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wire transfer
Thread poster: Laura Morarelli

Laura Morarelli
Italy
Local time: 16:05
English to Italian
+ ...
Feb 3, 2007

Dear all,

I've never worked for another continent, an agency would be interested in establishing a collaboration. They are from India and told me that they can pay me via wire transfer on my UK account. Since I don't know anything about it can anyone please let me know if it is safe, if I have to pay any fees and if wire transfers take a long time to be carried out. Is paypal a wire transfer system? Is it different from a bank transfer? Isn't there a better system for both customer and translator to transfer money from India to the Uk?

Thanks a lot for your help...

Laura


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ahmadwadan.com  Identity Verified
Kuwait
Local time: 17:05
English to Arabic
+ ...
It is a normal bank transfer Feb 3, 2007

It is a normal bank transfer

All what you have to provide are:

- SWIFT code
- Account #
- Account holder

Other options: www.moneybookers.com which (in my point of view) better than Paypal.

Kind regards


Ahmed Wadan
English-Arabic Financial Translator


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William [Bill] Gray  Identity Verified
Norway
Local time: 16:05
Member (2006)
English
+ ...
Some thoughts... Feb 3, 2007

wire transfer:
if it is safe : VERY!
if I have to pay any fees : Usually, removed from the amount by your bank before depisiting into your account
if wire transfers take a long time to be carried out : usually about 3-5 days depending on countries


PayPal: ( www.paypal.com )
Is paypal a wire transfer system : sort of!
Is it different from a bank transfer : yes, in that you use an email address and a credit card. PayPay charges the credit card of the payer (or the payer's current PayPal balance if he/she has funds in the PayPal account paid to them by another person) and pays amounts to the bank account of the payee.

Isn't there a better system for both customer and translator to transfer money from India to the Uk : only by -

1. travelling to the other country to
make or receive payment
2. accepting an actual cheque, which usually
attracts even more costs for you, and is
really an outdated method of payment
in this age of electronics (May God save
us from power cuts!).

Moneybookers ( www.moneybookers.com) is another email option, similar to, and some would say better than, PayPal.

I have all three options available to my clients, so that they have a choice. All three have worked very well for me. I have even accepted cheques earlier, but never again after experiencing my bank's "greed"!!!

HTH

Bill

Later:
Just checked a couple of sites and found the following:
http://www.tprweb.com/public/440.cfm
http://www.bigoakinc.com/limb/paypal-backup.php


[Edited at 2007-02-03 10:30]


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Laura Morarelli
Italy
Local time: 16:05
English to Italian
+ ...
TOPIC STARTER
thank you Feb 3, 2007

Thanks a lot for your answers

Have a nice week end

Laura


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ViktoriaG  Identity Verified
Canada
Local time: 10:05
English to French
+ ...
About wire transfer charges Feb 4, 2007

The cost of the transfer should be covered by the client, or at least shared between you and him/her. In other words, you should not have to pay money in order to have access to your money.

The client can mention when he/she requests the transfer at the bank that they want to pay for the transfer service charge. In that case, if the client owes you $1000 and the service costs $40, the bank will ask that your client pay $1040.

Please take note that in certain countries and depending on the type of bank account, etc., the charge for such transfers can be very expensive.

FYI, my clients always pay the transfer charge - however, it is fair in my case because I offer many different payment methods. So, if your client really really wants to pay by wire transfer, it's best to let them know that you accept as long as they pay for the transfer charge.

All the best!


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Patricia Rosas  Identity Verified
United States
Local time: 07:05
Spanish to English
+ ...
bank wire safe? Feb 4, 2007

William [Bill] Gray wrote:

wire transfer:
if it is safe : VERY!



[Edited at 2007-02-03 10:30]


Bill,
I hope that you are right, but I want to share what I've heard (although, at the moment, I can't resurrect the sources).

Once someone has your SWIFT/ABA/Account # and your name, that person can move money out of your account.

This would be analogous to setting up an automatic debit (draw) on your checking account for, say, a utility bill. You give them this information (usually typing it into the utility company's web site), and the following month, whoosh! there goes the money you owe them out of your account. When I've arranged for that kind of transfer, I've never had to notify the bank that it was "all right for the utility company to take my money."

I've never used PayPal or MoneyBookers, because I trust the one client who pays me via wire--although I have worried that some employee of theirs might get the bright idea of withdrawing my money. If I ever have to be paid by an unknown source, I'm going to look into PayPal and MoneyBookers.
Best,
Patricia


[Edited at 2007-02-04 19:01]


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ViktoriaG  Identity Verified
Canada
Local time: 10:05
English to French
+ ...
It takes an authorization Feb 5, 2007

Patricia Rosas wrote:

Once someone has your SWIFT/ABA/Account # and your name, that person can move money out of your account.

This would be analogous to setting up an automatic debit (draw) on your checking account for, say, a utility bill.



While you are right that, theoretically, the data can give access to your bank account, it will only work if you sign an authorization. Let's say you want to pay your credit card by preauthorized payment. You would have to sign an authorization form with the credit card company and they have to forward that to your bank (and you can cancel that document anytime with your bank). Otherwise, it will not work. At least, not in Canada.

[Edited at 2007-02-05 01:16]


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GLENN MCBRIDE WITHENSHAW
Mexico
Local time: 08:05
Spanish to English
+ ...
Credit cards are an option also Feb 5, 2007

I have been accepting credit cards for about 8 years and very much prefer it. I make it easy for a client to pay with a credit card and I accept wire transfers - they usually are in your account in 1 day. I have had wire transfers from China, Canada, US and a lot of other countries without a problem. In Mexico a lot of companies pay with a bank to bank transfer - most banks in Mexico allow you to transfer money on the internet to another bank acct - or a bank deposit.

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Els Spin  Identity Verified
Netherlands
Local time: 16:05
Dutch to English
+ ...
Credit cards?! Feb 5, 2007

glennmcbride wrote:

I have been accepting credit cards for about 8 years and very much prefer it. I make it easy for a client to pay with a credit card



Hi Glenn,

Could you please tell me how that works - accepting credit cards. Sounds like a very interesting option. Do you need anything special, any kind of set-up, call-in tools or whatever?

Thanks for your help!
Els


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