What's needed to wire funds abroad from the US? US buyer perspective needed.

Lonestar · Mar 25, 2019

Hi Folks,

One of my watches almost sold last week via the forum, but the buyer was new to the board and I got all kinds of alarm bells signals during the selling process. In the end, the deal fell through (unfortunately, as expected...) but I still am not 100.00% positive the buyer, however clumsy, might actually not have been genuine.

My main question that I would like to get your take on first is the following: What is a US bank asking from a customer to wire funds to Europe beyond IBAN / Name / Zip / City / Country? I usually also provide the BIC/SWIFT, even though I believe this is not needed, because I've been asked so many times, and it's so anodine, that I don't bother... Is a full addy usually required? I think not... but I could be wrong 😀

(other questions might follow later, but years of internet forums have taught me it's better to ask one question at a tine, as threads derail plenty enough like that all the time anyway 😁 )

Thanks!

Paul

ATWG · Mar 25, 2019

Paul - I just literally went through this, you only need the IBAN or the account # but not both. The bank identification number (SWIFT) is also required as is the recipient address.

Best,
-A

BlackTalon · Mar 25, 2019

Here is the info I was given by a Seller in order to be able to wire money to them in Europe: all fields below are the Seller's info:

Name:
Title: (title of the transfer -- whatever you want to call it)
IBAN:
BIC/SWIFT:
Amount:
Bank Name:

Address of the Account Holder:
Street:
postal code:
City:
Country:

Tony C. · Mar 25, 2019

BlackTalon
Here is the info I was given by a Seller in order to be able to wire money to them in Europe: all fields below are the Seller's info:

Name:
Title: (title of the transfer -- whatever you want to call it)
IBAN:
BIC/SWIFT:
Amount:
Bank Name:

Address of the Account Holder:
Street:
postal code:
City:
Country:

Some banks do request all of that information. It is not common, but I have come across it. My bank in Portugal, and most, in my experience, require an account name, IBAN, BIC/SWIFT, and of course the amount.

Spacefruit · Mar 25, 2019

Smaller US banks are literally clueless sometimes in receiving or sending money internationally. Sometimes locally too. It because Cheques are still used, sorry I mean Checks in the USA.

As a result many of the staff simply have no idea because they have never done a bank transfer before (really). On one occasion the seller refused to give me any details for transfer, because their (three branch local bank) informed them that it was too dangerous to give out that info. 🤦

Also please remember that currency is not yours to do with as you please. You must satisfy the authorities that you are spending it in an approved way, or they will not let you. And when I say authorities, I mean the banks, as the government has sub contracted it to the banks, under threat of huge fines. KYC.

Dont believe me? Try sending $20,000 to a friend with no paperwork. Or 😲 overseas.

We are frogs, in a pot, slowly coming to the boil.

gostang9 · Mar 25, 2019

I have used TransferWise several times. It requires a full address of the person in Europe which has always been provided by the seller. As for the bank information, it has depended by country.

demollo · Mar 25, 2019

BlackTalon
Here is the info I was given by a Seller in order to be able to wire money to them in Europe: all fields below are the Seller's info:

Name:
Title: (title of the transfer -- whatever you want to call it)
IBAN:
BIC/SWIFT:
Amount:
Bank Name:

Address of the Account Holder:
Street:
postal code:
City:
Country:

@Lonestar Paul you might recognize the structure of the message @BlackTalon has given. In 99% this info was sufficient for all international transactions I have made. Sometimes US banks request the bank HQ address and phone number. What for? I have no clue...

Anyway, Good luck with the sale !

M'Bob · Mar 25, 2019

Spacefruit
We are frogs, in a pot, slowly coming to the boil.

Lonestar · Mar 25, 2019

[Right... thanks all for the input. It looks like it's more of a basketcase than I thought.

Tony C.
most, in my experience, require an account name, IBAN, BIC/SWIFT, and of course the amount.

This was the view I naively had of the "necessary and sufficient" info needed to wire funds globally, too.

Here are other tidbits of that aborted sale, maybe you can provide some perspective on whether I was being paranoid
- The buyer was in Glendale, CA, in the greater LA, so not quite the un-sophisticated US of A (heck, even I 've been in Glendale 2 yrs ago! 😁 ). [He] tried to do the transfer online. But [he] thought it is "better [to] do it at the bank.".... His bank didn't process international transfers after 1pm... He offered to "transfer the money cheaper and easier online via [his] US bank app with their serrvice with Western Union" (yes, that's the BIG alarm bell here, but then again read it twice, he doesn't say transfer with WU (which is a big no-no in my book) but that his bank is subcontracting to WU. Then "WU ha[d him] locked down to send the funds to Switzerland in CHF only" (I requested EUR initially...). Then he wanted my full addy (again, I thought IBAN/Name/Amount/Zip/City/Country was enought) and finally the buyer backed out because I didn't provide my full address fast enough as he was at the bank, physically - and sending me OF PM's (I had refused to share my whatsapp, again, as my spider senses were tingling).

