vania-janet/multiturn-rag-retrieval-data huggingface dataset:
"The ""hidden"" fees in any transfer are usually: Foreign exchange transfer services are usually the cheapest option for sending money abroad when a conversion is involved. They tend to offer ways to get the money to or from them cheaply or for free and they typically offer low or no fees plus much better exchange rates than the alternatives. My preferred foreign exchange service is XE Trade. It looks like they support CAD to ZAR transfers so you might check them out.  In my experience, they have not set a minimum on the amount I send although it does impact the exchange rate they will offer.  The rate is still better than other alternatives available to me though. Note that for large enough transfers, the exchange rate difference will dominate all other costs.  For example, if you transfer $10,000 and you pay $100 for the transfer plus $50 in wire fees ($150 in fees) but get a 2% better exchange rate than a ""free"" service, you would save $50 by choosing the non free service."
"I recently received a wire of more than $150K into one of my accounts. (Both sender and receiver accounts are US banking institutions.) My bank never contacted me to ask any questions. However, on my statement I noticed a charge called ""Analysis Service Charge"". I called the bank to ask them about this charge and was informed it was due to internal analysis for the wire transfer. They did this behind the scenes without needing to contact me. I can only assume that their ""analysis"" did not turn up anything suspicious, and if it had, perhaps they would have contacted me. I wouldn't worry about it even if you do receive a phone call and they ask a few questions. I'd advise to be completely honest; if you aren't doing anything wrong, you shouldn't have anything to worry about. Most likely they'd be calling you just to make sure you actually know about it and were expecting the money."
A handful of well-known banks in the United States are part of the clearXchange network, which allows customers of those banks to move money amongst them. The clearXchange service is rebranded differently by each member bank. For example, Chase calls it QuickPay, while Wells Fargo calls it SurePay, and Capital One calls it P2P Payments.  To use clearXchange, the sender's bank must be part of the network. The recipient isn't required to be in the network, though if they are it makes things easier, as no setup is required on the recipient's end in that case. Otherwise, they must sign up on the clearXchange site directly. From what I can tell, most payments are fee-free within the network. I have repeating payments set up with Chase's QuickPay, and they do not charge fees.
Use a remitting service such as Ria Money Transfer. Almost all these services allow you to transfer upto $2999 at a time. So, you would be able to transfer the entire amount of $4500 within 2 business days(There is a monthly limit too, but it will definitely be more than $4500). There are no fees to use these services, but they do scrape off a bit on the currency rate. As of today you are getting 624 GBP for $1000 whereas the market rate is $641.95. You still save roughly $17 and 4 transactions, which adds up to more than $100. Here is a link to Ria's website. Other services, include Xoom, Western Union, Money Dart and Money Gram.
"just tried it and it worked well. However I would like to add more info to be precise: The above steps are correct between 1 and 5. And that's it. It works well, however HSBC says that ""your Credit Card balance won't be updated until the next working day"". Actually it took 2 days for them to process it and I called them perhaps I made a mistake but everything went good and now my balance is zero (so give 48hours for them). thank you for this write up ledeje."
If seeing all of your balances in one place matters that much to you, go to a broker that has an online bank like Schwab, ING or ETrade. If you're not comfortable with online banking, I'd suggest dropping the requirement to see everything on one statement/website. All of the major brokers have easy ways to transfer money to and from their accounts. I have accounts at Schwab and TD Ameritrade, which both offer online transfer via ACH transactions for no fee. It's just like paying a credit card online. Investments are a profit center for banks, you pay a higher cost and the guy who signs you up gets points towards his incentive vacation to the Caribbean.
For those who are interested, I am answering my own question: We used Postbank and transferred 6000 Euro, we chose to Transfer in US$, and selected Shared Fees. There were three fees in total: All in all, I paid ~37$; this is about half of what I expected; and I got a perfect exchange rate. Postbank might have its downsides, but it seems they are still a good deal.
