posted on January 23, 2006 07:55:14 AM
How long should it take with a wire transfer for the funds toshow up in my bank account? The guy said he made the transfer Fri. morning but the funds aren't there yet. The bank is Wachovia.
posted on January 23, 2006 08:01:19 AM
I have never done one myself but I think the best people to ask would be your bank since they deal with this on a daily basis. I would give them a call and see what they say.
Just another white mouse in the ebay maze looking for some cheese. --- Mike
posted on January 23, 2006 08:34:37 AM
A lot of activities go on at nite,all the computers will update the data bases with incoming transactions during the night so they can be viewed the next morning.
For a Friday morning transaction ,it should have been sent to your bank Friday nite and available online Saturday morning.
If you dont see it now,you should see it tomorrow morning.
/ lets all stop whining !! /
posted on January 23, 2006 11:46:54 AM
I transfer funds from PayPal to my bank all the time. It takes 3-4 business days for the $$ to show in my checking acct.
Life Is Too Short To Drink Bad Wine
[ edited by sanmar on Jan 23, 2006 11:47 AM ]
posted on January 23, 2006 12:15:01 PM
Sanmar and Pelorus are not talking about wiretransfers,they are talking about ACH-automated clearing house where all the transactions to and from domestic banks are cleared and sent to their destination banks thru an electronic network.
Few individuals would do domestic wiretransfer which would cost 25 dollars when ACH is free,businesses would do domestic wiretransfer as the amount involved and the speed warrant such fee.
Your brokerage firm will wire fund from your account to your bank account for a fee if you want it the next day.
Sanmar,if you give Paypal your bank ATM CARD or DEBIT card, I think it would cut down the time from 4 to 2 days.
Intl wiretransfer is different,I dont really see anything wrong with it,no one can wire money out of your account by going to your bank and fill out some forms,what you want to watch out for are those nigerians etc who would use your bank acct number etc to print checks at their local print shop and start writing checks drawn on your account.
Large money centre banks such as Bank of America,Wells Fargo etc have online wire transfer service mostly for their corporate clients such as Exxon .Altria where corporate employees can buy and sell foreign exchanges and move money around the world,there is a different level of security and you have to give them enough business to use their internet site.
posted on January 23, 2006 12:25:11 PM
Due to the insecurity and known weaknesses of the US banking system (i.e. demand drafts, etc.) it's advisable to open an account just for incoming wire transfers. Once the funds are cleared, you transfer them to your regular bank account.
For international wires, from our experience it should be a large bank, preferably one with direct access to the SWIFT network so you won't get hit with unnecessary intermediary bank charges. Ask if the bank can handle Straight Through Processing (STP) and it'll be cheaper or free for international incoming wires. International wires should be sent in USD with instructions for either OURS or SHARED fees - ask your bank for details.
