Wire Transfers

[IceExplorer]

I''m from Canada

I''ve spoken with my Bank regarding wire transfers. They told me I have to be present at the bank to provide a signature.

If I wanted to go to NYC and visit a couple of vendors - how do I do a wire transfer when I find something I like?

Do I just reserve, come home and wire transfer? What if I wanted to bring it back with me?

Has anyone else been through this?

 

[stone-cold11]

Most of the time is reserve then wire. Unless you are buying it loose, the stone will usually stay with the vendor for setting anyway before delivery.

Talk with the vendors what to do if you want to take it with you?

 

[Todd Gray]

Talk with the manager of your bank, some of our customers have been able to pre-arrange authorization for a wire transfer by completing the wire transfer authorization form in advance and establishing a security code with the branch manager for execution of the wire transfer. You might also be able to complete the authorization by fax. Naturally this largely depends on the relationship you have with your banker.

 

[Rockdiamond]

Another viable plan would be to use a credit card for a small ( $200+-) deposit to "seal the deal"- then perform the wire once you get home.

In terms of bringing it back with you, there is a sales tax issue. Sellers need to collect sales tax on goods picked up locally
It might actually cost less than the duty you''d need to pa if it''s shipped.
New York City sales tax is 8.875%

I''d suggest discussing this possibility with the dealers you''ve made appointments with.

 

[Todd Gray]

Date: 12/9/2009 1:59:49 PM
Author: Rockdiamond
In terms of bringing it back with you, there is a sales tax issue. Sellers need to collect sales tax on goods picked up locally

It might actually cost less than the duty you''d need to pa if it''s shipped.

New York City sales tax is 8.875%

Actually as RD points out, there is a sales tax issue, but it is two-fold if you pick the diamond up in NYC - first you''ll end up paying NYC sales tax and then you might end up paying Canadian import / excise tax depending on the region within Canada where you reside - right? But there may be an exception within the NYC tax guidelines which address diamonds / purchases being made by visitors to NYC for merchandise which is not going to remain in the state. I know that vendors in Washington State have an exception which allows them not to collect sales tax from residents of Oregon State which has no sales tax, so that concept might apply elsewhere.

 

[IceExplorer]

This is all great info. Thanks for the input so far.

I''m Canadian with a Canadian Bank.
I was going view and purchase a Loose Diamond and have it shipped overnight to my friends place in New Jersey (after I chose it in person).
My GF is America so I''ll propose in the USA so we don''t have to pay Canadian taxes.

The only issue I have is getting the money over there.
I''ll contact my Bank Manager to see what he says
or...
I''ll buy it on my Visa and get airmiles instead of a 2% discount.

 

[Dreamer_D]

Date: 12/9/2009 5:19:03 PM
Author: IceExplorer
This is all great info. Thanks for the input so far.

I''m Canadian with a Canadian Bank.
I was going view and purchase a Loose Diamond and have it shipped overnight to my friends place in New Jersey (after I chose it in person).
My GF is America so I''ll propose in the USA so we don''t have to pay Canadian taxes.

The only issue I have is getting the money over there.
I''ll contact my Bank Manager to see what he says
or...
I''ll buy it on my Visa and get airmiles instead of a 2% discount.

Sometimes the easier way is the best...

 

[Lestat]

Can you do an international telegraphic transfer through your internet banking? I know here in Australia you have to register for that feature, but once you''ve registered, you can send money overseas whenever you want without having to visit a branch. I''d imagine that the signature is only needed if you do an in-branch wire transfer.