Talk:Wire transfer

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Contents 1 Discussion 2 Controversy? 3 Western Union and transfers 4 EFT vs wire transfer 5 How long does it take to receive a wire transfer? 6 Route in EU bank transfers? 7 Wires can be recalled? 8 Common Bill Payment Methods

[edit] Discussion

IF YOU ARE SELLING AN ITEM TO SOMEONE IN ENGLAND BY WIRE TRANSFER, IS IT NECESSARY TO GIVE THEM ALL YOUR INFORMATION? IE-NAME,ADDRESS, PHONE NUMBER IF YOU HAVE NEVER DONE BUSINESS WITH THEM? IS IT SAFE?

If the payment is going from one UK bank account to another UK bank account, then the buyer needs only to know the name of the account holder, their sort code and their account number. If the payment is coming from outside the UK, then the buyer will need either an IBAN or SWIFT code. NFH 21:46, 7 March 2006 (UTC)

Bank transfers are usually considered as very safe. If you make an international transfer, the recepient will receive a statement containing your full name and address (but no phone number). (Stefan2 19:04, 5 June 2007 (UTC))

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[edit] Controversy?

Can someone expand on why Western Union's history has been controversial?

Western Union is the top choice of scam artists online because it is anonymous and offers no protection for the sender (unlike credit cards, which can cancel a transaction and chargeback the amount). —Preceding unsigned comment added by 129.85.161.41 (talk) 16:20, 12 March, 2007 (UTC)

[edit] Western Union and transfers

The two banks that I do business with both offer wire transfer services via their internet banking sites. One bank offers "Online wire transfers," with which I can enter in the recipient's bank and account number and have that money transferred usually the same day. The other bank offers "Western Union Money Transfer" service, which lets me input the person's name and location but not their bank account information. I'm confused by this second bank's online form, as I'm not entirely sure how the money gets to the recipient's account if you don't enter the recipient's account information. I suspect that this bank's wire transfer service is more akin to WU's "Money in Minutes" service, which requires the recipient to show up in person at a WU service center to receive the cash, but I'm not sure and have not had a chance to ask the bank if this is the case. I wish they would make it more clear on their site...

The reason I bring this up is because I think it would be helpful if someone could better explain the various forms of wire transfer in this article. I searched this article for help in my case (I wanted to know before I instituted the wire transfer) and found it rather lacking. For example, a look at WU's U.S. web site shows the "Money in Minutes" service (which transfers cash between WU service centers) and the "Direct to Bank" service (which transfers cash between bank accounts). These are two distinct services, and it would be good to differentiate them in this article. I would, but I'm not sufficiently familiar with wire transfers (this is my first one). cluth 02:17, 11 September 2006 (UTC)

I added a lot of info about these services. NickBurns 15:59, 25 March 2007 (UTC)

[edit] EFT vs wire transfer

What are the differences between electronic funds transfer and wire transfer? Shawnc 14:54, 10 January 2007 (UTC)

Shawn - Electronic Funds Transfer, or EFT, is someone using your bank's routing number and your checking account number to withdraw money from your account (or deposit money into it, etc). Most banks are using the ACH clearinghouse to make those debits or credits to or from an account. Wire transfer uses either the Fed wire system (via ABA's) or, in the case of an international/foreign currency wire transfer, the SWIFT system, to make those credits and debits. NickBurns 15:12, 8 February 2007 (UTC)

[edit] How long does it take to receive a wire transfer?

If someone is wiring me money tomorrow, when will it be in my account available for use? Thank You

Domestic: Payment arrives immediately in many countries (especially if it is to an account in the same bank), or at least within one working day. In some countries it might be slower.

International: Usually 2-7 working days. Because of EU rules, transfers in EEA currencies within the EEA will not take more than at most 6 working days (usually much less). Many banks offer an express service (at additional cost) that will speed up the process. (Stefan2 19:09, 5 June 2007 (UTC))

[edit] Route in EU bank transfers?

I sent some money from one country of Europe to another. There was a mistake with the recipient's name so the money arrived much later. However then I was noticed that the money were still in transit, waiting in a bank from Frankfurt. Question: Are most of the banks in EU sending trough some kind of International Exchange office located in Frankfurt? Details? Dreamcow 06:56, 9 October 2007 (UTC)

[edit] Wires can be recalled?

>> Chargeback is unlikely, although wires can be recalled

Is there a reference for this claim? Under what conditions can a wire be recalled? Without elaboration, this statement appears to contradict the assertion that bank-to-bank transfers are "safe". New (talk) 02:06, 16 January 2008 (UTC)

[edit] Common Bill Payment Methods

"..monthly bills are usually paid with a direct transfer (by cellular phone or Internet, or at the bank or an ATM)"

I've read somewhere, and know from personal experience, that direct debits and standing orders are much more common as payment methods. Anyone have any sources on this? - Al.locke (talk) 14:06, 19 March 2008 (UTC)