Just got an international wire reversed!

[GeorgeT]

I was using localbitcoins to sell some coins. I got the money in my bank account and released the coins to the buyer.
Several days later my bank got request for wire reversal....
So, in which cases is that possible and what one can try to do to prevent it in future.
Does it work from all countries and all wire systems? (SWIFT, SEPA...) ?

If someone can move the thread to the general forum that would be great. I registered just for this thread and really can't wait the newbie jail time since it's quite urgent for me.

[1714115036]

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[Authentic]

I was using localbitcoins to sell some coins. I got the money in my bank account and released the coins to the buyer.
Several days later my bank got request for wire reversal....
So, in which cases is that possible and what one can try to do to prevent it in future.
Does it work from all countries and all wire systems? (SWIFT, SEPA...) ?

If someone can move the thread to the general forum that would be great. I registered just for this thread and really can't wait the newbie jail time since it's quite urgent for me.

What is the reason your bank gave you? I think it can be done, but only under some specific circumstances.
Maybe reading this (more info and similar cases) can help you: http://www.fatwallet.com/forums/online-auction-info/654476/

[GeorgeT]

I don't even have a reason given yet.
It was a SWIFT wire if that helps.

Under what circumstances one can be reversed and in what time frame after making it?

[qosmio]

So it says, in up to 72 hours it is possible to make a reversal, so be careful not to send goods before this time gone.

[codegeek]

I was using localbitcoins to sell some coins. I got the money in my bank account and released the coins to the buyer.
Several days later my bank got request for wire reversal....
So, in which cases is that possible and what one can try to do to prevent it in future.
Does it work from all countries and all wire systems? (SWIFT, SEPA...) ?

If someone can move the thread to the general forum that would be great. I registered just for this thread and really can't wait the newbie jail time since it's quite urgent for me.

Oh wow, I did not even know this was possible. Hope you didn't loose too much. It's too bad that there are so many scumbags trying to steal bitcoin right now. Gotta use extreme caution when dealing, especially internationally. Wish I could help - I'm glad you posted however, I'm sure a lot of people didn't know about this.

[BurtW]

Report this to localbitcoins and try to ask the guy for you Bitcoins back.  Assuming he is a scammer you will not get a response from him.  Assuming it is just a misunderstanding with the banks involved and he is honest then he will give you the BTC back.

[hope4me]

I was using localbitcoins to sell some coins. I got the money in my bank account and released the coins to the buyer.
Several days later my bank got request for wire reversal....
So, in which cases is that possible and what one can try to do to prevent it in future.
Does it work from all countries and all wire systems? (SWIFT, SEPA...) ?

The only way to fight this is not keeping ballance in your Bank, I mean cash out immediatelly

[hashdollar]

I was using localbitcoins to sell some coins. I got the money in my bank account and released the coins to the buyer.
Several days later my bank got request for wire reversal....
So, in which cases is that possible and what one can try to do to prevent it in future.
Does it work from all countries and all wire systems? (SWIFT, SEPA...) ?

The only way to fight this is not keeping ballance in your Bank, I mean cash out immediatelly

Interesting, but... cashing out wouldn't give you a negative balance in you bank account?

[metalsnug]

I was using localbitcoins to sell some coins. I got the money in my bank account and released the coins to the buyer.
Several days later my bank got request for wire reversal....
So, in which cases is that possible and what one can try to do to prevent it in future.
Does it work from all countries and all wire systems? (SWIFT, SEPA...) ?

The only way to fight this is not keeping ballance in your Bank, I mean cash out immediatelly

Interesting, but... cashing out wouldn't give you a negative balance in you bank account?

Even if OP cashes out I believe it would leave his bank account in the negative.

[toy4lov3rs]

I was using localbitcoins to sell some coins. I got the money in my bank account and released the coins to the buyer.
Several days later my bank got request for wire reversal....

Obviously it is big issue if funds just disappeared from your bank account, contact your bank for any reason this might happened.

[wachtwoord]

I was using localbitcoins to sell some coins. I got the money in my bank account and released the coins to the buyer.
Several days later my bank got request for wire reversal....
So, in which cases is that possible and what one can try to do to prevent it in future.
Does it work from all countries and all wire systems? (SWIFT, SEPA...) ?

