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Wire Transfer Question

Discussion in 'Logistics - Payment & Shipping' started by bgidman, Jan 9, 2004.

  1. bgidman

    bgidman

    Joined:
    Jan 8, 2004
    Messages:
    6
    Hi,

    I'd like to know about wire transfers, and what the best companies/sites to use for doing this.

    I have one US site which requires payment via wire transfer, and just wondered what the implications of paying this way are.

    Cheers,
    Barry.
  2. Richard

    Richard

    Joined:
    Nov 21, 2002
    Messages:
    2,323
    Hi Barry

    A wire transfer is usually originated from your bank rather than a third-party company. You simply go to your bank with the details of where to send the money and they do this for you.

    The main risk with a wire transfer is that once it has been made, it cannot be recalled so you must ensure that you trust the recipient 100%.

    Cheers

    Richard
    TheTrader
  3. Richard

    Richard

    Joined:
    Nov 21, 2002
    Messages:
    2,323
    Hi Barry

    A wire transfer is usually originated from your bank rather than a third-party company. You simply go to your bank with the details of where to send the money and they do this for you.

    The main risk with a wire transfer is that once it has been made, it cannot be recalled so you must ensure that you trust the recipient 100%.

    Cheers

    Richard
    TheTrader
  4. nikonman

    nikonman

    Joined:
    Jan 21, 2004
    Messages:
    2
    dear sir:( the trader)

    if there anyway i can dispute mycase when my seller did not ship out the goods at all, but i have wire the fund. I there any protection for me. Please kindly advice. Your help is greatly appreciated.

    cheers!
  5. Richard

    Richard

    Joined:
    Nov 21, 2002
    Messages:
    2,323
    <div class='quotetop'>QUOTE </div>
    Only through the normal legal route - as I said above, a wire payment cannot be recalled and should only be used when you trust the recipient completely.

    Regards

    Richard
    TheTrader
  6. nikonman

    nikonman

    Joined:
    Jan 21, 2004
    Messages:
    2
  7. Richard

    Richard

    Joined:
    Nov 21, 2002
    Messages:
    2,323
    I have replied to your PM

    Regards

    Richard
    TheTrader
  8. BlackBox

    BlackBox

    Joined:
    Dec 18, 2003
    Messages:
    607
    Hi,

    I am guessing I may be echoing what ever the reply was to your PM to Richard.

    I would not deal with any of them.

    1. Ebay will not cover you with their insurance

    2. The Seller has no history only registered on 11/01/2004 and decides to have a clear out and list their first auction a $7000 watch??

    3. The Second Seller has some history but again no history in the last 4 months?

    If a good company what is their web address is there any other method of payment ? Credit Card? (Be covered against fraud?)

    I would not wire a telegram never mind hard earned cash!

    Unfortunately eBay did try to crack down on fake watches, I suspect this would be a LUCKY BAG watch.

    Lets face it a guy in the US only a few months ago paid thousands of dollars for what he tought was a Plasma Screen TV.

    He did get a TV - A computer Printed Picture of a Plasma TV

    As they say a fool and their money ............. [​IMG]
  9. bgidman

    bgidman

    Joined:
    Jan 8, 2004
    Messages:
    6
    Hi,

    I recently sent a wire transfer to a malaysian company, who banked in Latvia? They have sent the products, and my wire transfer has been debited from my account, but they tell me they have not received it, as the payment had to be passed through an intermediary bank "Chase Manhatten", as my bank did not deal with the latvian bank.

    Anyway to cut a long story short, I have been told by an american friend that US wire transfer, as protected by federal law, and it is an offence not to supply the goods.

    But I think most reputable companies, or people would acceptable payments by cheque, instead of wire tranfers. Most use them to reduce costs, but I'm always a little wary of dealing with these people.

    Anyway, I would only deal with wire transfers if I trusted the person I was sending the funds to, as wire transfers can get complicated, and there is potential for the money to end up in another account, especially if like my bank, you have to dictate the information over the phone.

    Anyway, hope this is of use.

    ******************************************************************
  10. Richard

    Richard

    Joined:
    Nov 21, 2002
    Messages:
    2,323
    <div class='quotetop'>QUOTE </div>
    That's correct but the last time I checked, the US law enforcement agencies didn't have any jurisdiction in Latvia [​IMG]

    <div class='quotetop'>QUOTE </div>
    Couldn't have said it better myself - you MUST trust the person you are sending the money to or be prepared to loose it.

    Cheers

    Richard
    TheTrader
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