Wire Transfers | Banking Basics 6
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- Опубліковано 20 сер 2024
- A quick video on wire transfers. What are they? Why use one? Ability to transfer money abroad? Some considerations. Learn how they differ slightly from ACH transfers.
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⚠️ Disclaimer
This video is for education and informational purposes only. The information contained in this video is not a substitute for advice from a professional who is aware of the facts and circumstances of your individual situation. Personal Finance is personal
⏰ Timestamps ⏰
0:00 Intro
Great info
Thank you! Is there a personal finance topic you want me to cover that I haven't already?
Thanks! Preparing for a house sale and buy, wasn’t sure what a wire transfer really was or how to do it
Congratulations on the sale and pending purchase!
I think I have a better understanding of wire transfers than I started with. I like the way you connected with your previous videos and introduce the concept for your next video. It looks like your end screen elements are missing, however. Is that because you didn't have room for the subscribe button and two videos? Without covering anything else in the video, I mean.
Thanks for the feedback. It may just be my timestamps are off. It seems to work on my mobile but there is definitely a little gap in-between the end screen showing and the elements popping up. So thank you! I will make sure to edit it in the YT studio when I get on my laptop
Thank you so much for the information given. About the ACH and Wire transfer. Could you please upload the vedio of difference between wire transfer and ACH
It will be added on my to do list. But quick summary ACH is limited to the United States and can both send and request money. Wire transfers are just for sending money and can be done internationally.
@@DebtTale thank you so much for your explanation 😊💐
Thank you for asking!
Audio is too low I had to max out my volume and put my ear next to the speakers to hear you.
Thanks for the feedback. DB levels in newer videos have been normalized to a different level to help combat it being too quiet. As I am a one woman show, I am learning as I go.
clear and straight forward ! .I am living in a US restricted country so I just want to ask if there is any possible way I could receive money from a foreign client? also, I am an agency owner. do have any piece of advice in terms the best methods for invoicing?
Hi there! So it depends on your country and what payment processors you have available to you. Examples are Stripe Atlas, PayPal, Authorize Net, and maybe Square? (Really depends on your country) But yes it is entirely possible to get money from foreign clients in a variety of ways. In terms of invoicing that also depends on the country you reside in and the country of your client. For some countries you have to collect tax, others you don't, and it depends on the products/services you sell. I recommend setting up contracts for payment so it is clear your client is authorizing you to charge them. Chargebacks are no fun.
thank you so much !@@DebtTale
Really enjoy your videos 😊
Thank you for the compliment! I am having a blast making them. Are there any topics or questions you want me to cover?
@DebtTale Awesome keep it up. I'd like to know more about the Financial Market in Banks where they buy and sell Foreign Currency to customers. Or anything along those lines of FX deals.
That will take me some time. I don't know too much about that area of banking as I haven't dealt with conversion rates in years. But I will reach out to some bankers I know and see what they can tell me.
@@DebtTale not to worry. I can wait. Appreciate your effort.
Thank you so much!!
Thanks for watching and taking the time to reach out via comments!
I need someone help me pick wire transfer funds from my clients
I don't understand. Your clients would be the ones to fund the wire transfer. Wire transfers is just one method of moving money.
If you try to do a wire transfer with insufficient funds, will the transfer not work? Like you try to transfer 5000 dollars with only 2000 dollars in your account?
Good question and this really depends on your bank. In general in most cases they verify the funds are there prior to approving the transfer. So the bank would generally decline it beforehand. Especially on large amounts of money. So you set up the transfer, they check the account, they usually put a hold on that amount (like a pending transaction , so it doesn't get counted in your remaining balance).
Sometimes if the account that is being drawn from has a line of credit attached or an overdraft account attached and the funds in either of those would cover the difference it might be allowed. But I have personally only heard of that when the sender approves it being drawn from the additional accounts and in most cases the bank declines pulling it from 2 accounts. They usually have the member pull it themselves, place the amount in the main account, and then do the wire from the main account when it meets the amount to be transferred.
