People who have bought stones overseas

[ean]

How did you pay when the seller only accepts bank to bank transfers?

I am trying to not physically go to my bank which is the only way I’ll be able to do an international money transfer that’s USD to USD.

I’ve looked at other things like Western Union, Xoom by paypal, etc. and they all automatically convert currencies.

Something I’m missing? Or do I not have a choice but go to my bank physically?

 

[voce]

It really depends on who your bank is, to be honest. Wire transfer payments are what overseas vendors look for. There is no "buyer protection" because once your money leaves your bank account it's gone forever and you can't take it back. This is usually the way to do things if you are in a business that regularly imports, like the one I work at. It's a special type of bank account you need to access the service electronically. We had every authorized person who could log in to the wire payment portal have a hardware "thumb drive" type encrypted authenticator that auto generates a code every 30 seconds. This was how Wells Fargo handled it.

There's some excellent local (business) banks who can perform the service for you if you call them. They will typically charge $39 per transfer. If you're looking to do it yourself, you need to change the type of bank account you have and go through online authentication procedures.

Imo it's a hassle to go through if you're only going to buy one gem, and you're not sure it's going to be a keeper.

Vendors ask for direct bank transfers because 1) they don't front the cost of getting the payment, as they receive the funds without any condition within minutes, 2) risk nothing because payment is sure and not tied to any receipts, and 3) have no legal obligation to the buyer in a foreign country after the payment is processed, leaving only their reputation at stake if any part of the transaction is not to the buyer's liking.

Of course, you should only transact with vendors who have built up a good history of transactions and a good reputation. And vendors can always go above and beyond their legal obligations to make sure that the buyer is satisfied. But, should there be fraud or a sour deal, where expectations weren't met, then it's definitely the overseas buyer who's screwed and had no recourse.

 

[dk168]

I am in UK and have used bank to bank transfer for paying the bench that I have been using since 2015 in China, using IBAN via online banking.

It costs the same as going physically into the bank to request for international payment.

DK

Edited to add I have only started using IBAN last year, after PayPal changed their T&Cs.

 

[qubitasaurus]

Yeah Im sorry I think you have to go to the bank and ask to fill out the wire transfer forms. Or your bank needs to offer international wire transfer as an online service -- I think Ive looked into this twice with two of my bank accounts and one offered online the other handed me an extensive paper form to fill.

Unfortunately the recommended vendors list here definitely contains a few vendors who only take international wire transfer if youre buying from overseas. I think some of them have had bad past experiences and just decided to make it policy. PSers sitting in the US just wont be aware of it.

You should probably ask if the parcel is fully ensured by the vendor. This is not always for granted either.

 

[icy_jade]

Yeah Im sorry I think you have to go to the bank and ask to fill out the wire transfer forms. Or your bank needs to offer international wire transfer as an online service -- I think Ive looked into this twice with two of my bank accounts and one offered online the other handed me an extensive paper form to fill.

Unfortunately the recommended vendors list here definitely contains a few vendors who only take international wire transfer if youre buying from overseas. I think some of them have had bad past experiences and just decided to make it policy. PSers sitting in the US just wont be aware of it.

You should probably ask if the parcel is fully ensured by the vendor. This is not always for granted either.

Hey with DBS everything can be done online via the bank app. That’s how I make overseas transfers for IG sellers

 

[ean]

Hey with DBS everything can be done online via the bank app. That’s how I make overseas transfers for IG sellers

What is DBS?

 

[icy_jade]

What is DBS?

It’s a local bank in Singapore. Both @qubitasaurus and I are in Singapore.

Anyway online services is the norm here I think and I’ll be surprised if banks don’t have the functionality to do transfers online

 

[ean]

It’s a local bank in Singapore. Both @qubitasaurus and I are in Singapore.

Anyway online services is the norm here I think and I’ll be surprised if banks don’t have the functionality to do transfers online

Ohhh! Unfortunately, I contacted my bank and they can only do it in person. Boo!!

 

[elizat]

You can use a service called Transferwise as well. My bank requires in person over a certain amount as well. Third part service vendors have pros and cons.

 

[ShinyPink]

I use Bank of America and have done the transfers online. So weird that your bank doesn't.

 

[ean]

You can use a service called Transferwise as well. My bank requires in person over a certain amount as well. Third part service vendors have pros and cons.

