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TT bank wire transfer... how?


Sosaria
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Turbocharged

Funny place to ask this... a car forum... but anyway, if i want to purchase something online, and the vendor requests that payments be made only through "TT bank wire transfer", how do i go about doing this?

 

Clueless... thanks!

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Supercharged

u can either do online or go down to your primary bank.

 

1 thing to note, the agent's bank chgs, who will absorb? cos some vendor will expect u to pay but under commercial understandg, you pay yr share n they will pay their share.

 

and also anything lien in case u nvr receive yr stuff?

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TT is telegraphic transfer and all local banks provide this service as long as you have an account with them. It's a means of payment via authenticated messages like SWIFT or telex. However, i think there is some minimum handling charge for the transaction loh.

 

Call up your bank to ask.

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1. Dont buy. Insist on Paypal or credit card.

 

2. Go to any bank (but best a large multi national one which has branches at the receiving country)... tell them you want to TT $$$ of a certain amount and ask them to quote you the charges.

 

As far as i understand, if you TT less than equivalent of $500, the charges is quite a high percentage of the sum (which is the minimum sum). More than that usually its a percentage of it.

 

For example, If you use OCBC to TT S$500 to let's say Italy, ... if OCBC does not have a branch in Italy. ... they will TT it to an associate bank, and that bank will take a portion of the money as handling fee and only give the receipient the balance.

 

It is best to ask for the bank and a/c no. of the receipient, TT it straight into this bank and account.... charges all prepaid here.

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you need to get the vendor and its bank details, like name, address, a reference number (invoice or order number so that the vendor know what you are paying for), its bank name, bank address, bank code, and most importantly the bank account number.

 

then you walk up your bank counter and fill in a TT form with those details and your bank will remit/telegraphic transfer the money from your account to your vendor bank.

 

best is you call up your bank and confirm the procedures. maybe can ask them to fax/email you a copy of the TT form so that you know what to fill or can forward to your vendor to ask them to fill their particulars.

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Turbocharged
ask OCBC

 

Why need to do that, when there are so many experts here? And response is faster than the automated answer service that puts you on hold [:)]

 

Anyway, big thanks to all. Have a better idea of what's involved now...

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paypal got charges also. but is deducted from the beneficiary side.

 

but apparently is less than normal bank charges unless you have a bank account denominated in the foreign currency you are dealing with.

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Turbocharged

Just get the following from your vendor:

 

1) Bank account number

 

2) Bank (name)

 

3) Bank's address

 

4) Name of bank account

 

5) Swift code

 

6) IBAN

 

Go to the bank of your choice and fill up the required fields and send. The max TT charge is about $20. Definitely cheaper than Paypal, Western Union or Moneygram. You can choose not to pay for the overseas bank charges. Remember to check the required boxes.

 

It is this simple. Nothing more nothing less

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Turbocharged

So far, sounds like transfer of money into recepient's bank a/c.

 

But what is the guarantee that the seller actually delivers the item? Especially if seller is overseas-based.

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Turbocharged

Yeah... lots and lots of subject matter experts on all kinds of subjects are lurking in this forum. I tell you, we may have the largest collection of unrecognised talent in singapore [laugh]

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Turbocharged

There's no guarantee unless you know the seller very well. So well that you know he will not scam you.

 

Thats the inherent risk with online trade. Be prepared to lose your $$ when you make the transfer. Shiit happens all the time.

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Turbocharged

Good thing with Paypal is it can be done with credit card and in the comfort of your home.

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