International Bank Transfer

[soulforged]

I continue to have trouble with my PayPal account. The other option for me is to do a bank transfer. I have never done this before and I understand that it is quite a hassle.

Has anybody had any experience with using bank transfer as a mode of payment for buying equipment from abroad? Does it differ from bank to bank? Any tips or guidance would be appreciated.

:signthankspin:

 

[ranjeetrain]

IMO, it's easier than Paypal. But Paypal is safer.

If you trust the seller, you can go ahead with bank transfer. It's cheaper than Paypal, too.

 

[ontherocks]

I continue to have trouble with my PayPal account. The other option for me is to do a bank transfer. I have never done this before and I understand that it is quite a hassle.

Has anybody had any experience with using bank transfer as a mode of payment for buying equipment from abroad? Does it differ from bank to bank? Any tips or guidance would be appreciated.

:signthankspin:

Wire transfer on the contrary is hassle free. The person gets the money within 48hrs. I have done this a few times for a friend before, but not for purchasing.
For purchasing, make sure you are absolutely safe with the person you are interacting. Once transferred, you have no claims on anything.

 

[srinisundar]

Yep, as Ranjeet told it is breeze by bank transfer and next day deposit in almost to any main cities all over the world. However as of now never faced any trouble with my paypal account.

 

[GeorgeO]

The recipient will get the amt by the next morning( our time). There is a fee though that is charged for a wire transfer, you should check how much.

 

[soulforged]

Thanks for the inputs.

So how does the process work, I go to my bank branch and tell them I need to do a wire transfer, fill up the form and pay. Is that it?

Does any bank let you do online?

The seller is well-regarded in the audio community so I presume it's safe. I'd have preferred Paypal but my account issues still continue

 

[Nishant06]

Many banks actually allow this online. I know for sure that ICICI does as Ive used it.

They would need a number of things like bank name, account number, swift code, etc. But the other party should be able to provide all this easily.

Even in a branch its pretty simple. Just go and fill in a form in the bank you have an account with. They will do the rest. As long as the amount is below $2000 i think there is no hassle.


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[manniraj]

Thanks for the inputs.

So how does the process work, I go to my bank branch and tell them I need to do a wire transfer, fill up the form and pay. Is that it?

Does any bank let you do online?

The seller is well-regarded in the audio community so I presume it's safe. I'd have preferred Paypal but my account issues still continue

Yes it is treated as "Outward Remittance" and I think you need to produce Form 2 a declaration saying the purpose of sending the funds to a foreign country as per FEMA guidelines. It is best to use your personal savings a/c bank to do this funds transfer. You need to give all the details of the receiving party, his bank details, if he can provide the SWIFT code of the receiving party with full address.

 

[samirk]

Many banks actually allow this online. I know for sure that ICICI does as Ive used it.

They would need a number of things like bank name, account number, swift code, etc. But the other party should be able to provide all this easily.

Even in a branch its pretty simple. Just go and fill in a form in the bank you have an account with. They will do the rest. As long as the amount is below $2000 i think there is no hassle.


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I dont think any bank in India allow International wire. You will have to visit branch and fill up forms etc. You will need Swift code/ABA routin no and account number of beneficiary.

 

[srinisundar]

I dont think any bank in India allow International wire. You will have to visit branch and fill up forms etc. You will need Swift code/ABA routin no and account number of beneficiary.

Wrong.. I am doing international online wire transfer thru HSBC

 

[goyal.sanchit]

What are the charges for it?

I recently had to transfer some money in China for a sample. It was about 50-60 USD and the bank charges were quite high.

I abandoned the plan later!

 

[ranjeetrain]

Bank transfer is not suitable for small amounts. If the amount is in four digits (US dollar) it is more economical than Paypal. Below that amount, Paypal is preferable.