How is money wired?

[rwATR]

I'm hoping to buy my first Rolex in 18 months for my 30th birthday. I'm new the to site and joined to learn more about Rolex.

While browsing the Classifieds section, I have seen several threads where the seller wants the money wired. What exactly does "wired" mean and what does the seller expect? I'm very familiar with PayPal. Are they one and the same?

Thanks for the help. I have already learned so much for reading the threads here.

Best,
Patrick

[Barry A]

Bank to bank transfer. I bought my first Rolex here from a trusted seller, "addy616". Being my first wire transfer, he made it easy and helped me through it. This is a great group of guys and gals here.

[RichM]

Once you agree on the deal, your seller will email you his/her wire transfer account number. You then go to your bank, give them the info, and they will complete the wire transfer. Expect to pay a nominal wire fee charge. I use TD and the charge is $25. The funds are usually posted at the end of business day.

I will usually email the seller the wire transfer confirmation number as soon as I get home. It's a painless process.

Hope this helps and good luck in advance.

A wire transfer provides you no protection but a PayPal transaction will. You, as the buyer will pay the 3% PayPal fee. If you are buying BNIB from a trusted seller, do the wire transfer. The top trusted sellers here are top shelf. If there are any issues, they will make it right. Buying used, you may want to use the PayPal route.

[ryanpatrick]

Originally Posted by rwATR

I'm hoping to buy my first Rolex in 18 months for my 30th birthday. I'm new the to site and joined to learn more about Rolex.



While browsing the Classifieds section, I have seen several threads where the seller wants the money wired. What exactly does "wired" mean and what does the seller expect? I'm very familiar with PayPal. Are they one and the same?



Thanks for the help. I have already learned so much for reading the threads here.



Best,

Patrick

When wiring I'd make sure I'm dealing with a trusted seller. With bank wires if the deal goes south your money is in the wind and you have no real recourse. It's not like PayPal where there is buyer protection.
Some sellers will accept PayPal but you will pay an additional 3-4% in fees.


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[Danny83]

You dont know how to wire money?

[rwATR]

Originally Posted by Danny83

You dont know how to wire money?

Well, I have better idea of how to do it now. To date all my private transaction have been through PayPal.

But, thanks to the kind folks on here I have learned a lot more about it.

[Kingair]

Originally Posted by rwATR

Well, I have better idea of how to do it now. To date all my private transaction have been through PayPal.

But, thanks to the kind folks on here I have learned a lot more about it.

You pay everything with PayPal ?

So how for you pay for water, electricity, etc . . . ?

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[ryanpatrick]

Originally Posted by Kingair

You pay everything with PayPal ?

So how for you pay for water, electricity, etc . . . ?

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I turn 39 next week and I think I've wired money twice in my life. Why are you talking down to this guy? He's just looking for a little information.

I'm not sure where you are from, but I've never heard of paying for a water, electricity or any other utility bill via bank wire.


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[Kingair]

Originally Posted by ryanpatrick

I turn 39 next week and I think I've wired money twice in my life. Why are you talking down to this guy? He's just looking for a little information.

I'm not sure where you are from, but I've never heard of paying for a water, electricity or any other utility bill via bank wire.


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I am not talking down on anyone at all . . . or that was not the intention at all . . . if it looks like that . . .

We'll if you don't need to wire money . . . fine for me . . . I do it pretty much each day

And in Europe you do it all the time for all utility bills and whatever you need to pay - no CC accepted for those things - or close to none

But there they don't charge you $ 35.00 for a wire

Just got no clue how rwATR pays his utilities as he explains . . . all with PayPal ?

We'll in SoCal I don't have any utility provider that accepts PayPal . . . .

And I can understand why . . .

Did you ever paid a watch with PayPal . . . and not talking about a 29.99 xxx brand but one in the FS section here on TRF ?

If I was the seller that would be a BIG NO GO !

But I suppose each member here has his own way of paying his bills / invoices . . .

[bdex75]

A wire or fed funds wire is where banks exchange money on behalf of their clients via an electronic transfer. I have wired money a couple times and have done PayPal a lot. Each have their perks. But with PayPal, as mentioned, be prepared to pay the 3% fee that PayPal charges a seller.

I am sure things are done differently all over the world but here in the US we pay bills via online bill pay with our bank. In essence a wire but not known as such.

