Wire Transfer question.

[Hydrographer]

Hey Guys, was unsure where to post this question but figured this was probably the best place.
I have been looking often at the great deals on the For Sale section and it is highly likely that this is where I will be making some future purchases.
It apears that many of our trusted sellers prefer to use wire transfer for payment.
Can someone please enlighten me as to what this entails and how it works as i have no idea. Do all banks have this service?
I am currently banking in the Middle East because of my job and I emailed my bank to ask if it was a service they provided and they replied saying my debit card was not capable of making online purchases. But I assumed that a wire transfer was something diferent than simply using my card to pay online.
I currently dont use PayPal because when ever I used to try to use it from different locations around the world, Paypal would sometimes block the transaction (holding the funds themselves) because they assumed that me traveling worldwide may indicate fraud. They did this 3 times even after I explained the nature of my job so I no longer use it.
Any info on wire transfers would be great.

[johnbeth]

Originally Posted by Hydrographer

Hey Guys, was unsure where to post this question but figured this was probably the best place.
I have been looking often at the great deals on the For Sale section and it is highly likely that this is where I will be making some future purchases.
It apears that many of our trusted sellers prefer to use wire transfer for payment.
Can someone please enlighten me as to what this entails and how it works as i have no idea. Do all banks have this service?
I am currently banking in the Middle East because of my job and I emailed my bank to ask if it was a service they provided and they replied saying my debit card was not capable of making online purchases. But I assumed that a wire transfer was something diferent than simply using my card to pay online.
I currently dont use PayPal because when ever I used to try to use it from different locations around the world, Paypal would sometimes block the transaction (holding the funds themselves) because they assumed that me traveling worldwide may indicate fraud. They did this 3 times even after I explained the nature of my job so I no longer use it.
Any info on wire transfers would be great.

This wire transfers are called swift....the seller will give u the numbers u need for example swift code of their account number and branch. Your bank should be able to do a swift money transfer to other accounts in others banks as that system is used worldwide by all banks..


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[Rolex116520]

Wire transfer is simple : Your bank will transfer funds from your bank account to the sellers bank account . The seller /beneficiary would have to communicate all his details before you can do that . Costs can be charged at your end or at the sellers end or both ( share) Extra costs can occur when you have to buy in a different currency you hold on your account .
Otherwise this is the safest and cheapest way to move money about .
You of course have to trust the person you wire the money to . From what I understand there are plenty of trustworthy sellers here on the forum .

[Hydrographer]

Great, thanks guys. I figured it was something like that, but when my bank started talking about my debit card I thought I must have my wires crossed.
Just have to wait for one of the watches Im after to come up now :)

[2careless]

My online banking with a big Australian bank even has a "send money overseas" option.
They charge a fortune (usually 2.5% on forex rate + $20 for wire transfer cost) for this service but it is there. When I do use it, the recipient usually has the money in his account within 24-36 hours.