International wire transfers - Small-Business-Forum.net

billbenson · 11-03-2008, 03:01 AM

I have a quote to Indonesia for 20k that looks like it will turn into an order. Wire transfer only. There are a lot of Nigeria sort of scams from Indonesia although I don't think this is one. Still, it made me a bit nervous giving out my checking account number etc for the wire transfer so I opened a new checking account.

Does anybody know of any risks in giving out your banking information for a wire transfer; swift, aba, act name, act address. I talked with the bank and they didn't know of any, but suggested opening a new account just in case.

Not sure if this is the best place for this post steves, but it didn't seem to match other forums either. Please move it as you see appropriate.

Spider · 11-03-2008, 03:57 AM

Paypal is one easy way of dealing with payments without giving your banking details. Paypal works in many countries but I don't know if Indonesia is one of them.

Another way that would protect you and your client - www.escrow.com

I have used these people internationally (USA - Slovenia) and it worked exactly as expected. I'd use them again in a heartbeat.

billbenson · 11-03-2008, 05:05 AM

I'll take a look at escrow.com. I've had bad luck as a vendor with PayPal. They don't like large dollar charges. They aren't used by buyers at major corporations or field people who are issued credit cards either. They are more geared toward small transactions at the consumer level, not b2b. I would doubt this customer has even heard of them.

Wire transfers are clean and cheap for large deals. Just wondering if publishing my bank info for the transfer has any associated risk?

pete · 11-03-2008, 05:32 AM

Every time you write a check you are passing out all of your account details. And while I've never looked, I'm sure there must be a place where you can get the swift number for banks.

I can't think of any way they could get into your account just having that info. It's on my site where I wholesale and dropship electronics. There is a Print and Offline Order option that has all of that info right on the page.

And I know other sites that have it posted within the Contact Us page or somewhere similar.
.

Dan Furman · 11-03-2008, 08:18 PM

Quote:

Originally Posted by billbenson

Does anybody know of any risks in giving out your banking information for a wire transfer; swift, aba, act name, act address.

All that stuff is on a normal check, isn't it? Or easily obtainable.

I don't see any risk.

Dan Furman · 11-03-2008, 08:19 PM

Quote:

Originally Posted by pete

Every time you write a check you are passing out all of your account details.

I guess I should have read this before posting the same info

Business Attorney · 11-03-2008, 09:51 PM

I agree with the other posters. There is nothing unique about giving your account name and number in the context of a wire transfer that is any different than what you give out every time you give someone a check. The bank routing information is freely available, too.

However, people have been known get money out of checking accounts, even by relatively unsophisticated means (just see the movie "Catch Me if You Can"), so it never hurts to be careful. Using a new account in your case may be overly cautious, but it's easy enough to do, so why not?

billbenson · 11-03-2008, 10:24 PM

Actually the ABA number isn't on the check. The first series of numbers that you use for online bill payment isn't the same as the ABA number for wire transfers. It's probably pretty easy to call the bank and get the aba number though. Bank address and swift code aren't there either.

Ad-Vice_Man · 11-04-2008, 09:07 PM

From my understanding, banks that do international wire transfers hold onto the $ in their own sort of escrow, making sure it clears. before they release it to people. If they make a mistake with your account you have legal protection and the bank would be responsible.

The seperate checking account is a good "firewall" if you will though.

billbenson · 11-05-2008, 01:40 AM

Quote:

Originally Posted by Ad-Vice_Man

From my understanding, banks that do international wire transfers hold onto the $ in their own sort of escrow, making sure it clears. before they release it to people. If they make a mistake with your account you have legal protection and the bank would be responsible.

The seperate checking account is a good "firewall" if you will though.

That's not what the bank told me, but my bank manager probably doesn't do a lot of international business either.

Where this stands now is the customer came back and said 50% wire transfer up front and 50% on proof of shipment. If they didn't pay the 2nd half I'd be out about 6k. Can't do that. I said that our terms for international orders are prepaid payment in full by wire transfer, but I could probably get accounting to accept 75% advance payment. Accounting happens to be me.

They didn't get back to me today which makes me more suspicious. Everything else appears ligit though. Large commercial website. Appear to be a large international firm. No bad mouthing on the internet. If they do accept my terms I'll do a D&B.

