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Wire funds for rental

dchilds

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I have a week for rent, and someone from Mexico City wants to wire funds to my bank account for the rental. The bank says there should be no problem. Does anyone have info to the contrary?
 

TheTimeTraveler

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I think directly from a Bank to a Bank should be okay, however I would urge you to open a NEW bank account with $1 dedicated to receive this one time wire transfer (and you may want to do it at a neighboring bank).

Why? I wouldn't want to provide anyone an account number for my regular bank account which I normally use on a daily basis. This way no one will know what your regular bank account number is and you can protect it's privacy.
 

Dave M

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Agreed. If it's a fraud attempt, the funds in your account will likely disappear quickly once you give out your account info.
 

Talent312

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I concur.
I have a separate account that is not OD protected for transactions with individuals who I do not know personally (and my ATM draws), just in case someone tries to misuse my account information.
 

Dave H

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I agree with all of the above. As a title company, I have a seperate wire account that at the end of the day, the bank transfers direct to by escrow account. It is blocked from someone trying to wire out and it is flagged as no check activity permited so no one can go print checks and try to pass them. That way, no one has the actual escrow account number, just a basic dummy account the bank uses to hold the money until the end of the banking day before my transfer in.

Learned all that when we had a person come to closing that was printing checks in his car..... guess you can buy a $29 program at any of the office supply houses and print checks with whatever information you want on them.... Scary...
 
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djs

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I know some credit card companies offer a "one-time" account number that people can use for on-line transactions (Citibank comes to mind). I wonder if any banks will a similar service with regards to one's checking/savings account. Routing/ABA number would be the same, but the number you'd have would be a dummy number that your bank knew was linked to your account. After the wire is received the dummy account number would cease to exist.
 

Bill4728

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I never heard about this idea of a "dummy" account for wire transfers. BUT what a good idea. :clap:

Thanks all.
 

mjs

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I have a week for rent, and someone from Mexico City wants to wire funds to my bank account for the rental. The bank says there should be no problem. Does anyone have info to the contrary?

Just use Paypal.
 

Talent312

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I suggested PayPal. He said he doesn't have a PayPal account. Is PayPal as easy for non-US people?
I think it can be. I've used Paypal to pay a merchant in Australia for pet-meds. You can also use your account to send a Paypal bill via e-mail (the process is a bit clunky, but I've done it). It provides a method for charging the payment. The charge appears in your account as a credit. If you have a bank account linked to your Paypal account, you can electronically deposit it in your bank account. This is how I recently processed a refund from a Mexican merchant for the grand total of $15.00 US.
 

richardm

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Rental escrow service...

It probably isn't too late to use a rental escrow provider.. The cost of about $100. may be worth your own piece of mind.
 

knottymaid

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When I sold something to a couple from Curaçao, Bank of America gave me number for an incoming wire transfer that was for incoming only and guaranteed it was secure I think it was only for a one time use
 

mjs

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I suggested PayPal. He said he doesn't have a PayPal account. Is PayPal as easy for non-US people?
As already mentioned, you can send him an invoice through Paypal. It takes 3 minutes to set up an account. If he is unwill to do this, it could be a scam, move on.
 

chellej

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As already mentioned, you can send him an invoice through Paypal. It takes 3 minutes to set up an account. If he is unwill to do this, it could be a scam, move on.
I have always thought paypal was a good idea .... BE VERY CAREFUL. My Son just sold one of his gaming accounts, had the guy pay via paypal. The funds were verified in his account. He transferred the gaming account and then the "real" owner of the paypal account disputed the transaction and paypal has taken back the funds. The buyer now has the gaming account and my son has no recourse. The Paypal account owner claims his password was stolen, (which is very possible)

Paypal ONLY protects the seller for tangible goods that you can prove delivery. If the rental is months in the future you are probably fine but if it is in the period it can be disputed, you may not be protected.
 

brucecz

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I have a week for rent, and someone from Mexico City wants to wire funds to my bank account for the rental. The bank says there should be no problem. Does anyone have info to the contrary?
We have had quite a few out of the country said they wanted to rent so we tell them we will only take Paypal and that Paypal is easy to set up.

They in a lot of cases then give us a story about payment being made for some reason by their employer by certified check.

We again state to them that we only excecpt Paypal in that type of situation.

In about 100 or more contacts like that over the years, none have sent a paypal payment.

Beware. Your person may be honest, but be very carefull.

I had a person who suposely wanted to buy but wanted to wire funds to my bank account for a sale, I said no but I would do Paypal. They got angry on the phone, but I would not cave in. It was IMHO not worth the risk. My feeling on giving bank account numbers is very similar like the one Dave M posted.

In fact we now have all bank statements, etc sent to a PO Box as a mailbox is IMHO unsafe for those types of materials with all the ID thiefs around.

Bruce :D
 

SDKath

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Oh great thread! I just emailed all my account info to someone who wired me money from Canada. WHile I am sure they are trustworthy, I did have to give a lot of info to get the wire to go through.

THey asked for my name, bank and wiring info, my phone and address! I felt very uneasy. We were trying to avoid the paypal fee, which is substantial and I didn't want to take the loss ($4500 rental) and the renter didn't want to pay the fee. So the wire only cost $35 (to them).

Anyway, I am going to ask for a new bank account for these type of transactions. Excellent suggestions.

I too hate Paypal by the way. The money sender is completely protected and you as the seller/receiver get docked the money the INSTANT someone refutes something. Total BS in my mind. I had someone pay me with paypal once, I sent them the item, a month later they claimed it was broken and boom, my paypal account was drained the money. I had no recourse and no way to prove that it was NOT broken (and that the buyer chose NOT to have shipping insurance). It was a nightmare.

Katherine
 

MaryH

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SDKath,

I am in Canada and keep US dollar accounts on my Canadian banks for my frequent work travel there. The cheques are easily cashable but may take a few weeks to clear.

We have also bought a money order from my bank TD Canadatrust to pay for a Euro training class and I think it cost a total of $7.50 Canadian for the money order. But this would entail mailing the money order and that may take 1 week or more.
 

pammex

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Just a tad of info....I am in Mexico. Paypal is horrendous to set up if you are a foreigner here. Took me months to get mine verified.

In regards to Mexico or Mexico City or any Mexican.....this is common practice here in Mexico to go directly thru banks ( you of course need to be cautious etc. but for a mexican they may not understand your hesitation).

When we make a big purchase here in Mexico or such we just go to bank and deposit or wire money directly into the sellers account. It is a very common practice here. So I assume the person from mexico City if honest may be wondering why the hesitation.

You of course need to protect yourself I am just sharing some tidbits about Mexico that those in US may not be aware of. It was certainly a strange thing to me when I first moved here!

Best Wishes and good luck.
 
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