India when I transfer money from a US bank ...
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6 votes
1 answer
4k views

Sending money from Canada to the US

I want to transfer money to an American bank account, but I am in Canada. What is the cheapest way to do so? MetaFilter has: USPS mail order - $700 limit, $4 charge Vanilla wire transfer (My bank ...
  • 161
4 votes
1 answer
322 views

Tax implications of non-US person family member gifting big amount of money to US resident

Let's say person A is person B's dad. Person A lives in Europe and is not in any way a US citizen/resident etc... Person B is a US resident (is there a difference between citizen and just a resident?)....
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81 votes
12 answers
43k views

A friend asks me all the time to pick up money for her (Western Union, Moneygram)

A friend of mine trades Bitcoin and often asks me to pick up money for her, i.e., someone sends money to me (on my name) and I just pick it up and give it to my friend. The amounts are usually around $...
32 votes
9 answers
15k views

How do you send money when you're not sure it's not a scam?

I've been hunting around for an apartment recently, and along with the countless posts on Craigslist, I found one with a good price but slightly strange story. The poster claims to have been sent to ...
38 votes
7 answers
12k views

Money transfer scam

I live in Croatia and my family breeds dogs. When we have puppies we list them for sale on a Croatian website similar to eBay. Every once in a while for the past year or two we get a message from a US ...
72 votes
5 answers
24k views

Why is a friend asking me to make multiple Money Gram transfers in my name using his money?

For the past few months, someone that I know casually is sending money to the Philippines every 2 to 3 days. He mentioned that the money is going to his family so that they can use it to travel to ...
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25 votes
5 answers
8k views

kids pooling money for Lego League and taxes

Based on Will I be taxed for accepting money to help needy?, I am wondering how the law goes. Suppose a kid is taking part in a school activity (e.g. http://www.firstlegoleague.org) along with a team ...
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8 votes
3 answers
5k views

What is the best way of transferring money from American to Canadian bank? [closed]

I am a Canadian that will be working in US for some time. I will still have Canadian bills to pay, so I would need to regularly transfer US dollars from some US bank to my Canadian bank account in $...
  • 875
5 votes
2 answers
340 views

Money transfer to the U.K [closed]

Has anyone used a peer-to-peer option for sending money abroad? I pay a mortgage in the U.K. and am looking at the likes of CurrencyFair or Transferwise to exchange my Euro. Are there any hidden ...
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2 votes
1 answer
516 views

I met a woman online who wants me to allow a third party to put money in my checking account to buy medicine for her mother

I've had a relationship for a month with a woman I met online. She is selling some things to make money to buy medicine from Africa for her mother. She wants me to give the buyer of the items my bank ...
1 vote
2 answers
49k views

Sent wrong payment to right IBAN but wrong SWIFT. What will happen now?

I sent a payment to the incorrect SWIFT but right account number. The money hasn't been received at the other end. What will happen now?
1 vote
2 answers
1k views

What are the options to transfer USD to CAD from within Canada?

I have a USD account with Bank A in Canada. I have a CAD account with Bank B in Canada. I would like to transfer USD money from Bank A to Bank B as CAD. What are the options available to do this ...
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1 vote
1 answer
518 views

In Canada, how can I most easily/cheaply send money to a friend online?

I'm moving from Europe to Canada, and considering the high fees for wire transfers (the default, instantaneous, cheap, online method I've always used so far), what is the most economical way to send a ...
  • 2,694
1 vote
1 answer
4k views

Can a transfer go through if the IBAN and SWIFT is correct, but the beneficiary name is wrong?

A customer of mine wants to pay me from the usa to my account with N26 bank.N26 Bank is a German online bank with no branches but available to customers in the euro-zone.I opened my account online in ...
  • 11
1 vote
4 answers
32k views

How to transfer thousands of dollars ($7000) to a friend?

If a friend wants to transfer $7000 to me, what is the best way to do it, especially if we don't share the same banks? We could do wire transfer, but that comes with its own fees. Could we also do ...
  • 1,081
-2 votes
2 answers
7k views

My sugar daddy wants me to pay a $50 conversion fee on paypal

This is the first time i’ve properly been involved with a sugar daddy and he wants me to pay $50 for the USD to AUD conversion rate on pay pal. is this a scam and should i just block him? i don’t want ...
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34 votes
6 answers
9k views

What risks are there acting as a broker between PayPal and electronic bank transfers?

I have a company offering a position as a transaction representative, they're located in Poland and say they can't take direct payments or use Paypal due to "money amount limits" on Paypal there. ...
45 votes
11 answers
17k views

Why is a transfer from an account to another not done instantly when it's not the same bank?

I own accounts at two different Romanian banks. When I transfer money to another account at the same bank, the money is transferred immediately. However, when I transfer money to an account at a ...
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6 votes
4 answers
28k views

How to do an international money transfer of a large sum of money to the U.S.? [closed]

I may need to transfer a substantial sum of money (worth more than 10K in US dollars) from Israel to US. With this, I have these questions questions: I know IRS is notified on any large transfers. ...
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5 votes
2 answers
10k views

Can I be arrested for not returning money someone else deposited in my bank account?

Someone sent me a check willingly for $4800 and now they want it back because I refused to send it to other people after it was sent in fear of me being involved in crime. And said I scammed them and ...
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6 votes
3 answers
8k views

Stranger in Asia wants to send me $3000 in Europe over Western Union because he "likes me"? [duplicate]

Of course, this raises a hundred red flags, but I was wondering, assuming: I don't have Western Union account, and would need to make one for this transfer He does not personally ask me for my ...
6 votes
2 answers
784 views

Why are ACH transfers typically free, while wire transfers cost money?

