USA Banks - Wiring money

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S M W

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May 13, 2009
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I have a business partner that I wire money to frequently. I'm wondering if there's an easier way to transfer money either by wire or some kind of direct deposit.

Of course, wires are dependable but the fees do add up. And I'm getting tired of the Nigerian 419 questions... I hesitate to tell my banker that I work online just because they believe everything online is some kind of fraud.

So... what's your favorite bank for wire transfers? Will any of them do free wire transfers? Any strictly online?

Anyone have experience with ACH deposits? Is there a way I can setup my partner for this to avoid wires? I can't think of any but I can imagine there are reasons why this wouldn't be a good option.
 


what bank does ur biz partner have?

i just opened a new account with chase (premier platinum or whatever the highest is) and i get free wires... not sure but i think the minimum is 75k or 100k

id suggest getting the same bank as ur partner if that is applicable ... i opened the chase account b/c someone i do business with also has chase and i can just directly transfer funds to their account...
 
INTERAC in Canada, works fantastic, email money to people right to your account, no bullshit fees (well maybe $2)

You guys don't have something like that in the US?
 
in the US you can get a PayPal debit card which means you don't really need to send the money to your bank. Buy your beer with your pp card!
 
avatar33 said:
in the US you can get a PayPal debit card which means you don't really need to send the money to your bank. Buy your beer with your pp card!
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I can't tell you how many times my fucking PayPal cc has been declined, especially at bars. Fucking embarrassing. Fuck PP.
 
onlinemoniez said:
I can't tell you how many times my fucking PayPal cc has been declined, especially at bars. Fucking embarrassing. Fuck PP.
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I live in the Dominican Republic and my PP card is a lifesaver, no foreign charge fees and I have never have it declined but maybe that's because it's linked to another checking account of mine so when I go past what's in the PP it pulls from a brick and mortar bank. To the OP, try ALLY bank as well. the ACH takes about 3 days but no fees last time I checked)...
 
I send out tons of ACH payments with Chase business banking. It's like $25 a month for up to 25 payments, and a small fee for any additional ACH payments after $25. These payments clear in the receivers account the next day. This is all done online btw.

Every bank is going to be suspicious at first when you're sending wires back and forth, but if you explain to a business banker the nature of your business, they'll understand (unless you're doing something shady, then definitely keep your mouth shut ;)).

I swear by Chase though, they've been very good to me and very understanding of my business nature. They froze my account when we sent out some of our first INT'L wires (which cost ~$40 - $45 btw), but since I explained the nature of a network, all is good.
 
I switched to this...

centaur.jpg


... they are (he is?) fast and reliable.
 
Benji49 said:
INTERAC in Canada, works fantastic, email money to people right to your account, no bullshit fees (well maybe $2)

You guys don't have something like that in the US?
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I love interac email money transfers but they cap out at 2k .. which is pretty limiting.

Other than something like this .. get the same bank as your partner and just direct deposit a check into his account, thats what I used to do.
 
Benji49 said:
INTERAC in Canada, works fantastic, email money to people right to your account, no bullshit fees (well maybe $2)

You guys don't have something like that in the US?
Click to expand...

yeah, ACH. BofA biz accounts let you ick:

Wire ($25 fee), instant

ACH ($10 fee), next day

ACH ($3 fee), 3 business days

The US has too many banks for the email system to be effective; in Canada the email money only works instant/free between the Big Five (or is it big six?), otherwise it's just like an ACH, 3-5 days for $4.
 
fun fact: Canada has more money as a percentage controlled by its largest 5 banks than the US does - so while people bitch about Citi, Wells, BofA being domineering assholes, Canada has it much worse than we do.
 
You can walk a check into any bank and make a deposit for someone else for free. If you're doing a lot of wires, however, than this isn't going to help you.
 
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