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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Transfer money internationally via wire transfer, provided intermediary SWIFT but not intermediary account number

I want to send money from the U.S. bank to one of the Georgian Republic banks. Georgian bank provided me with an intermediary bank SWIFT but not an intermediary account number, and the banker told me ...
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How can transfer $100k in my US account to my Dutch account

I have a 100k USD in my US account that I want to move to my a Dutch account. My American bank only allows wire transfers if I am there in person (I live in Europe), so that’s impossible. Consequently,...
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Money transfer cot code number [duplicate]

My fiancee opened an account for me at hazlabank.com, it was credited $3750000, but the banl requests for cot code of which I will get after activating the account.The banks mailed me to send ...
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How do I transfer funds from the US to Japan if the amount is more than the wire transfer limit?

I'm buying an apartment in Japan (which is where I live), so I need to transfer about $150K from my Bank of America checking account in the US to the apartment building company in Japan. According to ...
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Sending Large Wire Transfers [duplicate]

I plan to make large amounts of wire transfers daily (which might be more than 10k) because I am a retail seller. Is there anything that I should keep in mind? For example, I heard transactions over ...
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What are the benefits of moving larger amounts of money via wire transfer?

Suppose I have a family member attempting to send me a larger than normal amount of money. The question comes up of course about how to actually move it. I'd like to assume that there may be multiple ...
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Do I pay tax on money I send myself in another country?

I live and work in the US. I am a resident in the US for tax purposes, but am not a permanent legal resident (H1-B visa). I am originally from the UK and have some financial responsibilities there ...
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Is a Sort Code and Correspondent Bank information needed for ALL international wire tranfers to the United States?

I am supposed to have some funds wired to me from a Government Institution (International). I filled in the paperwork provided by my bank (Wells Fargo) and sent it to the institution. They requested ...
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Someone wants to wire money to me as a gift to avoid taxes — is this a scam? [duplicate]

I have been approached by an investor saying that he wants to wire money to my account as a "gift" to avoid taxes. I would get to keep 5%. He has shown many documents showing proof and ...
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When shopping online, I prefer bank transfer to credit card for privacy reasons. Is privacy really better with traditional bank transfers?

I shop online relatively often, because online shopping is much more efficient than brick-and-mortar retail. Unfortunately, I therefore also leave behind numerous data traces, which would not be ...
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How can fraudsters set up believable foreign accounts?

I often read of the risk of wiring money to a fraudulent recipient. For example, on a real estate closing, a common scam is to trick the buyer into wiring the closing costs to an account belonging to ...
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Wired to the wrong account

Recently, I sold my house that I've been living in for over 20 years. It was almost all paid off, so I got a huge amount of cash in my account. (About 5x my yearly salary). I bought a new house, and ...
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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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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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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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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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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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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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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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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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1 answer
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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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2 votes
3 answers
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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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2 votes
1 answer
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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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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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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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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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1 vote
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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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-1 votes
1 answer
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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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-1 votes
1 answer
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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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1 vote
1 answer
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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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1 vote
1 answer
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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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9 votes
5 answers
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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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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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1 vote
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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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1 vote
1 answer
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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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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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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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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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2 votes
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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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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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-4 votes
1 answer
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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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