Wire Transfers?

[Wits' End]

I have to do a wire transfer to Korea (from USA) today. About $2000. My bank charges $50. Any suggestions on a better way? Do any allow online/CC methods? I think Wal-Mart does them but unless they are a whole lot less not worth the drive for me.
Thanks for any suggestions.

Wire transfer is the only way to do this BTW /ubbthreads/images/graemlins/frown.gif

 

[BIGIRON]

Admins --I double posted. The system wouldn't let me delete this post. Please do it for me.

 

[BIGIRON]

You're pretty much at their mercy if you're that far away from WM. Banks often have reduced (or no) fees for special customers. Wire transfers are very common in the real estate business -- if you have a contact at a title or abstract company, they may be able to help you out.

Western Union or American Express have been able to do this in the past -- don't know about now.

 

[Samoan]

International wire transfers are going to run you about $50 no matter who you are or where you do them. Wait now, if you're a .5M customer and have a connection in a particular branch they may do you the favor of a discount on the wire. It's the nature of the beast. Once it leaves the Correspondent Bank it's a free for all.

-F

 

[Wits' End]

Thanks for the info./ubbthreads/images/graemlins/happy14.gif
I'm still waiting on the total I need to send so any more input is welcome.

 

[Datasaurusrex]

You'll probably need the following info from the person you're sending $ to:

1) Bank name
2) Bank account #
3) Bank address
4) Bank routing number -- probably either a 'swift' or an 'ABA' routing number
5) Name on the account

Some banks might charge $40

 

[Wits' End]

Got all that tonight when they responded with my total. It looks like I'll be going to my CU to do it.

 

[cy]

beware of giving personal banking information. there's been several recent articles about banks not responsible for lost funds from bogus wire transfers

 

[BB]

You should also check with the person sending the wire transfer if they have already paid the fee (i.e., person A spends $1,000 + fee to send, person B receives $1,000 - fee deposited in their account)... I am not sure, but I believe that the wire transfer fee is supposed to only be changed on one side of the transaction. I have seen both the sending and the receiving side try to charge the same fee.

-Bill

 

[AW]

Both ends have to pay fees. The sender's bank charges a fee while the receiving bank also charges a fee. There is also an exchange rate fee for the receiving party. That's the way how banks make money for their services.

 

[Samoan]

People forget that wire transfers are manual processes. At every step in the process there is a person handling the wire. There are definitely wire fees at both the sending and receiving institutions, plus at any intermediary institutions involved.

The receiving fee should be MUCH less than for sending. At my CU wire fees are $12 for domestic, $50 for international, and $3 for received (regardless of source).

-F

 

[Lurker]

The company where I work receives wires all of the time and the ones that come from outside of the country always come through an intemediary bank in New York and are commonly short of the full payment amount by about $20. I think this is the fee that gets deducted by the intemediary bank. It's a pain because we then have to ask the customer to send more money and they think they have already sent the full amount and paid any fees requested at the sending institution. Most of the time we just end up writing it off. This never happens with wires from inside the country. You might want to ask about that kind of thing when you send your wire.

 

[Wits' End]

This is the second time I did this, to this company. I just went with my CU again, no problems. Received in Korea. Sent Thursday or Friday /ubbthreads/images/graemlins/thinking.gif rec'd Monday. Pretty good overall.