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Wire Transfer- What is it?
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My PTC Site
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Feb 18, 2010 03:00 AM

Hello Members,

I want to know about wire transfer functionality if anyone can assist me here.

How it operates?
What info is needed to make transfer?
What time does it take to effect transfer?
In what countries will it take place?
Is there any way to get money in PayPal or other online processor through wire transfer?

It will be of great help if anyone can answer me.

Thank you for your kind attention.
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chan2020
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Reply #1: Feb 18, 2010 06:34 AM

Same doubt for me as well.  Since Paypal temporarily stopped withdrawal from Paypal account to bank account in India, I need to know about bank wire transfer.
Because Alertpay can do it.  https://www.alertpay.com/info/Withdraw.aspx

Still I need some more information regarding this.
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fartikans
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Reply #2: Feb 18, 2010 07:00 AM

wire transfer means, sending money through wires  rofl

well of course telecommunication wires are the subject. this term is used in english spoken world in order to imply sending money among banks or among a bank's branches. money is drawn from one account and sent to an other following special banking routes.

so there must be two bank accounts for a wire transfer. that's it.

if you know the IBAN number and swift code of the bank that hosts that IBAN (international banking account number) account, you can send -or if I use a fancy financial term- "wire" the money to that IBAN account from your bank. You need to ask for the fees. Both your bank and the receiver bank may apply fees for wire transmissions. I can not simply wire $30 to an other country from mine since my bank would want at least $20 for the fees as minimum or 2% if the amount is bigger than $1000. I also get $20 less for international wires that has been sent to me. Clear?

Time depends on your bank's routings and time difference. Generally it takes place within the same business day but some banks may hold the amount for security clearances for a day or two. And for instance routing banks may also suspend the transaction and hold it overnight.

Almost all countries make wire transfers. But since most countries use US banks as routing banks, their rules are number one priority. You can not send money from countries whom are blacklisted by US Government. Same goes for paypal and alertpay also. Check their tos and see what countries are allowed.

I know you can fund your account in pp and ap via banks but only if you're from specific countries. From my country, I can use pp only to receive money to my bank account or cc. But I can not fund my account. Though I can send money from pp by using my cc. Its strange but pp fails to fullfill my countries strict monetary policy. ap has already quit working with my country to transfer to or from bank accounts or cc, since we wanted them to open a branch in here and they refused somehow.

Last info for the wire transfer. Lets say you are living in country A and will send money to country B which is actually a wire transfer. Your bank A has a deal with Chase Manhatten Bank in NY, USA. Your bank wires the money to CMB first with proper information like IBAN and swift code of the reveiver and CMB sends money to Country B. It's simply routing. Your bank may not be directly connected to Bank B in an other country. But if you're using HSBC for instance, they are almost in every country. You can send/wire within a day. Same goes for Citybank also unless they have branches in the target country. That's why it may take longer than expected while wiring money overseas.

And last but not least, all the transferring money internationally above $40 is under big brother's eyes! This has been taken into action after 9/11. This is an other reason why banks may hold the money for longer periods if they smell a suspicious activity either from the source or target accounts.

hope these help
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Reply #3: Feb 18, 2010 02:21 PM

Thanks a lot fartikans,

This helps to understand many things.

Just little clarification is required about

IBAN (international banking account number) and swift code.

Do all banks have these codes? and how to check them.

Also, when I have to receive money, I need to give sender 3 info.

1. IBAN code 2. swift code and 3. my bank account number, that's it?

Thanks once again
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nitinkumar
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Reply #4: Feb 18, 2010 03:56 PM

Thanks a lot fartikans,

This helps to understand many things.

Just little clarification is required about

IBAN (international banking account number) and swift code.

Do all banks have these codes? and how to check them.

Also, when I have to receive money, I need to give sender 3 info.

1. IBAN code 2. swift code and 3. my bank account number, that's it?

Thanks once again

Not every bank have swift code. In India we use RTGS method in which we need IFSC same as IBAN and bank account.
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fartikans
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Reply #5: Feb 18, 2010 05:17 PM

nitinkumar. the firm I used to work for once upon a time were importing goods from India and my boss were sending money directly to the bank in delhi via swift code and account number.


iban is valid only for the countries who have signed iban deal. well that's a lot of countries.

but for those who don't have iban, swift code is a must!!! otherwise ""routing banks"" need to take in charge.

international money can only be wired through swift codes. if your bank does not have it, it MUST have an inner connection with a bigger bank that has it. and I send the money to that bank but in swift code message field, I declare that this money shall be wired to your account in your local bank. you need to contact your bank and make them call that bigger bank to learn if a wire has been received. If I send you money I must also give you my tracking numbers so your bank can track it.

here's what I've experienced last year: My cousin were in PA, USA for some school and his school fee needed to be wired. We get the bank name and account number but hey, their bank has neither a swift code nor iban. school admins asked me whether I'm from Jupiter or not, what the heck that terms mean? Smiley

any way, we talked to our bank and they said they have direct connection with chase manhattan bank in ny and ask them to re-route this wire to that tiny little village bank. it took about a week but money arrived to the school.
money waited at chase manhattan for almost 5 days, school admins had to make a phone call to their local bank and pushed them to call chase manhattan in newyork. only after that phone call money arrived to its final destination.

in your case it's a little bit complicated. whoever is sending money to you, you must provide him relevant numbers AFTER you have talked to your local bank to learn whether they can get direct wire transfer from abroad. If not, you must learn which bank they are using as routing bank in your country. Then give the sender all the info like:
receiver: AAA bank
swift code xys123
account number: your localbank's name and branch and your account number and your name.

so tell me where r u from and let me check which banks are in charge in your country Smiley
also from where you'll be expecting money?

have you ever tried western union?
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