Hey I just checked your vid very informative but I'd like to know what's the UTTAC for an International wire transfer
Unfortunately I am not sure what you mean by UTTAC? That is not an acronym I am personally familiar with in the realm of wire transfers. I know BIC IBAN SWIFT and IRC. If you know what it stands for I might be able to help.
UTTAC: US Treasury Transfer Approval Code.
So still not a term I have come up across in any of my books. Are you initiating an international transfer or receiving it from the US?
I'm Initiating a wire transfer, and it's asking for a Treasury clearance code. Does anyone have a clearance code I can use?
I would contact the bank or service you are using to initiate the wire transfer and ask them. The thing with any of these codes is that they are specific to the bank/location. Even the US Treasury has multiple locations each with a different identifier. I am sorry I couldn't be of more help because I have never heard of it.
Hello! Thank you for your videos. But i would like to ask you something about wire transfer. Cause i didnt notice that i have total of $25K in and out wire transfer for month of july and august on my bank statement. But this is for the whole month lets say July 2 to august 2. Is this okay or i should be worry getting flag by the feds? Thank you i will be waiting for your response.
Pretty sure we already communicated through Facebook. But again generally 10k+ is the threshold requirement for notification. It doesn't always mean freezing. More so internal review.
Is it possible to do a wire transfer of around 4 million dollars without the person you are pulling 4 million dollars straight from there account to not know? Asking in relation to the Shohei case?
lol
Hi there! So yes wire fraud is a thing. From my understanding of the present case it was multiple wires totalling 4.5 million. Generally there is a form that is filled out and with it supporting identification documents and questions. So it is possible that someone with access to another's information and ability to obtain a signature from them can do this. Wire fraud affects quite a few elderly people annually. In this case although he is not elderly, he could have been told false information and taken advantage of due to him not understanding what he was signing. He trusted this translator and from what it seems like these transfers were to a booking company for betting. Lots of people don't keep eyes on their accounts, especially those who can afford for others to take care of their finances.
But also could be just a blame game to hide things. I obviously do not know him. I am sure they will do multiple investigations to determine if there is indeed fraud or not. But is it in the realm of possibilities? Technically yes.
@@DebtTale thank you so much and the more you say about how to commit wire fraud it just makes the whole situation make less sense for Ohtani’s case if he wants to stay innocent.
Again possible. Wire fraud happens to individuals and businesses alike. Though usually it is smaller amounts and more frequent wires. Or people set up automatic payments or create checks to other people/business for false services/products. Basically to hide tracks and appear as a common occurrence. Sometimes with falsified contracts to bolster the appearance of being legitimate. But again I don't know him or the capacity to which he handled his own finances. Also totally possible for multiple people to be in cahoots cause that is a sizeable amount. I will definitely be keeping an eye out on the case because of how much media attention it is getting overall.
its ET CETERA just letting you know :)
I miss out on the TERA part is what you're saying? As in I say Et CetRa? Going through various videos I have done both but CetRa is what comes when I am WPM faster. Will try to work on it.
Hey I just want ask more about wire transfer
What questions do you have?
I wish wire transfers were fast, instant and easy but they are not. They require special codes to be sent along providing a drivers license, social security, security answers, email codes, and a bank call in verification. Wether it is 10$ sent or 1000$.....it's like that everytime for me.......
LBT code?
@@vtelannasv4324 All of those are security measures. It is supposed to help prevent fraud and people being scammed. It also is information to track money exchanges again to ensure it is going to a legitimate person/business and not being used for illegal activities. In my experience mine have been fast as in same day, but I always get the scoop on what is needed before hand so when I need to wire transfer, I have everything ready to go. But yeah I get it. People talk about wire transfer all the time but never about the fact you need extra stuff when you do it. Though if you do it frequently and with the same bank, it generally becomes easier/quicker over time.
@@alif.2.08 LBT is a local bank transfer code that is usually for international wires and country specific as to what code type they use. In the US transferring within the US it is the routing and account number but for international it could also require SWIFT.