Wire Transfer

paddylonglegs

A company I will be buying from abroad has asked for a wire transfer.

Has anyone had any experience with wire transfer and their security etc? Any particular company recommended to wire transfer through?

I don't doubt the reputation of the company I am sending to or anything - I just haven't carried one out before.

Thanks for any advice

y0ssar1an22

you can get foreign bank drafts. here is AIB's one:

https://business.aib.ie/content/dam/aib/personal/docs/our-products/current-accounts/foreign-exchange/Foreign%20Draft%20Application%20Form.pdf

that only caters to UK, USA, Australia and Canada.

western union maybe?

just be sure you're satisfied, and have recourse if something goes wrong.

Gloomtastic!

If it's to a European bank account then you can do a SEPA transfer from your on-line account. You just need their IBAN and maybe their BIC.

If it's outside Europe, then try opening a Revolut account. It will save you a lot in bank charges.

joeguevara

Where is the company abroad based and how much will the transactions be worth. Is it pay in arrears or cash up front.

Darc19

It's a standard electronic bank transfer.

If you have online banking, you can do it yourself. If not just call into your bank.

"Wire transfer" is what it was called years ago, but people still use the term out of habit.

joeguevara

If outside of the EEA, protections are less. If large amounts of money and to an unknown business then is there some type of escrow that could be agreed.

Don’t ever send via a western union type scenario as no protections. It really depends on the particular scenario.

paddylonglegs

Used a company called transfermate, Irish company and very stringent with company details which gave peace of mind. The account manager called me directly after the account was verified and took me through the process. The transaction cost €5