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Direct fund transfer for freelance?
Wassermelone
Registered User regular
Registered User regular
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.
What information do I give him? Whats too much? Its not a scam, but I do want to be safe etc.
Wassermelone on
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Posts
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.
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.
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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.
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.