Question for WIRE transfers...

[Mifune]

I have a question for those that normally receive wire transfers... I have sent them before, but never received one.

I made a deal on a high ticket item over $10k and the buyer wants to wire transfer me the money. As the recipient, is there any risk to me or is there ANYTHING I should ask for in advance? What information are they going to ask me for when making the transfer... account # etc?

I want to safe guard myself as much as possible.
thanks in advance.
Schu

[INC]

It may depend on your precise location

Usually you have to send the sender your bank's details, account# and name.

However the most important part is, never ever believe to anything that the transfer was made or so on. If you would see the money on your account, then you will be safe as in this case the money will be yours.

[Mifune]

Originally Posted by INC

However the most important part is, never ever believe to anything that the transfer was made or so on.

not sure I understand???
do not believe a verbal guarantee and wait for an actual credit into account?

this is all internal within the USA

[330ci]

Originally Posted by Mifune

not sure I understand???
do not believe a verbal guarantee and wait for an actual credit into account?

this is all internal within the USA

Until the money clears, don't send or transfer anything

[Mifune]

Originally Posted by 330ci

Until the money clears, don't send or transfer anything

that's the thing... they are coming to pick up the item.
when you say clear, do you mean credited to my account?
with a wire is that 7 days... 24 hours... or once it hits your account and it shows a balance?

[Krash]

I always envision these online transactions going like this:

BUYER: Send me the watch first, and when I get it, I'll wire you the funds.
SELLER: No, when you send me the funds, and they have cleared, I'll then send you the watch.

LOL!

If it's in person, then obviously it's much easier...

[Mifune]

easier?
I guess what I am asking is, can the wire be called back or reversed?
if they send a transport company to pick something up and at the same time wire me the funds, in essence the item is already gone before any significant time has transpired for fund clearance.

[INC]

Originally Posted by Mifune

they are coming to pick up the item.

And want to pay with wire? Let them pay in cash in your bank. That would be a nice place for a smooth and safe transaction.

[Tools]

Originally Posted by Mifune

that's the thing... they are coming to pick up the item.
when you say clear, do you mean credited to my account?
with a wire is that 7 days... 24 hours... or once it hits your account and it shows a balance?

If they are physically picking up the item, you need to make sure that your bank has already verified the money in your account and it cannot be recalled before handing it over.

It is often a scam, especially if everything is done on a notification that money was sent and not actually verifying funds were received.

Once you hand it to them you aren't getting it back.

[INC]

Originally Posted by Mifune

I guess what I am asking is, can the wire be called back or reversed?

If the money is on your account, there is no way to call back. But you have to check your account and don't trust to anything else.

if they send a transport company to pick something up and at the same time wire me the funds, in essence the item is already gone before any significant time has transpired for fund clearance.

Well, this is the common fraud method on Marketplace. Beware.

[Mifune]

okay... thank you guys, everything is clearer now.

the item are huge speakers... they need to use a transport company to get them to texas, and I need to be paid before they leave my home.

[EEpro]

Get incoming wire instructions from your bank. Routing number can be different than your ACH.

Once you see the wire in your account you can give it an hour or call your bank to verify. It is basically irreversible once it shows in your available balance. Be sure it says "incoming wire" on the transaction and not any other type of transfer.

[Mifune]

Thank you

[Redfoot]

Agree- if they are coming in person, and want to wire, kind of a red flag.

Insist on a certified check, and meet them at the bank. Deposit and have teller confirm everything first- they will probably take copy of the other person's ID to be safe.

Wiring money can be a little risky, especially if you have not done it before.

[subtona]

echoing some of the above, there is definitely an opportunity to meet a scammer via wire transfers. I came across a very detailed account of how the scam works when looking up a craigslist scam search.

best practices:

use a secondary account that doesn't hold other monies

verify in person of available funds prior to releasing the item

use a trusted seller as a intermediary for a fee (my personal choice)


ps the scam language I experienced and read was something like this:

"I have been robbed before when making a deal and I just don't feel comfortable using cash In person, so I would like to send you a wire"

[brandrea]

Originally Posted by Tools

If they are physically picking up the item, you need to make sure that your bank has already verified the money in your account and it cannot be recalled before handing it over.

It is often a scam, especially if everything is done on a notification that money was sent and not actually verifying funds were received.

Once you hand it to them you aren't getting it back.

This ^^^

I’ve never had an issue with wire transfers.

[Mifune]

Hmmmm... interesting.

I am going to have to layout some parameters for this person.

I did feel slightly 'rushed' when they told me that they had someone picking up today... I'm like WAIT A MINUTE... I need funds to clear.

[DLRIDES]

Originally Posted by Mifune

Hmmmm... interesting.

I am going to have to layout some parameters for this person.

I did feel slightly 'rushed' when they told me that they had someone picking up today... I'm like WAIT A MINUTE... I need funds to clear.

When I receive a wire transfer, I then immediately transfer it to another of my accounts, just for an extra layer of protection.

[Bstewart]

This is highly likely to be a scam, from every single thing you have posted.

[HHIslander]

Originally Posted by DLRIDES

When I receive a wire transfer, I then immediately transfer it to another of my accounts, just for an extra layer of protection.

Me too. Peace of mind.

[themast]

Originally Posted by Mifune

Hmmmm... interesting.

I am going to have to layout some parameters for this person.

I did feel slightly 'rushed' when they told me that they had someone picking up today... I'm like WAIT A MINUTE... I need funds to clear.

Urgency on a high value transaction is a big red flag right there.

[albertf]

I've had to wait a few business days before being able to actually move funds after a wire was initiated into my account too. This has been my experience with BOA and Chase.

[Calatrava r]

Make sure the credit to your account is from an actual wire transfer. I have heard of fraudsters depositing a check into an account which shows up as a credit which you can verify with your bank only for the check to then bounce, and the transaction is reversed after the goods have been shipped.

[DLRIDES]

Originally Posted by albertf

I've had to wait a few business days before being able to actually move funds after a wire was initiated into my account too. This has been my experience with BOA and Chase.

I’ve moved several wire transfers minutes after receiving, the latest just a couple days ago. IDK

[EEpro]

Originally Posted by DLRIDES

I’ve moved several wire transfers minutes after receiving, the latest just a couple days ago. IDK

Same for me with USAA and USBank.

[Moondoggy]

Once the funds are shown in my account, I do not do anything until I have transferred the funds into another account. Then good to go.

[superdog]

Originally Posted by 330ci

Until the money clears, don't send or transfer anything

This. Must clear first.

Do not let them pick up prior to actually clear. Not processing, but actually cleared.

[donas]

What about Zelle? Depending on the sender's account, up to $15G can be sent a day. My last purchase was face to face and I used Zelle to send over 10G. It only took a few minutes and was done. Same as any other electronic transfer, the sender can't "undo" it.

[minute_man]

Originally Posted by DLRIDES

When I receive a wire transfer, I then immediately transfer it to another of my accounts, just for an extra layer of protection.

Originally Posted by Moondoggy

Once the funds are shown in my account, I do not do anything until I have transferred the funds into another account. Then good to go.

Beat me to it!

This!

I can't recommend this enough.

Have an account with little to no funds just for such transactions. Once the funds have been received, immediatey transfer them to other account(s) of yours.
Takes seconds, literally, with a smartphone

[1st amg]

Don't send or let them pick up anything until funds are cleared!!! I have done this many times and most banks will have y funds withing 24hrs of the wire being completed. The buyer also sends me a copy once he has left his bank to show me the document completed for the wire. But, this is not enough. I will only send them the item once my bank has the funds in my account and cleared. Tread carefully.