11-03-2008, 03:01 AM	#1 (permalink)
billbenson Member Needs New Keyboard Join Date: Aug 2008 Posts: 520 Reputation: 15	International wire transfers I have a quote to Indonesia for 20k that looks like it will turn into an order. Wire transfer only. There are a lot of Nigeria sort of scams from Indonesia although I don't think this is one. Still, it made me a bit nervous giving out my checking account number etc for the wire transfer so I opened a new checking account. Does anybody know of any risks in giving out your banking information for a wire transfer; swift, aba, act name, act address. I talked with the bank and they didn't know of any, but suggested opening a new account just in case. Not sure if this is the best place for this post steves, but it didn't seem to match other forums either. Please move it as you see appropriate.

11-03-2008, 03:57 AM	#2 (permalink)
Spider Member Needs New Keyboard Join Date: Aug 2008 Location: Houston, Texas Posts: 146 Reputation: 11	Paypal is one easy way of dealing with payments without giving your banking details. Paypal works in many countries but I don't know if Indonesia is one of them. Another way that would protect you and your client - www.escrow.com I have used these people internationally (USA - Slovenia) and it worked exactly as expected. I'd use them again in a heartbeat. __________________ Frederick -- Co-author: KEEP YOUR EYES ON THE PRIZE [More background on Spider] [Business Mentor, Business Coach] [Want-To-Be-A-Millionaire.com] [CERTIFIED HUMANE]

11-03-2008, 05:32 AM	#4 (permalink)
pete Member With Stressed Keyboard Join Date: Aug 2008 Posts: 34 Reputation: 10	Every time you write a check you are passing out all of your account details. And while I've never looked, I'm sure there must be a place where you can get the swift number for banks. I can't think of any way they could get into your account just having that info. It's on my site where I wholesale and dropship electronics. There is a Print and Offline Order option that has all of that info right on the page. And I know other sites that have it posted within the Contact Us page or somewhere similar. . __________________ Trusted, Dependable Dropshipper with FREE SHIPPING Small Bulk, too FREE Shopping Cart When You Host With Me!

11-03-2008, 09:51 PM	#7 (permalink)
Business Attorney Member Needs New Keyboard Join Date: Aug 2008 Location: Chicago Posts: 111 Reputation: 20	I agree with the other posters. There is nothing unique about giving your account name and number in the context of a wire transfer that is any different than what you give out every time you give someone a check. The bank routing information is freely available, too. However, people have been known get money out of checking accounts, even by relatively unsophisticated means (just see the movie "Catch Me if You Can"), so it never hurts to be careful. Using a new account in your case may be overly cautious, but it's easy enough to do, so why not? __________________ David Staub Business attorney \| Limited Liability Company Center - LLC information

11-04-2008, 09:07 PM	#9 (permalink)
Ad-Vice_Man Member Wearing Out Keyboard Join Date: Aug 2008 Location: DC Metro Area Posts: 86 Reputation: 13	From my understanding, banks that do international wire transfers hold onto the $ in their own sort of escrow, making sure it clears. before they release it to people. If they make a mistake with your account you have legal protection and the bank would be responsible. The seperate checking account is a good "firewall" if you will though. __________________ The Ad-Vice Man - Expert Advertising Advice www.harborpilotmedia.com, www.freeadvertisingadvice.org

11-03-2008, 05:05 AM	#3 (permalink)
billbenson Member Needs New Keyboard Join Date: Aug 2008 Posts: 520 Reputation: 15	I'll take a look at escrow.com. I've had bad luck as a vendor with PayPal. They don't like large dollar charges. They aren't used by buyers at major corporations or field people who are issued credit cards either. They are more geared toward small transactions at the consumer level, not b2b. I would doubt this customer has even heard of them. Wire transfers are clean and cheap for large deals. Just wondering if publishing my bank info for the transfer has any associated risk?

11-03-2008, 10:24 PM	#8 (permalink)
billbenson Member Needs New Keyboard Join Date: Aug 2008 Posts: 520 Reputation: 15	Actually the ABA number isn't on the check. The first series of numbers that you use for online bill payment isn't the same as the ABA number for wire transfers. It's probably pretty easy to call the bank and get the aba number though. Bank address and swift code aren't there either.