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 . . .

[ryanpatrick]

Originally Posted by Kingair

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

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

We'll her 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 ?

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

If that wasn't your intention then I apologize.

Actually, I just purchased a 16710 from a trusted seller here on the forum using PayPal.

In regards to my utilities, I just pay using the provider's website.


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[T. Ferguson]

Talk to the seller and see if he uses a bank that has offices in your area. Even better if you have an account at that bank. Then you can deposit the money directly into his account, and the teller can verify the name on the account before you complete the deposit. The seller can see the funds online immediately.

[Kingair]

Originally Posted by T. Ferguson

Talk to the seller and see if he uses a bank that has offices in your area. Even better if you have an account at that bank. Then you can deposit the money directly into his account, and the teller can verify the name on the account before you complete the deposit. The seller can see the funds oniine immediately.

Another option

[anothernewphone]

Originally Posted by T. Ferguson

Talk to the seller and see if he uses a bank that has offices in your area. Even better if you have an account at that bank. Then you can deposit the money directly into his account, and the teller can verify the name on the account before you complete the deposit. The seller can see the funds oniine immediately.

What kind of bank is going to tell you the name on the account?

[Kingair]

Originally Posted by anothernewphone

What kind of bank is going to tell you the name on the account?

None . . . but they will ask you for the name on the account if you go for a direct deposit

Anyway this week a buddy of mine called me that he wanted to do a direct deposit in my Chase account . . . and they wouldn't allow him !

[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

[roaddog359]

Originally Posted by Kingair

None . . . but they will ask you for the name on the account if you go for a direct deposit

Anyway this week a buddy of mine called me that he wanted to do a direct deposit in my Chase account . . . and they wouldn't allow him !

Chase will not allow that do to money laundering. You can not deposit any money into any account unless you are named on it. Even if it is your oun family members under the same house.

[Kingair]

Originally Posted by ryanpatrick

If that wasn't your intention then I apologize.

Actually, I just purchased a 16710 from a trusted seller here on the forum using PayPal.

In regards to my utilities, I just pay using the provider's website.


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Congrats buddy

Post a pic !

We'll good for you both that he accepts PayPal

To be honest . . . I wouldn't !

What if you file a claim that there is x problem with the watch ?

A small scratch he forgot to mention or what was created in transport for whatever reason ?

Typing this I already start to sweat . . .

So actually you are wiring money into your utility provider accounts although it doesn't look like that

Take care



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[Kingair]

Originally Posted by roaddog359

Chase will not allow that do to money laundering. You can not deposit any money into any account unless you are named on it. Even if it is your oun family members under the same house.

He knows my name, address, cell phone . . . hopefully not Mrs in detail 😂 . . . but still a no go . . .

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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.

[T. Ferguson]

Originally Posted by anothernewphone

What kind of bank is going to tell you the name on the account?

Well, As Marc more accurately stated, they will verify it is the name you give them. I am a trustee of a trust and when I deposit money to the accounts of one of the beneficiaries I always have the teller verify the name when I give them the account number.

As for Chase, I have actually made a deposit to a Chase account of a trusted seller in payment for a watch but that was 2-3 years ago. I do not recall if I deposited cash or made an account transfer from my account. I know they have gotten really tight on how they handle currency transactions now. I have a credit card with them that my cell phone bill goes on, it's $50/mo. Nowadays when I pay that in the branch with cash they ask for ID.

[Kingair]

Originally Posted by T. Ferguson

Well, As Marc more accurately stated, they will verify it is the name you give them. I am a trustee of a trust and when I deposit money to the accounts of one of the beneficiaries I always have the teller verify the name when I give them the account number.

As for Chase, I have actually made a deposit to a Chase account of a trusted seller in payment for a watch but that was 2-3 years ago. I do not recall if I deposited cash or made an account transfer from my account. I know they have gotten really tight on how they handle currency transactions now. I have a credit card with them that my cell phone bill goes on, it's $50/mo. When I pay that in the branch with cash they ask for ID.

Maybe they all go nuts on the left Coast 😂

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[ryanpatrick]

Originally Posted by Kingair

Congrats buddy

Post a pic !

We'll good for you both that he accepts PayPal

To be honest . . . I wouldn't !

What if you file a claim that there is x problem with the watch ?

A small scratch he forgot to mention or what was created in transport for whatever reason ?

Typing this I already start to sweat . . .

So actually you are wiring money into your utility provider accounts although it doesn't look like that

Take care



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I see your point, but as a buyer if I wire the money I have no protection if the seller sends me a watch not as described. The nominal extra fee is fine by me if it provides some recourse.

And I provided information and references to make the seller more at ease. I appreciate that he was willing to accept PayPal as that was the only way the deal was going to get made.


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[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

[rwATR]

Thank you all for your input. I appreciate the help.

Originally Posted by Kingair

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

I live in an apartment complex where part of my rent pays for water. I pay for rent by using the complex website and entering my CC information.

My internet bill is paid by going to the provider's website and inputting my bank account information.

My electric bill is paid by going to my bank website, entering my electric company account number and sending them the money.

Until today, I never thought of this as "wiring money". It was simply a phrase/term I hadn't used.

While I am new to watches, I have been collecting hand-made pocket knives for years. Nearly all of those transaction have been between myself and other private collectors. Each time we used PayPal due to the level of security they provide for a fee.

I complete understand if other sellers prefer hard-wired money and do not prefer PayPal. Thank you for your information.

[SMD]

Originally Posted by roaddog359

Chase will not allow that do to money laundering. You can not deposit any money into any account unless you are named on it. Even if it is your oun family members under the same house.

Can send money through chase quick pay, but amounts are limited.

[rwATR]

Originally Posted by Kingair

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

Originally Posted by Kingair

So actually you are wiring money into your utility provider accounts although it doesn't look like that

Hi Marc,

I live in an apartment and part of my rent pays for water. I pay my rent on the complex's website and input my CC information.

I pay my internet bill by going to the provider's website and inputing my bank account information.

I pay my electric bill by going to the "bill pay" section of my bank's website and inputing my electric company account number.

Until today, I never really thought of this as wiring money, but now I can see your point. I've still never wired money to a private individual and have always used PayPal for private-to-private transactions.

Thanks, everyone, for your help!

[Kingair]

Originally Posted by rwATR

Hi Marc,

I live in an apartment and part of my rent pays for water. I pay my rent on the complex's website and input my CC information.

I pay my internet bill by going to the provider's website and inputing my bank account information.

I pay my electric bill by going to the "bill pay" section of my bank's website and inputing my electric company account number.

Until today, I never really thought of this as wiring money, but now I can see your point. I've still never wired money to a private individual and have always used PayPal for private-to-private transactions.

Thanks, everyone, for your help!

So you where wiring money without even knowing 😉

Problem solved 🖒

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[roaddog359]

Originally Posted by SMD

Can send money through chase quick pay, but amounts are limited.

Thats because they can track the movement of the money from one account to the next. Take some cash into the bank and try to put it in someones account. Not going to happen at Chase.

[rr-nyc]

Originally Posted by roaddog359

Chase will not allow that do to money laundering. You can not deposit any money into any account unless you are named on it. Even if it is your oun family members under the same house.

That's not true. You just cannot deposit cash into someone else's account. Chase, or any other bank for that matter, will still allow you to deposit a check, money order, or a direct account transfer




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