106
votes
A friend wants to use my account for a wire transfer. Is this a scam or is it legitimate?
This is another version of an old scam -- "let me have a check deposited in your account because I can't open one for some reason, and I'll share some of the money with you." Here the scammer is ...
- 10.1k
79
votes
Accepted
Why is a transfer from an account to another not done instantly when it's not the same bank?
Because banks still rely on processes and software that were established many decades ago, when constant, semi-instant communication was not technologically possible. Instead, you would have batch ...
- 8,106
62
votes
Is this company trying to scam me?
There are two things wrong with this:
Sketchiness with bank information. He could be:
Planning to take money out of your account.
Pay with reversible/fake/stolen money, then ask you to partially ...
- 551
44
votes
Accepted
Why do escrow services use wire transfer?
Escrow services exist to reduce counterparty risk. By requiring each party to post their assets in a trade first, the escrow service can guarantee that the trade will either execute fully, or not at ...
- 3,131
35
votes
A friend wants to use my account for a wire transfer. Is this a scam or is it legitimate?
I know people who work in the gulf and most contracts are of the 14 days on/ 14 days (or so) off flavor. I've never heard of someone being onboard a ship or platform for a year. I bet this is a scam.
- 3,997
32
votes
Accepted
Why are wire transfers not reversible by the bank?
The definition of transaction.
ACH are considered check payments, and are treated as such. Checks are validated and paid once presented, which may be days after being deposited. As such, these ...
- 161k
31
votes
If an international bank has branches in two countries, can I bank transfer between them?
This isn't something that's automatically offered just by virtue of the bank having branches in two countries. You'd need to ask the specific bank what facilities they offer.
- 27.6k
26
votes
An online casino owes me money and wants to pay with a wire transfer. Is this safe?
I don't know which online casino we are talking about, but I would venture to say that online casinos, in general, are probably not the most trustworthy of businesses. Caution is certainly in order. ...
- 115k
25
votes
Wired to the wrong account
You will have to pay for an attorney. Initiate a SWIFT recall.
You've already tried the easy thing - simply asking for it back, and that didn't work. They likely don't have a legal right to keep the ...
- 4,099
22
votes
Why is a transfer from an account to another not done instantly when it's not the same bank?
Actually, its a bit more complicated than the other posts suggest.
Transferring money between two banks is a rather complicated thing, as you are really just transferring information about the value,...
- 5,316
21
votes
Is this company trying to scam me?
I should send him my bank account info so he can wire the money.
To be quite honest, this is perfectly legitimate. It's how wires work. Also, you give out your bank info every time you write a ...
- 50.5k
18
votes
Scam — wire transfer recall not possible
It is true - your bank can do nothing
You wired the money, then realized you'd been duped. It wasn't an unauthorized wire transfer. You authorized it. Things like and wire-transfers are designed so ...
- 4,099
17
votes
I sent money via Western Union for a friend and it has been flagged
If your "friend" is threatening your son and you, you go straight to the police.
If this "friend" is not someone who you have known in person for a long time, then it is quite possible and even ...
- 22.3k
16
votes
A friend wants to use my account for a wire transfer. Is this a scam or is it legitimate?
100% scam. This is classic of mixing real (Exxon) with fiction. This gives credibility to story.
Don't give any thing, there is no damage yet.
If you take the bait, there are multiple ways to get ...
- 57k
15
votes
Is this company trying to scam me?
The real goal may be to identify suckers
Con games on the Internet are getting very, very smart. There's a trick: Screening victims to exclude the savvy. They want the right ratio of greedy, naïve ...
15
votes
Someone wants to wire money to me as a gift to avoid taxes — is this a scam?
Yes, it's a scam.
At best you will lose money, for example he's going to claim he needs your bank account login info to validate that the transaction has arrived and will then clear you out, or he's ...
- 22.6k
14
votes
Accepted
Is it possible to send money to my friend in the US using a wire transfer?
It's not labeled "wire transfer", but most online banking services have an area called something like "Transfer money". This is usually used to transfer between your own accounts (...
- 1,897
13
votes
Stranger from US wants to send me 65 million dollars and asking for bank details
Is it a scam?
Yes.
what should i do???
Stop responding to scammers on the internet when they message you.
How will I get scammed if I send my bank details?
It doesn't matter. You don't have ...
- 4,790
12
votes
Accepted
When should I use Layaway vs. saving up for an item?
Are there any advantages to layaway?
There are two main advantages.
First, when you pay the initial deposit the seller reserves the item for you at a given price. This is helpful with unique ...
- 6,839
12
votes
Is this company trying to scam me?
To answer your question directly: There is no honour among the thieves, so it's possible your partner in crime is trying to scam you.
First of all - selling Amazon account is against its ToS. See: ...
11
votes
A friend wants to use my account for a wire transfer. Is this a scam or is it legitimate?
"A friend since July online" and big business talks and trust/money forwards. Usually a question "is this a scam or legitimate?" is hard to answer since obviously scams are modelled after legitimate ...
- 119
11
votes
I wired a scammer some money, what now?
the receiver says the fund is put on hold. What does that means?
It means you shouldn't trust people who have scammed you.
What now?
Stop communicating with the scammer.
Work with your bank and ...
- 4,093
11
votes
Is it possible to send money to my friend in the US using a wire transfer?
In the US, banks are identified by "routing numbers". To electronically send money to someone else, you need their bank routing number plus their individual account number.
Zelle just hides ...
- 50.5k
10
votes
A friend wants to use my account for a wire transfer. Is this a scam or is it legitimate?
As a woman who was once married to someone who worked offshore in the North Sea, in the Gulf of Mexico, off the coast of Nova Scotia, in fact all over the world...and my husband's rig was contracted ...
- 101
10
votes
Why do escrow services use wire transfer?
While wire transfers are prone to fraud, so are others methods of transferring money. Wire transfers are expensive, there by limiting their use to the transfer of large amounts of money (typically).
...
- 75.7k
10
votes
Is it possible to send money to my friend in the US using a wire transfer?
You can send money by a wire transfer in the US. But you have to pay a fee. Last time I sent a wire transfer I think the bank charged me $30. Every now and then when my boss has difficulty with the ...
- 22k
10
votes
If an international bank has branches in two countries, can I bank transfer between them?
HSBC Premier allows direct international transfer free of charge.
You only need to open an account in each country. Their online tool is called Global View.
- 101
9
votes
Why is a transfer from an account to another not done instantly when it's not the same bank?
It depends on transfer agreements between banks. SEPA is an initiative providing such agreements, albeit at a European level.
When you transfer money between accounts within the same bank, the bank ...
- 117
9
votes
Why are wire transfers not reversible by the bank?
There is no technical reason. The reason is that banks and bank customers want an instrument where a payment is irrevocable, as close to 100 percent as possible. If I get $1,000 through wire transfer ...
- 22.3k
Only top scored, non community-wiki answers of a minimum length are eligible