Wire transfer - refunds?

Options
13»

Comments

  • esuhl
    esuhl Posts: 9,409 Forumite
    Name Dropper First Post First Anniversary
    Options
    Wire transfers are like posting someone cash... without the risk of it getting lost in the post.


    I've only seen scam artists demanding payment by wire transfer, so I'd steer well clear.
  • unholyangel
    unholyangel Posts: 16,863 Forumite
    Name Dropper First Post First Anniversary
    Options
    moneysaverz83 wrote: »
    Would I have more protection doing the transfer through my nationwide flex account or select cc? That's how I've done it before elsewhere, and just swallowed the bad rates / charge

    No. The payment you are making in exchange for the goods/service is still going to be paid by the transfer company so it doesn't matter how you fund the transaction with the transfer company as it will still be an unprotected transfer from that company.

    Two separate contracts.
    You keep using that word. I do not think it means what you think it means - Inigo Montoya, The Princess Bride
  • moneysaverz83
    moneysaverz83 Posts: 223 Forumite
    Options
    esuhl wrote: »
    Wire transfers are like posting someone cash... without the risk of it getting lost in the post.


    I've only seen scam artists demanding payment by wire transfer, so I'd steer well clear.


    We perhaps mix in different circles. My hobby is certain high value rarities / collectibles. Overseas business often deal in wire transfers. I did 2 last year totalling nearly £15k without issue because I know the business who were selling goods. My worry with this person / business, I haven't dealt with or read reviews with them. But they've been in business nearly 30 years.



    I'm going to think on it.
  • moneysaverz83
    moneysaverz83 Posts: 223 Forumite
    Options
    Apart from PayPal, what are my other choices for paying them in a protected fashion ? I have PayPal and cc
  • unholyangel
    unholyangel Posts: 16,863 Forumite
    Name Dropper First Post First Anniversary
    Options
    moneysaverz83 wrote: »
    Apart from PayPal, what are my other choices for paying them in a protected fashion ? I have PayPal and cc

    If you mean protection for the goods/services then you're only going to get that if you pay the retailer directly (no third party) using a method that offers such protection and that they accept. If you use unprotected transfers like bank transfer or wire transfer then it doesn't matter how you fund the transfer. You won't have any payment protection for the goods/services.

    How sure are you that this person/company is who they claim to be? Not uncommon for them to try and hijack genuine businesses. They even target them specifically as they can defraud a customer base in a short period (for example by emailing them asking them to make payment by transfer) and then disappear with the money while you & the trader are left arguing about who should be liable for your loss.
    You keep using that word. I do not think it means what you think it means - Inigo Montoya, The Princess Bride
  • unholyangel
    unholyangel Posts: 16,863 Forumite
    Name Dropper First Post First Anniversary
    Options
    moneysaverz83 wrote: »
    We perhaps mix in different circles. My hobby is certain high value rarities / collectibles. Overseas business often deal in wire transfers. I did 2 last year totalling nearly £15k without issue because I know the business who were selling goods. My worry with this person / business, I haven't dealt with or read reviews with them. But they've been in business nearly 30 years.



    I'm going to think on it.

    Whats the value? Typically high value items like paintings, antiques, collectibles etc have agents/dealers who will act as escrow, verifying payment & product in the process.

    If its niche, they should have a reputation within the community so start there.
    You keep using that word. I do not think it means what you think it means - Inigo Montoya, The Princess Bride
  • boo_star
    boo_star Posts: 3,202 Forumite
    First Post First Anniversary
    Options
    moneysaverz83 wrote: »
    We perhaps mix in different circles. My hobby is certain high value rarities / collectibles. Overseas business often deal in wire transfers. I did 2 last year totalling nearly £15k without issue because I know the business who were selling goods. My worry with this person / business, I haven't dealt with or read reviews with them. But they've been in business nearly 30 years.



    I'm going to think on it.

    Say all this in a Spanish accent and twirl the moustache a bit.

    Extra points for judicious use of "my friend" or "mi amigo."
  • moneysaverz83
    moneysaverz83 Posts: 223 Forumite
    Options
    unholyangel wrote: »
    If you mean protection for the goods/services then you're only going to get that if you pay the retailer directly (no third party) using a method that offers such protection and that they accept. If you use unprotected transfers like bank transfer or wire transfer then it doesn't matter how you fund the transfer. You won't have any payment protection for the goods/services.

    How sure are you that this person/company is who they claim to be? Not uncommon for them to try and hijack genuine businesses. They even target them specifically as they can defraud a customer base in a short period (for example by emailing them asking them to make payment by transfer) and then disappear with the money while you & the trader are left arguing about who should be liable for your loss.


    I don't know if you actually use PayPal, but it is totally covered for goods as long as you pay not using friends / family and preferably do with a credit card. Hence why its linked with ebay and now part of the same company.



    Anyway, I told the business that I do not want to fund with wire transfer and will happily walk away. They have decided to accept PayPal as long as it is sent to the registered address. The PayPal invoice specifies the item being purchased and I also have a direct business invoice too.



    My concerns are alleviated and I'll be proceeding once the wire relays the original payment back to me.



    I also gave them the options of direct cc payment or escrow in the UK.
  • moneysaverz83
    moneysaverz83 Posts: 223 Forumite
    Options
    boo_star wrote: »
    Say all this in a Spanish accent and twirl the moustache a bit.

    Extra points for judicious use of "my friend" or "mi amigo."
    I was pointing out his silly point that wire is only used by scammers..



    I sent two large wires last year totalling 15k, goods received perfect.
    I received a wire from America for an item I sold for over 8k by someone I never met, last week



    My point is, in this situation I felt uncomfortable with this particular method
  • unholyangel
    unholyangel Posts: 16,863 Forumite
    Name Dropper First Post First Anniversary
    Options
    moneysaverz83 wrote: »
    I don't know if you actually use PayPal, but it is totally covered for goods as long as you pay not using friends / family and preferably do with a credit card. Hence why its linked with ebay and now part of the same company.



    Anyway, I told the business that I do not want to fund with wire transfer and will happily walk away. They have decided to accept PayPal as long as it is sent to the registered address. The PayPal invoice specifies the item being purchased and I also have a direct business invoice too.



    My concerns are alleviated and I'll be proceeding once the wire relays the original payment back to me.



    I also gave them the options of direct cc payment or escrow in the UK.

    Its actually not. You're only covered for item not received or if the goods you receive are significantly not as described. Using paypal removes your credit card protection if the funds go via a paypal account - because as I have repeatedly tried to explain to you...in those instances you are paying the transfer company (in this case paypal) from your card but you are paying the retailer via paypal. So it doesn't matter how you fund your paypal account, because it won't give you any additional rights.
    You keep using that word. I do not think it means what you think it means - Inigo Montoya, The Princess Bride
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards