218

Stop doing this. If your friend contacts you, don't answer until you've followed through on step 2. Go get a lawyer. They might advise you to contact the police and tell the police what's been going on before you get a knock on the door with a warrant behind it. Here is why: you are almost certainly inadvertently participating in money laundering. The funds ...


114

Scam/Criminal. There is no limit how much money he can send into the world, so the excuse is BS. Of course, nobody can say for sure, but the chances are that it is money laundering: Illegally acquired cash is paid in, and the receiver sends it right back as a clean electronic transfer. When the FBI (or the DEA or another alphabet-soup agency) catches up ...


66

There is no banking process in the world which requires you to share your "security info" (passwords, PINs, TANs, mother's maiden name or other authentication factors) with a third party. No bank anywhere in the world will tell you that there is any situation whatsoever where you are supposed to give those secrets to anyone but them. No bank anywhere in ...


63

Since no-one else has answered I'll convert my comments into an answer. This does have the hallmarks of a scam to me, and in your shoes I would cancel the purchase and explain to the would-be buyer that the item can only be shipped within Switzerland as stated in the listing. Apart from anything else, I've had too many mishaps with international post to ...


34

I am from Germany and occasionally avoid Umlauts because I use a non-German keyboard layout. So I might share some experience here. Usually, the German financial institutions are ok with ue, ae, oe, sz/ss in upper- and lower-case variant. In the wild, even minor variants of the account holder name seem to be ok. What's most important is the IBAN, and the ...


25

"For some reason can't transfer it directly to his account overseas (something to do with security codes, authorized payees and expired cards)." Don't become someone's financial intermediary. Find out exactly why he can't transfer the money himself, and then if you want to help him, solve that problem for him. Helping him fix his issue with his expired card,...


24

In Germany there is a somewhat popular schema that roughly translates to triangular fraud. The fraudster sees your auction and buys the item for price X. He will then immediately create an auction "selling" a valuable item that he does not posses for price X. He will then tell his buyer to transfer the money to your account. You'll see incoming money and ...


22

Chances are umlauts are ignored/implicitly converted anyway. SWIFT symbols It is important to remember that cross-border payment form can only be filled in with SWIFT symbols. If illegal symbols are used, the system will give an error message and it will not be possible to confirm the payment. SWIFT symbols include the following: SWIFT symbols ...


14

Some suggestions. First ask your bank if it is possible to accept a cheque in US dollars. Some won't but some will, possibly for a fee. Second ask your bank if there is an account you can open that would take a US dollar cheque. Lots of banks can set those up, again possibly for a fee. Try another bank in your country off they won't. This is your most ...


13

Typically, a transfer of money isn't taxed in and of itself. If they send you $1000 and you send them goods, your profit is what would be taxed, not the full amount sent to you. You need to keep track of all money you spend to acquire the goods, and all money coming in, so you can declare the profit you've made as income. Your question appears to be less ...


13

Source: Investopedia: Do non-U.S. citizens living outside the U.S. pay taxes on money earned through a U.S. internet broker? From the sounds of it, you will be considered a non-resident alien, and will be subject to no US capital gains taxes as such. That being said, as you already noted, you will be subject to capital gains in your home country. Note that ...


12

This is not a problem. SWIFT does not need the Beneficiary Account Currency. The settlement account [or the Instruction amount] is of interest to the Banks. As I understand your agreement with client is they pay you "X" EUR. That is what would be specified on the SWIFT along with your details as beneficiary [Account Number etc]. Once the funds are received ...


11

There is only one answer to this. Wire the money. International transfer of money from Norway works very well and has decently low costs. Any other transfer method will either make you lose money or get a visit from anti-money-laundering law enforcers.


10

It's got every sign of a scam. Signatures are needed on contracts, so you should only place them on below one. Free money sounds too good to be true. Money evading banks is a typical sign of money laundering; why are they trying to avoid paper trails? The normal way to gift money is to just hand it over or pay it to a bank account. If anything, you sign a ...


10

Bank transfers certainly are reversible. Just as one example, imagine this. The person hacks someone and transfers the money from the victim's account. Does the victim get to reverse that charge? Of course. Does it clawback out of your account? Oh, you bet! You will be left holding the bag. So one common scam is to do exactly that, then convince ...


