hank you for this distinction. So how can i tell whether i am receiving a bank transfer or a wire transfer?
Fraud system earlier: A (Germany) offers car for the amount X, B (UK) agrees - payment in advance - car will be picked up later, A says: OK, B transfers X plus 4000. A reports: 4000 too much. B says: please refer 4000 back. A does this, B then cancels the amount X. "clever" action back then.
No chance to get that amount back, all covered by the (bank-) rules
In Italy we have the "instant transfer"; once sent it is impossible to reverse it.
Even a transfer to a branch of the same bank is irreversible.
Transfers between different banks can be canceled before 4pm.
That is truly terrifying.
Has this now been identified and closed off?
Canada has the e-Transfer system, probably like yours. Free, instant, password protected and not reversible. Plus it establishes a trail between two legitimate bank accounts.
