Wire transfer was launched initially by Western Union in 1872, and they have been using telegraph network. Hundred years later, the internet made it easier for many people who are using wire payments especially when luxury goods are on the table.
It is very hard to scam a seller of a luxury watch when the seller does accept the wire transfer, that’s why you really need to know the seller or the platform where the watch is sold.
Wire transfer is one of the safest payment methods available to people who would like to sell or buy watches online or in person.
The process might look challenging; however; this guide how to make a wire transfer will answer your potential questions.
What is a Wire Transfer?
It is an electronic transfer of money. A wire transfer is very similar to a cash deal. When you give someone cash, that person receives the money from you and can use it right away. The difference is that the wire takes more time to get to your account.
How Fast is Wire Transfers?
In general, the money comes to your account in 1-2 business days within the United States.
There are some banks, which do have an instant transfer, however; it’s not as accessible for the general public as much as a regular wire transfer.
If you ever decide to accept an international wire transfer you might have to wait an extra day or two.
When are my funds available?
When you see the money in your account, you can use the money right away. In other words, there is usually no hold put on your money.
Because banks do have to process the wire transfer, you might need to wait for the next business day before the bank employee will be able to check the request manually.
For example: anytime I send a wire transfer, my bank calls me to verify the information and make sure that I know that money is going out of my account.
What information do I need to provide?
When Sending wire payments, your bank might require this information:
- Account holder name and full address
- Account number
- Branch number and full address
- Institution number
- Swift Code / BIC / IBAN code
- Routing Number (international)
What are the fees?
Each bank is different, and some banks do not charge for outgoing wire transaction. Others charge upwards of $30 per domestic transfer and around $50 for an international wire transfer.
In general, an incoming wire costs a bit less than an outgoing wire. Again, it can be as low as $0 and up to $20 for an incoming domestic wire.
Are Wire Transfers Safe?
When you send the wire, remember that you are not going to be able to cancel it. You better double check the numbers and details of the person you are sending the wire to for your watch. For sellers, it’s very safe, unless you receive money from someone who is not on the right side of the law. It is good to know where the money is coming from.
What if someone scammed me?
Unfortunately, there is not too much you can do. Buying expensive goods such as watches can be risky if you do not know what to look for when purchasing watches online.
You always, want to make sure that you are buying the seller. What I mean by that is that you should know if the seller is legit. Search their reviews, connect with them on social media, even call them. The more information you have about them, the easier it would be to track them down if something happens.
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