Things are generally fine.  A credit balance is not a horrible thing.   The argument against maintaining a credit balance is that you are essentially loaning the credit card issuer money at 0% interest.  You probably have alternative investments that would pay better interest, so it's usually better to park your money there.  All that said, it's unlikely that the interest on whatever balance you have is enough to be more than pennies.   The way that a credit card works, you run up a balance in one period.  Then there is a grace period.  If you don't pay off the balance during the grace period, they start charging you interest.  You also may have a minimum payment to make.  If you don't make that payment, they'll charge you a late fee.   The typical period to rack up charges is from the first to the last day of a month.  The typical grace period is through the 20th or 25th of the next month.  Your card may be different.  So check the documentation (user agreement) for your card if you want the real data.   It sounds like you paid off some purchases while you were still in the period where you rack up charges.  While those purchases were posted to the account, they may not be counted in the balance calculation.  If your credit balance exactly matches the payment you made, that's probably what happened.  It's also possible that you overpaid the balance.  If your credit balance is just a small amount, that's probably what happened.   If you really want to be sure, you should call the credit card issuer and ask them.  At best we can tell you how it normally works.  Since this is your first month, you could just wait for your first bill and respond to that.  So long as you pay off the entire balance shown there by the deadline, everything should be fine.   Don't wait until the last day to pay.  It's usually best to pay a week or so early so as to leave time for the mail to deliver the check and for them to process it.  You can wait longer for an online payment, but a few business days early to give you a chance to handle potential problems is still good.
This can mean a few things to me.  Some of which has been mentioned already. It can mean one (or all) of the following to me: You take out a new credit card and transfer ALL other credit balances to it. (Only good if you destroy the others, this is a 0% offer, AND you plan on paying this card off furiously.) You do the loan thing mentioned earlier. You go to a credit consolidation service who will handle your paying your payments and you send them one payment each month.  (Highly discourage using them.  A majority of them are shady, and won't get do what they say they will do.  Check Better Business Bureau if you find yourself considering them as an option.) In the first two cases, you are just reducing the number of hands reaching into your bank account.  But keep in mind, doing this is not the same as paying off debt.  You can't borrow your way out.  You can do this as part of your plan, but do so CAREFULLY.
"I'm not sure I understand your question, but I'll try to answer what I think you're asking. I think you're asking this: ""A US bank receives a wire transfer from a Chinese bank. How does the   US bank ensure there's any money in fact arriving before crediting the   destination account?"" Well, the way wire transfers work is that the US bank would debit the senders' account with that US bank. So the US bank in fact transfers the money between two internal accounts: debit to the Chinese bank's account with that US bank and credit the destination customer account. If the Chinese bank doesn't have an account with the destination US bank - a third party intermediary is used that both banks have accounts with. Such third party will charge an additional fee (hence sometimes the wire transfer fees are slightly higher than you initially know when sending the money, the third party would debit from the transfer amount). ""Regular"" IBAN/ACH transfers work through regulatory channels that ensure integrity and essentially use a regulatory bank as that third party. But because they're done in batches and not on-line, they're much cheaper, and the accounting is for the whole batch and not each transfer separately. But batch processing means it will take a day or two of processing, while wire transfer takes hours at most."
"There are three possibilities. This is a scam, as others have pointed out, it works by you sending money, then them stopping the original transfer, meaning you sent them your money and not theirs. They make money cause a stop payment only costs $50 (or around there) but you sent $1,000. So they profit $950. You lose $1,000 and maybe some processing fees. This is money hiding, or money laundering. They send you $1,000 in drug money, you send them $1,000 in ""clean"" money. You don't lose any money. But they gain a clear paper trail. With large sums of money (in the U.S. anything over $5k) you have to prove a paper trail. They just did. You gifted it to them. On your end, it looks like you just profited from illegal activity, which in the worst case ends in confiscation of ALL your assets and jail time. It might not come to that, but it could. This was an honest mistake, by an idiot. It is possible to wire a complete stranger money. If you make a mistake on the wire transfer forms, and the account number exists, it will go through. Now what makes the sender an idiot is not the mistake. We all do that. It's the fact that banks have a built in system for handling these mistakes. Simply put, you can make a stop payment. It's around $50 (varies by bank and sometimes amount transferred), it's easy to do, and almost automatic. If you tell a bank rep that you made a mistake they will likely have you fill out a paper, and in many cases will ""just take care of it"". If ""the idiot"" didn't want to tell the bank of the mistake, or didn't ask for help, or didn't want to pay the fee. Then maybe they would contact the receiving party. But that's pretty dumb. Resolution The resolution in all cases is the same.
