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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45
votes
11answers
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 ...
30
votes
8answers
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. ...
20
votes
10answers
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 ...
18
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1answer
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 ...
16
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3answers
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 ...
13
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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 ...
13
votes
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 ...
12
votes
4answers
5k 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 ...
12
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2answers
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?
12
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4answers
110k 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 ...
11
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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 ...
10
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3answers
9k 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 ...
9
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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 ...
8
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3answers
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
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4answers
66k 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
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2answers
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 ...
6
votes
2answers
5k 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
1answer
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 ...
6
votes
1answer
152k 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 ...
6
votes
4answers
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
3answers
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 ...
6
votes
1answer
822 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 ...
6
votes
1answer
612 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 $...
6
votes
2answers
641 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 ...
5
votes
1answer
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. ...
5
votes
1answer
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 ...
5
votes
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 ...
5
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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 ...
4
votes
3answers
701 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) ...
4
votes
6answers
77k 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 ...
4
votes
1answer
808 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 ...
4
votes
2answers
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
2answers
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 ...
4
votes
3answers
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). ...
4
votes
2answers
129 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 ...
4
votes
1answer
653 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?
4
votes
1answer
22k 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 ...
4
votes
2answers
181 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 ...
3
votes
4answers
930 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, ...
3
votes
3answers
40k 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....
3
votes
3answers
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 ...
3
votes
4answers
7k 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?
3
votes
2answers
291 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 ...
3
votes
1answer
141 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 ...
3
votes
4answers
204 views

How hard for US customers make payments to non-resident freelancer by wire transfer?

I'm sole proprietor from Russia. I make projects for US companies. We working fully remote via internet. I'm not US resident. When I try to suggest wire transfer for paying my job my customers don't ...
3
votes
1answer
2k views

How to wire transfer from Europe to a CIBC account please?

I am trying to receive money from a European company to my Canadian CIBC account. I received the SWIFT CODE - CIBCCATT from my bank. The company also asked for a BSB NUMBER. The person I spoke to at ...
3
votes
1answer
3k views

Do I need to file reports when transferring money to US?

I have saving account in the country of my citizenship. After moving to US and get permanent residency, I want to transfer money (> 10,000, after-taxed, not business or gift) from my saving account to ...
3
votes
3answers
18k views

I specified the wrong IBAN number when transferring money to a UK bank. How can I correct this?

I transferred money to a UK bank from outside of the UK, but I specified the IBAN number for an individual by mistake. The bank transferred the money to the individual instead of the bank, even though ...
3
votes
1answer
113 views

What is the cheapest way to send funds from Sweden to Switzerland? [closed]

I need to make a payment of about 6200 CHF to a Swiss bank account. My money is in SEK in a Swedish bank account. Would it be preferable to use Transferwise / something similar to it, or should I ...
3
votes
1answer
790 views

Which is better for USD payment for Indians : Wire Transfer or Cheque?

I am about receive some reimbursement of ~1000 US dollars. I live in India, whose currency is INR. I have the option to receive the money in form or cheque or wire-transfer. Which of the two mode of ...