A few clicks or a few touches from the luxury of my palm using my smartphone and the bank App, done deal in seconds to pay and transfer money literally with the swipe of a finger for larger amounts than that, very often mind you.
- Thread starter chico bill
- Start date
Wire Transfers becoming problematic
A few clicks or a few touches from the luxury of my palm using my smartphone and the bank App, done deal in seconds to pay and transfer money literally with the swipe of a finger for larger amounts than that, very often mind you.
That's the normal procedure
This guy wanted the cash....
I took him to my bank and handed it to him...
I'm not carrying that around !!
Really⁉️ Check post number #1.
The thread is actually about wire transfers.
You and the others are referring to bank transfers within the 🇩🇴 ‼️
Anyone trying to say they are transferring money from outside of the 🇩🇴 to a bank in the 🇩🇴 instantly❓
I ask because I find your post confusing.
Absolutely correct. I can't tell you how many times I have walked to a teller and said the opposite of what I really wanted. Used the term "wire transfer" to mean a transfer of funds. Now that I went back and reread post #1 I see he used both terms in the same posting if I am not mistaken. BUT the title is clearly "wire transfers" not bank to bank transfers or exchanges.
Mine are wire transfers from OUTSIDE the country....
My offshore bank.... same day
A recent receipt from Canada.... less than 24hrs
Yes- bank to bank..... but not internal transfers..... international ones !!
Above is the post your replied to in #164
I appreciate your clarification.
But less than 24 hours is quite a difference from a "done deal in seconds to pay and transfer money".
Still, less than 24 hour international wire transfer from bank to bank is good service.
To Radical: Were you referring to a international wire transfer in your post #161 ❓
I wired funds from my Wells Fargo acct. to my BanReservas dollar acct. Went to the bank 2 days later(yesterday) and withdrew the cash. No issues.
Of course no.
#161 - That reply was specific to William Webster where he mentioned of bank to bank transfers locally within the DR.
I've yet to deal with a bank that would allow international wire transfer by using an APP or by web interface. Most if not all, requires a representative to be involved and of course, conducted over the phone.
Perhaps could be done using a brokerage account?
Yes... I wire w/o assistance - thru my bank app - to Canada- USA - RD
All me - alone - international transfers
No, not my US or CDn bank
Internally - piece of pie..... or cake - as you wish
All me - alone - international transfers
No, not my US or CDn bank
Internally - piece of pie..... or cake - as you wish
I can wire money here online with Ameritrade. No need to talk to anyone. I always call since I believe it will get processed faster. Call before noon and it's usually in my bank here the next day(BSC).
By it being brokerage, it makes things easier for wires. Banks themselves are reluctant to allow it w/o representatives interventions.
Not everyone owns an offshore bank. You are very fortunate. I have a ceramic pig full of quarters. If I turn it upside down and shake....boom, there it is.
A bit off topic as it is not US based, but one of my on-line banks ( as I signed up, transferred funds, etc..... exclusively on internet ) allows me free international transfers. On my smartphone, no human intervention.
P.S. I am a bit confused by the difference between a wire and a transfer, so excuse the post of it is not revelant.
International wire transfers that originate in the United States are monitored by the Office of Foreign Assets Control, an agency of the U.S. Treasury. This agency makes sure the money being sent overseas is not being used to fund terrorist activities or for money laundering purposes. In addition, they are also tasked with preventing money from going to countries that are the subject of sanctions by the U.S. government. If the Office of Foreign Assets Control suspects that any of these scenarios are true, the sending bank has the authority to freeze the funds and stop the wire transfer from going through.
These are some scenarios that might cause a wire transfer to be flagged, alerting officials to possible wrongdoing by either the recipient or the sender:
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www.investopedia.com
These are some scenarios that might cause a wire transfer to be flagged, alerting officials to possible wrongdoing by either the recipient or the sender:
- Transfers to safe-haven countries
- Transfers to non-account holders
- Regular transfers for no viable reason
- Incoming and outgoing wires with the same dollar amount
- Large amounts wired by cash businesses
What Is a Wire Transfer? How It Works, Safety, and Fees
A wire transfer is an electronic transfer of funds across a network administered by hundreds of banks around the world.
Its the same thing basically.
The term wire (AFAIK, its just a term and not a definition of a process) is most widely used for international transfers of monies. It does cost money, a fee of usually $45.00 USD
The term transfer, accomplished the same, but its most used for local movement of monies within a country. Here in the DR, the cost is cheap
Then there is the ACH which is nothing but another transfer of money but this one is completed by the Automated Clearing House through a network of banks. It has no cost at least in the USA
The key to them all is the time it takes for the money to be cleared.
A Wire clears instantly, so does inter-banks transfers, ACHs usually take up to 3 days.