How do you exactly do a bank wire transfer?
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Registered User
Joined: Nov 2002
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From: West Covina, CA
How do you exactly do a bank wire transfer?
Hey guys, sorry for the stupid question but I'm looking for some information regarding bank wire transfers. I'm selling some high dollar possessions (watches) for the first time and I have someone who lives in another state who is interested. We agreed to do it via bank wire transfer but I don't exactly know how it works. What information do I need to give him? My checking account number or is there anything else? And also is it 100% safe on my end? Like is there any way for him to take back the funds he transferred to me? I got screwed on ebay once where after I sent it out the buyer filed a dispute and I had to go through all this bs to get my money back. Any info would help, thanks.
Registered User
Joined: Oct 2005
Posts: 14,614
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From: Denton, TX
wire transfer is a lot safer for the person receiving the $, and it's a lot riskier for the person sending the $
usually banks charge a relatively high amount for the service unless you have a cool bank or are a great customer
to find out how to initiate, call the bank
usually banks charge a relatively high amount for the service unless you have a cool bank or are a great customer
to find out how to initiate, call the bank
Community Organizer
Joined: Jun 2004
Posts: 7,630
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From: Kansas City, MO
Originally Posted by DFWs2k,Jun 20 2009, 09:04 AM
wire transfer is a lot safer for the person receiving the $, and it's a lot riskier for the person sending the $
usually banks charge a relatively high amount for the service unless you have a cool bank or are a great customer
to find out how to initiate, call the bank
usually banks charge a relatively high amount for the service unless you have a cool bank or are a great customer
to find out how to initiate, call the bank
You will need the routing number and the bank account number for where the money is being sent...fo sho.
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Joined: Apr 2004
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From: never never land
I work at a bank.
If your receiving a wire, you need to provide your account number as well as your routing number. If your sending a wire, you need to file a form with the the routing number and account number your sending funds too. Its a very easy process unless your sending/ receiving international wires, because if one variable is wrong or incorrect it could take about 6 weeks to resolve an issue. Generally to send a wire their is a fee associated with the transfer. Some banks charge you to receive a wire, but it will vary based upon the type of account you have.
In all honesty though, I would just use an ACH transfer if you can have access to it. It takes about 24 - 48 hours, but if your online banking will allow it, do it. Some banks will only let business accounts have access to this feature. Our consumer accounts can not, but our business ones can. Most companies will use ACH transfers for payroll direct deposits.
As far as stopping a wire, I'm almost positive that once you receive the funds and they are removed from the senders account you can not stop the transaction. You can only dispute the activity. Nothing is golden though. Remember, if their sending you a wire, they have your account number and routing number on file. They could draft an ACH payment to your account to have funds transferred to them.
If your receiving a wire, you need to provide your account number as well as your routing number. If your sending a wire, you need to file a form with the the routing number and account number your sending funds too. Its a very easy process unless your sending/ receiving international wires, because if one variable is wrong or incorrect it could take about 6 weeks to resolve an issue. Generally to send a wire their is a fee associated with the transfer. Some banks charge you to receive a wire, but it will vary based upon the type of account you have.
In all honesty though, I would just use an ACH transfer if you can have access to it. It takes about 24 - 48 hours, but if your online banking will allow it, do it. Some banks will only let business accounts have access to this feature. Our consumer accounts can not, but our business ones can. Most companies will use ACH transfers for payroll direct deposits.
As far as stopping a wire, I'm almost positive that once you receive the funds and they are removed from the senders account you can not stop the transaction. You can only dispute the activity. Nothing is golden though. Remember, if their sending you a wire, they have your account number and routing number on file. They could draft an ACH payment to your account to have funds transferred to them.
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