How to wire transfer?

bmicek

Gunny Sergeant
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Minuteman
Aug 23, 2017
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Kansas
Currently have a buyer for a thermal I’m selling. The buyer wanted to pay via Zelle originally but being I have a new account, I can only receive up $5,000 per week. The buyer then asked about a wire transfer and would need my routing number. Not totally familiar with any of this, I’ve always just used PayPal or Venmo (I know, not 2A friendly). I know a routing number is probably necessary for a wire transfer but where does this become “scammy”?
 
First, call your bank and tell them you will be receiving an in inbound wire transfer…they usually have an instruction form or at least explain the process ( and possibly fee).

But yes, a transit routing number, bank address, your name and address and account would all be required for the sending bank.
 
First, call your bank and tell them you will be receiving an in inbound wire transfer…they usually have an instruction form or at least explain the process ( and possibly fee).

But yes, a transit routing number, bank address, your name and address and account would all be required for the sending bank.
This. And let the banks take of things, it's routine for them.

I've received north of 100 wire transfers for my business, most at least $100k, a few of them over $200k. My bank charged $18 per.
 
A wire transfer is direct from sender's bank account to your bank account. The sender must list the Account Title (Exactly! Sending to a joint account as Mr. and Mrs. when the account is actually titled Mr. or Mrs. is enough to screw it up.), routing number and account number.

Many financial institutions that send a lot of wire transfers send them in batches, meaning they hold them and send a bunch out in one batch. The one I am most familiar with committed that every one submitted by 2pm Central Time would get sent with the last batch of the day at 4pm CT. Sent at 1:01pm Eastern Time misses the cutoff. Sorry, Jack. Your wire goes out tomorrow.

Wire transfers are submitted to the Federal Reserve Bank which does the actual transfer.

Most transfers are received and can be seen in the receiving account within hours of being sent, however the Fed says a transfer can take up to two business days.
 
If you have your account number and the BANK routing number that's all YOU should need.

Sending them is harder than receiving them, and once the amount goes above a certain level (like 10k) you often can't do it yourself, you need to get the bank involved (as the sender).

As other's have said, make sure their money gets there and stays there. Wire transfer is no more secure than anything else, no more "back up"/insured than anything else (not).
 
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If you have your account number and the BANK routing number that's all YOU should need.

Sending them is harder than receiving them, and once the amount goes above a certain level (like 10k) you often can't do it yourself, you need to get the bank involved (as the sender).

As other's have said, make sure their money gets there and stays there. Wire transfer is no more secure than anything else, no more "back up"/insured than anything else (not).
That’s odd. We don’t do them often, but the handful of times we did our bank was very…concerned for us. “Are you sure you want to do this? Do you know the person well? Do you have faith in this transaction? We CAN NOT get this money back.”

Maybe it’s just the policy of this local bank we use. Whatever it is, it’s enough to give you pause. If only for a second.
 
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That’s odd. We don’t do them often, but the handful of times we did our bank was very…concerned for us. “Are you sure you want to do this? Do you know the person well? Do you have faith in this transaction? We CAN NOT get this money back.”

Maybe it’s just the policy of this local bank we use. Whatever it is, it’s enough to give you pause. If only for a second.

My bank did that as well. Had to go through several bank employees. And I wasn’t sending money to a Nigerian Princess either.
 
That’s odd. We don’t do them often, but the handful of times we did our bank was very…concerned for us. “Are you sure you want to do this? Do you know the person well? Do you have faith in this transaction? We CAN NOT get this money back.”

Maybe it’s just the policy of this local bank we use. Whatever it is, it’s enough to give you pause. If only for a second.
You have to protect yourself when you're the buyer versus the seller.

I bought an AXMC (NIB) from the PX using a wire transfer. However, I spoke to the seller twice and had a copy of the seller's driver's license (both sides) and a recent utility bill with the same name and address. Moreover, he brought the gun to his FFL who contacted my FFL, and logged the firearm in his book as a private sale.

When the seller received the wire (same day), he contacted the FFL who shipped the rifle.
 
Just because one is the SELLER doesn't mean there's less risk... I just read/viewed a piece on the great increase in scams where the scammers are the BUYERS- they scam the sellers out of expensive items and then resell them for the cash. The article/video said the scammers have upped their game because of the growing security measures and greatly heightened awareness of buyers getting scammed.
 
