Hello guyz…I’ve been wiring money domestically by sending a small test amount (like $1) first. Once the recipient confirms they’ve received it, I add them to my contacts and send the full amount from that saved list. This method makes me feel safer, but recently, I ran into a snag with my bank.
They told me I can’t send a small test wire first and need to do the full amount in one go. So now, I just copy-paste the business’s SWIFT and IBAN into the wire transfer form, hit send, and hope I didn’t make a mistake. It feels super risky, especially with larger amounts like tens or hundreds of thousands of dollars.
Is this really the standard way things are done? It seems like there should be more checks in place for such large transfers. I’ve felt more secure trading items in Runescape than wiring this kind of money.
IBANs have built-in checks to catch typing errors, and banks will reject a transfer if the account number doesn’t match the account name. So, there’s very little chance of your money getting lost.
A US doctor is requiring a down payment? This sounds scammy. Have you verified this “Doctor”?
If you’re talking about sending money in and out of the US and it’s not a scam (like, why wouldn’t a doctor take a credit card?), there are two things you can do:
- Ask your bank to help verify the details (but this isn’t always an option).
- Send a small amount first to make sure it goes through. It costs more in fees, but gives you peace of mind.
Still, either way can feel a bit sketchy.
Contact your bank to discuss their procedures for large transfers. They might offer additional verification steps or services for high-value transactions.
Just triple-check the account number. If they send it to you through email or messaging, call them to confirm they really sent it. Also, be sure to include the person’s full name in the notes. That’s about all you can do to be safe.
It seems like you use the $1 verification method for domestic transfers, and now you’re trying to do the same for an international one, but your bank says it’s not possible. I’m not sure why they won’t allow it…maybe there’s a minimum transfer amount? It might be worth asking them for more details.
Often, if a receiving bank gets a wire transfer and the details don’t match their client (like if the name is George Smith but the account number is for Bob Jones), the receiving bank will return the transfer to the sending bank.
A wire transfer is usually safe as long as you have the correct information and aren’t dealing with a scammer. If everything is accurate, the transfer should go through without any issues. Banks have security measures in place to handle this internally.