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Colo Springs E · May 28th, 2005, 08:45 PM

How safe?

Have a European buyer interested in my Tele, he's willing to wire funds to my bank account.

What's the risk?

thanks,
-Eric

BLACKCAT69 · May 28th, 2005, 09:00 PM

but consult with your bank first. The company I work for does wire transfers overseas all the time and there is no way anyone can fraud their bank via a wire transfer. But consult with your bank before you agree to the procedure.

TDPRI · May 28th, 2005, 09:05 PM

I'll jump in here on this. I may be ignorant of some possible scam but I believe that it's perfectly safe. You will be disclosing your bank account number to the buyer. But I don't think that this is usable in any illegal way.

You should insure what kind of funds will be wired (US dollars or what), and if your bank will charge you any kind of fee. Most don't charge a fee to receive a wire.

You could check with your bank to see if they can advise you on saftey issues with a wire.

Expect it to take a week or so from an overseas bank for the funds to be applied to your account.

As I said, there may be some scam using this method that I am not aware of, so like you I'd do some checking but otherwise it should be an extremely safe way to receive funds.

Paul Green

Joe-Bob · May 28th, 2005, 10:21 PM

I would not give the buyer my bank account number...EVER. Talk to your bank, and they can talk to the buyer's bank.

NEVER - EVER give out your number. An unscrupulous person can empty your account that way.

Colo Springs E · May 28th, 2005, 10:23 PM

....as suggested, I'll consult with my bank.

Thanks! -Eric

Caper · May 29th, 2005, 08:46 AM

International Postal Money Order in US funds. Next best thing to cash. If the buyer wants your item bad enough and you can wait about a week to get your dough this is one of the safest routes to take.

timgreene · May 29th, 2005, 08:57 AM

Just cant resist.

Who wins the pool, on this one?

how long did you keep this one eric?

Colo Springs E · May 29th, 2005, 09:18 AM

Quote:

Originally Posted by timgreene

Just cant resist.

Who wins the pool, on this one?

how long did you keep this one eric?

....(that I know of anyway) predicted. Some guy said 6 months, what kind of ridiculous guess is that?? :)

Yeah I only had a it a few weeks, I really am just wanting a Mexican Stnd Tele, already have a pickup to throw in it. If I sell this US Tele, I can free up some funds we can use for some band needs.

-Eric

jwsamuel · May 29th, 2005, 09:46 AM

You could open a new account for the transfer and get the money out of there as soon as it clears.

Jim

Lane in MS · May 29th, 2005, 10:31 PM

We've been dealing with some bank wire at work recently. My first suggestion is get the wiring instructions from someone knowledgeable at your bank. With the bank we use, they use a holding account with another bank for wire transfers, and there are special instructions. We had someone wire us funds without those instructions, and thought we had lost the wire. Fortunately, our bank has an account with the Federal Reserve, and they picked it up and sent it through, but it took an extra day or so. Also, check on what the fees are for a wire transfer. You may want to have the seller pony up for that as well.

Other than that, it should be a very secure way to transfer funds. Just check on those couple of things first.

popthree · May 29th, 2005, 11:59 PM

I recently sold a guitar to a guy in germany. I had him western union the money. fast & easy....and safe.

BLACKCAT69 · May 30th, 2005, 10:35 AM

Quote:

Originally Posted by Caper

International Postal Money Order in US funds. Next best thing to cash. If the buyer wants your item bad enough and you can wait about a week to get your dough this is one of the safest routes to take.

I ran into a problem requesting this form of payment from an Italian customer for an Ebay sale. It seems either that it is not available in Italy or there is was a misunderstanding in the terminology. Perhaps a Europeon member can shed some light on how money orders work over there. To speed up my transaction I caved in an let the buyer use Paypal to be expedient, but I really don't like Paypal. Eric is probably asking because he is fed up with Paypal as well.

PeterUK · May 30th, 2005, 12:23 PM

Both are safe and secure as they exist as Bank to Bank transfers. :D

The above advice is good. Your bank will be able to provide you with correct and safe procedures to follow.

From the UK, I can raise an International Money Order or Cheque (check) in the currency I nominate and post this to the seller. It's a very expensive way for me to send money and the last time I did this it cost me around £15 (about $27) to send $200.

Eric, make sure the funds are transferred in US Dollars as you'll end up paying the conversion rate and be aware that you're bank has the option to claw back the funds for up to 30-days after the transfer just in case the cheque/MO is bad. (Sound familiar?)

I'm not a fan of Western Union as it so expensive compared to other methods of international money transfer. 8)

Hey Eric, no PayPal on this one??

