posted on March 28, 2008 11:31:39 AM new
I know some here take them. Is there any down side to doing so.
I have an account that I only use for paypal transfers and was thinking of using it to be on the safe side.
Is this like cash in the bank or a personal check.
TIA
1) Your bank may charge you HEFTY fees for incoming transfer -- mine (COMPASS) charges $12
2) Some may be squeamish about giving out one's checking account's info (ROUTING + ACCOUNT#) -- of course this is all printed on yer checks anyways, so why NOT?
I've done it 3 times for EXPENSIVE items & have been very satisfied...
posted on March 28, 2008 03:06:34 PM new
You should call your bank and ask what do they charge for Incoming wire,which is less than outgoing wire.
Also if your bank is a small bank,it may go through a big bank to receive the incoming wire,then you get charged by both banks (eg if it goes thru Wells Fargo Bank,it will charge $5 while your bank charges 10 ).
But you are saving Paypal transaction fee and discount fee which for intl transactions carries 1 % more than domestic transactions.
Plus like Tom said,it is not reversible,say you sent him nothing,there is nothing he can do to get his money back!!!!!!!
*
Lets all stop whining !
posted on March 28, 2008 05:01:49 PM new
Tom my bank is Compass too.
The buyer kept wanting a Swift number - he said it was 5 letter and 2 number.
My bank said to use the routing number.
I'm just about to the point that it doesn't matter any more - if some one is going to try to beat me out of an item - they can do it with paypal so what the hey.
posted on March 28, 2008 05:11:47 PM new
Your bank should give you the SWIFT number.
Ask to speak with someone in their Intl Banking dept.
*
Lets all stop whining !
posted on March 28, 2008 08:44:46 PM new
We use international wires (via SWIFT/BIC) every week to receive international payments from our customers. However our bank accounts are in countries that don't allow third-parties to draw demand drafts using our account details (as happens in the USA). Ask your bank to disable withdrawals without signed, written authority and you should be covered. Most USA banks are aware of this danger since they get regular warnings in the Federal Reserve newsletter.
Fees in the USA vary between free at good banks to $10-$50 at bad banks. If you shop around you can always find good banks, or if you do enough business with a bad bank, ask them to match a good bank's wire fee.
