dsmith Posted April 7, 2017 Share Posted April 7, 2017 So I'm trying to send money overseas, and as verification, the company is asking for a copy of my DL and a few months of bank statements. Is this a normal thing to ask for? I would never transmit bank statements anywhere, and although this company is headquartered in the US (Xoom) I'm sure my information would be going who knows where. Am I wrong to be wary of this? 1 Quote Link to comment Share on other sites More sharing options...
Liz CA Posted April 7, 2017 Share Posted April 7, 2017 Never heard of this. Your bank in the US should be able to wire funds anywhere in the world. I would talk to my bank and initiate transfer through them. 6 Quote Link to comment Share on other sites More sharing options...
J-rap Posted April 7, 2017 Share Posted April 7, 2017 (edited) What kind of company is it? I've done many money transfers overseas, but it is always through my bank. They have only ever needed bank routing number and accounting number at both ends. I can see that a company might want a copy of a statement to confirm routing number and account number, and maybe to make sure you have enough money in your account to transfer over. But other than that, I don't know why they'd need all of that, or why they'd need a few months' worth of statements. I'd probably at the very least talk to your bank about it. They might be able to tell you if there are legitimate reasons for doing it that way. ETA: My dd once needed to submit a couple months of bank statements to a foreign visa office as part of her visa application to live there for a year. They wanted to see that she had enough money, ahead of time, to live there for awhile even without a job. Sometimes too, a company will want to see that there has been an ongoing income coming in (which would show up on bank statements). I wonder if it has something to do with the country's requirements where you're sending the money, plus your particular situation? Edited April 7, 2017 by J-rap 1 Quote Link to comment Share on other sites More sharing options...
Jean in Newcastle Posted April 7, 2017 Share Posted April 7, 2017 They do not get good reviews on this site. https://www.consumeraffairs.com/finance/xoom_money_transfer.html Quote Link to comment Share on other sites More sharing options...
dsmith Posted April 7, 2017 Author Share Posted April 7, 2017 It is a Paypal company, and I was using my verified paypal account specifically to avoid sending actual credit card numbers or bank info. It was a business transaction, paying a freelancer for some work, so maybe that played into the extra info needed, but that is too much info for my comfort. After I posted I read some reports of bank account hacking after sending the info to Xoom and plenty of terrible reviews. What kind of company is it? I've done many money transfers overseas, but it is always through my bank. They have only ever needed bank routing number and accounting number at both ends. I can see that a company might want a copy of a statement to confirm routing number and account number, and maybe to make sure you have enough money in your account to transfer over. But other than that, I don't know why they'd need all of that, or why they'd need a few months' worth of statements. I'd probably at the very least talk to your bank about it. They might be able to tell you if there are legitimate reasons for doing it that way. ETA: My dd once needed to submit a couple months of bank statements to a foreign visa office as part of her visa application to live there for a year. They wanted to see that she had enough money, ahead of time, to live there for awhile even without a job. Sometimes too, a company will want to see that there has been an ongoing income coming in (which would show up on bank statements). I wonder if it has something to do with the country's requirements where you're sending the money, plus your particular situation? 1 Quote Link to comment Share on other sites More sharing options...
Arcadia Posted April 7, 2017 Share Posted April 7, 2017 We went through Citibank as our main account is with them. They charge us $20 per transaction and I think the money to be transferred had to be in our checking account. The amount was immediately deducted from our account and our relatives in Asia get the cash in their account within 24-48hrs. 1 Quote Link to comment Share on other sites More sharing options...
dsmith Posted April 7, 2017 Author Share Posted April 7, 2017 I found those after I posted. Glad I cancelled the transaction! They do not get good reviews on this site. https://www.consumeraffairs.com/finance/xoom_money_transfer.html 2 Quote Link to comment Share on other sites More sharing options...
J-rap Posted April 7, 2017 Share Posted April 7, 2017 It is a Paypal company, and I was using my verified paypal account specifically to avoid sending actual credit card numbers or bank info. It was a business transaction, paying a freelancer for some work, so maybe that played into the extra info needed, but that is too much info for my comfort. After I posted I read some reports of bank account hacking after sending the info to Xoom and plenty of terrible reviews. That's strange. I'm glad you were able to cancel the transactions! 1 Quote Link to comment Share on other sites More sharing options...
Lanny Posted April 7, 2017 Share Posted April 7, 2017 (edited) It might be a requirement of that particular company, but I would NOT comply. THE SAFEST way to send money, from one bank to another, whether it is within the USA or to a bank in another country, is to pay for a Wire Transfer. There is (IMO) NO RISK with a Wire Transfer. Contact your bank about how to send an International Wire Transfer to the Destination bank. I have lived overseas for 22 years and always had my bank in the USA send Wire Transfers to my bank in Colombia. That is safe. Any other method is questionable. Why they would need your bank statements is something I would worry about... Depending upon the amount of money involved, if it is a substantial amount of money, you may need to supply some information for the I.R.S. and to comply with laws regarding money laundering. Once, after we bought this lot, I sent a request to our bank in the USA to transfer, possibly USD$10K when we were under construction. I think I sent a FAX with Incomplete Routing information. The woman in the bank in the USA did not catch my error. A day or 2 later, I checked with our bank here and they did not have the money... I checked with the woman in our bank in the USA. She immediately saw the error, with the incomplete destination. The money had gone to a bank in Peru or Chile (we are in Colombia). I think it was in Santiago, Chile... She told me not to worry, that she would do a "Funds Back". The next day, the money was in our bank here in Colombia. My late cousin told me a few years ago that he ONLY sent money via Wire Transfer for his Consulting Business. Pay a little more and avoid risk... Edited April 7, 2017 by Lanny Quote Link to comment Share on other sites More sharing options...
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