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Advice appreciated: new member contacted me for sale

Renton
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hi OF,

Just wanted to get some advice from more experienced members on the following situation.

A new member (account created on that day itself) contacted me over the weekend regarding a watch I had on sale some time back. As the watch is still available, I am open to selling it to him.

Noticing the new account being created, I asked for references which member said he had none but instead, offered his eBay account which username matched his OF username. ebay account has all positive reviews.

Member provided his shipping address (middle eatern country) and contact details, and had asked for my bank account details.

of course, item will only be shipped once funds are confirmed in my account.

so the question is: is there any risk in providing my bank account details?

Thanks in advance For your valuable inputs.
 
FreelanceWriter
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I wouldn't provide bank account details to anybody who contacts you unsolicited like that. Chances are he just wants to pay you, but I wouldn't do it, because it's not impossible to use that info fraudulently in combination with other information about you that can be gleaned online, especially if someone is wiling to pay for it. If he waited this long, he can wait a little longer while he finds a way to transfer cash to you via Western Union or some other means.
 
Faz
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Without top notch and verifiable credentials, I wouldn't.
 
Gruesome
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Talk to your bank. Even cashier's checks can be reversed after days/weeks if they turn out to be fraudulent. Ask your bank at what point a deposit/wire transfer can't be reversed anymore. Get it in writing.
 
Marsimaxam
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Gruesome Gruesome
Talk to your bank. Even cashier's checks can be reversed after days/weeks if they turn out to be fraudulent. Ask your bank at what point a deposit/wire transfer can't be reversed anymore. Get it in writing.
I agree, contact your bank before giving your bank information. If I recall correctly, and I may be wrong, like a check that has cleared can bounce so can wired money. I don’t believe the individual can do anything with just your account information. Every time you write a check all your account information is there for anyone to see.

Most importantly, the buyer is always in a weaker position, unless, the seller does something stupid.
The words of wisdom in watchdom is “ buy the seller, not the watch” but it also helps to know your buyer.

Good luck.
 
Walrus
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You are probably ok but I also don’t like to give my banking info online either. It’s true they are on every check we write, but I know who and why I am sending a check to. It’s one of those things that bothers me a bit.
 
DaveK
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This may not be the case here, but there have also been scammers who create new accounts targeting ads here. For me it was not long after a WTB ad was placed
 
Renton
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Thanks to all members who have chipped in with advice. Much appreciated and confirmed my thinking to not reveal bank account.

Have a great week ahead all!


P.S @Dan S my country doesn’t have Transferwise unfortunately!
 
STANDY
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Open a savings only account and get him to deposit the money there.
Another bank to the one you use is even better.
Once money is in withdraw it Leaving $1 in and your good to go.

Safe banking 👍
 
Evitzee
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If you want to sell a watch the most secure way is a wire transfer, but you don't want to provide your banking info to enable a WT, ergo you can't sell your watch. Caution is one thing, paranoia is something else.
 
janice&fred
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Evitzee Evitzee
If you want to sell a watch the most secure way is a wire transfer, but you don't want to provide your banking info to enable a WT, ergo you can't sell your watch. Caution is one thing, paranoia is something else.

True. We have done that for years and never a problem. It's standard business practice to use bank wire transfer.
 
Dan S
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Renton Renton
P.S @Dan S my country doesn’t have Transferwise unfortunately!

In that case, then I agree with others that I don't know what actual concern there is with wire transfer. Every time this comes up, some people vaguely warn that bad things can happen, but I have never heard of any actual issue occurring.
Edited:
 
steelfish
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Are you in the UK? If you receive a balance transfer into your bank via faster payments, it cannot be recalled without your consent. Should be low risk. If you are outside the UK I wouldn’t have that benefit and would be more wary.

EDIT: Maybe a BT is the same as WT?

The only thing to say about a 0 post account (and everyone has to start somewhere - I’ve only got a small number myself)) is that dealers start new accounts to buy cheap from the forums and sell elsewhere. I’ve seen two items I’ve recently sold here To 0 post accounts appear elsewhere that have miraculously appreciated.
 
gbesq
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Dan S Dan S
Transferwise?
That was going to be my suggestion as well. Either that or use PayPal and have buyer include your fees as part of the purchase price.
 
Shabbaz
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I thought banktransfer is the safest way for the seller to sell his watch because the buyer can not get his money back (with paypal he can). I've sold many watches this way. Also to new members. Never had any problems. But maybe I'm naive.
 
gbesq
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Shabbaz Shabbaz
I thought banktransfer is the safest way for the seller to sell his watch because the buyer can not get his money back (with paypal he can). I've sold many watches this way. Also to new members. Never had any problems. But maybe I'm naive.
Good point re PayPal. More protection for buyers than sellers. Are you sure that you're correct about wire transfers? I thought that I had read that they can be reversed under certain circumstances, but perhaps I'm mistaken. How unfortunate that we have to worry about this stuff. State of the world, I guess.
 
mayankyadav
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Sometimes people see the sale posts on other sites and are redirected here. That's what might have happened in your case.
If buyers eBay account is matching with his user name it should be ok. Just ask to log in into his eBay and send that screen shot to you so that you know for sure that he is the one who he is claiming to be.

As an added layer of precaution, you can open a new bank account for transaction like this ( if you are in US, it takes few clicks to open any account with most of the banks and you might even get some promotional credits). Let your account be credited and then withdraw that money and ship the watch.

You are doing a transaction on internet so obviously there will be risks. But you can mitigate the risks or avoid selling to people whom you don't know.
 
Drb477
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My understanding is wire transfers are generally considered non reversible, but in reality, as with most things, the whole story is a little more complicated. That said, reversing a wire transfer is very difficult especially if the money has been moved out of the account. On the other hand, disputing paypal is very easy to do.

I'd do something on ebay to prove the account is his such as message him on ebay to confirm rather than just assume its him because screennames match as that would be pretty easy to fake.

I'd imagine its fairly common for people to see a watch for sale they want, register an account to inquire about it, but otherwise have no interest in contributing to message boards.
 
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