I read on finance.umich.edu: A wire is a real-time method of transferring immediate funds and supporting information between two financial institutions and is relatively expensive to use. An ACH is ...
22 votes
4 answers
6k views

High conversion fee for failed bank transfer

I asked my Swedish bank to transfer to my UK bank 50,000 euros through a SEPA payment. Unfortunately, the IBAN and BIC were old and no longer in use and the UK bank returned the money the same day, i....
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9 votes
1 answer
16k views

Why doesn't Bank of America or Wells Fargo have free ACH push or pull funds transfer?

Using my credit union's account I can do free ACH push or pull from both of my Bank of America or Wells Fargo checking accounts. However, I was wondering why doesn't Bank of America or Wells Fargo ...
7 votes
1 answer
4k views

How important is the beneficiary field in a bank transfer in the Euro zone?

When doing a bank transfer in Germany (and probably by now other countries that have Euro with IBAN and BIC) you have to give a beneficiary. In German, that is either called Kontoinhaber or ...
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7 votes
2 answers
4k views

How does a bank transfer money to another bank?

In a fiat currency if I do an electronic transfer for US$200,000 from say a Bank of America current account to Citibank how do the banks account for/handle the transfer? Are we just relying on trust ...
  • 165
6 votes
2 answers
2k views

Why can we cancel cheques, but not Western Union transfers?

I saw this thread: What should I do if I lost money in a scam? and one of the comments remarked it may be a double-con, where the real scammer has talked one victim into opening a bank account to ...
  • 1,797
4 votes
1 answer
2k views

Transferred money to an Intermediary Bank Account by mistake

I am having a problem with transferring money to pay for my tuition fees. The university has sent me these payment instructions: I have transferred the fees directly to the intermediary bank account ...
4 votes
2 answers
4k views

Do IBANs have error correction built in?

I recently became the bursar of my sports club. My most frequent duty is to make payments. I get a bill, usually on a piece of paper, log in into our bank's online banking interface, and make a SEPA ...
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4 votes
1 answer
1k views

How can I determine the exchange rate and fees that were applied to an international wire transfer?

I received a wire transfer from Europe a while ago. The money was sent as EUR and converted into USD by HSBC. Since the incoming transaction showed an amount that was around 3% less than expected, I ...
3 votes
1 answer
2k views

Transferring money from Indian NRE account to UK

I am an Indian citizen with permanent resident status in the UK and I need to get some money from India to UK to purchase a property. My father will be gifting me the money and he has the money in his ...
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2 votes
3 answers
17k views

How to send money from my Indian bank account/debit card to my PayPal account?

I have a verified PayPal account which I'm using for the last 3-4 yrs. I want to buy a book from a web site, but PayPal is the only option listed for payment. I have money in my bank account, but I ...
2 votes
0 answers
60 views

tools/means to money transfer from India to USA legally [duplicate]

I see questions Legality and transfer for EB5, but does not answer on how to do the money transfer from India to USA. For USA to India transfer there are many websites/and Bank. I left India about ...
  • 999
2 votes
2 answers
526 views

Part time job offer where employer's customers sends money to my bank account and I send it to my employer [duplicate]

I am a teenager looking for a job to earn some side income while studying, but I am very uneducated on bank transfers and such. I found this job offer and I do not know if this is legitimate or a scam,...
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1 vote
1 answer
1k views

Why can't poor countries just print more money? [closed]

I know this is a really silly question that is really obvious, but what's stopping a country from just printing out a few more billion of their own currency and then using that money to buy goods from ...
1 vote
1 answer
54k views

How can my Canadian friend send me money in the United States? [duplicate]

I purchased some merchandise for a friend who lives in Canada. She wants to pay me for these items. What is the best way for her to do this?
1 vote
3 answers
160 views

Why do SEPA transfers involve no or minimal fees, while SWIFT transfers may cost anywhere between $15 and $45?

I read on moneytransfers.com (mirror): SEPA transfers involve no or minimal fees, while SWIFT transfers may cost anywhere between $15 and $45. Why do SEPA transfers involve no or minimal fees, while ...
1 vote
1 answer
3k views

Transfering money from NRE account in India to family member

I am a US citizen and I want to transfer some amount 10 lakhs+ to my brother from my NRE account in India to his account. My brother is going to purchase something for his business. He is going to ...
  • 171
1 vote
2 answers
161 views

International transfer: who determines the exchange rate?

I live in country A and work for a company located in country B. Every month, my salary (in USD) is paid via international transfer, and an exchange rate is applied for converting it to my local ...
1 vote
2 answers
1k views

What are possible ways to transfer money from India to other countries and getting transferred from other countries to India?

Lets assume I want to send huge amount of money (in millions) from India to other country say United States and vice-versa and to be specific transferring online.
0 votes
1 answer
217 views

Safe and cheap way to send money from Canada to South America [closed]

Does anyone knows how to send money from Canada to a country in South America in a safe and cheap way? In the past I transfered from my bank account here in Canada to a South American bank account ...
0 votes
1 answer
65 views

Looking for cheap international bank to bank transfer in USD [closed]

I would like to transfer money from US bank account to a foreign (Poland) USD bank account. So no currency exchange involved. It seems that most services assume the currency exchange. The sites of the ...
0 votes
1 answer
2k views

Can a transfer go through if the IBAN and SWIFT is correct, but the address and country of the bank is wrong?

A customer of mine wants to pay me from the usa to my account with N26 bank.N26 Bank is a German online bank with no branches but available to customers in the euro-zone.I opened my account online in ...
  • 11