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.
201
questions
45
votes
11
answers
18k
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 ...
- 561
30
votes
8
answers
13k
views
A friend wants to use my account for a wire transfer. Is this a scam or is it legitimate?
I have a friend since July online and Exxon owe him for a balance on a 2014 contract off the shores of Liverpool. He is presently in the Gulf of Mexico completing a contract that last for one year. ...
- 309
22
votes
1
answer
5k
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 ...
- 221
20
votes
10
answers
34k
views
How can I avoid international wire fees or currency transfer fees?
I'm paid by an American company, but travel to France frequently and need to have a French bank account for various reasons. So far the cheapest procedure I've found to transfer money is
withdraw ...
- 343
19
votes
5
answers
7k
views
Why are wire transfers not reversible by the bank?
ACH payments and credit card payments are both forms of electronic payments. Because of this, reversing a payment is usually as straight forward as calling your bank. However, this does not seem to be ...
- 1,570
16
votes
3
answers
5k
views
Why are wire transfers and other financial services in Canada so much more expensive than in Europe?
Why are wire transfers in Canada so expensive compared to Europe? The simple answer I've seen is because bankers are crooks, but I find that this oversimplifies the situation — I don't believe ...
- 3,233
14
votes
1
answer
24k
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 ...
- 243
13
votes
3
answers
5k
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 ...
- 529
13
votes
4
answers
131k
views
What Canadian account number format do European banks need for wire transfer instructions?
I am trying to transfer funds from my account in Europe to my account in Canada. On the sending (European) bank's transfer instruction form there is a field I need to fill-in in the beneficiary's ...
- 461
12
votes
7
answers
6k
views
If an international bank has branches in two countries, can I bank transfer between them?
I currently use wire transfers to move money from the US to the country in Europe that I live in now. The problem with this is that it's a hassle (I have to call the bank, verify I give the correct ...
12
votes
4
answers
6k
views
An online casino owes me money and wants to pay with a wire transfer. Is this safe?
I have won a large amount of money on an online casino. It has taken 2 months for me to see any payouts. Last week I received a $2300 check from them.
Now they say that since I won so much they ...
- 121
12
votes
2
answers
8k
views
What's the difference between wire transfer and ACH?
My sponsors have two ways to transfer money. I wonder what's the difference?
- 1,063
11
votes
6
answers
5k
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 ...
- 5,902
10
votes
3
answers
10k
views
Should I pay rent electronically?
I'm renting an apartment from an individual. The landlord and I discussed the possibility of paying rent electronically. My bank (BofA) has some kind of electronic payment option where I'd enter the ...
- 541
9
votes
5
answers
9k
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 ...
- 224
9
votes
3
answers
5k
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 ...
- 2,915
8
votes
3
answers
55k
views
What is a maximum amount that I can wire transfer out of US?
Say, I would like to buy a property in Thailand. The price is about $200,000. I might wire it to my Thailand's checking account. Just want to know is the limitation of wire transfer.
Also, is there ...
8
votes
4
answers
71k
views
Do we need to provide correspondent bank information for wire transfers?
I have some bank accounts with international banks like SC/HSBC/Citi.
Here is the template which they provide for international wire transfers.
Is it necessary to provide Correspondent Bank info to ...
7
votes
1
answer
914
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 ...
- 173
6
votes
2
answers
6k
views
Will I need to worry about "structuring" with wire transfers?
I am moving a large (for me) amount of money from a US bank account to a Danish one. Both are in my name. In order to even out the risk of transient exchange-rate spikes I'm planning to do it as a ...
6
votes
1
answer
3k
views
How do banks prevent fraud in international wire transfers?
How does the international banking system prevent fraud in wire transfers? Specifically suppose a wire transfer from a bank in China to a bank in the United States is done. How does the bank in the ...
- 285
6
votes
1
answer
155k
views
What information do you need to provide for a domestic wire transfer?
I need to provide details to receive a domestic wire transfer to my US-based bank from another US-based bank. What details do I need to provide?
This Yahoo! Answers questions suggests that the ...
- 163
6
votes
4
answers
25k
views
Is there any US bank that does not charge for incoming wire transfers? [closed]
I use CurrencyFair to exchange currency between EUR and USD. I was surprised to see a $10 wire transfer fee at the end of the chain when CurrencyFair transfered from their BofA account to my BofA ...
6
votes
3
answers
2k
views
Which bank is responsible if a fraudulent check is spent: the victim's, the scammers or the one on the check?
I was recently scammed by someone claiming to be from a work-from-home company. She sent me a check that I was supposed to use to pay the "vendor" for my work supplies. I deposited the check and once ...
- 61
6
votes
1
answer
696
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 $...
- 61
6
votes
2
answers
1k
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 ...
- 11.4k
5
votes
4
answers
3k
views
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 ...
5
votes
1
answer
3k
views
Do I have to pay taxes on money sent to me in the US by wire transfer from another country?