There are several red flags here. can they get my bank account info in any way from me transferring money to them? Probably yes. Almost all bank transactions are auditable, and intentionally cause a money track. This track can be followed from both sides. If they can use your bank account as if they were you, that is a bit deeper than what you are asking, but yes they (and the polish cops) can find you through that transfer. I did look up the company and didn't find any scam or complaints concerning them. Not finding scams or complains is good, but what did you find? Did you find good reviews, the company website, its register, etc, etc? How far back does the website goes (try the wayback machine) Making a cardboard front company is very easy, and if they are into identity theft the company is under some guy in guam that never heard of poland or paypal. As @Andrew said above, it is probably a scam. I'd add that this scam leverages on the how easier is to get a PayPal refund compared to a regular bank transfer. It is almost impossible to get the money back on an international transaction. Usually reverting a bank transfer requires the agreement in writing of the receiver and of both banks. As for paypal, just a dispute from the other user: You are responsible for all Reversals, Chargebacks, fees, fines, penalties and other liability incurred by PayPal, a PayPal User, or a third party caused by your use of the Services and/or arising from your breach of this Agreement. You agree to reimburse PayPal, a User, or a third party for any and all such liability. (source) Also, you might be violating the TOS: Allow your use of the Service to present to PayPal a risk of non-compliance with PayPal’s anti-money laundering, counter terrorist financing and similar regulatory obligations (including, without limitation, where we cannot verify your identity or you fail to complete the steps to lift your sending, receiving or withdrawal limit in accordance with sections 3.3, 4.1 and 6.3 or where you expose PayPal to the risk of any regulatory fines by European, US or other authorities for processing your transactions); (emphasis mine, source) So even if the PayPal transfer is not disputed, how can you be sure you are not laundering money? Are you being paid well enough to assume that risk?
I have a CapitalOne credit card, and every two or three weeks, CapitalOne Bank sends me checks that can be used almost anywhere (including a deposit into my own checking account if I wish, or to pay taxes or utility bills etc)). The amount thus borrowed is counted as a balance transfer (as if I  were paying off another credit-card balance) and it will be charged 0% interest for a year.  The catch is that unless I pay off the next monthly statement in full by the due date, I will be charged interest on all new purchases from the day that they post to the account till the day they are paid off. No more grace period etc.  All this will continue until that loan amount is paid off in full.  So, I either would have to (i) pay off all the purchases made this month plus the minimum monthly payment shown on the next monthly statement and give up use of the card till that 0% balance is all repaid, or (ii) pay interest on new purchases.   It might be worth checking on the CapitalOne Credit Card site if such an offer is available to you.  If so, get a check from them, pay off the invoice using that check (actually, I would strongly recommend depositing the money in your local bank and writing them your personal check for the amount to be paid), and then pay off next month's bill in full, etc.
tl;dr: Be patient, money is probably sitting somewhere, and it will eventually be credited back to your account. I had a similar problem about 10 years ago.  I sent an international wire transfer, from my own bank account in Germany to my bank account in Central America. I had done this before, and there had been no issues, but in this case, even though all the information was correct, the bank rejected the wire because it was above $10K, and in that case, the bank needs written proof from the owner of the receiving account (me) , and so didn't know where the funds were coming from. I had to call the local Sparkasse bank in Germany, as well as an intermediary bank in London to sort it all out, and in total, had to wait about 3-4 weeks to get the money back in my Sparkasse bank account.  At one point I thought I may never see that money back, especially since there was an intermediary bank to deal with, but it all worked out in the end.
You can remotely close the account and transfer the money out to your account in home country. If you have netbanking you can also setup remittance service to your country
When setting these up for my own bill payment, I was surprised, after the fact, to see that a couple I thought would be a mailed check were actually instant transfers, and for others, vice versa. On line banking typically asks you for the due date and they handle from there. If you need this detail before the payment, I'd ask the bank. Else, it's easy to see after the fact for a given payee.
Yes, you can transfer money to your account, any bank will do it. The conversion charges will be there i.e. the diff between USD and the rate at which the bank sells it, usually Rs. 2/-, appx. In addition, transaction charge (not very high). As for taking from friends & repaying in India, check UAE tax treatement for taking money from friends (is it considered as your income & are you liable for taxes). As for giving back, get some documentation done as a loan, otherwise your friends may be considered to be taking gift/consideration/income from you and taxed. Most straight forward way is to transfer the money from your mother's account.
"Using the Transfer category is the best place to put these categories, as that accurately reflects what the transaction is. If you have your credit card and bank account linked in Mint, the debit and credit to both accounts will net to $0 in the category.  I would not recommend using ""Hide from budget and trends"" as sometimes multiple (erroneous) transactions pop up and having a category that should but, in error, does not net to $0 will raise your attention to possibly duplicate transactions. You can ask Mint to always categorize certain transactions in certain ways. On any of your payments, if you click ""Edit Details"" and then select the Transfer category, you can ask Mint to always make that classification:"
The money is transferred through an electronic funds transfer, which is an umbrella term that encompasses wire transfers, direct debits, etc. The application form for Key Trade Bank (the only place I can find that uses that exact phrasing) lists a SWIFT number. This usually indicates that the transfer of funds is done through an international wire transfer.  In the most basic sense, the process works like this: Key Trade Bank uses the SWIFT number to notify your current bank of the transfer.  Your bank instructs the settlement bank, e.g. the central bank of your country, where your bank is located, to transfer funds to Key Trade.  If Key Trade is in another country from your current country, your central bank will send money to the central bank where Key Trade is located, which will in turn send the money to Key Trade. Otherwise, your central bank deposits the money into the account that Key Trade also has with them, and the transfer is complete.