Just because one is the SELLER doesn't mean there's less risk... I just read/viewed a piece on the great increase in scams where the scammers are the BUYERS- they scam the sellers out of expensive items and then resell them for the cash. The article/video said the scammers have upped their game because of the growing security measures and greatly heightened awareness of buyers getting scammed.
Then they are not a bright bulb or I am missing something.

The seller does not send or should not send the item until the wire clears. Once it clears, there is no way of getting it back
 
Just because one is the SELLER doesn't mean there's less risk... I just read/viewed a piece on the great increase in scams where the scammers are the BUYERS- they scam the sellers out of expensive items and then resell them for the cash. The article/video said the scammers have upped their game because of the growing security measures and greatly heightened awareness of buyers getting scammed.
That was my initial mindset when I was going to be selling my thermal and receiving payment via wire transfer. “How could I be scammed out of my thermal using this payment method”. The way I understand it, as long as the wired money arrives into my account, and I ship the thermal insured and signature required, I’m not sure how I could be scammed as the seller. Which I guess was the original purpose of my post, am I missing something?
 
That’s odd. We don’t do them often, but the handful of times we did our bank was very…concerned for us. “Are you sure you want to do this? Do you know the person well? Do you have faith in this transaction? We CAN NOT get this money back.”

Maybe it’s just the policy of this local bank we use. Whatever it is, it’s enough to give you pause. If only for a second.
I received one in June, then sent one a couple days later. First time I'd done either, was buying a piece of property with a family member who isn't local. Receiving part of the money was simple. Gave the family member the two numbers and... "That's it?" An hour or two later the money was there. Sending the money (about three times as much), was... I won't say a pain, but it was involved. I'm actually glad they made me jump through all the hoops and confirmations, me calling them, them calling me back on other numbers, confirming it was still me and that I was doing this willingly, confirming what it was for and all sorts of stuff. Great that they're looking out for their customers (really looking out for themselves I suppose), not giving money to scammers, terrorists, drug lords. lol But like you said the whole "Are you sure? This can't be un-done. There's no getting it back." was a little unsettling.
 
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That was my initial mindset when I was going to be selling my thermal and receiving payment via wire transfer. “How could I be scammed out of my thermal using this payment method”. The way I understand it, as long as the wired money arrives into my account, and I ship the thermal insured and signature required, I’m not sure how I could be scammed as the seller. Which I guess was the original purpose of my post, am I missing something?
I don't think there is anything to miss. The buyer cannot get the money back after it is posted to your account. Even if you sent him an item that you misrepresented, there is little the buyer can do other than sue you in court.
 
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I don't think there is anything to miss. The buyer cannot get the money back after it is posted to your account. Even if you sent him an item that you misrepresented, there is little the buyer can do other than sue you in court.
Good deal, I’ll just have to watch my account closely then.
 
If you have your account number and the BANK routing number that's all YOU should need.

Sending them is harder than receiving them, and once the amount goes above a certain level (like 10k) you often can't do it yourself, you need to get the bank involved (as the sender).

As other's have said, make sure their money gets there and stays there. Wire transfer is no more secure than anything else, no more "back up"/insured than anything else (not).

A proper wire transfer is very hard to undo once it has fully settled.
Remember the moment the wire shows up it hasn't settled.
A full settlement takes 2 or 3 days.

After that, it's the safest form of payment for a seller.
We pretty much insist on that only with all higher risk foreign sales or foreign shipments.

Pretty much once it's settled, unless the bank made an error, there is no taking back the money unless they actually get the authorities involved and try to recover it.

It's why when sending a wire transfer the banks will often make sure you know what you are doing because for fraudsters, receiving a wire transfer for funds is like the holy grail of getting money from someone.
 
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A proper wire transfer is very hard to undo once it has fully settled.
Remember the moment the wire shows up it hasn't settled.
A full settlement takes 2 or 3 days.

After that, it's the safest form of payment for a seller.
We pretty much insist on that only with all higher risk foreign sales or foreign shipments.

Pretty much once it's settled, unless the bank made an error, there is no taking back the money unless they actually get the authorities involved and try to recover it.

It's why when sending a wire transfer the banks will often make sure you know what you are doing because for fraudsters, receiving a wire transfer for funds is like the holy grail of getting money from someone.
How do you know when it’s fully settled?