OT: Overseas Wire Transfer

Has anyone ever sent a wire transfer payment?

I need an expensive part for one of our CNC lathes.

I can get the part through the dealer, but it will cost about 30-50% more.

I found a company online that can supply the part. They sent me a quote for $3300 USD. The company is in Taiwan, the preferred payment is with a wire transfer to their bank. They provided the company name, bank name, account number, etc.

I've never done a wire transfer, would I go to the bank and have them send it?

They also said I could use a credit card, but would add a 3.3% charge. Does buyer protection apply to overseas purchases?

I'm going to present this to the bosses as soon as I get all my quotes and options. Just wondering what the risk factor is, should I even consider it? I do think this is a legit company, their product is so specialized, not like they are trolling for easy targets, and I did contact them, not them contacting me.

Anyone done anything like this?

Thanks!

Steve I import from UK quite often and use wire transfer. It is just like here in the states go to your bank and they will have someone that know how. Most time money from my transfers are one day or less. I do keep a separate bank account just for this but really no danger if the bank does it for you. The reason I have a separate account is sometimes I have to give out the bank and account where they can wire me money from overseas. With that kind of money I would want to make sure you were getting what you need and find out about returns if it does not suit or fit. Most of mine is in heavy equipment and first time or so I go look but after I get to dealing with a guy and know how he describes things I buy without going.

I got screwed once sending parts to Jesus in Indonesia.

There are brokerage houses that handle the transfer safely.

Hi Steve,

I wire money to China a lot and I have never had a problem. Your bank will take care of sending the wire through. You need to have the bank name, swift code, and bank account that the money is going to. The bank accounts are usually about 13 numbers and you need to be sure that they match perfectly. Any mistake and the money could go into someone elses account never to be seen again.

The biggest concern is whether or not you are dealing with a legitimate company. To save $1500.00 for a part that I would need for my business I would not buy overseas from a company that I had no relationship with. If they send you a faulty part what are the chances that they would accept a return? They will see you as a one time deal and not really care to help you. Return shipping will also get you pretty hard too so factor that in. Also consider import tax charges when calculating your final price. I bring in orders of around $5,000.00 per order and average about $400.00 in import tax. I receive most items from FedEx and they send me a bill a week or two after I receive the shipments.

I owned a machine shop and I can tell you that I would not purchase a part that I needed to get a piece of equipment back running from overseas. It may end up costing you more in the end.

i'd be carefull with a company that far away that wouldn't take paypal or credit card. no recourse with wire transfer

If you can afford to loose it then wire it.Unknown foreign company with no recourse on your part that'll be pretty hard to explain to the boss.

I've been wiring money like crazy to several gentlemen in Nigeria, Kenya, Rhodesia, and one in Singapore. They all have millions of dollars waiting in an account just for me. I cant believe my good fortune! Had to send the money to help with the expense of getting the money sent to my bank account. Nothing yet, but I'm not giving up hope.

Google the company and see what others have to say about them.

My son started up a custom goggle and glove printing business.

Only place he could find plane (unprinted) riding gloves was Pakistan. Local Bank or Western Union did not know how to do it, so he went on the net and edurcated them.
Imaging sending 3 grand to Pakistan, red flags galore.
Oh and 6 grand to china for the goggles, shhhhsh