9

PayPal is generally a pretty safe way to send money, because not only is there a money trail, but PayPal has pretty good fraud and buyer protection. Furthermore, if you fund your PayPal account with a credit card, then you get the additional protection provided by your credit card bank too. If you use PayPal, there isn't really a way for her to take more ...


9

Contrary to the given answers I think you can make the sale provided you have a shipping option with proper tracking. First, not everybody has a paypal account but (at least in Western Europe) everybody has a bank account. Direct wire transfer is a generic form of payment in the EU that works between any two people, paypal is not. Especially if the ebay ...


8

The Option 2 in your answer is how most of the money is moved cross border. It is called International Transfer, most of it carried out using the SWIFT network. This is expensive, at a minimum it costs in the range of USD 30 to USD 50. This becomes a expensive mechanism to transfer small sums of money that individuals are typically looking at. Faster ...


8

I prefer to use a Foreign Exchange transfer service. You will get a good exchange rate (better than from Paypal or from your bank) and it is possible to set it up with no transfer fees on both ends. You can use an ACH transfer from your US bank account to the FX's bank account and then a SEPA transfer in Europe to get the funds into your bank account. ...


8

how are the ways he could scam me? There are hundreds of different ways the scam can progress ... broadly; Getting you to part money: The next steps would be money is transferred and you need to pay tax / stuck in customs / fee etc to get this free money. Getting you to launder money: i.e. you send something back by keeping a percentage. Apart from it ...


8

He is doing this so you will go to jail when he finances terror with his money. Or any other unsavoury thing he wants to send money for. Paying for child porn. Laundering money. None of us know, but you'll be the one hanging for it.


7

It doesn't matter, no amount of security on your end will improve the inherent security flaws in the banking system (just like being cautious about who hears your social security number doesn't help you in the more likely situation where a bank or government database gets leaked and yours + a million other social security numbers are sold multiple to ...


7

I have heard that I can give 10k as a gift in cash for my aunt to take on the plane. Please don't, for her own safety. Don't know when was the last you've been to Russia, but that's not a place to walk around with $10K in cash in your pocket. For the rest, the 20k, I am not sure what is the best course of action. Would something like Western Union, ...


7

It's a scam. Why else would a stranger contact you and ask you for money?


6

Today I called Deutsche Bank. They said that for an international transfer I need to specify IBAN and SWIFT-BIC. The ACH specific information is irrelevant. Later I called e-gold claims process customer service, +1.8887647519: "ACH Coordinator at Financial Institution", "ACH Coordinator Telephone Number": Just a contact at the bank, in case there are ...


6

As you are not a tax resident in India, the income you have earned can be moved to India tax free. However if you are investing the funds into say shares / fixed deposits etc, the income you earn on these funds is taxable in India. The funds can be transferred directly into savings account. However its advisible to open an NRE/NRO account as its easier to ...


6

The first question I have to ask is, why would your "friend" even be considering something so ridiculous? There are so many variations of the banking scam running around, and yet people can't seem to see them for what they are -- scams. The old saying "there's no such thing as a free lunch" really comes into play here. Why would anyone send you/your ...


6

In the US, currency transactions of more than $10,000 require a Currency Transaction Report (CTR) to be filled out and submitted to the Financial Crimes Enforcement Network (FinCEN). Note than FinCEN is a sister bureau to the IRS, both of which fall under the umbrella of the Treasury Department. A CTR is required only when dealing with monetary instruments, ...


6

Replace ä with ae, ö with oe, ü with ue, and ß with ss. If possible, use the correct letters. It may not be printed on the keyboard, but for example on a Mac, you press and hold the a key and after a second or so a little window comes up letting you pick various variants of the letter a. Use ae if the website doesn't accept it.


5

Sender bank cannot determine that. You should receive the info from the receiving bank. If the receiving bank doesn't have a correspondent bank - leave it empty. Correspondent bank is the middle man, if the sender and receiver can't or won't talk to each other directly through the SWIFT network. Many times this happens due to international legal/political ...


Only top voted, non community-wiki answers of a minimum length are eligible