How safe are wire transfers?

12 years ago

Scary....very scary. If it's something you REALLY have to do - I would suggest going to the bank and setting up a separate bank account first. Seed it with only slightly more than you need to transfer to the other party so you can cover any bank fees. After the transfer, cancel the account. OR - ask the bank if there's a better way to send funds immediately without exposing your account information.

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KirkMcD

12 years ago

Originally Posted by MyiMall

Scary....very scary. If it's something you REALLY have to do - I would suggest going to the bank and setting up a separate bank account first. Seed it with only slightly more than you need to transfer to the other party so you can cover any bank fees. After the transfer, cancel the account. OR - ask the bank if there's a better way to send funds immediately without exposing your account information.

What in the world are you talking about? Have you ever actually wired money before? Only your bank has your bank account info. The receiver needs to give you their bank info. You don't give it to the receiver.

Bank to bank wire transfers are perfectly safe.

Now whether the actual transaction is safe is a different matter. You have no recourse in a wire transfer.
Also, it doesn't matter what bank you are wiring from and what bank you are wiring to.

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GlobalTrader

12 years ago

Originally Posted by KirkMcD

What in the world are you talking about? Have you ever actually wired money before? Only your bank has your bank account info. The receiver needs to give you their bank info. You don't give it to the receiver.

Bank to bank wire transfers are perfectly safe.

Now whether the actual transaction is safe is a different matter. You have no recourse in a wire transfer.
Also, it doesn't matter what bank you are wiring from and what bank you are wiring to.

While I agree that bank to bank wire transfers are for the most part safe, I have inadvertently had a senders bank information provided to me in the past 24 years in several instances. I can't recall how or when but it has happened and "if" I were a nefarious character like two of those who I gave my business acct info to and ultimately had to close those accounts then those senders might have had something to worry about.

Byron2k12, if the person you are sending the money to is asking for your bank details, I would be highly suspicious of them and the entire transaction? If they get your details they can clean your account out and more.

Yes, they can go beyond the balance - had it happen - had $348 in the account and they hit the account with 4 - $500 transfers, add insult to injury the bank then added 4 - $28 each lack of funds charges and 4 - wire transfer charges.

MyiMall has some good ideas in her post but I would not close the account. Let the bank know that you are simply opening a small balance account that will ONLY be used for incoming and outgoing wire transfers as it is needed. There are banks that will do this for no fee and no fee to keep it open. If you have no need for it ever again, then yes, close it out.

Here are a few other suggestions you might consider:

1) Western Union
2) American Express Money Transfer (just like Western Union)
3) Escrow.com

Please, please, please, check out the seller as best you can - I cannot tell you how many times I have counseled people by phone and email about deals that sounded too good to be true and after just a little bit of "due diligence" (look it up) on their part they decided against doing the deal.

Getting back to your basic question, I would not expose or use any large balance account to send a wire transfer, that is simply the way I have come to operate after 24 years in this business and also be sure to check your bank accounts via online access daily as that is how I was able to intercept the illegal withdrawals from my accounts and working with the bank I was able to recover all my funds.

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GlobalTrader

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Wendy Maki

12 years ago

Originally Posted by KirkMcD

What in the world are you talking about? Have you ever actually wired money before? Only your bank has your bank account info. The receiver needs to give you their bank info. You don't give it to the receiver.

Bank to bank wire transfers are perfectly safe.

Now whether the actual transaction is safe is a different matter. You have no recourse in a wire transfer.
Also, it doesn't matter what bank you are wiring from and what bank you are wiring to.

Just as you say, I don't think the wire-transfer itself is the issue, it's the transaction itself.

I don't know what the transaction is for, but in some situations you may be able to use an ESCROW service from a third party. In that case, the third party holds onto the funds and the product (so to speak) until both are in play, and then and only then completes the transaction. Makes sure both sides make good on their sides of the exchange.

Good luck.

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Greedy

12 years ago

Very shady, and not safe.

Especially if you are going to another country.

BIG NO.

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Byron2k12 12 years ago

Is it risky because it involves giving the other person your bank details and they may in the future take more? I think, as mentioned above, have a bank account where you only keep emergency funds so the most you would be out is a little with what you intended to transfer. I don't know, why isn't there as much security in transferring money this way?
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ElenaK

12 years ago

In the past 7 years I have done more than a dozen bank-to-bank wire transfers. Never had a problem. Find out if your party has HSBC bank in their country, because this bank has many International branches. Another good online payment network is Intuit . com

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JJacobs Investments

12 years ago

Originally Posted by Byron2k12

I need to transfer money (medium sum) to someone in another country, i can't use paypal with this particular transfer due to it being caught up in ebay (complicated), basically i just wanted to know if you guys have ever used a wire transfer and if it is easy and/or safe?

Thank you.

Yes, I've done wire transfers many times. Yes, the downfall is that the other individual will have your banking information. As the poster above me stated, I would try to use another source such as an e-mail money transfer (assuming they use the same bank), or try Western Union.