Colo Springs E · May 30th, 2005, 03:33 PM

Quote:

Originally Posted by PeterUK

Hey Eric, no PayPal on this one??

......I've stayed with my decision, no more Paypal for me. :) Thanks for the advice about international payments. If I ever do one, maybe I'll just split the cost with the buyer.

thanks Peter,
-Eric

dk · May 30th, 2005, 05:41 PM

With who you give account and routing info these days. This may be a perfectly legit person you are dealing with, but there have been numerous articles recently on scams that only require a bank accont and routing info for for them to then get on a couple of internet check writing sites and essentially cut themselves a check from your account. Admittedly I do not know the ins/outs of how this is done, but I've seen at least a half dozen articels in the last week or so about his growing scam.

Just be careful.

Tdot · June 1st, 2005, 04:07 PM

I used Western Union to buy a fountain pen from someone in Austria without any problem.

The key with fund exchanges with strangers is to have a third party involved. Western Union would be a one time transaction. Bank transfers don't expose your account, it should go from:

his acct >> his bank >> your bank >> your acct

Shouldn't need to give anyone your account #.

TDPRI · June 1st, 2005, 04:39 PM

I take it back. I just read today to NEVER accept a wire transfer for an Ebay purchase.

The check making scam was their warning.

Never thought of that.
Paul Green

Joe-Bob · June 1st, 2005, 06:08 PM

Quote:

Originally Posted by webmaster

I take it back. I just read today to NEVER accept a wire transfer for an Ebay purchase.

The check making scam was their warning.

Never thought of that.
Paul Green

As stated above, a wire transfer is normally a bank-to-bank transaction, and not a personal one. This should protect everyone. Talk to the bank first.

TNO · June 13th, 2005, 08:32 PM

I just agreed to accept a wire transfer from a ebayer in Belgium. Then I find out my bank charges $15 to accept wire transfers!

I hate banks.

May 28th, 2005, 08:45 PM	#1 (permalink)
Colo Springs E Poster Extraordinaire Join Date: Mar 2003 Location: Colorado Springs Posts: 5,932 5 Photos	Bank wire transfer? How safe? Have a European buyer interested in my Tele, he's willing to wire funds to my bank account. What's the risk? thanks, -Eric __________________ "Enjoy your life, be good to kids, don't do meth..." -Colin Cowherd

May 28th, 2005, 09:00 PM	#2 (permalink)
BLACKCAT69 Friend of Leo's Join Date: Apr 2003 Location: Canada-Windsor-Ont. Age: 38 Posts: 2,634 5 Photos	I think your account will be secure... but consult with your bank first. The company I work for does wire transfers overseas all the time and there is no way anyone can fraud their bank via a wire transfer. But consult with your bank before you agree to the procedure. __________________ http://www.lukefisher.com/blame.wav

May 28th, 2005, 10:21 PM	#4 (permalink)
Joe-Bob Poster Extraordinaire Join Date: Sep 2004 Location: Dallas, Texas Age: 47 Posts: 5,531	I would not give the buyer my bank account number...EVER. Talk to your bank, and they can talk to the buyer's bank. NEVER - EVER give out your number. An unscrupulous person can empty your account that way. __________________ Why didn't the Psychic Network already know I was gonna call?

May 28th, 2005, 10:23 PM	#5 (permalink)
Colo Springs E Poster Extraordinaire Join Date: Mar 2003 Location: Colorado Springs Posts: 5,932 5 Photos	Thanks guys...... ....as suggested, I'll consult with my bank. Thanks! -Eric __________________ "Enjoy your life, be good to kids, don't do meth..." -Colin Cowherd

May 29th, 2005, 08:57 AM	#7 (permalink)
timgreene Tele-Afflicted Join Date: Jul 2003 Location: Houston, Texas Posts: 1,325 10 Photos	Just cant resist. Who wins the pool, on this one? how long did you keep this one eric? __________________ opinions expressed are the view of the author, and are not necesarily correct.

May 28th, 2005, 09:05 PM	#3 (permalink)
TDPRI Administrator Poster Extraordinaire Join Date: Mar 2003 Location: TDPRILAND Posts: 7,060 46 Photos	I'll jump in here on this. I may be ignorant of some possible scam but I believe that it's perfectly safe. You will be disclosing your bank account number to the buyer. But I don't think that this is usable in any illegal way. You should insure what kind of funds will be wired (US dollars or what), and if your bank will charge you any kind of fee. Most don't charge a fee to receive a wire. You could check with your bank to see if they can advise you on saftey issues with a wire. Expect it to take a week or so from an overseas bank for the funds to be applied to your account. As I said, there may be some scam using this method that I am not aware of, so like you I'd do some checking but otherwise it should be an extremely safe way to receive funds. Paul Green

May 29th, 2005, 08:46 AM	#6 (permalink)
Caper Friend of Leo's Join Date: Mar 2003 Posts: 2,170 7 Photos	International Postal Money Order in US funds. Next best thing to cash. If the buyer wants your item bad enough and you can wait about a week to get your dough this is one of the safest routes to take.

