Questions tagged [wire-transfer]

a mechanism to electronically transfer funds from one account to another account. Generally used to cross-border transfer, i.e. moving money between accounts located in 2 different countries.

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67 views

Is a SWIFT code AND an MT103 needed to transfer large sum from Native American bank to US bank?

I need to transfer 10 billion + USD from a bank on a Native American reservation (no SWIFT code) to a bank in Kentucky (with SWIFT code) and it's proving difficult to find a company to execute the ...
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Freelancing from India to USA Employer - Upwork or USA Local Bank Account?

We are a Private Limited Company based in India. Recently I was working on Upwork with our client and now they are willing to work directly with us. We have 2 options for payment : Continue Upwork (...
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100 views

Why is direct money transfer to other people accounts so expensive?

I see from a similar question that in the US and Canada wire transfer are even more expensive than in Europe where I live. But I am interested in the situation in Europe even though their cost is ...
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Is it possible to send money to my friend in the US using a wire transfer?

Me and my friend are both Europeans and used to sending money to other people by just asking for their bank account number. We were sitting around recently and were wondering - is it possible to send ...
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Why do escrow services use wire transfer?

Escrow services seem to typically require earnest money funds to be deposited via wire transfer. These days the wire transfer instructions will be surrounded by 50-point bold red text warning you that ...
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A US bank says it can't send an international wire transfer even though it goes through a US correspondent bank with a US swift code

I am trying to have money wired from a small bank in the USA. I was told they couldn't send money out of the country but as the money has to go through a correspondent bank in the US with an American ...
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24 views

What is someone Transferred money to Swift Code of Different Branch of other State?

One of my client transferred the money from overseas also known as International Transaction, all bank details are correct but he entered the SWIFT Code of the Mumbai Branch and Mine is in Delhi. will ...
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Do incoming wires to my bank account get reported to the IRS? [duplicate]

If I wire a large amount of money from an online exchange to my bank account, will it get reported to the IRS? The money is coming from a Crypto trading exchange. Edit: this question is not related to ...
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Is it illegal to transfer money to my girlfriend in Taiwan?

I am working in America. My girlfriend is in Taiwan. Every month, I will transfer 800 USD to her via Bank of America. Is it illegal? Will it be considered money laundering?
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62 views

What are the conditions required by a US bank to withdraw an international wire transfer?

A friend of mine was probably close to being defrauded (he is a painter, someone sent him a document certifying that he did a wire transfer to his bank for three painting he wants to buy, asked for ...
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1k views

What is the difference between SEPA and a wire transfer

I am currently reading stellar documentation and I wondered about this part: Deposits and withdrawals should be processed through local domestic payment rails (ACH, SEPA, SPEI, etc.), not via wire ...
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Wire transfer - sent to the right account but wrong branch

I recently had to wire funds for an investment from Canada to the US. I used my bank (Simplii Financial) to wire the funds to a Wells Fargo account. I was asked to wire the funds to WFBIUS6S which is ...
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87 views

Why are outgoing international wires from the United States typically more expensive than outgoing domestic wires?

I see on https://www.finder.com/bank-fees-wire-transfers (mirror) that outgoing international wires from the US are typically more expensive than outgoing domestic wires: Bank Incoming domestic wire ...
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122 views

Wire instructions with an intermediary without an intermediary account number

I have an account with Citibank in Taiwan, and I want to wire money into it from the US from an Ally Bank account. Ally Bank doesn't do international wire transfers. I need to provide an American ...
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2answers
537 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 ...
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Settlement of wire transfers [duplicate]

How does a recipient bank, in international wire transfers, gets back its money which it credits to the recipient since there won't be any physical movement of cash from the sender's bank to that of ...
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1answer
71 views

Foreign Telegraphic Transfer: Correct IBAN but with a different bank SWIFT CODE

I have sent quite a large amount of money (in MYR) to Singapore from Malaysia. The IBAN is correct (recipient's bank is SINGAPORE OCBC with an OCBC account number) but unfortunately, for the swift ...
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How to pay a large invoice from a company in a European country from the US

Is a wire transfer the only way? I'm not near my normal bank who requires you to be in person to wire money so I'd prefer another option if it exists
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What is the difference between TT and OD currency exchange rates?

I was looking at Singapore dollar exchange rates provided by a bank: Source: Foreign Currencies - Foreign Exchange | POSB What is the difference between TT and OD?The webpage itself says: ...
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Scam — wire transfer recall not possible

I've been scammed in an online investment by wiring 10,000 USD to a mule account. I called my bank the same day to get it recalled. The beneficiary bank, Bank of America (BofA), asked for a police ...
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106 views

What forms if any do I have to fill out for international wire transfers of over $10K?

Family overseas wants to send me money via wire transfer to the us over 10k. I know that for all cash deposits over 10k i have to fill out a form. Is this the same for wire transfers and would the ...
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157 views

How long to wait before spending wire transfer money?

I made a trade online and someone wire transferred me some money. There's a possibility that the person might reverse the transaction. So how long should i wait before it is confirmed that the money ...
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660 views

Meet a girl at tinder, she's asking for me to wire transfer in her name

So I meet this girl on tinder, after a few weeks of chatting she tells me that she's sending me her bank account info (by the way the bank doesn't looks legit it's Ukraine base) and want me to ...
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Question regarding the acceptance of wire instructions

If a bank receives a wire instruction with the correct routing number but an erroneous prior bank name (due to a merger) will the bank still send the wire transfer or reject it and ask for accurate ...
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Is my money insured against bank failures during a wire transfer?

Suppose I am sending money by international wire transfer from my FDIC-insured bank account in the US to my CDIC-insured bank account in Canada. Suppose one of the banks become insolvent during the ...
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111 views

Should I use SHA or OUR for sending an international wire to my stock broker's bank account?

