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  1. wkimmd Jul 18, 2017

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    Never had this problem before - maybe a few of the vets can help me.

    Located in SF - bought a watch from Hong Kong. I requested a wire from my bank last Monday, but still hasn't made it through!!

    Apparently (my bank tells me) because it was an international wire, it is being processed by an intermediary bank - Citibank in this case - and because everyone is on high alert, including money laundering and terrorist activities, all banks are being really careful and doing background checks. They asked for where I was born.

    It wasn't even THAT much money!!!

    Hopefully I won't lose my money - I am worried some bank is going to confiscate for some unknown reason and I won't have any recourse. Am I being paranoid??

    Thoughts??? It's been 9 days!!! Never had problems like this with international wires before (although I've only done it twice before).
     
  2. tjoy89 Jul 18, 2017

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    It wouldn't be confiscated unless there was suspicion of illegal activity, it would just be returned. I've had international wires take up to 10 business days to clear in the past. Just part of the process when buying internationally, although I understand your anxiety!
     
  3. TTG Suffers from watch FOMO. Jul 18, 2017

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    Agree. Some wires do take some time others overnight..
     
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  4. Tony C. Ωf Jury member Jul 18, 2017

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    The system is corrupt. The idea that an electronic transfer should take significantly longer than a courier in an airplane is ridiculous on its face. The only reason that wire transfers ever take more than a day to complete is so that banks can earn interest on the money.
     
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  5. cicindela Steve @ ΩF Staff Member Jul 18, 2017

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    . Not true. All wire transfers go through and are approved by the FED , all comunication regarding the transaction must go through the FED as well.
     
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  6. Tony C. Ωf Jury member Jul 18, 2017

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    Please. The idea that electronic transfers cannot be processed within one day is ridiculous. I have initiated and received hundreds of such transfers, and the time frames vary radically based on the banks used, importance of the customer, etc.

    If your point is that it is a bit more complex than leaving one bank and appearing in the recipient's bank a few seconds later, that is of course true. But other than truly special situations in which a transfer requires extra scrutiny, there is no good reason why they shouldn't be completed within a day.

    To flesh this out a bit, I used to buy and sell Thoroughbred racehorses, and at a fairly high level. Many six, and some seven figure deals. There was often great pressure to complete deals, for various reasons, including making sure that the horse could get on a particular van or plane to travel, etc.

    I learned fairly quickly that incoming transfers can be "pulled" into an account by utilizing a FED ID. In other words, rather than accessing one's account online, and passively awaiting confirmation of the arrival of an incoming wire, producing the FED ID – which denotes that it is "available" in the Fed system – allows it to be identified as if the transfer were complete. So, in essence, without the use of this "trick", hours, or even a day can go by for no good reason, as the funds sit in limbo.
     
    Edited Jul 18, 2017
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  7. river rat Jul 18, 2017

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    I only did bank wire twice one for a German U-boat clock form a collector in Austria and another from another collector in the Czech Republic for a vintage Zenith Special. Austria was over a week to clear and the Czech republic 3-4 days don't know why some times it's faster. But my Bank in Montana a small one so they go through another larger bank on the east coast to do them. Took me over a hour to do the transfer since the teller never did one before. There a pain I only do it if it's a rare one I can't get in the states and it's for a great price for the hassle.
     
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  8. cchen Jul 18, 2017

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    Next time try transferwise? I avoid international wires when possible.
     
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  9. river rat Jul 18, 2017

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    watch3s likes this.
  10. cchen Jul 18, 2017

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    Yes, many times. The only service I use now for transferring money internationally
     
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  11. Larry S Color Commentator for the Hyperbole. Jul 18, 2017

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    what's wrong with PP F&F? Never had an issue.
     
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  12. cicindela Steve @ ΩF Staff Member Jul 18, 2017

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    You are Portugal , different laws and regulations than in the USA.
     
    noelekal likes this.
  13. noelekal Home For Wayward Watches Jul 18, 2017

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  14. gatorcpa ΩF InvestiGator Staff Member Jul 18, 2017

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    Unless you have 100% trust in the seller, a lot.

    I'd rather pay the 4% to get the protection of a credit card transaction. Although I'll try to negotiate some sort of a split, as the seller gets some protections from PayPal against NSF funds or someone pulling a wire transfer (yes, it can be done).

    Since I get a kickback from the credit card company, the net of 2.5% is cheap insurance if the price is otherwise fair.
    gatorcpa
     
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  15. wkimmd Jul 18, 2017

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    I usually do Paypal F&F - it is my favorite method of paying and collecting payment. The amount was the issue (would have had to divide payments)
     
  16. wkimmd Jul 18, 2017

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    Trusted seller in this scenario
     
  17. oddboy Zero to Grail+2998 In Six Months Jul 18, 2017

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    Was the seller trusted? What is your bank saying exactly? Is the seller still in contact?

    9 days seems excessive to me, though I've never done wire to HK.. I have done to US (in hours) and EU (in a few days).

    Edit: OK, trusted seller.
     
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  18. Larry S Color Commentator for the Hyperbole. Jul 18, 2017

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    Yes ... I'd never use F&F if no trust.
     
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  19. wkimmd Jul 18, 2017

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    I know - to Europe in my previous experience 24-48; US same day. First time to Hong Kong though. Will update as I hear. Sigh...
     
  20. Tony C. Ωf Jury member Jul 19, 2017

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    Wrong. I lived in the U.S. for over 50 years, and 98% of my experience was in that country.