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Old 21 November 2017, 10:20 AM   #1
Bakasana
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How safe are wire transfers, from bank to bank?

If I sell a watch... are transfers safe?

We need to give info; bank account, routing # etc., if sale is within USA, is it safe to just fork over that info and get the money and not worry about that person using your info for other devious acts? Pulling out money from your account? Or accessing anything account related?

Any help, thanks in advance.
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Old 21 November 2017, 10:42 AM   #2
springer
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The info required on a wire is the routing number of your bank and account number.

Routing numbers are easy to find on the internet - they are not secret. If you write checks. your account number is on your check as well as your name.

There are many ways someone can defraud you or your bank account, but normally it would be the bank's responsibility if someone fraudulently cleaned out your bank account.

Wire transfers are normally very safe. Below is a thread I posted a while back refarding wire transfers. If you take a wire, make sure you are receiving a cash wire transfer and not a check deposit. I discuss all this in the thread below:

https://www.rolexforums.com/showthread.php?t=531703
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Old 21 November 2017, 11:35 AM   #3
Bakasana
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Quote:
Originally Posted by springer View Post
The info required on a wire is the routing number of your bank and account number.

Routing numbers are easy to find on the internet - they are not secret. If you write checks. your account number is on your check as well as your name.

There are many ways someone can defraud you or your bank account, but normally it would be the bank's responsibility if someone fraudulently cleaned out your bank account.

Wire transfers are normally very safe. Below is a thread I posted a while back refarding wire transfers. If you take a wire, make sure you are receiving a cash wire transfer and not a check deposit. I discuss all this in the thread below:

https://www.rolexforums.com/showthread.php?t=531703
Thanks for reply.

So, if the wire is a complete transfer of actual funds, the bank would be able to let me , as oppose to a check that will take time to clear, correct?

If it is a check, with the potential for it to clear or not clear, a teller or anyone at the bank would be able to identify that to me and let me know, correct>?

regards,
bakasana
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Old 21 November 2017, 12:09 PM   #4
freefly
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Bank wires are the best method of accepting payment, IMO. As soon as the wire posts, the money is considered transferred/deposited. No worries about bounced checks, no dealing with check-clearing wait times/holds, etc.
It also eliminates potential fraud from fake cashier's checks or PayPal scammers (claiming they didn't receive anything, or received a fake, etc.). YMMV...
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Old 21 November 2017, 05:03 PM   #5
bondtoys
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just be careful, I've had cases where I have received faked wire confirmations from banks.
So make sure that the funds is really at your account.
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Old 21 November 2017, 11:24 PM   #6
Sprta
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The bigger risk on wire transfers is with the buyer. Best advice on TRF is to buy the seller.
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Old 22 November 2017, 12:12 AM   #7
j0oftheworld
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I haven't done wire transfer before but isn't there an online provider that would anonymise each persons details? That's what I always pictured..
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Old 22 November 2017, 05:05 AM   #8
socalwatchcollector
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Nothing is fool proof.. I have witnessed wires reversed and fake funds deposited.
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Old 22 November 2017, 05:46 PM   #9
Tournesol72
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Don’t ever act unless the money is safely in your account and have your bank confirm that it cannot be reversed
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Old 23 November 2017, 05:57 AM   #10
rootbeer7
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In the U.K. once deposited and showing on your account (i.e. Phone bank app) it is cleared and can't be returned without sender opening a case against receiver. Bank can't simply refund money.
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Old 27 August 2023, 10:39 PM   #11
patricia34
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Wire moves are exceptionally protected similar to Cash App. Security lies in encryption innovation, which encodes all information sent over the web during transmission. This guarantees that main approved gatherings can get to your own data while it's being moved starting with one spot then onto the next.
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Old 30 August 2023, 11:08 PM   #12
pandrew6l
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As a buyer, you have no recourse with bank wire transfers. A golden rule for TRF or anywhere else, buy the Seller and don't wire money to people you don't know.
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Old 30 August 2023, 11:13 PM   #13
brandrea
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Quote:
Originally Posted by Tournesol72 View Post
Don’t ever act unless the money is safely in your account and have your bank confirm that it cannot be reversed
This ^^^

I only accept payment by wire transfer. The bank will verify when the funds have cleared and when they are in your account.

In Canada, within the same banking institution it takes about an hour sometimes less. Between different institutions it can take up to 24 hours.
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Old 13 November 2023, 01:39 PM   #14
Dutchie212
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Please be aware Buyer, when using a bank wire transfer, the only person who will be guaranteed that he will receive the money is the seller. Now you, as buyer, have to wait till you will or won’t receive the watch……better way is to use an Escrow service that protects the buyer and seller from fraudulent transactions.
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