Wire Transfer

CivilServant

So do to a wire transfer what options are available? I've heard of western union, but what else is there? And what does the process go like. I'd like to make this as smooth as possible.

Victor

You can do it from your bank, which is much safer if you are sending to someone you don't know, as you can track them by their bank account.

Western Union has been fraught with internet fraudsters.

CivilServant

So I dump all the money needed to be transferred into my account. And ask the bank to do the rest? Sorry bout being specific but I like to know what happens at all times during the transaction.

The company has given me an a/c number, ABA routing no. Bank name and address. Together with a reference number. My bank is AIB and I know they've a few american affiliates so it should be ok I guess.

Victor

You may need special codes for doing it like an IBAN (a long digit number you will see on your bank statement), but I don't see any particular problem. You can just walk into your own bank and ask them to do it. I don't know if you can do it through internet banking or phone banking.

It may vary a lot in price depending on whether you want a same day or two day transfer.

http://www.aib.ie/servlet/ContentServer?pagename=AIB_PersonalPortal/AIB_Services/aib_d_service&c=AIB_Services&cid=1004321421030&channel=HP

But you do trust the recipient, don't you?*

* Yes I'm **rightly** paranoid about sending money to people i don't know.

CivilServant

Paranoia is only your inner shylock telling u u'll get burned if u do this

I haven't done business before with these people so no I don't trust them but there's only one way to find out if they're trustworthy. Plus I've done a little research into this company and the website looks pretty professional so another reason for this company being genuine.

I didn't get an IBAN number from them. Is that something I'm suppose to receive or obtain?

Victor

Originally posted by CivilServant
I didn't get an IBAN number from them. Is that something I'm suppose to receive or obtain?

It **may** be the ABA number, yes you will have to get it, if needs be, but talk to your bank first.

I'm not sure what the story is with shopping around for fees between banks, as they have to ensure they comply with money laundering legislation (bring your passport and proof of address).

Eh, do you have a credit card? Quite possibily much simpler. I understnad you can also get a "one time" credit card number for internet use, but they may have problem working in the USA.

CivilServant

I do have a credit card, but only a student one. I thought it was great at first. Purchasing on the internet without a care in the world. But then I discovered it's limitations. You can only withdraw up to €350 per day, max. So even if you top up your card with extra credit, you can only use 350 a day. Sucks I know, can't wait to get a proper one.

Victor

Originally posted by CivilServant
You can only withdraw up to €350 per day, max. So even if you top up your card with extra credit, you can only use 350 a day.

Cash or all transactions?

CivilServant

For all transactions methinks. I had the credit card for sometime and haven't tried to buy anything over €350 credit til recently.

Blackjack

Originally posted by CivilServant
I didn't get an IBAN number from them. Is that something I'm suppose to receive or obtain?

---

It **may** be the ABA number, yes you will have to get it, if needs be, but talk to your bank first.


ABA number is a routing number used only by US Banks, and will *probably* only identify the particular head office of that bank, as opposed to a particular bank. Reason for this is that an ABA number is essentially a US Financial Institution's account with the FED. Should you pay by ABA, your Bank should be able to trace where the funds go to to from there.

IBAN is only used in Europe, and yes, you should have received the IBAN that applies to your bank account from your bank - it should be on your bank statement as a 16 digit number.

mrblack

Civilservant, Just to confirm/expand on what blackjack said- The ABA number, the beneficiary A/c number plus Beneficiary account name will be required by your bank to enable them to wire any payment to the US. ABA refers to American Banking Association. An alternative to an ABA number is the SWIFTCODE for the recipient Bank. The wiring system used by the Banks is for all intents and purposes 100% secure and is much safer than Western Union. If the banks screws up and sends the funds to a wrong account- the bank has to cough up.

With an IBAN number you can transfer funds to an IBAN within Europe for only 75cents as long as the amount is less than EURO 12,500.00. Over that normal wiring charges apply-being EUR 30.00 or so.

CivilServant

Thanks Blackjack and mrblack. Well I got the wire through. It'll take 3-4 days to process. I went down to the local AIB and used their paylink service. It cost me €20 to get the transfer done. You can get faster processing but as you'd expect that costs more.

From what I gather:

ABA number deals with US/Canadian banks
IBAN deals with european transactions
Swiftcode - the rest.

Could be wrong tho, so don't quote me on that. I transferred to Japan using a the SWIFTCODE number. Looking to use the IBAN 75 cents in the future also, hopefully that'll work out too.

casper-

Originally posted by CivilServant
Thanks Blackjack and mrblack. Well I got the wire through. It'll take 3-4 days to process. I went down to the local AIB and used their paylink service. It cost me €20 to get the transfer done. You can get faster processing but as you'd expect that costs more.

From what I gather:

ABA number deals with US/Canadian banks
IBAN deals with european transactions
Swiftcode - the rest.

Could be wrong tho, so don't quote me on that. I transferred to Japan using a the SWIFTCODE number. Looking to use the IBAN 75 cents in the future also, hopefully that'll work out too.

Yes; Canada uses SWIFT codes as well - don't get us mixed up with the Americans I just transferred some money home and got hit with a €30 charge

However, there are some canadian banks that do have US routing numbers. For that matter, permanent tsb has a US routing number. So if you're transferring money from within the US to another bank that has a US routing number, it's far cheaper (like 7 dollars) as opposed to using an IBAN which costs 30 dollars.