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Is there any risk to using Bank Transfer to pay a TD?

pauwus

You're Saying I Can Sell?
4/7/19
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Hi all,

New to the rep game, I've been digesting information across this forum for the past 3 weeks or so ago, and finally found the watch I want.

I've looked at various TD's and have settled on one that I like. I know that it's recommended to stay away from using Visa, and my preferred method of purchase is Bank Transfer, but I'm just wondering if there is any inherent risk with paying with this method over other options, such as Western Union, Bitcoin etc?
 

hm11esh

Active Member
4/9/18
422
103
43
have always paid by WU.
Bit of a pain in the a** having to go to a WU location and the exchange rates are not that good either but I have always done it this way with Toro.

With puretime I use BTC
 

Spitfire63

Renowned Member
29/4/18
662
504
93
There are no risks with bank transfer, as only you can authorise and send funds, funds cannot be requested and removed from outside, have you actually asked your preferred TD if they can take bank transfer as I believe they have been having issues.
 
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Waspy

Renowned Member
18/8/14
662
483
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Wiltshire
My bank (LLoyds) want £20 to transfer funds to China.

Coinbase Pro fees are negligible for sending Bitcoin.
 

pauwus

You're Saying I Can Sell?
4/7/19
47
11
0
Waspy, I'm with Lloyd's as well - just sent a payment to China and it only cost me a tenner? Not sure if there is another charge likely to come my way. I thought it was pretty reasonable tbh, but I'm not au fait with Bitcoin. Should probably look into it to be fair.
 

gotgame

You're Saying I Can Sell?
12/12/17
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cost me 5 bucks to do chase global wire transfer. The cancelled it at first for suspected fraud about after a phone call they didnt cancel my 2nd attempt
 

Waspy

Renowned Member
18/8/14
662
483
63
Wiltshire
Waspy, I'm with Lloyd's as well - just sent a payment to China and it only cost me a tenner? Not sure if there is another charge likely to come my way. I thought it was pretty reasonable tbh, but I'm not au fait with Bitcoin. Should probably look into it to be fair.

Maybe they changed their fees.

Bitcoin is worth learning. I use Coinbase/Coinbase Pro
 

GingerBubba

SUPERLATIVE SUPPORTER I'm an angel
24/10/17
3,385
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Guys, why would you use a bank to transfer abroad, they're total rip off merchants!

Use TransferWise - it's quick, cheap, reliable, negligible fee, excellent FX rates. It's a no brainer. Sending GBP to Yuan is also near instantaneous delivery to my TD. Total no brainer. I've even got a sign up code you can have that gives you a few fee-free transactions. I've used it for years and sent tens of thousands of pounds in single transactions (not for watches sadly) saving me hundreds of pounds in the process.
 

chocolito

I'm Pretty Popular
12/9/17
1,661
860
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Guys, why would you use a bank to transfer abroad, they're total rip off merchants!

Use TransferWise - it's quick, cheap, reliable, negligible fee, excellent FX rates. It's a no brainer. Sending GBP to Yuan is also near instantaneous delivery to my TD. Total no brainer. I've even got a sign up code you can have that gives you a few fee-free transactions. I've used it for years and sent tens of thousands of pounds in single transactions (not for watches sadly) saving me hundreds of pounds in the process.

Is there a TV advert to go with this :D
 

chocolito

I'm Pretty Popular
12/9/17
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Waspy, I'm with Lloyd's as well - just sent a payment to China and it only cost me a tenner? Not sure if there is another charge likely to come my way.

I suspect they will use a different( poorer ) £-$ exchange rate than today's going FX rate . So the watch you have calculated will cost you say £300 GBP using Google will cost you say £320 + £10 fee when you get your statement .
 

chocolito

I'm Pretty Popular
12/9/17
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You know when a service is so good that you want to shout about it from the rafters? This!!!

Did I mention it's quick, easy and cheap?

:D I think my TD recommended it a couple of years back .
I however structure my whole life around K.I.S.S . For those who don't know this a acronym it stands for ' keep it simple stupid ' . So being a luddite I use the Forest Gump method of money transfer WU .
 
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GingerBubba

SUPERLATIVE SUPPORTER I'm an angel
24/10/17
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:D I think my TD recommended it a couple of years back .
I however structure my whole life around K.I.S.S . For those who don't know this a acronym it stands for ' keep it simple stupid ' . So being a luddite I use the Forest Gump method of money transfer WU .

This is my point!!! TransferWise is even easier!!!

Sheesh, did I not mention that it was easy (as well as quick and cheap)!!?!
 

pauwus

You're Saying I Can Sell?
4/7/19
47
11
0
Appreciate the advice here - I will definitely consider transferring the funds a different way in the future. In all honesty, the fee and conversion rate didn't seem too bad, but it's the waiting for the funds to go through that's more of a pain.

Apparently it takes between 1-3 business days but I feel like I'm stuck in limbo of money leaving my account but not arriving in it's destination. There's probably an element of impatience on my part of course!
 

slashFAslash

Active Member
21/7/18
297
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I used Bank Transfer for my first two orders but switched to paying with Bitcoins bc my bank charged me 20€ for the transactions
 

GingerBubba

SUPERLATIVE SUPPORTER I'm an angel
24/10/17
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I just used TransferWise to buy a Noob Daytona. It was in my TDs bank account in ten seconds (GBP to RMB/CNY) and saved me £22 on what Santander would have cost me taking into account fees and FX rate.
 

pauwus

You're Saying I Can Sell?
4/7/19
47
11
0
I just used TransferWise to buy a Noob Daytona. It was in my TDs bank account in ten seconds (GBP to RMB/CNY) and saved me £22 on what Santander would have cost me taking into account fees and FX rate.

Think I'll be trying TrasnferWise next time then. I've done the bank transfer now though, so it's a learning on my part. Bank Transfer still doesn't seem to have been received either, not sure how long these things take but it's pretty annoying having to wait.
 

GingerBubba

SUPERLATIVE SUPPORTER I'm an angel
24/10/17
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Think I'll be trying TrasnferWise next time then. I've done the bank transfer now though, so it's a learning on my part. Bank Transfer still doesn't seem to have been received either, not sure how long these things take but it's pretty annoying having to wait.

Lol, you think that bit's hard; wait until you keep hitting F5 on the tracking page!
 

APjumbo

Just one more
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11/1/11
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I used WU. It was easy, no problems.
It did cost me probably $20 in fees which was annoying. I will probably check out transferwise or learn more about Bitcoin next time.
 

pauwus

You're Saying I Can Sell?
4/7/19
47
11
0
Quick question guys - TD finally recieved my payment and apparently its 25 dollars short. They sent me an email requesting the additional 25 to be sent via PayPal.


I sent the correct amount originally, as well paying my banks additional fee, but it seems TD was charged on their end to receive. Is it normal to have to cover this cost for them or should they be absorbing this cost?

This whole exercise has truly been a lesson learnt. I will. E going through Transferwise next time to avoid the headache.