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Wire transfer ...

mechanism ??

     
6:09 am on May 23, 2002 (gmt 0)

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Hii,

How does this wire transfer actually work..??

Whats the mechanism/process behind ???

Thanks for any help !
:)

8:45 am on May 23, 2002 (gmt 0)

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Hi Ideavirus,
I am no banker, but I do use 2 types of direct transfer in the UK, and I know this is a popular way of paying in Europe.

Both require you giving your customer an Acc Number, account name, sort code and bank name, they then phone their bank with these details, and the amount, and the money is transfered.

If you want this done immediately, then you have to pay (25 in the UK), unless you are both in the same bank.
If you are prepared to wait three days, then there is no charge.

Easy. From the merchant point of view it is great, as there are none of the security problems associated with Credit cards.

Problems? Can they remove money from your account, knowing the details? No. They need more info. (Password etc) As a precaution it is worth setting up an account with Zero overdraft, and a weekly sweep into your usual account. That has got to be fool proof.

Hope this helps,

George

6:52 am on May 25, 2002 (gmt 0)

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Thanks George :

But how exactly does the real money transfer between banks ...particularly, if they are in different countries and I want the transfer to happen in one day...??

:)

8:56 am on May 25, 2002 (gmt 0)

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Ahhh, that mechanism?? :)

If you want those details, i would be surprised if anyone would post them.

From a merchant point of view, i suspect it depends on the banks involved, the time differences etc, but now i am out of my depth!

George

 

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