| Pages in topic: < [1 2 3] | Best way to receive payment from US agency? Thread poster: Sarah Silva
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Samuel Murray 
Netherlands
Local time: 11:38
Member (2006)
English to Afrikaans
+ ...
| @Nicole -- sending a wire with insufficient funds | Aug 16, 2012 |
Nicole Schnell wrote:
Technically, anyone can send you a wire transfer that doesn't clear due to insufficient balances just the same.
How would that work? Surely the wire is only authorised by the sending bank if there is sufficient funds in the sender's account?
| | | | Nicole Schnell
United States
Local time: 02:38
English to German
+ ...
In memoriam | Of course yes. | Aug 16, 2012 |
christela wrote: Nicole Schnell wrote:
Bad checks: There are dead beats, crooks and criminals all over the planet. Technically, anyone can send you a wire transfer that doesn't clear due to insufficient balances just the same. Then you are just as creamed as with a bad check. I don't see any difference. If I don't have sufficient funds in my bank account, I cannot send a wire transfer.
I do most of my banking for personal stuff (utilities, credit cards, car payments, etc.) electronically from my office. I once picked by accident the wrong bank account (we have four different ones for different purposes) - wham!!! Then the big back-and-forth number starts. The amount will show on the recipients account and then will be retrieved by the bank again. Don't ask...
| | | | | Bank of America, domestic and international wire transfer fees | Aug 16, 2012 |
What are the fees associated with domestic wires?
Outgoing - Customer = $25
Incoming = $12
What are the fees associated with an international wire?
Outgoing - Customer - Funds Sent in US Dollars (USD) = $45
Outgoing - Customer - Funds Sent in Foreign Currency (FX) $3... See more What are the fees associated with domestic wires?
Outgoing - Customer = $25
Incoming = $12
What are the fees associated with an international wire?
Outgoing - Customer - Funds Sent in US Dollars (USD) = $45
Outgoing - Customer - Funds Sent in Foreign Currency (FX) $35
Incoming = $16
http://www.bankofamerica.com/deposits/checksave/index.cfm?template=lc_faq_wire ▲ Collapse
| | | | Neil Coffey
United Kingdom
Local time: 10:38
French to English
+ ...
| Several weeks? | Aug 17, 2012 |
Nicole Schnell wrote:
In this age of electronic checks and whatnot I have absolutely no understanding why it takes banks in Europe several weeks to deposit a check. I call this backwards.
Without wishing to defend banks for one second, I'm curious if you've found them to take several *weeks*. My UK bank can generally get a US cheque into my account in a couple of days as far as I've observed. Are other countries in Europe much worse than this? - would have thought they'd be similar.
My issue with cheques is they're just such a fundamentally cumbersome and error-prone way of transferring money compared to the alternatives available. It's 2012 and the most sensible way of sending me money is to fly a piece of paper across the Atlantic in an aeroplane? Seriously?
Though I am also perplexed as to why wire transfers aren't *instant* as opposed to taking X days. I can only assume that by "wire" they actually mean "carrier pigeon" or something.
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Samuel Murray
Netherlands
Local time: 11:38
Member (2006)
English to Afrikaans
+ ...
| Cost of doing international business (and locally) | Aug 17, 2012 |
Luis Arri Cibils wrote:
What are the fees associated with an international wire?
Outgoing - Customer - Funds Sent in US Dollars (USD) = $45
Outgoing - Customer - Funds Sent in Foreign Currency (FX) $35
How easy is it in the US for a company to open an account at another bank? Is it very, very difficult? Is it illegal for them to have bank accounts in two different banks? I'm asking this because if an agency knows that it does business internationally and would need to send money internationally, wouldn't it make sense for them to seek out a bank that charges lower fees for the transfers? Your bank charges $45, the OP's client's bank charges $33, one of my US client's bank charges even less than that.
What are the fees associated with domestic wires?
Outgoing - Customer = $25
Incoming = $12
If this is so, then what is the usual procedure (not wire, obviously) for transferring money from one account into another account at the same bank (in the US), and what is the procedure for doing so for accounts at a different bank? Also, does it matter whether the other bank is in the same state?
Since cheques are all the rage in the US, does that mean that you'd transfer money between accounts by sending that other bank a cheque (and waiting for the money to clear)?
| | | | | Yes, actually | Aug 17, 2012 |
Neil Coffey wrote:
Are other countries in Europe much worse than this? - would have thought they'd be similar.
Yes, they can be that slow. Perhaps two or three years ago I had a sum come to me from the US in a check and it took Deutsche Bank the better part of two weeks to clear it. (They posted the sum to my account immediately for purposes of balance and interest, but I couldn't access the funds.)
| | | | Samuel Murray
Netherlands
Local time: 11:38
Member (2006)
English to Afrikaans
+ ...
| Speed of clearing international cheques | Aug 17, 2012 |
Neil Coffey wrote:
Without wishing to defend banks for one second, I'm curious if you've found them to take several *weeks*. My UK bank can generally get a US cheque into my account in a couple of days as far as I've observed.
For me, at my South African bank, clearing an international cheque always took 2-3 weeks, but I sometimes got the money within 2-3 hours. My bank explained to me that if they trust the bank they receive it from, they'll put the money in my account even if the cheque hadn't officially cleared yet. I assume this also applies to other countries. This is is one of the problems with fake cheque scams -- the victim might think that since the money is already in his account, the cheque had in fact cleared. Remember, the bank runs no risk by giving you the money in advance, since if the cheque bounces they simply take the money back from you (now or later).
It's 2012 and the most sensible way of sending me money is to fly a piece of paper across the Atlantic in an aeroplane? Seriously?
That is a common misconception. The banks use a tubing system, as a matter of fact.
http://en.wikipedia.org/wiki/Pneumatic_tube (no, just kidding)
Though I am also perplexed as to why wire transfers aren't *instant* as opposed to taking X days. I can only assume that by "wire" they actually mean "carrier pigeon" or something.
No, international wire transfers do take time. When I considered ways to get money from my South African bank account into my Dutch bank account (where I now am), using wires was one option, but it was found to be cumbersome and there was up to a week's delay in getting the money. In the end, I opted for withdrawing the money from the Dutch bank's ATM using my South African bank's debit card -- it is instantaneous, and the fee is within reason (about $20 total).
[Edited at 2012-08-17 08:14 GMT]
| | | | LEXpert
United States
Local time: 04:38
Member (2008)
Croatian to English
+ ...
| Probably little to do with money laundering | Aug 17, 2012 |
Nicole Schnell wrote:
The US banking system is based on our strict money laundering laws and regulations. That's why only a bank teller is allowed to send international transfers, and the sender has to show up in person with photo ID.
To wire money without going to the bank in person, you'd have to do it via the bank's web portal, which would require you to log in, so your identity is known in any case; I'm not sure how either method would make (tracking) money laundering easier or harder. Even then, US banks are only required to report transfers in excess of $10k.
I'd says that the US system's quaint reliance on checks has more to do with the vestiges of frontier individualism and an inherent distrust of government. In a paperless banking system, all monetary outflows and inflows are instantly recorded and stored, and can be easily be retrieved for potential investigation or prosecution (for tax evasion, illicit activity, or whatever other reason). With a check-based system, it's possible (if increasingly difficult) to live without a bank account at all - you get paid by check, cash it at a check-cashing place that takes a few dollars for the service, pay all your bills by money order, etc. Some people just like being off the grid...
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