What is the safest way(s) to receive payments from overseas? I understand cheques can bounce several months after clearing and credit transfers can be reversed. Is there ever a point when the recipient can be sure he's "got the money"?
My question is mainly academic but I think it's something worth knowing.
Trust the person who's sending it?
Something like Western Union - but then the sender can't be sure it's going to the right person.
Dear Mike,
I work for parasol FX, we specialise in money transfer. The safest way to make international payments is via swift. For a charge with your bank (£20-25), they should be able to make same day express payments. However, if currencies are involved, i.e. you need to pay someone Dollars whereas you have Euros, the bank will make a heafty profit on their dealing spread. Either way the Bank should provide you with confirmation that they have sent your funds to the account that you have specified
This is where I may be able to save you money! If you think that I may be able to help you please either call me on 0044 207 0430403 or e-mail me on snipped-for-privacy@parasolfx.com. We will be able to make same day transfers and save you money on the echange rates, and our rates are all inclusive of transfer fees etc.
I hope this helps,
Best Wishes,
Evan Bazzard
Mike wrote:
"Heavy B" wrote
The OP asked about *receiving* funds, not *sending* them!
"Heavy B" wrote
Well, you could try answering his question (if you can)!
(My **)
"AnthonyL" wrote
Eh?
"Anth>
Yes, "your bank" will charge you to send funds...
"AnthonyL" wrote
Yes, "they" = "your bank". "they" will send funds for you - if you pay them!
"AnthonyL" wrote
Yes, exactly. HB is talking about *sending* money from "your bank" -- *not* receiving funds from someone else!
I (the OP) inferred the same as Tim from Heavy B's response, but I think it hinges on whether the word "they" refers to "your bank" of the paying party. Perhaps Heavy B could clarify.
My question was prompted by scare stories of how a customer could make a payment, receive the goods, and then claw back the payment. I think we're all aware of such scams operating from certain African countries. I suppose a similar scam could operate from within the UK but the victim would have a much better chance of being able to take some action and, in any case, could insist on payment in "coin of the realm" or promissory notes drawn by the Bank of England (which I believe are pretty safe. ;-) ). I just wondered if there was a way a supplier could be reasonably certain of being paid in the case of an overseas customer.
Do you specialise in umbrella funds?
Regards,
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