Bank Transfer?

[sjaguar13]

How do bank transfers work? Someone wanted to buy a domain, but they wanted to pay with a bank transfer. I have never done one before and am wondering how exactly I get the money. Also, how secure is it?

 

[sEp]

I know that you can do this in Australia, but not sure if it works internationaly. You can use PayPal to bank transfer though.

 

[sjaguar13]

The guy didn't want to use Paypal. I am just a little worried if I give him my account and routing number, he can make off with my money. Plus, I don't know how I get the money. Is it just going to eventually show up in my account like a deposit?

 

[barefoottech]

contact YOUR bank and Ask them their Procedures for Direct deposit

 

[sjaguar13]

I contacted them and they emailed me what I should send to the other guy. They gave me the wrong address, though. I forwarded the email to the other guy (with the right address) and now I have just been waiting.

 

[scrsteven]

I have 2+ account at my bank which aren't connected with overdraft protection, so I just clear out one account and give that accnt # and routing # to the buyer just in case the buyer tries to pull anything.

 

[sjaguar13]

That's what I did. I took out all the money except for the $5 minimum and then gave him the info. I figured if he'd tried to steal anything, the most he could get is the $5.

 

[mis_chiff]

After his payment goes in, contact your bank BEFORE you
release the domain. Depending on how his transfer was done, it
sometimes takes up to 30 days before your bank will clear it.
and that's when they usually find the problems with it.
If it's cash, great, if not....check before pushing domain :imho:

 

[scrsteven]

After his payment goes in, contact your bank BEFORE you
release the domain. Depending on how his transfer was done, it
sometimes takes up to 30 days before your bank will clear it.
and that's when they usually find the problems with it.
If it's cash, great, if not....check before pushing domain :imho:

I never heard about this with wire transfers- I thought they were instant and that you couldn't take them back, no refunds etc no matter what. Anyone else know about this?

 

[mis_chiff]

I never heard about this with wire transfers- I thought they were instant and that you couldn't take them back, no refunds etc no matter what. Anyone else know about this?

Sometimes the buyer deposits an "international cheque, or money order"
which takes about 30 days for the bank to process it (because it was international). I have only seen it happen once (to a friend)
He accepted the deposit, his bank said it was ok, but they would hold it for 30 days because it's international, (for clearing)
The buyer asked him to push domain for him, which , in good faith, he did, figuring it would be ok. (domain was $x.xxx) then after 30 days, the cheque came back from the bank as invalid. My friend still hasn't got the money from this guy (almost 3 months now)
Not saying it will happen, caution is always the best measure, especially if large $'s are involved. again, :imho:

 

[scrsteven]

Okay, I know about that with cheques and money orders, but those are way different from wire transfers. Completely different.

 

[sjaguar13]

It's been almost a week since we agreed on the deal. I am beginning to think he is no longer interested.

 

[sjaguar13]

I got an email from this guy today and it said some crap about the Beneficiary being me and some other junk. All of it is the info I gave him with the except of some other numbers, like a confirmation number. It says "Processed", but I checked my bank account and no money has shown up. Is this supposed to take a while, or is this a scam?

 

[dc1pop]

I got an email from this guy today and it said some crap about the Beneficiary being me and some other junk. All of it is the info I gave him with the except of some other numbers, like a confirmation number. It says "Processed", but I checked my bank account and no money has shown up. Is this supposed to take a while, or is this a scam?

Bank transfers in the UK take upto 3 days to clear. Im currently myself waiting for one to clear.

Also know one can steal money from your bank with your account number.

 

[sjaguar13]

He has my account number and my routing number. Can't he write a check with that?