What precautions should be done for both the buyer and seller when exchanging BTC by wire transfer?

When I recently purchased a miner from BFL labs via wire, my bank sent me a letter saying that I had 10 days to contact them if this wire was done in error. During this 10 day window, BFL confirmed payment and proceeded with my order.

To me this implies that a wire transfer can indeed be cancelled up to 10 days (or perhaps more) after the wire is sent.

  • Can a wire xfer be cancelled?

Here is another example, localbitcoins.com will act as a mediator and allow for wire xfers to occur.

  • Does the seller loose any privacy by sending their account number?
  • I am confused about your usage of "clawback." Wikipedia defines it as a bonus to an executive that can be revoked. – Nick ODell Mar 22 '13 at 19:26
  • @NickODell I saw the term clawback used casually to describe what paypal and credit card companies do to get the money back to "steal" from the seller. I revised the q – goodguys_activate Mar 22 '13 at 19:30
  • It seems that a wire transfer can be 'recalled' within 72 hours inside the united states. However, unlike credit cards, it has to be as a result of fraudulent use of your account, not just that you didn't receive a package. – Nick ODell Mar 22 '13 at 20:56

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