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 Post subject: International Bank Transfers
PostPosted: Thu Jul 21, 2005 10:37 am 
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Joined: Fri Jun 29, 2001 10:09 am
Location: Great State of Washington
Does anyone have experience with International Bank Transfers? I am trying to pay for the Puck order and got the total today. I am going to go to my bank and do the transfer but I don't know if I have enough information. All I have is and Account number and a Swift code, along with the name of the puck company and address. If I run into trouble with my bank, is there anyone who can help me make this transfer? If so, I would prefer someone who is a long time member that I recognize.

Thanks

Dodd

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PostPosted: Thu Jul 21, 2005 2:02 pm 
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It looks like I need more info. Banks in the U.S.A, want as much info as possible, such as Bank Name, Bank address, Bank Phone, Business Phone, etc. I will ask for more info and hopefully get it by tomorrow so I can get this paid.

Are bank transfers easier to do in Europe? Can you do them online? Most of the German Ebay auctions want to be paid by wire transfer. They must have a simpler (and cheaper) way of doing transfers than in the USA.

If anyone can help me do this faster and cheaper, let me know.

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PostPosted: Thu Jul 21, 2005 3:55 pm 
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I feel for you, Dodd. I've had to pay someone in Bulgaria before and the whole Western Union wire transfer process is neither cheap nor easy. I guess a lot has to do with agreements between friendly nations with well established histories vs. some of the newer economic forces which are entering the global marketplace.

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PostPosted: Fri Jul 22, 2005 1:05 am 
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I've heard horror stories of American banks that make it seem they haven't updated their business methods for a century or two.

All that is needed for a bank transfer is an IBAN (International Bank Account Number) and Swift code.

In Europe, given those two numbers, an international bank transfer must cost exactly the same as any national bank transfer, which in many European countries is free.

Of course, it is best to include extra information (i.e. name of receiver, name & city of receiving bank) to be sure that no mistake is made, but none of that is strictly necessary.

And yes, you can do them online (if you bank online that is). In fact, then you don't always even have to supply the swift code, as it is sometimes supplied automatically.

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PostPosted: Fri Jul 22, 2005 6:12 am 
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Mmh, I have to disagree with Jaap. Recently my bank transfer *inside Germany* was rejected only because the name of the recipient was missing (which btw was not my fault but that's a different story). The bank account, the bank name and id, the amount, everything was there, just not the stupid recipient name, and it was rejected.

And when I recently paid someone in Switzerland (i.e. also in Europe, just not in the Union) with online banking bank transfer, I had to provide not only IBAN and SWIFT, but also name and address of both recipient and his bank. It also did cost a little fee.


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PostPosted: Fri Jul 22, 2005 8:51 am 
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StefanPochmann wrote:
And when I recently paid someone in Switzerland (i.e. also in Europe, just not in the Union) with online banking bank transfer, I had to provide not only IBAN and SWIFT, but also name and address of both recipient and his bank. It also did cost a little fee.


I stand corrected. As I said, they use the extra info mostly for double checking that the numbers are correct, so maybe they don't want to risk it without that info.

A transfer without the IBAN/Swift numbers can cost a ridiculous amount, like 15-25 euros.

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PostPosted: Fri Jul 22, 2005 9:41 pm 
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I too am amazed how difficult it is to make a transfer form the USA. It also can take anywhere from 2-10 days for the funds to show up in the receivers account. Jaap, 15-25 euros is pretty cheap. My bank charges $30 US for an international wire transfer.

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PostPosted: Sat Jul 23, 2005 1:16 am 
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Location: Yaroslavl, Russia and Maryland, USA
Well, I really would not call it "difficult". International wire transfer from the US does require lots of information. It's simply a matter of putting that data in the form accurately. Wire transfers to Russia took a day or two to appear on the account.

You can also you a correspondent bank in the US for the wire transfer, provided the destination bank has it here. That way you essentially transfer the money to the account of the destination bank that is kept in a bank in the US. Naturally, this is considered a domestic wire transfer, and cost $10-15. All data requested still need to be provided in the form as additional information, or something like that.

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