I am trying to send an international wire transfer to my US stock broker, TD Ameritrade. TD Ameritrade has asked me to send a wire to its bank account at First National Bank of Omaha. My local (non-US)...
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450 views

Is there a “structuring” risk when receiving international wire transfers?

I am trying to move a large sum of money from abroad to my bank account in the US via wire transfer and I don't want a Currency Transaction Report (CTR) being filed by my bank (if it's not necessary) ...
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103 views

How can you explain how international wire transfers work succinctly?

I'm interested in a conceptual explanation at the accounting level, i.e. who owes who what during the process. I couldn't find anything on the web or on YouTube. It's very cumbersome to describe in ...
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56 views

Why do Outbound Wire Transfers made in non-USD have no fee while Outbound Wire Transfers made in USD have a fee at Bank of America? [closed]

Why do Outbound Wire Transfers made in non-USD have no fee while Outbound Wire Transfers made in USD have a fee (45 USD this example) at Bank of America? Does that mean that Bank of America uses a bad ...
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79 views

Should I be worried about anything (IRS, taxes, bank problems) if I make transfers between my own accounts in different countries?

I have US bank accounts as a non-US person, and I'm not in the US anymore. So if I transfer money to my US bank accounts, would that be a problem? I created my accounts when I was a student in the US. ...
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1answer
95 views

How can enough money legally be transferred out of India to meet the investment requirements for the US EB-5 visa?

The current Liberalized Remittance Scheme only allows transfers of $250k out of India, however if an Indian wants to apply for EB5 in US or abroad which is close to a $1million, and not married with ...
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Is this company trying to scam me?

There is a marketplace that buys aged amazon accounts. I thought it might be a good idea to sell them my amz account and make some money. The team member was quite unprofessional when he reviewed my ...
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116 views

Why does HSBC ask whether one plans to receive or send international wire transfers when creating a new HSBC Direct savings account?

Why does HSBC ask whether one plans to receive or send international wire transfers when creating a new HSBC Direct savings account?
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191 views

Money Transfer with invalid IBAN

i made transfer with missing 1 number in IBAN so its invalid but the money never back into my account. In fact when my bank made correspondence, it is said that the money in credited to individual and ...
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1answer
168 views

Will an international wire transfer to France still work with the wrong bank address?

A few days ago I sent a wire transfer from Canada to France. All of the info (wire recipient's financial institution name, bank code, account number/IBAN, wire recipient's name, beneficiary name) is ...
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349 views

Is a credit or debit card refund is technically-speaking the same as a wire transfer?

I am trying to figure out some categories to encompass some sort of money transfers / transactions but my banking "expertise" is falling short. Ok what I am trying to group are the things below: ...
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87 views

Error wire transfer into intermediary bank [duplicate]

I want to know how many days does it take for a cancelled wire transfer to be reversed into my account.
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5k views

Wire transfer to an intermediary bank account

I sent money from a bank that doesn't have a space for intermediary bank, so I put the intermediary bank statement information where the beneficiary bank information is supposed to be. I don't know ...
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1answer
92 views

Domestic US wire - do they get my account details

If I send a domestic US wire from my bank to another US bank, does the person on the other end get my account number details? I understand that the receiving bank may get my account number details. ...
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95 views

Does the receiver of a large international server to server transmission have to pay Cost Of Transaction fees in advance

I've received documents for a large international server to server transmission. Do I present the documents to a bank? The Provider wants to remain confidential but did provide a passport photo and ...
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704 views

Stranger from US wants to send me 65 million dollars and asking for bank details

Some random stranger on Twitter followed me and I followed her back.. Then I received this message from her: "Thanks for the follow back. My name is Mrs Jimmy Joy from Canada, a cancer patient and ...
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Wired some money internationally without a SWIFT code and it is not received yet. I am worried

I wired some money from China (Industrial and Commercial Bank of China) to Canada (Bank of Montreal). Both are big banks in their respective countries. Both accounts are in my mother's name. I did the ...
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277 views

How is a customer account affected by banks merging?

Suppose there are 2 banks, A & B. Bank A has merged into bank B, hence, Bank B is the anchor bank & bank A does not exist anymore. How is a salaried person who has submitted the Swift Code &...
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253 views

Bank of America - 5.4% charge for an international wire transfer fees?

I work in US and I needed to send some money home to Europe. I set up a dollar account in my European bank and sent the money via wire transfer from Bank of America. BoA charged me $45 and the ...
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posted Zelle transfer [closed]

I have received a transfer via Zelle on Thursday last week, and today Monday is still not available, it is shown below the "authorized" transfers as "posted" but not having the "authorized" sign ...
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120 views

Can I willingly reject a SWIFT transaction?

I live in Brazil and I have a broker account in Europe, provided by my company for stock options. I've recently sold some of my stocks and done my first transaction of this kind (International Wire ...
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605 views

Is this a cashier check scam?

I'm a personal trainer and I've received an email stating that someone wants me to train their kids while they are in the US for vacation. The request was for many sessions and would total well over $...
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1answer
468 views

I wired a scammer some money, what now?

I mistakenly made a wire transfer (through swift) to an online scammer. I then asked my bank to issue a recall, which didn't work. Then I let them issue a fraudulent recall, now the receiver says the ...
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7k views

How important is the bank address in a wire transfer?

I'm trying to wire transfer to someone at Bank of America, N.A. However, the ABA code I was given matches (with my bank's wire transfer system) to two different Bank of America addresses (in New York, ...
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710 views

Transferwise regulated by RBI India

According to RBI FEMA Act Section 10, only authorized person or company could transfer Forex from India. I have checked the website of Transferwise and can't find any information on this. How can I ...