1. Advertising
    y u no do it?

    Advertising (learn more)

    Advertise virtually anything here, with CPM banner ads, CPM email ads and CPC contextual links. You can target relevant areas of the site and show ads based on geographical location of the user if you wish.

    Starts at just $1 per CPM or $0.10 per CPC.

my bank refused to send my International wire...

Discussion in 'Payment Processing' started by dscurlock, Feb 1, 2018.

  1. #1
    I found a domain online, however, the domain is sold by an international escrow company.

    I wanted to used my debit card as I always try to protect myself just in case something turns out to be not so legit, and the moment I brought this up, then their attitude quickly changed, and got this response, even though it is your money, our debit card is our property, and we do not have to send money from your account. I tried giving them other options "wire" transfer, and I would sign a waiver, again, the bank refused saying that sending my money via wire was high risk, mind you, risk was not on their mind until I made a comment like "I enjoy my protection..."

    I do not question my bank on what they do with my money as they give me pennies on the dollar for giving them the "privi" of holding and investing my money in other projects...
    SEMrush
    apparently trust does not go both ways...
    I told them their only risk was not sending the wire,
    and you lose the business far more then the wire itself...

    then I was given words like:

    I am the PCI/VP of nothing....
    So? Are you bragging?
    (why the fuck do I care?)

    We are just a small town bank...
    So you are a small VP of nothing
    in a small town bank of nowhere...?

    However, this bank did not claim "small" town bank when I signed
    up for my account around 2 years ago, then I was lead to believe
    they had millions of dollars in assets; not the story today....

    maybe you should take your money to a bigger bank....
    Ok! Done! I am taking it all to the bigger bank, since I
    am not apparently trusted by this bank, but you expect
    me to trust you with my money....

    She was right about one thing...
    They are a small town bank...
    In fact, by tomorrow, all my accounts
    will be closed, and they will be forgotten
    by the time I go to bed tomorrow night....
     
    dscurlock, Feb 1, 2018 IP
    SEMrush
  2. qwikad.com

    qwikad.com Illustrious Member Affiliate Manager

    Messages:
    5,543
    Likes Received:
    1,031
    Best Answers:
    19
    Trophy Points:
    400
    #2
    Why can't you just use Western Union? Safer for you and everyone involved. Wiring money from a US bank to an unknown company overseas is never a good idea. I know you feel upset, but your local bank is actually doing you a favor.
     
    qwikad.com, Feb 1, 2018 IP
  3. dscurlock

    dscurlock Prominent Member

    Messages:
    4,564
    Likes Received:
    260
    Best Answers:
    0
    Trophy Points:
    300
    #3
    Western Union is not a bank...

    There is nothing safer then sending a wire from
    an "actual" secure bank to another secure bank...
    (which is safeR...)

    WU is good if bank accounts are not involved,
    and that is a higher form risk...

    knowing who it was did not matter to them...
    Since they refused, they never asked for wire info...

    They were "scared" .... simple as that....
    There was zero risk using my money to send the wire...
    They will never again have to worry about this issue (with me...)
    Tomorrow, they will be relieved of that responsibility....

    Wells Fargo said they would have no issues sending an intl wire
    transaction as long as I was a customer, and is considered a legal transaction....
     
    dscurlock, Feb 1, 2018 IP
  4. jrbiz

    jrbiz Illustrious Member

    Messages:
    4,112
    Likes Received:
    1,551
    Best Answers:
    1
    Trophy Points:
    420
    #4
    I do not know much about this, but can you elaborate as to why a bank wire from a US bank to an unknown company's bank account is a bad idea? I would just like to understand the reasoning.
     
    jrbiz, Feb 2, 2018 IP
  5. qwikad.com

    qwikad.com Illustrious Member Affiliate Manager

    Messages:
    5,543
    Likes Received:
    1,031
    Best Answers:
    19
    Trophy Points:
    400
    #5
    It's one thing to wire money to somebody you know and trust. It's another thing to wire money internationally to a company you know nothing about. You're exposing yourself to fraud and money laundering. Every US bank is aware of that. Look how the bank changed their tune the moment they heard there was risk involved. By the same token, if some obscure company insists that wire transfer is the only mode of payment they accept, it should raise a red flag for everyone involved.

