There is another thread (BIJOUCREEK) about problems experienced with an international money transfer, which I do not want to hijack. My experience of international money transfer is limited to my own clients and can be summarized as: Day 1: Client sends me message “I have just been to my bank and instructed them to transfer $ 1000 into your account”. 1st Workday after Day 1: Nothing seen in my account. 2nd Workday after Day 1: Someone from the International Transfer Section of my bank [FNB – one of the bigger SA banks] phones me and enquires about a transfer of $ 1000 made by Mr. Client. The questions asked are basically: (i) Do you expect it? To which I reply in the affirmative. (ii) We will exchange it at ZAR 7.50 for $ 1.00 (or whatever applies at that time), do you want us to go ahead? To which I always reply in the affirmative too. [I can as choice decline the offer of R 7.50 to $ 1.00 if I want to gamble on a worsening exchange rate and maybe later get more ZAR for the same amount of US $. I understand that I can actually postpone the transaction for IIRC up to 60 days of ‘gambling’ on the exchange rate.] 3rd Workday after Day 1: I check and find that about ZAR 7250 (roughly exchange rate minus some) was deposited into my account, the money is shown in balance but not as “available”. 4th Workday after day 1: The money is available! [Needless to say that by the 5th day everything has been spent! ]

I recall once that the money was available a day earlier and maybe two days later, but what is described above is pretty standard. What I have never asked the clients about is: What fees did you have to pay on your side? A few years ago a client volunteered that it cost him $ 35 for the transfer of $ 1000.

In an effort for me to get the ‘best” advice to give to clients of my “one man business that does not use a booking agent” about payment of deposits and transfer of fees I would like to ask the experienced masses out there a few questions. Naturally where a booking agent is used the actual transfer may be quite different, but this relates to direct dealing of the Client (hunter) with the Hunting Outfitter or ‘Dip ‘n Shipper’ or Taxidermist or Shipping Agent.

The basic question that I am seeking your input on is: Am I correect in advising clients that the best way to pay me [or other service provider] is by direct electronic transfer? Just choose YES or NO.

If you say NO to the first question, please give your better advice for money transfer [of relatively small amounts of money, such as hunting deposits, taxidermy and other fees, which very seldom exceeds $ 50K] to smaller operations of South African recipients.

If you said ‘NO’ to the second question please describe briefly the problem and if it was, and how the problem was resolved? Please do not hijack the thread and make it into an attempt to solve your problem, or get the load off your shoulders by moaning: Just try to tell people briefly that there was indeed a problem, and how it was solved.

The last question is intended to just get an idea of how many hunters have problems.

Thank you all for the input: Particularly if you can advise on a better way to make such international payments.

In good hunting.

Andrew McLaren

Question:
Is it good advice for any provider of services in South Africa to tell a foreign client to: Please transfer the funds directly into my account for which the details are X Y Z?

Choices:
YES
NO

Question:
Is the payment sequence as described above more or less what you have experienced, i.e. the intended recipient has most of the money (some reasonable banking fee deducted) within one week of payment?

Choices:
YES
NO

Question:
How many such transactions have you been involved in?

Choices:
1 to 5
6 to 25
26 and more

 

Andrew, it always makes me nervous when I make a wire transfer. I am usually on pins and needles until the party that I have sent the wire to confirm that they have received it. Sometimes it is a couple of days and sometimes it is a week or more. This is why I like doing business with a booking agent here in the States, send him or her a check and you don't have worry about it. The problem is most taxidermists and shipping agents don,t have an agent here in the States so wiring money is a necessary evil.

JA is spot on. I have a real problem wiring $$ to some foreign bank account. I always worry about giving out my banking info. The Nigerian get rich quick scams are always in the back of my mind. Also there's the high fees US banks charge. Last time I checked my bank wants $50.00 to do a transfer. I much prefer to send a check to a US agent.

i lost 4000 because of a wire transfer

I'm not sure of what the banking rules are since 9-11, but it sure is nice when a PH or foreign outfitter can just take a U.S. check put in their hand in Dallas or Reno, or I can just deposit directly to their U.S. account.

If you book through a U.S. outfitter, it solves the problem (but, I guess costs the P.H. some bucks)???

Anyone know the problems with non-resident aliens opening U.S. accounts so they (instead of us) deal with the overseas transfer issues. I guess some countries make it difficult or illegal to have foreign accounts.

Gentlemen,

We transfer money overseas almost weekly, and have rarely had any problems that cannot be sorted out within one working week.

I would say 99% of transactions go ahead without any hitch.

I'm pretty sure a lot of African operations don't want eveyone to know about their out of country accounts.

I have a lot of people I hunt with that will accept my check. Most of these, I have know a long time and/or my booking agent has known both parties a long time.

I wire money all the time. I have it set up where I can do it from my cell phone. It is easy and fast. I have never had a problem.

Having said that, I just sold an exotic car to someone in China. They wired the money week before last. It just got here Monday.

I have mailed checks to agents and wired $$ to SA without a hitch. While I am sure a hitch can develop with any system, my credit union handled a transfer without issue. As I recall, the fees were minimal.

I wired $$ to both Namibia and RSA in the last month without a problem.

My "problem" was getting my Rands from American Express.

They mailed them to me via regular mail, NOT registered, and all of them did not arrive.

So...

My Bank ( or AM EX) are eating what I lost as they replaced them at no charge.

Andrew,

It has never taken more than 3 working days from the date that a client sent funds to me for the money to appear in my account. More often than not the funds reach my account the day after the client had sent it.

Some clients prefer sending funds to an American account and for this reason I have one of those too.

But in answer to your question; all the funds sent to me over the last 10 years reached my account without a hitch to me or any of my clients.

Cheers,

Chris

I would recommend, any outfitter in Africa to take out the necessary time and money to get an account here in the US.

I will say, that I don't believe most americans are commonly wiring money, and therefore uncomfortable. Opening a wells fargo account, or other National bank, would allow for many groups to be able to just simply deposit the money with ease and provide a US bank to wire the money to.

We need to know a few (tip and tricks) so to speak.

Find (the right bank) in your home town or country that is the key. Make sure they are a bank that has the modern systems in place to offer online t/t if possible, then you can do it all from the comfort of your home

The main thing is ENSURE when you go to a branch yourself you ask them ALL the charges incurred at source to make the transfer including the intemediary bank charge, if they are vague then dont use that bank.

The charges are simple really and ALL of the larger banks should have the charges at their finger tips as they are doing thousands of transfers.

Also remember that ALMOST ALL the receiving Banks where you make the transfer to will levy a forex fee when the money arrives at the foreign country destination, it is standard practice

Cheers, Peter

I have little experience wiring money overseas and with an upcoming trip with an outfitter that I have no personal experience with (though comes well recommended) I feel more comfortable using a credit card. The outfitter balked so I paid the booking agent here in the states with a credit card, which I am sure he wired the money to the PH. I assume it is often a situation where comfort level and personal knowledge is a key issue.

If the majority of your in-coming transfers are from only one or two places (such as the USA and the Euro zone), I would advise you to open an account in both places. You will receive the money quicker and there will not be any currency devaluations due to exchange rates applied by the banks involved. You are then at your leisure to either let the money sit or have it wired to yourself whenever it's most appropriate for you.

Simple answer:

The PH I hunted with had an account with a bank in the US. Send it there and let him have the fun of getting it to Africa.

Rich