The only way to fight this is not keeping ballance in your Bank, I mean cash out immediatelly

Interesting, but... cashing out wouldn't give you a negative balance in you bank account?

Indeed, that doesn't work.

[TheJacob]

This is what worries me about using localbitcoins. I don't know nearly enough about banking to know which payment methods to take or how long I need to wait before I know the funds won't be taken back.

[t3xasdolly]

This is what worries me about using localbitcoins. I don't know nearly enough about banking to know which payment methods to take or how long I need to wait before I know the funds won't be taken back.

The point is you can never be sure, thats why Bitcoin is here and will revolutionize the money system. Selling Bitcoin for money is silly and just asking for troubles

[pontiacg5]

I was using localbitcoins to sell some coins. I got the money in my bank account and released the coins to the buyer.
Several days later my bank got request for wire reversal....
So, in which cases is that possible and what one can try to do to prevent it in future.
Does it work from all countries and all wire systems? (SWIFT, SEPA...) ?

The only way to fight this is not keeping ballance in your Bank, I mean cash out immediatelly

Interesting, but... cashing out wouldn't give you a negative balance in you bank account?

Indeed, that doesn't work.

Oh, it will work. It will work so well that you'll never have to worry about a bank account again. 

[wachtwoord]

I was using localbitcoins to sell some coins. I got the money in my bank account and released the coins to the buyer.
Several days later my bank got request for wire reversal....
So, in which cases is that possible and what one can try to do to prevent it in future.
Does it work from all countries and all wire systems? (SWIFT, SEPA...) ?

The only way to fight this is not keeping ballance in your Bank, I mean cash out immediatelly

Interesting, but... cashing out wouldn't give you a negative balance in you bank account?

Indeed, that doesn't work.

Oh, it will work. It will work so well that you'll never have to worry about a bank account again. 

You'll be paying it back and then some.

[FiatKiller]

I had read before that a wire could be cancelled within two hours at a specific time of day(2PM?) for some reason. Probably best to sell for a certified check in person.

[pontiacg5]

I was using localbitcoins to sell some coins. I got the money in my bank account and released the coins to the buyer.
Several days later my bank got request for wire reversal....
So, in which cases is that possible and what one can try to do to prevent it in future.
Does it work from all countries and all wire systems? (SWIFT, SEPA...) ?

The only way to fight this is not keeping ballance in your Bank, I mean cash out immediatelly

Interesting, but... cashing out wouldn't give you a negative balance in you bank account?

Indeed, that doesn't work.

Oh, it will work. It will work so well that you'll never have to worry about a bank account again. 

You'll be paying it back and then some.

That was more or less my point. You can do this, but you'll have a bunch of bank fees plus the reversed transaction to pay back. You'll likely not be able to open another account at any US bank (except maybe super small banks) till you get your name clear from the several intra-bank fraud checking systems.

Paypal is similar, but with your credit. You can't just walk away from a negative account balance...

So that's why we say Go, BTC, go!

[Sindelar1938]

Scumbag assuming this is deliberate
Fight it with the bank
Don't let it slide

[zengryT]

That was more or less my point. You can do this, but you'll have a bunch of bank fees plus the reversed transaction to pay back. You'll likely not be able to open another account at any US bank (except maybe super small banks) till you get your name clear from the several intra-bank fraud checking systems.

Paypal is similar, but with your credit. You can't just walk away from a negative account balance...

So that's why we say Go, BTC, go!

True, Bitcoin is the way to go, people will learn Bitcoin is not speculative bubble, but instead independent banking of near future

[FiatKiller]

Quote from HSBC website:

Wire Transfer requests submitted before 3:00 PM Eastern Time (ET) on a business day will be processed the same day. Wire Transfer requests to domestic banks can be completed online at any time, however, those completed after 3:00 PM ET on business days will be automatically re-dated to the next business day. Wire Transfer requests to banks in other countries can only be completed between 7:00 AM and 3:00 PM ET on business days. International Wire Transfers can be cancelled for up to 30 minutes after the request has been completed with no penalty.

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Says up to 30 minutes with no penalty, implying you can cancel them even later for a fee.