I have a customer in India that wants to purchase a watch from me. She wants to pay via bank wire transfer. I haven't ever dealt w/this...is this safe?

Bank Wire Transfer + India = SCAM

Here is the short version, Once you give someone the info they need to Wire Transfer/Deposit money into your account there is NOTHING stopping them from using that same info to COMPLETELY CLEAR ALL THE MONEY from your account.

I gotta agree - the 2 combined would be a 'no' to me! I honestly dunno if I'll ever ship to India - it will need to be set in stone, money in the bank, etc. before I even consider!!!

goodstuff4you wrote (View Post): › Bank Wire Transfer + India = SCAM Here is the short version, Once you give someone the info they need to Wire Transfer/Deposit money into your account there is NOTHING stopping them from using that same info to COMPLETELY CLEAR ALL THE MONEY from your account.

Hi, do you mean that buyer can even withdraw all our money from our bank account if they have our bank details?

And India has the biggest call centers for major banks in the US.

kenix wrote (View Post): › goodstuff4you wrote (View Post): › Bank Wire Transfer + India = SCAMHere is the short version, Once you give someone the info they need to Wire Transfer/Deposit money into your account there is NOTHING stopping them from using that same info to COMPLETELY CLEAR ALL THE MONEY from your account. Hi, do you mean that buyer can even withdraw all our money from our bank account if they have our bank details?

YES! That is exactly what they can do if they wish. This does not just include people that were involved in bank transfers it actually includes anyone you have ever written a Check to.
When Paying, Credit Cards (with virtual numbers) and Money Orders are the 2 most safe forms of payment to prevent non authorized charges. As a seller I accept USPS Money Orders and Payments through Paypals system currently, I used to have a merchant account but the fees took there toll so I cancelled it.

Quote: › it actually includes anyone you have ever written a Check to.

well, yeah...if they're a crook who knows how to do that.

Only so wire transfers with well established companies. The large company I work for does them all the time with a company in Mexico. It is just so we get our money faster. It actually takes 5 days to transfer the money anyway. You would get your money just the same by money order or check.

Bank wire transfers are completely safe. NO, knowing the international bank routing number and your account number does NOT allow somebody to gain access to your account. This is an urban legend. Your bank has a duty to protect your money.

They don't get access to your account ,even if they did your bank will have policy about account being insured. If you have doubts check with your branch which is best place to check.

I know Canada has very good banking rules for fraud.

As a seller of Slavic Books and formerly photography equipment , I've had to deal with cagey banks ,firms in the Former Soviet Union.

Try dealing with a bank that is a suite number at a penthouse apartment rofl ....no worries.

Don't be paranoid about people oversea's , only people tried (and failed) to scam me bigtime were from Delaware !

Trust me if they could access my accounts they would have cleaned them out already rofl !

What do you think Europeans do with IBAN numbers , they use bank transfers almost daily.

If you want to be serious and guard yourself or have peace of mind , may I suggest opening up a secondary account at another bank or credit union.

Not only will you contain any perceived damage , it will allow you to be more aggressive in your international dealings..you might get a free toaster or DVD player out of it too

Wire Transfers are by far more trustworthy then cheques,moneyorders or by their nature online payments.

I'm so glad to read another voice of reason - with facts instead of urban legends! Frankly, you're safer when you get a bank wire transfer than when you get Paypal. It's CASH deposited right to your account, with no chance of some idiot filing a bogus chargeback claim.

Think about it... why would your bank just allow somebody (who is not YOU) who has your bank account number to come in with a request to clean out your account?

Every time you write a check, the recipient gets your bank account number.

Every time you deposit a check, the person who wrote it gets your bank account number.

That's why banks have safeguards in place and ask for things like ID!

Then why is the "wire transfer" the way most scams try to go ?? There has to be something not quite right about it somehow.

2 weeks ago I spent a couple of days emailing back and forth, working on a large order for some very expensive seeds.Then they wanted to pay with a wire transfer. First I don't even know how to do that. I told then NO, credit cards thru GC or PP or a postal money order. I haven't heard back from them since.

I can't believe they backed out of the deal because I didn't take a wire transfer. I'm pretty sure now that the deal was a scam all along.

Carol

sometimes for international transactions, a wire transfer is the easiest way to pay. a friend of mine found that out when he wrote an article fer a german technical magazine. they paid him by transferring the money directly into his bank account. no problem there.


of course, that was then & this is now... *sigh*

Scammers like Wire Transfer services like Western Union but mostly it involves a fancy dance where you get a MO or have to wire then funds.

In your seeds case they were likely trying get you on the hook , then they would pull some thing about aunt is sick and they have this huge cheque and split change with you if transfer them some funds.It would likely be a Wire Transfer sent OUT from Western Union.

If they were honest , sometimes in devloping nations , people with cash trust wire transfer services , consider cost of doing biz ,they got brand loyalty.


Bank transfers are another breed and leave more of a trail , I would trust them more then any other service.

Latvian banks I don't trust , but thats for sending THEM funds ....gimme giimme


I have several accounts , I firewall myself a little , but thats mostly to do with PIN numbers when I'm in a developing nation then worry about bank transfers.

SofterSilk wrote (View Post): › Bank wire transfers are completely safe. NO, knowing the international bank routing number and your account number does NOT allow somebody to gain access to your account. This is an urban legend. Your bank has a duty to protect your money.

Absolutely correct.

Most banks right now require a physical presence in the bank to send a wire transfer. Besides, the scammer should also know your pin numbers, birthday, personal details, secret passwords/questions etc to gain access. Only a dummy would give all those.

All you need to give the sender to the bank wire transfer is:

Name
Bank Account Number
Bank Name
Swift/Iban Code

And so... how will he gain access to your bank account with these details?

Paypal is even more dangerous due to SNAD and chargebacks!

And always remember, never ship an item unless the funds are with you already.