Anyone have problems with wire transfers and overseas sales?

Howdy:

I'm getting cold feet on deal with someone in Europe. He would like to do a wire transfer. I've never done this before and I'm a little uneasy giving out bank info. to someone I've never meet.

I talked to my bank and they were kinda iffy about doing these types of transactions.

I know people do it all day long and we are taking a few hundred dollars.

Is there anything I need to know to make this deal go smoothly and without incident?

 

In theory you should be ok so long as you only supply the details required to deposit to your account. Have you spoken to this guy on a traceable landline phone at all ?

 

No. Would that help?

 

Have his bank contact your bank and no one gets any info they shouldn't have.
Your bank should have a simple sheet of paper that explains how wire transfer is done.

 

Hotrod1940 is correct. Your bank should be more than willing to help with the transaction. Ask if there is an American bank he can use over there?? I do a lot of bank transfers with my locater service. The banks can handle it all for you. I've even had the bank handle the mailing of the titles. Over in Europe, the US title won't mean much, so you must have a good bill of sale and/or a contract with all the details listed to present to your bank. I've also done PayPal from overseas. That may be good to get your good faith deposit. Talk to your bank again.

Murph

 

You can also get a separate account that is deposit only. You would need to physically go to the bank with your id to get the money out. That way even if they do get all of the information there is nothing they can do with it.

That was a suggestion from Frank Abagnale (catch me if you can) for anything where you deposit checks or get wire transfers.

 

"Wire transfer" You ain't talking Western Union are you?

 

To transfer the money to your account he will need:
-the name and address of your bank
-the Routing number to your account
-your account number
-the swift number to your bank

Once the money is there, it is there. He can't get it back. That's like me writing you a check, you depositing it, then me walking into the bank and asking to withdraw it from your account.

The above posters are correct, your bank and his bank should be able to handle the transaction. I've noticed with smaller banks though they get a little gun shy and tend to pass out bad info to defray the customer to avoid having to do the work

PM me if you have any other questions, I do this stuff everyday. Good luck!

 

I've heard some claim a wire they have 24 hours to cancel it. May depend on the bank. I just have them route it to a savings account, transfer the money out and close it if I'm worried.

 

More correctly, this would be a "bank transfer" versus a "wire transfer". Same type of transaction, but the bank is bank-to-bank, where the wire transfer is what you think of when you use Western Union and such.

Bank transfers work well. Let the banks talk to each other, they transfer the funds for a small fee, and you have your money. Easy.

 

Like flathead50 said. I have a seperate account i use just for incoming wires. once the money is in, i transfer to another account & ship the car to the container company.

B

 

Ive sold 2 trucks since last fall to overseas buyers thru ebay.

First to Denmark. Gave him my bank info, had the cash in my hand in 2 business days.

Second was to Australia a few weeks ago, same thing. But I had the cash in my hand the next day.

I have a second, bum account, just for these transfers.

I give them the info Chevygirl mentioned, and they handle the rest.

Of course, the vehicle never leaves on the transport truck til Im satisfied. Usually, I have the vehicle for a week or 2 while they arrange shipping.
So they're more at risk of being screwed than me.