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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2answers
136 views

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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35 views

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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1answer
275 views

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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174 views

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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1answer
219 views

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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2k views

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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3answers
4k views

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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1answer
23k views

How do wire transfers get settled?

Say I open accounts at Bank A and Bank B. I deposit $20 in Bank A. I then initiate a wire transfer to my account in Bank B. I drive over to Bank B and withdraw $20. Bank A now has $20 extra physical ...
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720 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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1answer
17k views

If I entered the SWIFT code of a branch in another state, will I receive my wire transfer?

I live in Madhya Pradesh, India. While entering the SWIFT code on my AdSense account, I used the SWIFT code of a bank branch in other state. My local branch does not have SWIFT code. My account ...
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1answer
4k views

Missing SWIFT Transfer

We are a web development company located in Mumbai, India and have been receiving SWIFT transfers to our Indian Bank Account since the past 6 years. More than a month ago (40 days back), A client of ...
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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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6answers
4k views

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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1answer
110 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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2answers
3k views

Postbank (Germany) - transferring money to the US - what are the best options?

The German 'Postbank' offers money transfers to the US on their website. Has anyone experience with that? My question are for the cheapest and fastest way (of course); namely: should I pick 'transfer ...
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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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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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4k views

How can I accurately anticipate wire transfer fees from intermediary banks?

When sending an international wire transfer, the transmitting and receiving financial institutions both (usually) assess fees associated with the transfer. These fees can be accurately anticipated by ...
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5answers
8k views

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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3answers
1k views

Transfer money from UK bank account to Pakistan Foreign Currency account

I was a student in UK last four years. Now I moved to Pakistan permanently. I saved a lot of money there in my UK bank account. Now I want to keep that money in pounds, therefore I am thinking to open ...
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310 views

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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1answer
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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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1answer
76 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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3answers
3k views

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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2answers
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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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429 views

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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1answer
204 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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1answer
90 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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1answer
816 views

When should I use Layaway vs. saving up for an item?

I'm going to buy a watch for $100,000. The seller says that I can deposit $30,000 by wire-transfer, and then pay the whole thing off in 6 months, and after it is fully paid, I will get the watch. I ...
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2answers
186 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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1answer
724 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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1answer
3k views

How to trace a failed SEPA bank transfer

A UK bank initiated a transfer for a client of mine to my own account. The wire was in EUR and my account is an IBAN EUR account. 7 days passed and the money are not with me. They did not return to ...
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1answer
96 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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2answers
117 views

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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1answer
4k views

I sent money via Western Union for a friend and it has been flagged

I sent money via Western Union for a friend and it has been flagged. I don’t what it was for. Now he’s angry it did not go through. He's threatening my son and me. What should I do? I’m supposed to ...
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538 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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3answers
11k views

What happens if I made an international transfer without SWIFT code?

I've just made a transfer from my Hungarian bank account to my new, Canadian one. However, I didn't have any knowledge of my SWIFT neither my IBAN code. I transferred a serious amount of money, and ...
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1answer
845 views

Sending money to Russia for family back home

I have a family member that needs a medical operation back home in Russia, the total cost of which is 30k. I have heard that I can give 10k as a gift in cash for my aunt to take on the plane. For ...
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1answer
112 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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700 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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1answer
160 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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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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38 views

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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1answer
161 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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1answer
106 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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1answer
604 views

How to properly understand international wire transfers?

I am having a ridiculous time with international (inwards, to Australian account) wire transfers. They have about a 50% chance of succeeding, and I don't know who is being honest with me when things ...
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1answer
61 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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1answer
83 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
100 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 ...