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Q: What information does the recipient of a wire transfer recieve about the sender? ( Answered 5 out of 5 stars,   2 Comments )
Subject: What information does the recipient of a wire transfer recieve about the sender?
Category: Business and Money
Asked by: sharpshooter2006-ga
List Price: $10.00
Posted: 03 Aug 2006 17:20 PDT
Expires: 02 Sep 2006 17:20 PDT
Question ID: 752365
If I wire money to someone, what information about me and my account
(from which the wire was sent) will the recipient of the wire receive?
Subject: Re: What information does the recipient of a wire transfer recieve about the sen
Answered By: hummer-ga on 03 Aug 2006 18:57 PDT
Rated:5 out of 5 stars
Hi  sharpshooter2006,

The recipient won't be given any sensitive information, in the same
way PayPal doesn't disclose information to the recipient. Exactly what
the recipient receives is dependent on how you fill out the form
(e.g., your name along with a bit a text). A wire transfer is just a
transaction made between banks and in that regard, it is safe.
However, when making purchases, using a credit card is a better option
because if something unforeseen happens, you will have recourse to
cancel the transaction and get your money back. With wire transfer,
once the transfer has been completed, it's a done deal.

How to Conduct a Wire Transfer 
" A wire transfer is a transfer of money from one bank account to
another. The actual transfer is done by the bank, and neither the
sender nor the recipient of the money sees or touches the actual
funds. "

Wire Transfers: The Easiest Way To Send Money

Additional Link of Interest:

Consumers are strongly cautioned against entering into Internet
transactions with subjects exhibiting the following behavior:
"The subject requests funds to be wired directly to him/her via
Western Union, MoneyGram, or bank-to-bank wire transfer. By using
these services, the money is virtually unrecoverable with no recourse
for the victim."

"Don't use money transfer companies to send money to strangers for any
reason. Many scam artists ask victims to send them money this way. If
you just sent a money transfer and suspect you might be a victim of
fraud, ask the salesperson to stop your transaction immediately. If
the transfer has not been completed, you may be able to get a refund."

Instant Cash Wire Transfers (such as Western Union & MoneyGram)
"eBay does not recommend the use of instant cash wire transfer
services. These services are designed to allow you to send money to
family and friends, people you know and trust..."
 * Vulnerable to criminal misuse
 * Difficult to identify and designate recipient
 * Not traceable
 * Does not offer verification and cancellation privileges
 * Generally, no recourse is available if the item is not delivered as
promised, even if you used your credit card to send the payment
 * Not covered under eBay's Buyer Protection Program.
   Note: We suggest you use extreme caution when using such services,
and decline to send money to sellers who insist on payment through
this method."

How to dispute a credit card purchase
"Credit card purchases are protected under the Fair Credit Billing
Act. This law gives the consumer the right to withhold payment on
poor-quality or damaged merchandise purchased with a credit card."

That all said, the answer to your question is that the money is
deposited in the recipient's account with the donor's name, but s/he
does not receive the details of the transaction, that information is
confidential between the banks.  If you have any questions, please
post a clarification request and wait for me to respond before
closing/rating my answer.

Thank you,

Google Search Terms Used: wire transfers recipient bank account information

Request for Answer Clarification by sharpshooter2006-ga on 15 Aug 2006 17:08 PDT
I was told by my bank (i.e., the woman who answered my call to an 800
number, so I take it with a grain of salt) that the recipient does not
receive my name.  You say that the information transmitted depends on
how I fill out the form, but obviously they aren't getting everything
on the wire form (like, for example, who my joint account holder is)
and there is no spece on my bank's form for a "bit of text".  The most
important information I need (and I appologize for not being explicit
about this) is whether or not my name is given to the recipient.  When
I made a wire transfer into my mom's account no information about me
appeared on the statement (but I'm not sure if she could have gotten
the info by calling the bank) which makes me think that perhaps the
bank representative I spoke to was correct.  I'm not concerned with
security issues posed by wire transfers.  Also, I'm talking about a
bank wire transfer, not Western Union.  Thanks for you efforts, but I
really need an answer to this specific question.

Clarification of Answer by hummer-ga on 15 Aug 2006 19:54 PDT
Hi sharpshooter2006,

Thank you for your clarification, it helps, I'm sorry if I got on the
wrong track (safety vs identity). I am assuming that you will be
making a bank to bank wire transfer. A bank will normally inform the
recipient of 1) the date when the money arrived in their account  and
2) the amount of the deposit.  It will not reveal your identity. To
include an identifier, you must fill in a "note" or "memo" field. If
your form does not have the extra field, then the recipient will not
be able to identify the source of the funds and will only be given the
date and amount, not your name.  I'm sure if you want an identifier
but your form doesn't include a field for it, you could make an
arrangement with your bank.  But from what you have described and as
it stands now, your name will not be disclosed to the recipient (and
your 800 phone call confirmed this).

"The question is, how can I see the detailed info on my etrade account
for each transaccion to identify my buyers? I just get the money but I
cannot see the name of the buyer or any comment made by the buyer?"
"This can be done if your buyers are indeed paying by wire transfer.
When giving your buyers your wire transfer information, be sure to
give them information formatted like this:
SWIFT CODE: [e*TRade Bank's SWIFT code]
ACCOUNT NUMBER: [Your account number]
BENEFICIARY NAME: [Whatever name the account is in]
MEMO: [Whatever unique identifier, like a customer
name/number/transaction number, that will allow you to identify their
Wire/bank transfers DO include this memo information in transfers, but
only if the sender knows to include it in their transfer form (and if
the transmitting bank actually sends it as part of the transaction.)
When it doesn't happen, its usually a shortcoming of the sender not
filling the info on the form.
The memo field in bank transfers exists to solve problems exactly like
the one you describe."

If you don't want your name disclosed, I think you can go ahead with
confidence.  If you do want your name disclosed but you don't have a
memo field, I would go to the bank in person and give special

I hope that is clearer and more to the point! 
sharpshooter2006-ga rated this answer:5 out of 5 stars
Perfect.  Thanks for your good work!

Subject: Re: What information does the recipient of a wire transfer recieve about the sender?
From: ergo30-ga on 03 Sep 2006 23:51 PDT
once the transfer has been completed, it's a done deal...this is not
true.  I have completed several transfers and then been able to modify
the transfers or recall them after sending.  if you're sending the
transfer to a slow to pay country, this is especially true.  before
the transfer is picked up from the recievers bank, you can do whatever
you need to do with the wired money.
Subject: Re: What information does the recipient of a wire transfer recieve about the sen
From: hummer-ga on 04 Sep 2006 03:48 PDT
Hi ergo30,

By, "transfer has been completed", I meant just that, that the money
has been deposited in the recipient's bank. At that point, it is a
done deal.

Thank you for your comment,

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