How do you wire money?

[eks6426]

This might be a totally dumb questions...but how do you wire money/do a bank transfer? Several of the vendors give discounts for this over credit card payments.

 

[Lord Summerisle]

If its like the UK system – you get the bank details of the vendors bank – if like WF, they’ll give you their details when you order and say you’d like to wire the money.

Then you go along to your local branch and say you wish to wire some money. They might ask if it’s international or national – answer as appropriate.

Then you’ll probably get a form to fill in… which you’ll put down your bank details the money is coming from, the details of the account the money is going to, and the amount in what currency your sending. Then there will probably be a box for you to put in a reference number of similar – I put down something that they would recognise as I didn’t have an order number. Like ‘Lord Summerisle – payment for diamond number xxxxxx’ giving the inventory code of the diamond I was buying.

Then you give to the cashier and they’ll process it.

Some banks will let you do this via their telephone or online banking

 

[denverappraiser]

Talk to your bank.

Wires from one US account to another US account is something that is done quite regularly at pretty much every bank. You will need to go in to fill out a form and prove your identity but it should be no problem. Certain international wires have some special rules but really those are only a problem for destinations like North Korea and Iraq where the US has strained relations. The dealers give a discount for this because the credit card companies charge a percentage of the total sale for their fees. The discount you are offered is usually the same as the fee that the CC company will charge if you use that approach.

Neil Beaty
GG(GIA) ISA NAJA
Independent Appraisals in Denver

 

[fire&ice]

As Neil said, talk to your bank. You will need the routing numbers of the vendor you are shipping to. Also, make sure you ask how much it will cost. Depending on your relationship with the bank, it can range from free to $75.00 for international wires.