May 29th, 2005, 09:46 AM	#9 (permalink)
jwsamuel Friend of Leo's Join Date: May 2004 Location: Upper Holland, PA Age: 52 Posts: 2,393	You could open a new account for the transfer and get the money out of there as soon as it clears. Jim

May 29th, 2005, 10:31 PM	#10 (permalink)
Lane in MS Tele-Meister Join Date: Mar 2003 Location: Laurel, Mississippi Posts: 175	We've been dealing with some bank wire at work recently. My first suggestion is get the wiring instructions from someone knowledgeable at your bank. With the bank we use, they use a holding account with another bank for wire transfers, and there are special instructions. We had someone wire us funds without those instructions, and thought we had lost the wire. Fortunately, our bank has an account with the Federal Reserve, and they picked it up and sent it through, but it took an extra day or so. Also, check on what the fees are for a wire transfer. You may want to have the seller pony up for that as well. Other than that, it should be a very secure way to transfer funds. Just check on those couple of things first. __________________ Lane in MS I was born in Soso, Mississippi. Ain't that cool ??

May 29th, 2005, 11:59 PM	#11 (permalink)
popthree Friend of Leo's Join Date: Jan 2005 Location: Sand Springs, Okay ? Age: 44 Posts: 3,492 50 Photos	I recently sold a guitar to a guy in germany. I had him western union the money. fast & easy....and safe. __________________ http://www.reverbnation.com/thebonanzalunchbox

May 30th, 2005, 12:23 PM	#13 (permalink)
PeterUK Friend of Leo's Join Date: Mar 2003 Location: . Posts: 3,320	Wire transfers and International Money Orders Both are safe and secure as they exist as Bank to Bank transfers. :D The above advice is good. Your bank will be able to provide you with correct and safe procedures to follow. From the UK, I can raise an International Money Order or Cheque (check) in the currency I nominate and post this to the seller. It's a very expensive way for me to send money and the last time I did this it cost me around £15 (about $27) to send $200. Eric, make sure the funds are transferred in US Dollars as you'll end up paying the conversion rate and be aware that you're bank has the option to claw back the funds for up to 30-days after the transfer just in case the cheque/MO is bad. (Sound familiar?) I'm not a fan of Western Union as it so expensive compared to other methods of international money transfer. 8) Hey Eric, no PayPal on this one?? __________________ .

May 30th, 2005, 05:41 PM	#15 (permalink)
dk TDPRI Member Join Date: Mar 2003 Location: Washington, DC Posts: 63	Be Careful With who you give account and routing info these days. This may be a perfectly legit person you are dealing with, but there have been numerous articles recently on scams that only require a bank accont and routing info for for them to then get on a couple of internet check writing sites and essentially cut themselves a check from your account. Admittedly I do not know the ins/outs of how this is done, but I've seen at least a half dozen articels in the last week or so about his growing scam. Just be careful.

June 1st, 2005, 04:07 PM	#16 (permalink)
Tdot Poster Extraordinaire Join Date: Mar 2005 Location: Back of the Wasatch, UT Posts: 5,018 55 Photos	I used Western Union to buy a fountain pen from someone in Austria without any problem. The key with fund exchanges with strangers is to have a third party involved. Western Union would be a one time transaction. Bank transfers don't expose your account, it should go from: his acct >> his bank >> your bank >> your acct Shouldn't need to give anyone your account #. __________________ And now for some feedback: EEEEEEEEEEEEEEEEEEEEEEEEEEE

June 1st, 2005, 04:39 PM	#17 (permalink)
TDPRI Administrator Poster Extraordinaire Join Date: Mar 2003 Location: TDPRILAND Posts: 7,060 46 Photos	I take it back. I just read today to NEVER accept a wire transfer for an Ebay purchase. The check making scam was their warning. Never thought of that. Paul Green

June 13th, 2005, 08:32 PM	#19 (permalink)
TNO Tele-Meister Join Date: Apr 2003 Posts: 484	I just agreed to accept a wire transfer from a ebayer in Belgium. Then I find out my bank charges $15 to accept wire transfers! I hate banks.

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