Wire Tranfers?

Question

Ok..so I Wanna Buy An Xbox On Buy.com...

and what if i choose wire transfer...how does it

work..i did it one time and it said thanx for purchasing...

but then i cancelled it because i didnt know how it works..

so how does it work..does the ups ask me for the moeny or

do they send me letters by mail...

Answer 1

Interesting that they allow wire transfers. But I guess it's legal. I am surprised at them because you have to pay an additional $25 for your total order. I guarentee you that fee is the fee Wells Fargo charges them to receive the wire in their account. Needless to say, you need to  physically go into your bank/branch with the wiring instructions provided on Buy.com... Give them these instructions....

1) Bank Name: Wells Fargo N/A

2) ABA/Routing Number: 121000248

3) Account Name: Buy.com

4) Account Number: 4047098827

5) Amount of Payment: (example) $525.00

6) Purpose of Payment: Purchase Stereo (example)

7) OBI: (Originator to Beneficiary Info): Your name, item/Account Number with Buy.com

Please be advised, your bank will charge you a fee to do the wire. Domestic wire fees can range from $25-50 per transaction. -On top of the $25 fee Buy.com wants you to pay for them to receive it.

Once your bank's accounting/wire department gets the request, they will process it have someone else at the bank verify the work (so there wont be any errors) and then release the wire out to the Federal Reserve. Once your bank gets confirmation from the Fed- the receiving bank (Wells Fargo) has received it. Make sure to ask your bank representative for an "IMAD" Number. -This is the confirmation you will need to give to Buy.com that their bank has recieved the wire.  The number will begin like this 20080714( the rest of the imad will have letters and numbers) -This is an example if the wire was done this coming Monday 7/14/2008. The wire only takes seconds for it to be sent - received. Just like sending an email.

That is pretty much it.