107

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 promising to "start a business" with you as a way to gain your confidence and trust. The first danger sign is that you only know this person from online. They are ...


78

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 processes that run on huge mainframe computers overnight. Changing these processes is extremely difficult, because there are so many things tying into it - taxes,...


34

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.


25

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. That having been said, this isn't an e-mail from a stranger that contacted you out of the blue; you obviously trust them enough to have deposited some money ...


22

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, so you need to address issues of trust and double-spending. To minimize the necessary transfers it may make sense for a bank to collect some more orders and ...


16

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 money from you.


13

Because a wire transfer requires the individual bank to bank process, it is usually more expensive than an automated clearing house, which requires minimal involvement by individuals at financial institutions. Many ACH transactions come with only a small fee, or even no fee at all, since they are run with more efficiency. However, if you want a better ...


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

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 to understand how the scam works in order for it to be a scam. The real scam might not even involve your bank details. They might be asking for your bank ...


12

With BofA, you can just enter their address and it will mail them a check instead of needing to wire it to them. You don't need your landlords permission to do this (just let him know to expect the check in the mail). I did this for years, and other than the fact that the arrival date may vary by a day or two (presumably due to mail or processing delays), ...


11

Wire transfers Wire transfers normally run through either the Fedwire system or the Clearing House Interbank Payments System (CHIPS). The process generally works like this: You approach a bank or other financial institution and ask to transfer money. You give the bank a certain code, either an international bank account number or one of several other ...


11

"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 stories (or they'd easily fail). If there were bookmakers for "scam or legitimate", this one would easily gather odds of 10000:1. The only plausible reason ...


11

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 your local police


10

I'm not sure I understand your question, but I'll try to answer what I think you're asking. I think you're asking this: "A US bank receives a wire transfer from a Chinese bank. How does the US bank ensure there's any money in fact arriving before crediting the destination account?" Well, the way wire transfers work is that the US bank would debit ...


10

Below are some of the differences between FedWire credit transfers and ACH credit transfers in the US. FedWire Same day clearing, which means the sender's account is debited and your account is credited on the same day Irrevocable. Once a FedWire is sent, the originator/sender cannot send a reversing transaction. This is a huge advantage of using ...


10

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 likely that the "sending money for your friend" is some kind of scam. So: Call the police, and call Western Union. If Western Union "flagged" this transaction, ...


9

That wasn't an "inheritance" that arrived out of the blue and the "bank" contacted your girlfriend by email, was it? A UK tax code is basically an assessment of how much money you can earn in the UK before you have to pay tax on it - basically it's a coding for a tax allowance and as a UK tax payer HMRC (the UK version of the IRS) gives you one for free. If ...


9

If you are on the receiving end, you will not need to provide any information to your bank. Wire transfers are initiated by the sending party. If you are sending a wire transfer, you will need to provide the following information about the recipient: ABA/Routing number of the receiving bank Name/address/phone number of the receiving bank Recipient's bank ...


9

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 through Exxon (by the way, Exxon contracts rigs, but doesn't own any), this is most certainly a scam. Even if you do not believe all the above information, I ...


9

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 products, like a high-end custom-made watch. If there is only one of those watches in the entire world, then it's nice to know that the seller won't sell it to anyone ...


9

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 has complete control and knowledge of the funds and their availability. Therefore, the transaction is instant because the bank can guarantee the availability of ...


8

I'm not sure I understand what you're trying to say, but in general its pretty simple: She goes to the UK bank and requests a wire transfer, providing your details as a recipient. You then go to your bank, fill the necessary forms for the money-laundaring regulations, you probably also need to pay the taxes on the money to the IRS, and then you have it. If ...


8

I don't believe there is any particular structural or financial reason that outgoing wire transfers cost so much in Canada, their costs are no higher than other countries (and lower than many). Wires seem to be an area where the Canadian banks have decided people don't comparison shop, so it's not a competitive advantage to offer a better price. The rates ...


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

Because US banks would rather use (free) ACH instead. From https://www.nerdwallet.com/blog/banking/ach-transfers/ (mirror) Delivery of ACH transfers can take several business days, meaning days that banks are open. Unlike the real-time processing that wire transfers have, ACH network operators process transfers in batches only three times a day. […] ...


7

The limit, if any, would be established by your financial institutions. You would need to contact both your sending and receiving bank to ascertain any limitation they impose on wire transfers. Generally, taxes aren't imposed on transference of funds between accounts you own, but I'm not familiar with tax in Thailand and I could be wrong on that half of the ...


6

You'll have to call your credit card issuer and ask them. Generally, credit cards don't do bank transfers, since its not a bank account per se. But it may be in some cases that there's an underlying bank account over which your credit card is managed, and then they might be able to do something like that. But we won't know, only your card issuer will.


6

I faced something similar for travel or work reasons, and as for me I preferred wire transfer over credit card withdrawals because my bank has huge fees. My thoughts so far are: the fee can vary a lot for credit card. As for me, I can expect 5% fees on foreign withdrawals. But I considered changing bank and I think a Gold (or premium) card might be a good ...


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