bank wire

[kross 0]

Hi,

 

can anyone who has done bank wire before for purchases overseas please kindly share how are the procedures like and what are the things to look out for?

 

Thanks.

[tassardar_ 0]

If im not wrong bank wiring is direct sending cash via online banking to their account. Before you do that you must tell them ur acc no. so that when u send across they will know. Never used it before but I saw such function on some distrubuter site.

[kyaw 0]

just go to a bank outlet, and fill in a telegraphic form with recipient's bank details , and send the money. You must also instruct bank you will take all transfer costs if you are purchasing from somebody in ebay or head-fi. Do you need to responsible for all transfer costs? If not then never mind.

 

I have not done it online, yet.

[Rameish 0]

TT or telagraphic transfer is easy and simple to do. You'll need the receipient's bank details and swift code.

Usually all other charges are borne by the purchaser (ie you). It's very safe unless of course the seller is a con man. You can make payment by cash, or through your bank account (ie if you have a bank account with the bank that you are using to make the TT).

[kross 0]

thanks for the info guys. so usually how much are the charges for TT? is it very expensive?

[acidz 0]

thanks for the info guys. so usually how much are the charges for TT? is it very expensive?

The charges might vary from bank to bank. You can refer to this DBS page for an idea of the charges and how it is done.

[kyaw 0]

yes, vary from bank to bank, i sent euro to germany, it charged me for S$2.50 only for TT, much cheaper than PayPal.

Edited January 7, 2007 by kyaw

[rkivie 0]

may i ask if a Cable/Telex charge is always incurred for an outward TT?

 

i noticed that DBS has a min $10 charge + a Cable/Telex charge $20 and a one time sign-up fee of $20. not sure if the one time sign up fee applies to existing account holders as well, but it appears that the total fees involved isn't that cheap after all.

 

please do correct me if i have been mistaken. there's something in the head-fi buy/sell forums that has caught me eye heh.

Edited January 6, 2007 by rkivie

[kross 0]

wa...$2.50..how come so cheap? I read that there is a mininum fee of $10 + cable fee....

[kyaw 0]

oops, sorry, I was talking about the beneficiary bank charged me at S$2.50 for the transfer cost, yes, if you are first time using outward TT there will be an one time sign-up fee of S$20, plus another handling commission at S$10. The Telex charge is always incurred for an outward TT. Sorry for any misunderstanding.