carolinetyler
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posted on September 14, 2005 05:31:50 AM
I have a customer in Malta who wants to use a bank draft issued to me in U.S. dollars for $300. Has anyone accepted one in the past, and if so, did it cost anything in fees to cash or deposit in your account?
Is a draft considered the same thing as a money order?
Thanks!
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 Caroline
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cblev65252
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posted on September 14, 2005 05:40:20 AM
I'd call your bank to find about any fees that might be involved. A bank draft is a check written by the bank in its own name. Even in US dollars, it would still be a foreign check and different banks have different rules for accepting foreign checks. Mine charges me a $7 fee.
Cheryl
[ edited by cblev65252 on Sep 14, 2005 05:40 AM ]
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stopwhining
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posted on September 14, 2005 05:43:40 AM
find out if it is drawn on a US bank.
If not,you may have to pay more than 5-7 dollars.
-sig file -------
Eat grass,kick ass,never go belly up!
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birgittaw
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posted on September 14, 2005 06:43:13 AM
My Malta customer (probably the same one!) sent bank draft in US dollars, which cost HER plenty, but me nothing. I use Wachovia, and they have never charged me to deposit a US dollar check or money order regardless of origin. The only ask that I deposit at the counter as opposed to ATM.
Heads up: It took a long, long time for her airmail letter to arrive (3 weeks?), and similarly a long, long time for my piece to get to her. It was otherwise an easy transaction. Malta cannot use PayPal.
B/
[ edited by birgittaw on Sep 14, 2005 06:44 AM ]
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sthoemke
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posted on September 14, 2005 11:58:15 AM
My bank charges $10, and I think it takes about 2-3 weeks to receive the funds.
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sparkz
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posted on September 14, 2005 12:19:52 PM
It won't cost you a dime in fees if they use Bidpay or send it via Western Union.
A $75.00 solid state device will always blow first to protect a 25 cent fuse ~ Murphy's Law
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agitprop
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posted on September 14, 2005 07:03:19 PM
Provided a "foreign" bank draft is issued in USD on a US bank then no fees should be payable as it'll clear through the regular Federal Reserve clearance system. Should clear immediately unless there's a problem.
If your bank does charge you to encash it or places a long hold on it, then it might be time to look elsewhere for your banking needs. Malta isn't exactly a hotbed of international fraud, and is an EC member. Myself - I'd happily take their Euros in lieu of dollars any day since they can do a free IBAN bank transfer into my Euro account...
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carolinetyler
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posted on September 15, 2005 05:45:04 AM
Thanks for the answers! I didn't realize they could not use Paypal. I will take his draft - especially since he agreed to $110 for shipping prior to bidding. Thanks!
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Caroline
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photosensitive
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posted on September 15, 2005 07:00:25 AM
We had a buyer from Malta for an item in our cyber mall store. Had a heck of a time finding a way for them to pay. It was not an auction so BidPay was out. They said they were not able to use PayPal. I came here asking about bank transfers and got mostly positive responses on their safety but my sister's bank said not to ever give routing info to a foreign buyer. After a flurry of emails the buyer finally sent USD cash (a little over $100) and the transaction went off OK.
I had a bank draft from Denmark that was drawn on a US bank. My branch said there would be a charge for cashing it but in the end there was not any.
-----o----o----o----o----o----o----o----o
“The illiterate of the future will be the person ignorant of the use of the camera as well as of the pen.”
Maholy-Nagy, Vision in Motion, 1947
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carolinetyler
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posted on September 15, 2005 08:48:26 AM
I have heard banks say not to give out routing information - but that doesn't make any sense. Bank transfers and swift transfers are a standard in international business and the routing info must be given in those instances. Also automatic debits for bills have to be given the routing number. So I do give it out in certain instances - not been burned yet, and just knocked on wood!
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Caroline
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stopwhining
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posted on September 15, 2005 09:11:22 AM
you can set up a separate bank account just for wiretransfer and keep a zero balance .
The reason why some bank caution individual(not business) not to give out ABA and bank account information is that in some countries such as Nigeria,they can get a printer to print checks with your ABA and account number .
-sig file -------
Eat grass,kick ass,never go belly up!
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photosensitive
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posted on September 15, 2005 09:53:45 AM
I also read that the online check services will set up an automatic debit for anyone with the routing numbers with absolutely no verification.
-----o----o----o----o----o----o----o----o
“The illiterate of the future will be the person ignorant of the use of the camera as well as of the pen.”
Maholy-Nagy, Vision in Motion, 1947
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carolinetyler
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posted on September 15, 2005 09:55:48 AM
Good thoughts, thanks for that - that may be the answer for me - have an ebay only account and pass through transactions, including Paypal.
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Caroline
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agitprop
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posted on September 15, 2005 09:48:13 PM
caroline wrote,
I have heard banks say not to give out routing information - but that doesn't make any sense. Bank transfers and swift transfers are a standard in international business and the routing info must be given in those instances. Also automatic debits for bills have to be given the routing number...
Giving out routing information isn't dangerous unless you are referring to US bank accounts. All banks take their security very seriously and usually only permit incoming funds to be deposited to accounts held with them. Unfortunately, the US banking system allows unauthorised third parties to withdraw funds from accounts on presentation of an unsigned demand draft with your ABA routing and account information - details that are on every check you ever wrote (plus a handwriting and signature sample).
In these respects most non-US bank accounts in OECD countries provide more privacy and safeguards than US based ones.
International bank transfers are now largely automated and mostly sent using the BIC/SWIFT inter-bank network. IBAN is very popular in the EU since international bank transfers in Euros within the EU are now largely free to the sender and receiver. (This is why PayPal isn't popular with European eBayers - since they can transfer Euros for free, why pay PayPal to do it?) More details on IBAN bank transfers and US bank account fraud links.
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stopwhining
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posted on September 16, 2005 05:44:25 AM
Paypal 's appeal is not bank to bank transfer,it is allowing the seller to accept credit card without having his own merchant account.
-sig file -------
Eat grass,kick ass,never go belly up!
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