UK Finance (uk.finance) Discussion about Finance issues in the UK.

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Old September 27th 06, 08:15 AM posted to uk.finance
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Default Difference between "Bank Wire Transfer" and regular transfer

Hi,

can someone please explain to me in simple terms what the difference is
between a "Bank Wire Transfer" and a regular transfer (via online
banking for instance) is?

Thanks.

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Old September 27th 06, 09:48 PM posted to uk.finance
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Default Difference between "Bank Wire Transfer" and regular transfer

On Wed, 27 Sep 2006 09:15:50 +0200, Scott Steiner
wrote:

Hi,

can someone please explain to me in simple terms what the difference is
between a "Bank Wire Transfer" and a regular transfer (via online
banking for instance) is?

Thanks.


You'll need to be more specific. Is it domestic or foreign? All banks
use computerised systems unless you are paying cash in physicaly at a
bank branch. All payments are variants of regular wire transfer. It
is only a question of which electronic method is used and how quickly
you want the money sent and whether abroad or to the UK.

The speedier the service, the more expensive it is likely to be. CHAPS
(same working day) costs around 20 to 30 and is uneconomical for
small amounts.

--
Alasdair.
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Old September 27th 06, 10:16 PM posted to uk.finance
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Default Difference between "Bank Wire Transfer" and regular transfer

Alasdair schrieb:
On Wed, 27 Sep 2006 09:15:50 +0200, Scott Steiner
wrote:

Hi,

can someone please explain to me in simple terms what the difference is
between a "Bank Wire Transfer" and a regular transfer (via online
banking for instance) is?

Thanks.


You'll need to be more specific. Is it domestic or foreign?


Transfer is from Austria to UK.

According to the UK beneficiary, for a bank wire transfer I need to
physically go to my local bank in Austria in order to have the transfer
initiated. My bank told me I could have done it via online banking as
well, although the UK beneficiary states that this is not the same and
they insist on a "bank wire transfer".

So I ask myself what the difference is and why a regular online transfer
will not supposedly suffice? Is there a security issue here maybe?

All banks
use computerised systems unless you are paying cash in physicaly at a
bank branch. All payments are variants of regular wire transfer. It
is only a question of which electronic method is used and how quickly
you want the money sent and whether abroad or to the UK.

The speedier the service, the more expensive it is likely to be. CHAPS
(same working day) costs around 20 to 30 and is uneconomical for
small amounts.


It's a small amount so it's not worth it.
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Old September 27th 06, 11:59 PM posted to uk.finance
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Default Difference between "Bank Wire Transfer" and regular transfer

On Wed, 27 Sep 2006 23:16:08 +0200, Scott Steiner
wrote:

Transfer is from Austria to UK.

According to the UK beneficiary, for a bank wire transfer I need to
physically go to my local bank in Austria in order to have the transfer
initiated. My bank told me I could have done it via online banking as
well, although the UK beneficiary states that this is not the same and
they insist on a "bank wire transfer".

So I ask myself what the difference is and why a regular online transfer
will not supposedly suffice? Is there a security issue here maybe?

All banks
use computerised systems unless you are paying cash in physicaly at a
bank branch. All payments are variants of regular wire transfer. It
is only a question of which electronic method is used and how quickly
you want the money sent and whether abroad or to the UK.

The speedier the service, the more expensive it is likely to be. CHAPS
(same working day) costs around 20 to 30 and is uneconomical for
small amounts.


It's a small amount so it's not worth it.


What sort of amount are we talking?

Sending very small amounts internationally can be quite costly. I
often buy odd things off Ebay and want to, say, send 20 to mainland
Europe. I find the best way to do it is to put a Euro note in an
envelope and send it taking the chance it will get there. It depends
on how honest or dishonest the beneficiary is!

I cannot see why you cannot send it by online banking if the Austrian
bank provides that facility. Few, if any, UK banks do for
international transfers.

You will need the beneficiary's account name and his bank's IBAN
(International Bank Account Number) which is probably written on his
statements.

To send an International Money Order (IMO) from the UK costs around
20 depending on the bank. American Express allow you to send
Travellers' Cheques but only in US dollars.

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Old September 28th 06, 11:42 AM posted to uk.finance
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Default Difference between "Bank Wire Transfer" and regular transfer

Alasdair schrieb:
[...]
What sort of amount are we talking?


EUR 50


Sending very small amounts internationally can be quite costly.


My bank told me that the transfer is simply an "EU transfer" which is
very cheap, at least at my bank it is. I'll check on the statement when
it appears.

I
often buy odd things off Ebay and want to, say, send 20 to mainland
Europe. I find the best way to do it is to put a Euro note in an
envelope and send it taking the chance it will get there. It depends
on how honest or dishonest the beneficiary is!


They won't accept this, but I wouldn't do it anyway, not even for a
small amount.


I cannot see why you cannot send it by online banking if the Austrian
bank provides that facility. Few, if any, UK banks do for
international transfers.


Neither do I see their point. I will go ahead and do it via online the
next time, they probably won't even see the difference.


You will need the beneficiary's account name and his bank's IBAN
(International Bank Account Number) which is probably written on his
statements.


Yes, I have all this.


To send an International Money Order (IMO) from the UK costs around
20 depending on the bank. American Express allow you to send
Travellers' Cheques but only in US dollars.



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