I’ve looked into this and they automatically convert USD to Sri Lankan Rupees.

 

[ean]

I use Bank of America and have done the transfers online. So weird that your bank doesn't.

I bank with Regions and I guess they think it’s an extra layer of security? Ugh.

 

[voce]

I bank with Regions and I guess they think it’s an extra layer of security? Ugh.

I think in the US big business are extra afraid of getting sued because torts are a pain in the behind, and there are already enough hackers. So for the big banks that do not have the security infrastructures set up to say, this is absolutely secure, I think they are being cautious because they wouldn't want to enable/authorize an online hacker to transfer all your bank funds overseas in minutes, so they will make you go in person. In your place, I don't think it's necessarily a bad thing. (In other countries, I think businesses are way less paranoid about getting sued.)

So long story short, sounds like you need to go with another bank if you find it too much of a hassle. You can go with Bank of America if you like the online transfer capability without having hardware authentication tokens, but I had banked with them for 10+ years until several years ago, and there's nothing in particular I can positively recommend about Bank of America.

 

[blingbae]

You can use a service called Transferwise as well. My bank requires in person over a certain amount as well. Third part service vendors have pros and cons.

I second this. Just used transferwire to pay a vendor last night. Same thing happened to me where the currency automatically got exchanged. I hope you find a solution! Otherwise, maybe see if the vendor has any suggestions on how people usually wire transfer to them.

 

[Burmesedaze]

Xoom and Transferwise is how friends in Thailand, US transfer to me when I purchase stuff for them. Xoom takes about 3 working days to clear to reach the receiver.

My local bank allows me to transfer online so that's really easy for me.

 

[qubitasaurus]

Hey with DBS everything can be done online via the bank app. That’s how I make overseas transfers for IG sellers

Thanks , Ive been setting up my maid's DBS and got the feeling this was the case. Nice to know for sure. As she wants me to organize this functionality for her.


Unfortunately we have HSBC, UOB and OCBC in singapore. I am constantly one step short of strangling the lot of them (add NZ, Aussie and Chinese bank accounts and I am serially stressed out/locked out of at least one of them. Its more than I can manage.) so Im really not keen to get another account.

 

[ShinyPink]

Oh, wow! I completely forgot I've used transferwise. The seller asked me to use it, so I did, not knowing squat about it. It was super easy!

 

[AnastasiaBeaverhausen]

You can go with Bank of America if you like the online transfer capability without having hardware authentication tokens, but I had banked with them for 10+ years until several years ago, and there's nothing in particular I can positively recommend about Bank of America.

Just wanted to echo this part here about Bank of America. I've been with them for 15 years. Then they closed my credit card acccount without warning bc I hadn't use that card in a year. I immediately transferred my funds to Ally and I'm so happy with them.

 

[ean]

Oh, wow! I completely forgot I've used transferwise. The seller asked me to use it, so I did, not knowing squat about it. It was super easy!

Unfortunately transferwise converts usd automatically to rupees. So I can’t use it.

 

[ean]

Just wanted to echo this part here about Bank of America. I've been with them for 15 years. Then they closed my credit card acccount without warning bc I hadn't use that card in a year. I immediately transferred my funds to Ally and I'm so happy with them.

My husband works for Bank of America and we don’t bank with them so that tells you something. LOL

 

[fredflintstone]

I have not looked through all the comments here but forget bank transfers. Don't do it!


Most reputable gemstone dealers today no matter where they are will accept Paypal or at least credit debit cards. Protect yourself. These will help. Otherwise, roll the dice...and face the possible consequences.

 

[Lisa Loves Shiny]

Just wanted to echo this part here about Bank of America. I've been with them for 15 years. Then they closed my credit card acccount without warning bc I hadn't use that card in a year. I immediately transferred my funds to Ally and I'm so happy with them.

That happened to me as well. I was pretty irritated by it.

 

[LilAlex]

How did you pay when the seller only accepts bank to bank transfers?

Can't you just do a wire transfer online? Chase lets me do this. Cheaper than in person. Have done this a few times -- only with vendors I've had a very good feeling about. Bangkok, Hong Kong, and maybe Sri Lanka? Have also done this for international rentals, tours, etc. Never had a problem. Never been scammed (yet). Only a matter of time, though...