To me wiring money is a pita and PayPal is easy. Because I don't need my bank or their bank to make money move. I have had issues with wires being rejected due to seller giving me a number that was a digit off etc.


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[Kingair]

Originally Posted by bdex75

A wire or fed funds wire is where banks exchange money on behalf of their clients via an electronic transfer. I have wired money a couple times and have done PayPal a lot. Each have their perks. But with PayPal, as mentioned, be prepared to pay the 3% fee that PayPal charges a seller.

I am sure things are done differently all over the world but here in the US we pay bills via online bill pay with our bank. In essence a wire but not known as such.

To me wiring money is a pita and PayPal is easy. Because I don't need my bank or their bank to make money move. I have had issues with wires being rejected due to seller giving me a number that was a digit off etc.


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We'll it's pretty easy

Or the 3 % that PayPal charges to the $ 35.00 the bank charges for a wire - National

Now I am not that fond of PayPal - as a buyer YES - but as a seller . . . a NO GO for me !

Or as mentioned do a direct deposit - cheapest option - but after the deposit the deal is done . . . whatever happens later . . . or you can go to Small Claims Court depending on the amount . . .

International they charge you of course more - currency exchange, etc . . . but there is no other option left . . . or the seller has to accept CC's

[rr-nyc]

Originally Posted by bdex75

A wire or fed funds wire is where banks exchange money on behalf of their clients via an electronic transfer. I have wired money a couple times and have done PayPal a lot. Each have their perks. But with PayPal, as mentioned, be prepared to pay the 3% fee that PayPal charges a seller.

I am sure things are done differently all over the world but here in the US we pay bills via online bill pay with our bank. In essence a wire but not known as such.

To me wiring money is a pita and PayPal is easy. Because I don't need my bank or their bank to make money move. I have had issues with wires being rejected due to seller giving me a number that was a digit off etc.


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When you pay your electric bill or cable bill on their site and provide your checking account, that is an ACH withdrawal, not a wire by another name.

Bank wires and ACH are quite different is every aspect


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[Kingair]

Originally Posted by rr-nyc

When you pay your electric bill or cable bill on their site and provide your checking account, that is an ACH withdrawal, not a wire by another name.

Bank wires and ACH are quite different is every aspect


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But this ACC withdrawal finally is wired to another / your providers account

Or am I wrong ?

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[Star Ferry]

Originally Posted by Kingair

But this ACC withdrawal finally is wired to another / your providers account

Or am I wrong ?

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What rr-NYC is describing is accurate for the US. Utility companies call this kind of thing "online bill pay" or "automatic bill pay" ... also, many people receive their salary as "direct deposit" which I believe is the same type of electronic funds transfer

ACH is like a digital check, and a wire is like a digital cashier's check. It could take several days for the ACH, whereas wire would be done on the same day

To answer your question, I don't believe the amount is finally wired -- wire fees can be $25+ and most utility bills are a few hundred dollars or less, so this isn't economical in the US. The ACH payments hardly cost much because they are automated and don't use up a real bank employee's time (they could also be batched by computer and sent at end of day, but honestly I'm not too keen on the technical aspects)

[rr-nyc]

Originally Posted by Kingair

But this ACC withdrawal finally is wired to another / your providers account

Or am I wrong ?

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Wires are done directly bank to bank. ACH uses a batch system that processes transfers

https://www.depositaccounts.com/blog...r-and-ach.html



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[Kingair]

Originally Posted by rr-nyc

Wires are done directly bank to bank. ACH uses a batch system that processes transfers

https://www.depositaccounts.com/blog...r-and-ach.html



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Got it now

Thanks!

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[roaddog359]

Chase does not care. My wife can not even deposit money into our kids accounts because she is not listed on the account. Chase will only allow one parent on a custodial account for a minor child.

[azguy]

I'm 50 and never wired a penny to anyone, I wouldn't do a deal without PayPal, not because I don't trust someone but I want the points on my CC card and frankly if I cant do the transaction from my desk and computer I'm not doing it. It helps to be a known buyer on TRF and have 12,000+ posts

[roaddog359]

I said money, I did not say anything about checks or money order or direct account transfer. I now you can tranfer it online between accounts. And are you talking about your family accounts or putting a money order or check into someone elses account? If yours lets you do that, thats good for you. It causes me grief when my wife tries to put money "cash" into our kids accounts.