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Started By
Message
Money wire transfer risks?
Posted on 1/13/18 at 4:29 pm
Posted on 1/13/18 at 4:29 pm
Out of state buyer is requesting to send money to my bank via money wire transfer.
Are there any associated risks on my side that I should be aware of?
Edit ... buyer has been "verified" and is not from Nigeria.
Are there any associated risks on my side that I should be aware of?
Edit ... buyer has been "verified" and is not from Nigeria.
This post was edited on 1/13/18 at 4:30 pm
7
Posted on 1/13/18 at 4:33 pm to Will Cover
Don’t give the person your info Routing/Account number.
Have them go to their bank and have that bank/banker contact your bank/banker and the information should be relayed that way. Google to confirm that it is a legitimate bank and location.
Once a wire goes out it’s gone.
Have them go to their bank and have that bank/banker contact your bank/banker and the information should be relayed that way. Google to confirm that it is a legitimate bank and location.
Once a wire goes out it’s gone.
Posted on 1/13/18 at 4:34 pm to Will Cover
Receiving money? Since the funds are verified at origination, shouldn't a wire transfer be almost risk free for the recipient? I don't even think banks put holds on wire transfers because the funds have to verified and validated by the originating bank for the transfer to even happen in the first place.
And, like that guy ^^^ said, have the banks contact each other to set up the transfer, not person-to-person with the buyer.
And, like that guy ^^^ said, have the banks contact each other to set up the transfer, not person-to-person with the buyer.
This post was edited on 1/13/18 at 4:36 pm
Posted on 1/13/18 at 4:34 pm to Will Cover
I do 3-4 wire transfers a week. Overseas and domestic. Just make sure you get a wire transfer FED ID # and you’re good.
Posted on 1/13/18 at 4:35 pm to Will Cover
Ask him to Western Union you the money. You and him would agree on a password, he would wire the money to you, you would go to Western Union, give them your name and the password, and you would receive cash.
Posted on 1/13/18 at 4:36 pm to Will Cover
do it through paypal so there is no way he can get any of your info.
he doesnt need to have a PP account, only you do.
he can use any credit or debit card to do the transaction or have his bank do it.
if he says no then something is fishy and he is trying to get your info.
if you really really want to do it then set up a separate bank account only for this transaction then delete the account but he still might have enough from just that to steal your identity.
another option is have him send it to you by western union, that might not be too risky
he doesnt need to have a PP account, only you do.
he can use any credit or debit card to do the transaction or have his bank do it.
if he says no then something is fishy and he is trying to get your info.
if you really really want to do it then set up a separate bank account only for this transaction then delete the account but he still might have enough from just that to steal your identity.
another option is have him send it to you by western union, that might not be too risky
This post was edited on 1/13/18 at 4:37 pm
Posted on 1/13/18 at 4:37 pm to TigerstuckinMS
Fraud is crazy. I’ve seen multiple instances of someone wiring in funds simply to cofirm it is an open and active account and then Boom they hit that account for $5000 months later. People are very careless with their routing and account info which is why I always instruct clients to handle their dealings the way I typed about above.
Posted on 1/13/18 at 4:45 pm to Will Cover
I'll use my account if you're hesitating on using yours. Just PM for my info.
Posted on 1/13/18 at 4:46 pm to keakar
PayPal sucks
Posted on 1/13/18 at 5:00 pm to TigerBait2008
quote:
PayPal sucks
agree 100% but there are still the safest way to safely and easily do a money transaction between two people without either one ever having any personal or financial details about the other person
Posted on 1/13/18 at 5:29 pm to Will Cover
He wants to do an ACH payment, receive the product, and then pull back the payment. It'll show up in your account so you think it's good but an ACH can be rescinded for 5 days after it's sent.
Posted on 1/13/18 at 6:01 pm to Ham Malone
quote:
He wants to do an ACH payment, receive the product, and then pull back the payment. It'll show up in your account so you think it's good but an ACH can be rescinded for 5 days after it's sent.
Yeah. Be aware that ACH is NOT A WIRE TRANSFER. They are NOT the same thing. Wire transfers generally can't be recalled; when they're sent, they're sent. ACH transfers take a couple of days and can be canceled.
Wire transfer is closer to a cashier's check or handing cash over and ACH is closer to a personal check.
This post was edited on 1/13/18 at 6:04 pm
Posted on 1/13/18 at 6:04 pm to TigerstuckinMS
quote:
Yeah. Be aware that ACH is NOT A WIRE TRANSFER. They are NOT the same thing. Wire transfers generally can't be recalled when they're sent, they're sent. ACH transfers take a couple of days and can be canceled.
After seeing his post, I went and read about this. From what I can tell, you're absolutely right and a wire transfer appears to be a "safe" transaction, given that he will be using his bank to initiate the money transfer to my bank.
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