Anyone with wire transfer expertise? (1 Viewer)

[Eloe2000]

I have some technical questions regarding wire transfers. Does anyone have wire transfer expertise from working in retail banking or wire transfer departments?

TIA

 

[DrStrange]

From the customer's point of view:

Be careful. Wire transfers are dangerous and you often get less than no help making sure you got everything exactly right.

It is a little crazy how exposed the customer can be with wire transactions. I would try other options if possible, even if it takes a few extra days and costs a few extra dollars. < cashiers check, personal check etc. > It isn't always possible to get things done other ways but it is worth the effort.

DrStrange

 

[liftapint]

From the customer's point of view:

Be careful. Wire transfers are dangerous and you often get less than no help making sure you got everything exactly right.

It is a little crazy how exposed the customer can be with wire transactions. I would try other options if possible, even if it takes a few extra days and costs a few extra dollars. < cashiers check, personal check etc. > It isn't always possible to get things done other ways but it is worth the effort.

DrStrange

1) GREAT to see you posting, Doc!

2) That wasn’t the answer I was hoping for.

 

[ekricket]

From the customer's point of view:

Be careful. Wire transfers are dangerous and you often get less than no help making sure you got everything exactly right.

It is a little crazy how exposed the customer can be with wire transactions. I would try other options if possible, even if it takes a few extra days and costs a few extra dollars. < cashiers check, personal check etc. > It isn't always possible to get things done other ways but it is worth the effort.

DrStrange

Awesome post!

 

[RowlettTexasChipGuy]

I always do the wire transfer thru my bank at wells fargo.....

that why if anything is suspicious they will catch it and have many accounts flagged

probably still not the answer you want, but i would say use your bank not a western union type of thing

 

[Budha]

Not an expert, but have dealt with them. I believe Dr Strange is correct, once you authorize (hit send) that’s pretty much it.

A wire is different then ACH which acts more like an electronic check that still has to “clear”. A Wire is guaranteed funds, instant transfer. So if you fat finger the accnt #, your pretty much SOL. They can be reversed, but it’s a serious PIA and no guarantee. IIRC - the receiver has to acknowledge or agree to the reversal.

I have seen wire transfers reversed on the corporate side, but it was a capital markets transfer and it was essentially the receiving institution sending it back vs a “reversal”.

I have not done a retail wire in a very long time. I always did them from my local branch via a direct bank to bank wire.

I have access to people who manage these processes, if you have a specific question feel free to PM me and I can follow up. Would likely be Monday though.

 

[Eloe2000]

Not an expert, but have dealt with them. I believe Dr Strange is correct, once you authorize (hit send) that’s pretty much it.

A wire is different then ACH which acts more like an electronic check that still has to “clear”. A Wire is guaranteed funds, instant transfer. So if you fat finger the accnt #, your pretty much SOL. They can be reversed, but it’s a serious PIA and no guarantee. IIRC - the receiver has to acknowledge or agree to the reversal.

I have seen wire transfers reversed on the corporate side, but it was a capital markets transfer and it was essentially the receiving institution sending it back vs a “reversal”.

I have not done a retail wire in a very long time. I always did them from my local branch via a direct bank to bank wire.

I have access to people who manage these processes, if you have a specific question feel free to PM me and I can follow up. Would likely be Monday though.

PMing

 

[warma]

I’ve done a few with large $ when I sold/bought homes in my last move. Super easy, process-wise, but so nerve-wracking. Each time, my heat skipped a beat and my nerves tightened as I entered the numbers and only relaxed once the transfer was complete. As mentioned, if the $ ended up somewhere else- *poof* gone.

I’m sure it will be simple and smooth for you.

 

[LotsOfChips]

This wire transfer doesn't involve a Nigerian Prince, does it?