Anyone ever done a telegraphic transfer? Sending money to China....

[RaiderJ]

I'm looking to buy some items from a business in China, by way of a telegraphic transfer through my bank. Anyone had any experience with this form of payment? Any alternative suggestions?

 

[Colt45]

A wire?

Works fine I guess, But if they burn you, you are most likely up shit` creek

 

[MercenaryForHire]

You're about to get scammed. 😀

- M4H

 

[RaiderJ]

Originally posted by: MercenaryForHire
You're about to get scammed. 😀

- M4H

I hope not! Nothing so far in my dealings with the company have given me the creeps, but when you're talking about a larger sum of money, you can't help but be a little concerned.

 

[Baked]

Yes, Western Union. I'm still waiting for the item.

 

[RossMAN]

I work in international banking and deal with China all the time.

It is safe and secure but there are a few gotchas:

• If you're sending any sort of international wire transfer to an Asian bank they are very picky when it comes to account name, address and account number. They have to be PERFECT letter for letter.
• It is very important to use accurate info when sending funds, otherwise it may credit the incorrect account and you may have no legal recourse.
• Fees are another downside, both the sender and recipient are usually charged fees.
• If this is a scam, you won't have any "buyer" protection like Paypal has. Once they receive the funds even if it's fraudulent the receiving bank will do NOTHING unless the receiving party says it's ok to debit funds and return them to you. Make sure you know what kind of transaction this is and do your homework. Every day people get scammed.

Other than that it's fast, safe and secure 🙂

 

[RaiderJ]

Originally posted by: RossMAN
I work in international banking and deal with China all the time.

It is safe and secure but there are a few gotchas:

• If you're sending any sort of international wire transfer to an Asian bank they are very picky when it comes to account name, address and account number. They have to be PERFECT letter for letter.
• It is very important to use accurate info when sending funds, otherwise it may credit the incorrect account and you may have no legal recourse.
• Fees are another downside, both the sender and recipient are usually charged fees.
• If this is a scam, you won't have any "buyer" protection like Paypal has. Once they receive the funds even if it's fraudulent the receiving bank will do NOTHING unless the receiving party says it's ok to debit funds and return them to you. Make sure you know what kind of transaction this is and do your homework. Every day people get scammed.

Other than that it's fast, safe and secure 🙂

Thanks for the information! Any idea what those fees might be? The company I've been in communication with said they would pay their bank fees and I would cover mine.

I've check them out on Alibaba and everything seems to match up just fine. Any ideas on how reputable that site is?

 

[RossMAN]

Originally posted by: RaiderJ

Originally posted by: RossMAN
I work in international banking and deal with China all the time.

It is safe and secure but there are a few gotchas:

• If you're sending any sort of international wire transfer to an Asian bank they are very picky when it comes to account name, address and account number. They have to be PERFECT letter for letter.
• It is very important to use accurate info when sending funds, otherwise it may credit the incorrect account and you may have no legal recourse.
• Fees are another downside, both the sender and recipient are usually charged fees.
• If this is a scam, you won't have any "buyer" protection like Paypal has. Once they receive the funds even if it's fraudulent the receiving bank will do NOTHING unless the receiving party says it's ok to debit funds and return them to you. Make sure you know what kind of transaction this is and do your homework. Every day people get scammed.

Other than that it's fast, safe and secure 🙂

Thanks for the information! Any idea what those fees might be? The company I've been in communication with said they would pay their bank fees and I would cover mine.

I've check them out on Alibaba and everything seems to match up just fine. Any ideas on how reputable that site is?

Depends on what type of payment you're sending, your banks fees structure, the amount and currency. A standard USD international wire transfer would cost you about $30 to send, $15 for them to receive.

Sorry I have no idea who/what Alibaba.com is.

 

[Tom]

why would a site about commerce name itself after a story about 40 thieves ?

seems curious..