Transferring money from Europe to NA

[sw686blue]

I'm selling some of my stuff to a fellow Hamerite who lives in Spain. What is the best method for him to transfer money over to me other than using Paypal?

Thanks in advance,

Nick

[Gabe]

I'm selling some of my stuff to a fellow Hamerite who lives in Spain.  What is the best method for him to transfer money over to me other than using Paypal?

The best way is by just having the European guy transfer the money from his bank account to your bank account.

In order to do this the one who sends the money will have to know your name and address, the name and address of your bank, your bank account number and the routing number (which is known by the bank).

There is no way the sender can get back the money from your bank account and there is no way the sender can do other things with your bank account. The only way he can get the money back is by you giving your bank the order to do so.

It will take somewhere between 5 and 10 days before the money hits your bank account after the sender has given his bank the order to transfer the money.

It will cost the sender about $16 or so to transfer money this way.

This way is rather quick and it is safe for the seller and for the buyer. Also the seller can wait sending the goods until he has received the money.

It is safe and reliable and I have done this in order to pay for USA Hamer guitars several times, also with fellow-HFC'ers.

Now I know that some people will be afraid to give their bank account number or things like that. But I think that that is bullshit. When you give your address to someone else it does not mean that he or she can live in your house without your approval and when you give your phone number it does not mean someone can just use your phone. The same is true for a bank account number. It is safe.

Gabe

[JJ Paul]

+1

I'll just elaborate on the matter of the 5-10 days it takes for the money to hit the account.

THese are "value days" that can legally be "stolen" by your bank which holds on to the money and (theoretically) earns interest on it.

US dollars can be paid "same day value" - for example if I had wired you some dollars *value today* february 28th, your bank would receive them *today*. It's really up to them to credit them to your account with that date.

If you can give him an account with a primary bank (Citibank, Wachovia, First Chicago, etc) or else the funds thend get delayed here and there.

Ask the buyer to send yout the TRN nbr corresponding to his SWIFT transfer. This way your friendly banker can trace the $$$ more easily

My 2 swiss cents' worth...

[silentman]

I received money this way from an international wire. It was credited the same day. No problems.

[Caddie]

The bank that receives the funds may charge the account holder a "transfer fee". I use Bank One and I believe the fee they charged was $12 when I received funds via bank transfer.

[Gabe]

The bank that receives the funds may charge the account holder a "transfer fee". I use Bank One and I believe the fee they charged was $12 when I received funds via bank transfer.

You may be right. When I transfer money abroad, the bank will ask me to split the costs between me and the receiver, or to have all the costs paid by me. That is a matter of discussing it with each other. So far, I have paid these costs myself.

I do these things (and all other bank affairs) via internet banking, which seems to be safe and fast.

Gabe

[sw686blue]

I just called my bank and they confirmed what you guys have already said. My bank will charge me $15 for this transfer. Also, they said that once the transfer is started, I should have the money with 3 to 4 business days. I'm still not crazy about providing someone with my account numbers. Do I have any other options? Have you guys ever used Western Union or something similar.

I really appreciate your advice and comments.

Nick

[silentman]

I was nervous about this as well. What I did was go to the bank and open another savings account for the $ to come into - had to put $10 to open it. This way you don't "give away" your real savings account. I also asked if $ could come out of this account without my permission and the bank said no. You have to initiate any money transfer/withdrawal out. I had the same reservations.

[luiss]

It's me who is dealing with Nick.I've done this way with Alpep and all was sucessfull.I have no paypal by now but I think I'll do it if that is better for reciving the money.I remember some problems concerning paypal and some reticences so I consider a wire transfer safer for seller.I was charged way too much as banlk comission however but I am satisfied dealing with Nick,very nice guy and higly recomended.

[sw686blue]

Hello Luis,

Nice to see you on this board. Thank you for the nice words. I feel really bad that your bank is charging you for the transfer. I will throw in 3 pots and volume knobs with the pickguard for your troubles.

Nick