One of my clients owe me $$$$. He tried making payments by paypal, but his echecks bounced twice. Finally, after 2 months he said he could make the payment via Wire Transfer. I've never done it before. Now the questions in my mind are: 1. How safe is this? 2. How soon I can get the money in hands or in my bank accounts? 3. What are all the details I should send to him? (I've an account with AXIS BANK) 4. Do I get any transaction code like Xoom, Western Union? Thanks in advance
International bank wire is safe and you can also get it fast directly to any bank in the world.Just give your client details of your bank account along with routing number or swift codes which he need to send you cash.it take 48 hours to get cash in to your bank account.
Yes, only two days. I usually get mine in 45 hours only when there is no holiday. But it can depend on country. In India we get in 2 days easily. And fee is there a little bit.
I'm a bit confused with the routing number/Swift code part. Can you please help me with this part? I'm from India & my bank is AXIS BANK. What's the fees like, say $1K?
For India its Swift code. You can get it by calling them. And fee should range between $8 to $40. or around that.
why not tell him to make payment through western union money transfer. You will receive instant payment!
@ Neil: That guy isn't ready for that.. I've explained him the process in detail though @ thread: Do I get anything like tracking code in Wire Transfer?
Routing/Sort code => Just enter your IFSC Code there SWIFT code => Ask your nearest bank for SWIFT code or go to http://swift.com/biconline and see if your bank branch is connected to SWIFT network. If not you have to use mumbai branch of HDFC/ICICI/AXIS. oh! Dont go through correspondent banks route. Use a direct SWIFT code in that way payments will be faster. Generally banks dont give tracking code immediately - but you can ask the sender to send you a scanned copy of wire transfer receipt from his bank, in that way you can hand over this proof to your nearest bank branch.
Great inputs I've mailed him the required details 4 days and still no response from that honourable client. Got him from DP, but he isn't an active member. Everyday he says, "we're sending it today" and he isn't available for the past 2 days... It's so frustrating