Paying for your silver, of other precious metals, by bank wire transfer is one of the quickest and securest ways you can complete a transaction. Due to this it is also one of the best ways to ensure that the items you want to purchase are held for you until your payment arrives.
When paying in this way, the funds are transferred electronically from one person or account to another. Depending on the dealer, some silver transactions paid for by bank wire can be processed in as little two to four working days, as is the case with GoldSilver.com, and can sometimes incur no processing fee, unlike credit card payments.
How to Buy Silver with a Bank Wire
Paying in this way is easier than it sounds, and if it is the first time you have used this method of payment there is nothing to worry about. Once you’ve selected the items you wish to purchase, the dealer will supply you with their bank account details.
Then it is simply a matter of contacting your bank, in person or online, or whatever way is most convenient to you. Remember to include as a reference number, the order number you received from the silver dealer so that they know who the payment is from and to what order it corresponds. Then just sit back wait for your goods to arrive.
Advantages of Paying by Bank Wire Transfer
As well as it being pretty simple to setup a bank wire transfer to pay for gold or silver, there are also a few other reasons why you might want to choose this method of payment over other types.
Security
If you are purchasing a large amount of silver, the price will quickly mount up. When large sums of money are involved, it is always advisable to use the most secure method of payment possible. In most cases, that will be a bank wire transfer. If your purchases run into the thousands of dollars, then the peace of mind offered by using this payment type will be greatly appreciated.
While most investors choose to send the money from their own bank account, for the more privacy minded out there, you can send the money via a third party, such as Western Union to eliminate the need to give away all of your details. Although it is worth noting you will incur additional fees for using such a service.
Speed
Paying by check and sending it through the mail is a secure form of payment, but it can also be one of the slowest. Buying precious metals such as silver is a time sensitive process, as prices can change at any time. While waiting for a check to arrive, the price could go up, meaning you get less silver than you requested at the time of making an order. Due to the much faster processing time of a bank wire transfer, you can eliminate the risk of this happening significantly.
Discounts
As bank wire transfers incur less fees than credit card payments, and are less likely to result in a chargeback, or the customer fraudulently trying to get a refund on the purchase after it has been completed, dealers tend to prefer the bank wire transfer over other forms of payment. Due to this, it is not uncommon to receive a small discount on your purchases which can either take the form of a percentage of the total price of a flat rate.
Disadvantages of Using Bank Wire Transfers
While this method of payment has lots of benefits, it isn’t without its disadvantages. One of those is the fees that are charged to pay in this way. While these fees are usually lower than those that are applied to credit card transaction, they are often more than those that are incurred when paying by check, which can be free. As these fees can sometimes take the form of a percentage of the transaction, they can be quite high, so bear this in mind when choosing to pay by bank write transfer.
As you can see this is probably one of the best ways to pay for your silver when making purchases online or large orders from private dealers. With fast processing times and the potential for a discount on the total price of the order, bank wire transfers are a great way to pay.