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Direct fund transfer for freelance?

WassermeloneWassermelone Registered User regular
edited November 2010 in Help / Advice Forum
So a guy Im doing some freelance for is requesting bank information so he can pay by direct deposit.

What information do I give him? Whats too much? Its not a scam, but I do want to be safe etc.

Wassermelone on

Posts

  • matt has a problemmatt has a problem Points to 'off' Points to 'on'Registered User regular
    edited November 2010
    All he should need is the bank name, your account number and the bank routing number.

    matt has a problem on
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  • Tw4winTw4win Registered User regular
    edited November 2010
    All he should need is the bank name, your account number and the bank routing number.

    That's correct.

    I've made my living as a freelancer for the past 7 years and I can count on 1 hand the number of times a client has offered to "wire" me money via a bank transfer. It usually happened when they were really late paying and threatened to sue.

    Point being, this would raise some red flags to me...

    Tw4win on
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  • NotYouNotYou Registered User regular
    edited November 2010
    Tw4win wrote: »
    All he should need is the bank name, your account number and the bank routing number.

    That's correct.

    I've made my living as a freelancer for the past 7 years and I can count on 1 hand the number of times a client has offered to "wire" me money via a bank transfer. It usually happened when they were really late paying and threatened to sue.

    Point being, this would raise some red flags to me...

    eh, I had money wired to me on several occasions when I freelanced.

    NotYou on
  • wakkawawakkawa Registered User regular
    edited November 2010
    unless its international then its just a huge pain in the ass.

    I use paypal for all of my freelance.

    wakkawa on
  • WassermeloneWassermelone Registered User regular
    edited November 2010
    wakkawa wrote: »
    unless its international then its just a huge pain in the ass.

    I use paypal for all of my freelance.

    It is actually international. But yeah previously Ive just used paypal/received checks.

    Wassermelone on
  • beavotronbeavotron Registered User regular
    edited November 2010
    I've had funds wire transferred before but it costd them money and they need to be willing to accept those charges

    beavotron on
  • ZeonZeon Registered User regular
    edited November 2010
    wakkawa wrote: »
    unless its international then its just a huge pain in the ass.

    I use paypal for all of my freelance.

    It is actually international. But yeah previously Ive just used paypal/received checks.

    Its a few of the bottom numbers on your check he needs. Most checkbooks will have a coversheet that highlights the digits you need to give away for direct deposit/bank transfers. If youre not sure, just ask at the bank.

    So basically he needs your Banks Name, your Name, and the routing code (usually 4 digits, mine was 2064 on my old account).

    If its international, just make sure the funds clear. It might take a few days to show up, its usually only instant if its within the same bank. Once its actually in your account, it should be safe, but check with your bank to make sure theyre not holding the money back before you withdraw it all and spend it.

    Zeon on
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  • CauldCauld Registered User regular
    edited November 2010
    They need more than just the bank name, and routing/account number for an international wire transfer. You will probably also need the Swift BIC number. The easy way to do this is to ask your bank what you'll need and either get a sheet with all the important information on it, or write it all down while you talk to them.

    Edit: Providing the name and address of your bank will also let them make sure it all matches when they're at their bank making the transfer.

    Cauld on
  • wakkawawakkawa Registered User regular
    edited November 2010
    Yeah for international you need a lot more info to wire the money. It has to go through several banks before it can get to you, and the fees for doing that are like $60.

    wakkawa on
  • PaperPrittPaperPritt Registered User regular
    edited November 2010
    wakkawa wrote: »
    Yeah for international you need a lot more info to wire the money. It has to go through several banks before it can get to you, and the fees for doing that are like $60.

    Hum no. Part of my job is wiring money all over the world, so i think i would know. For a US bank account, all you need is 1)The account number 2)the bank routing number and 3)the SWIFT code if you're wiring from abroad, not even necessary if you're wiring from the states.

    For all the european countries you just need an IBAN and the SWIFT, and for the other part of the worlds, either the account + a coded number corresponding to the bank, or sometimes even just the bank account number.

    As for the fees, it really depends on your bank, price ranges from 2.5 euros to 35 USD which is the priciest i've ever seen.

    99% of the wires will go straight from one bank to the other without transit. At most you will have one if different currencies are used, since in this case you will need a correspondant bank. That's typically the case for a wire from the states to europe or vice-versa. Most complicated case involves funds to either Africa or Asia region, since multiple banks maybe involved, mainly depanding on which bank you are wiring to. Some will go straight through, others , not so much. Think of it like a sort of a postal system where big agencies will spread to the lesser ones.

    Back to the OP, wiring money is perfectly safe and is the preferrerd method of payment for the majority of companies operating worldwide.

    PaperPritt on
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