I have a green card and I live in the US. I'm starting to do business with people in Vietnam, and they transfer money to my checking account using wire transfers from banks in Hong Kong or Cambodia. ...
- 51
5
votes
1
answer
1k
views
Tax consequences of forwarding an international wire
I need to legally and quickly transfer $300,000 from China to my US bank account. All of the funds that I need to transfer were obtained through legal means (with proof documents), however China has ...
- 51
5
votes
3
answers
15k
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 ...
5
votes
2
answers
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 ...
- 37.8k
4
votes
6
answers
96k
views
International wire transfer without SWIFT code
My credit union (ENT FCU) claims no SWIFT code is required to receive funds with international wire transfer, just their routing number...
I am not an expert but I thought SWIFT code is required for ...
- 217
4
votes
3
answers
778
views
Why are domestic wire transfers free in France but cost ~20 USD in the United States?
Domestic wire transfers are typically free in France: example (mirror).
Domestic wire transfers cost around 20 USD in the United States: see below for some examples, taken from nerdwallet (mirror)
...
- 11.4k
4
votes
1
answer
878
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 ...
- 157
4
votes
2
answers
11k
views
Can wire transfers be reversed? Is there a law or regulation providing for it?
Can wire transfers be reversed? Is this codified into United States or International regulation/law anywhere?
4
votes
2
answers
2k
views
Bank asking first transfer to be a wire transfer to NRE account
I have opened an NRE account with IDFC Bank. They are asking me that my first fund should be transferred directly from my US bank account (possibly through wire transfer). Is there any rule like this ...
- 141
4
votes
2
answers
11k
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 ...
- 837
4
votes
3
answers
7k
views
Offshore bank account with online International wire-transfer facility for Indians [closed]
I am a freelancer having Indian nationality and residing in India.
I own and operate Sub-Affiliate program of US based company.
I have bank accounts in India which operates in INR (Indian Currency).
...
- 43
4
votes
2
answers
151
views
Missing wire transfer from Israel to United States
Over one month ago before I left Israel, I wire transferred funds from Israel to US Bank. As of today, US Bank stated that they have not seen the transfer. I have contacted the bank in Israel several ...
- 41
4
votes
1
answer
715
views
Filing FBAR if I wire transfer to my parents Account?
Do I need to file FBAR if I send $25000 to my fathers account in India?
- 249
4
votes
1
answer
27k
views
Do charges made accidentally to the wrong name still get processed?
I have an online shop where I use a payment gateway to process credit card payment.
When requesting the payment, I entered my company name in the "Bank Account Holder Name" instead of my personal ...
- 141
4
votes
2
answers
213
views
Sources of international wire charges?
A person in China wire transferred X US Dollars (after fees & charges of the sending bank) to my Capital One 360 checking account in the US, and the amount I received was X-15 USD. When I contact ...
- 143
3
votes
5
answers
1k
views
Does transferring $10 to various bank accounts count as money laundering?
I am making an app that rewards users with real money for using the app. The money comes from the profit I get from ads the user views. Basically, I am sharing my ads profit with my users.
However, ...
- 353
3
votes
3
answers
41k
views
How can I pay a vendor using a wire transfer from my credit card?
How can I make a payment to a vendor that only accepts bank transfers from my credit card, paypal, money bookers, or a similar service? I'd like to do this completely online, without going to the bank....
- 133
3
votes
3
answers
3k
views
Can a wire transfer be reversed?
It has been 18 days since my dad did a wire transfer from India to Canada and I still haven't got my money. When my dad contacted his bank they are saying the money has been received but my bank is ...
- 41
3
votes
4
answers
8k
views
Best bank without incoming wire transfer fees, for receiving money regularly? [duplicate]
I'm going to be receiving monthly wire transfers, and I found out that my bank (US Bank) charges $20 for each one. Are there any good banks that don't charge for incoming wire transfers?
- 1,163
3
votes
2
answers
329
views
Why are international money transfer services so weird? [closed]
I've read this question:
Looking for cheap international bank to bank transfer in USD
and noticed several factual claims:
A "standard international wire transfer" costs $40 USD, a huge fee.
It's ...
- 147
3
votes
2
answers
2k
views
How to prove that I did not receive a payment
I'm working with an online company that sends payments through a bank.
I sent them a payment request a while ago with my IBAN + the bank SWIFT and other details provided, so they could transfer the ...
- 33
3
votes
1
answer
52k
views
What is the meaning of "advice confirms" in a bank statement?
I got some money transferred from a company in the USA to my UK bank (HSBC) account and I found that it is listed as "advice confirms" in the bank statement record online.
What does this mean?
- 324
3
votes
1
answer
147
views
Receiving important daily wires from abroad?
I am an international student in Canada and I will be receiving frequent wire transfers from Europe (+10K). I was wondering if this will cause problems with my bank. The money is coming from a ...
- 31