    But I assume you know all of that.
     
    qwikad.com, Feb 2, 2018 IP
  6. jrbiz

    jrbiz Illustrious Member

    Messages:
    4,112
    Likes Received:
    1,551
    Best Answers:
    1
    Trophy Points:
    420
    #6
    Yes, but that would be the case with any way that you pay. Always a risk of fraud, though bank wires are final and you have no recourse.

    But I am thinking that there is more to it than that. I recall many years ago my banker told me that I should not use the company's checking account to receive bank wires because once someone in another country made a wire payment to your bank account, they also had enough information to somehow compromise the bank account they just sent money to. She suggested that if we planed to take a lot of bank wires from foreign customers we should set up another bank account with no money in it to receive bank wires (and then transfer that money to the regular account.) I thought that you may have been referencing those issues.
     
    jrbiz, Feb 2, 2018 IP
    qwikad.com likes this.
  7. qwikad.com

    qwikad.com Illustrious Member Affiliate Manager

    Messages:
    5,543
    Likes Received:
    1,031
    Best Answers:
    19
    Trophy Points:
    400
    #7
    Definitely, receiving bank wires can become a huge liability. I wasn't even referring to that. From what I understand your account can get compromised just as easily if you are a sender:

    [​IMG]
     
    qwikad.com, Feb 2, 2018 IP
    jrbiz likes this.
  8. dscurlock

    dscurlock Prominent Member

    Messages:
    4,564
    Likes Received:
    260
    Best Answers:
    0
    Trophy Points:
    300
    #8
    That is what I thought also; Once the wire has been completed, by the time you can take any
    action on an Intl bank, then that money in the wire account will be gone within a few minutes...
    however, the bank did not bring up exact "reasons" and did not say anything about the other
    side being able to reverse dip into the bank's wire account.

    I went too 3 other banks today, and they said the exact same thing, one bank even turned me down for
    a reg checking account, I was denied, and pretty much sent on my way, in no way did they
    want anything to do with intl transactions, or my money, period, and I mean a bank that
    had a history of opening fake accounts, then wont do business with a legit business transaction...

    I changed my strategy, went to a 4th bank, and said I want to open an account,
    and send x amount to US escrow account, and they said no problem, welcome...

    I somewhat doubt that theory, unless the bank in the other country is
    in on the fraud itself. Everything is digital today, and if none of those
    numbers match up with the wire, then it should get rejected....

    Wire fraud is not defined as tapping into the banks wire account;
    wire fraud is defined when the seller sells you fraudulent goods/products/
    services over the phone, internet or other electronic means...

    https://www.criminaldefenselawyer.com/resources/wire-fraud.htm

    If I am not mistaken, the original bank said that wire transactions are
    FDIC insured, and the bank can not recoup money on an empty
    Intl account, and legal recourse would mean squat, which would
    mean that the bank would have to cover the loss. I never got
    the impression they were concerned about their "wire" account;
    their concern was high "risk" of losing money....
    (if they had to cover the loss)
     
    Last edited: Feb 2, 2018
    dscurlock, Feb 2, 2018 IP
    jrbiz likes this.
  9. jrbiz

    jrbiz Illustrious Member

    Messages:
    4,112
    Likes Received:
    1,551
    Best Answers:
    1
    Trophy Points:
    420
    #9
    Well, there is always Bitcoin. :) (just kidding)
     
    jrbiz, Feb 3, 2018 IP
  10. dscurlock

    dscurlock Prominent Member

    Messages:
    4,564
    Likes Received:
    260
    Best Answers:
    0
    Trophy Points:
    300
    #10
    not with my money...
    If it had the most successful business on this planet,
    then I still would not touch bitcoin with a ten foot poll...

    Bitcoin may have made some millionaires...
    (and these people are probably smarter then me...)

    This is what a BitCoin Bubble-Burst looks like:
    https://www.theguardian.com/technology/2018/feb/01/bitcoins-january-fall-wipes-off-44bn-in-value

    money without backing has little to no "real" value, and very high risk to boot....
    I could just as well classify BitCoin in the Ponzi Scheme category....
     
    dscurlock, Feb 3, 2018 IP