Wire Transfers March 11, 2023, 06:42:19 pm While wire transfers are safe for the seller, I wonder how they work in real life. I am not talking about the mechanics of routing and account numbers. In the case of the buyer and seller living states apart. If a buyer inspects the offered property and finds it acceptable, how do they initiate a wire transfer from their distant bank? Do they need to visit their bank before they leave and get whatever ducks need to be in a row and then execute the wire transfer with phone call after they make the deal?I would appreciate anyone with first hand experience with wire transfers under this scenario to enlighten me.Thanks
Re: Wire Transfers Reply #1 – March 11, 2023, 07:00:44 pm I used wire transfer when purchasing my LD back in 2007.What I did was get all the needed info from my bank regarding account numbers and routing.When I bought the RV, the owners and I went to their bank and I gave them the needed info so they could make the wire transfer. Then the bank did the transfer, while we were there, the owners had the title transferred into my name and motorized.I hit the road and all was good.
Re: Wire Transfers Reply #2 – March 11, 2023, 07:45:41 pm We did the same thing when we purchased our 2017 LD in the summer of 2021. Went to our bank before we left and got everything set up. Once we decided we wanted the LD, we had the wire transfer put in motion. When the sellers got their money, they signed over the title and we went to the DMV for the necessary paperwork. We live in NH and the LD was in Indiana. George & Jo Ann2017 LD 1 Likes
Re: Wire Transfers Reply #3 – March 11, 2023, 09:58:28 pm Did a wire transfer when I bought my 2017 last March, from my Bay Area credit union to the seller up in Washington state. Was fortunate that I had done wire transfer just months before, so I knew how to still.Once the seller confirmed receipt, signed over the LD and I was off to the WA DMV for temp plates.Check with your financial institution on their process.
Re: Wire Transfers Reply #4 – March 12, 2023, 12:07:13 pm I've done 3 wire transfers in the last 3 years and always over the phone with my bank (USAA). There is a review process that the bank makes if the transfer is over $2,000 I believe. The review has taken between a few minutes and several hours. A lot depends on the time of day, etc. I think you've been given good advice and get things setup and pre-approved with your bank ahead of time. Then actually do the wire transfer while in the sellers bank.- John
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Topic: Wire Transfers (Read 145 times)
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