Again - @Spacefruit 's post above is enlighting...

Anyway. Be safe out there.

Paul

valkyrie_rider · Mar 25, 2019

PayPal business is generally trouble free and supposedly with more safety for both parties.

BlackTalon · Mar 25, 2019

Wire transfer had been a PITA for me. Going online, my bank caps it at $1k USD, Which doesn't get you very far in the Omega world 😁. They have an option to apply for special credentials that allow you to wire larger amounts online, but I could not get it because I do not have a debit card (ATM card only for me -- debit cards are evil, especially when thiefs get one for your bank account).

So that meant going to my local bank branch to make the transfer(s). Always a mixed bag, as wire transfers just aren't used that often here in the US. Usually there was only one person in the back who knew how to do transfers, and for the last one (and the biggest to date by far) the person had just learned how..

So I finally bit the bullet and agreed to get a debit card just so I could register to do larger transfers on my own online. And of course I immediately cancelled the debit card and had a "no debit card -- ever!" note put back on my account.

What a PITA.

gostang9 · Mar 25, 2019

Here is the TransferWise information screen to send EUR from USD:

sdre · Mar 25, 2019

BlackTalon
Here is the info I was given by a Seller in order to be able to wire money to them in Europe: all fields below are the Seller's info:

Name:
Title: (title of the transfer -- whatever you want to call it)
IBAN:
BIC/SWIFT:
Amount:
Bank Name:

Address of the Account Holder:
Street:
postal code:
City:
Country:

For Singapore it's like this.

redzer007 · Mar 26, 2019

I have needed the address when using EU banks. Both of the account holder and of the branch. There are large restrictions and requirements to avoid international money laundering

STANDY · Mar 26, 2019

Have bought a ton of watches over the years and must admit it can change in a few months of what one bank will want.

Very common for US banks wanting a name and address due to Anti money laundering rules nowadays

Must admit it has taken a few days to work some transfers out over the years.

Lonestar · Mar 26, 2019

BlackTalon
So that meant going to my local bank branch to make the transfer(s). Always a mixed bag, as wire transfers just aren't used that often here in the US. Usually there was only one person in the back who knew how to do transfers, and for the last one (and the biggest to date by far) the person had just learned how..

Very interesting, and kind of consistent with the impressions I got of what the buyer was going through... Some banks look like they could still be operating in the middle ages: If you asked them for their books you would expect them to show up with a big folder with loads of slips falling off with handwritten stuff on it. I think I'm beginning to get it.

Thanks all for the useful perspectives.

Paul

kov · Mar 26, 2019

☕ Those old-fashioned banks and bankers will really feel the pain from Revolut, TransferWise & Co.. Of course, it's only well deserved. 👎

Omegafanman · Mar 26, 2019

For EMEA transfers I tend to always use a broker now. I was ripped off on charges and exchange rates too many times by my bank. One thing to keep in mind is what (if any) protection you have if a broker goes bust. Would be unlucky timing but they don't all have cover like a bank. Less of an issue if the funds are incoming :0)
Reverse thinking but why not chat to a few UK companies - you might buy watches from the USA so you are not bending the truth too much that money could be flowing both ways... They handle a lot of transactions and might have some interesting advice.
I like :-https://www.fairfx.com/
[email protected] Tel Call: 0345 034 9998 or 020 7778 9350

ConElPueblo · Mar 26, 2019

valkyrie_rider
PayPal business is generally trouble free and supposedly with more safety for both parties.

I try to avoid PP as much as possible, as their exchange rates are very poor and they add fees for transferring money from the PP balance to your bank. It has little to do with the 4% fee for my part.

gostang9
I have used TransferWise several times. It requires a full address of the person in Europe which has always been provided by the seller. As for the bank information, it has depended by country.

I've received money by Transferwise a few times now, no issues 👍

Tony C.
Some banks do request all of that information. It is not common, but I have come across it. My bank in Portugal, and most, in my experience, require an account name, IBAN, BIC/SWIFT, and of course the amount.

I once typed in the OF username of the receipient on the online form by mistake. Didn't get flagged or anything 😁

Lonestar · Mar 26, 2019

ConElPueblo
I once typed in the OF username of the receipient on the online form by mistake. Didn't get flagged or anything 😁

why am I not even surprised... 🙄

What's needed to wire funds abroad from the US? US buyer perspective needed.

Lonestar

ATWG

BlackTalon

Tony C.

Spacefruit

gostang9

demollo

M'Bob

Lonestar

valkyrie_rider

BlackTalon

gostang9

sdre

redzer007

STANDY

Lonestar

kov

Omegafanman

ConElPueblo

Lonestar

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