You cannot transfer money to a credit card account. You can transfer balances, or pay off the card with money from a bank account. Even if you could transfer money to a credit card, there's no way to do it without the credit card number.  As Pete B. pointed out, this does sound like fraud.
I'd contact paypal to request clarification.  In the meantime, most banks will credit outgoing transfers immediately but process later, and only debit incoming after it passes through a processing team. So while the money will go out right away it may take a few days for your bank to actually process the withdrawal and the subsequent reversal from Paypal. In reality Paypal doesn't usually recieve the money immediately either, but they extend you credit to speed up things. Either way, it doesn't hurt to contact Paypal to make sure they have reverted the amount to your bank, and if they confirm such you can also reach out to your bank and ask where the money is stuck. Usually delays like this will happen in the interface between two unrelated financial institutions.
"Well, all of the previous answers already mentioned the upcoming scam and danger situation for your financial position. I thoroughly read all answers and wanted to add a few more lines on it. Cort Ammon) already shows details of it. Any kind of financial transaction involving a complete stranger is the first big scam tag that shows up and this should always 'Never Fall In' type situation. If you open a new bank account or give away any existing bank account to this lady, other than just losing some amount, you might pay earlier than clearing checks you deposited on behalf of your 'stranger' partner. Depending on their target/plan/experience with your bank account they can make you a victim of a bigger crime. There is a full length of scam plans, like sending you false checks to deposit and ask you withdrew money to send them back to even having very big incoming transaction to your account sitting idle on your account which might originate from a crime beyond the financial domain. You can try to be smart, thinking in mind, well, let them send some, I will never send them back before bank declare the deposited checks got horned and clear (and send back the amount after keeping your share). But, still you will face problems later. Even if your account fills up with real money and after confirming with bank you find it OK and never return them (scam a scammer). Still you will not have any valid authority or answer describing how/why you got this money if someone ask you later. Depending on scammer's ability, they might even give you control over fund to spend for your own (to gain some trust from your part). On this type of scam it is a sign of an even bigger danger. I live such a country, Bangladesh, from where recently they successfully transferred out around US$10 millions using a bank account of an outsider like you keeping in between source of money and final unknown destination. The result is the owner / operator of those accounts used for these transfers are now under law enforcement pressure, not only just to find out where ultimately money has gone, but for sure they will face some degree of charge for helping transfer of illegal money overseas"". For someone who is not part of a full scam chain it is a big deal. It might ruin their life forever.
"I'm not sure if this answer is going to win me many friends on reddit, but here goes... There's no good reason why they couldn't have just told him the current balance shown on their records, BUT... **There are some good reasons why they can't quote a definitive ""payoff"" balance to instantly settle the account:** It's very possible to charge something today, and not have it show up on Chase's records until tomorrow, or Monday, or later. There are still places that process paper credit-card transactions, or that deal with 3rd-party payment processors who reconcile transactions M-F, 9-5ish, and so on. - Most transactions these days are authorized the instant you swipe the card, and the merchant won't process until they get authorization back from the CC company. But sometimes those authorizations come from third-party processors who don't bill Chase until later. Some of them might not process a Friday afternoon transaction until close-of-business Monday. - Also, there are things like taxicab fares that might be collected when you exit the cab, but the record exists only in the taxi's onboard machine until they plug it into something else at the end of the shift. - There are still some situations (outdoor flea-markets, auctions, etc) where the merchant takes a paper imprint, and doesn't actually process the payment until they physically mail it in or whatever. - Some small businesses have information-security routines in place where only one person is allowed to process credit-card payments, but where multiple customer service reps are allowed to accept the CC info, write it down on one piece of paper, then either physically hand the paper to the person with processing rights, or deposit the paper in a locked office or mail-slot for later processing. This is obviously not an instant-update system for Chase. (Believe it or not, this system is actually considered to be *more* secure than retaining computerized records unless the business has very rigorous end-to-end info security). So...
I assume the same criteria apply for this as your previous question. You want to physically transfer in excess of 50,000 USD multiple times a week and you want the transportation mechanism to be instant or very quick. I don't believe there is any option that won't raise serious red flags with the government entities you cross the boundaries of. Even a cheque, which a person in the comments of OP's question suggests, wouldn't be sufficient due to government regulation requiring banks to put holds on such large amounts.