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Best payment method for in-person sale

Q
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Hello everyone,

I’ve decided to part with my Rolex 226570 and have several local buyers that are interested. I’m looking for advice on which payment method I should request.

I’m leaning towards having the buyer meet, at my bank, with cash but would like input from the community.

This will be my first sale at this scale.

Thanks!
 
blueteg
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Cash is best for a face to face sale. Make sure to have the teller run it through the counter to ensure the bills are good.
 
X350 XJR
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Even better to meet them at their bank and watch them withdraw the cash from a teller.
 
Larry S
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Cash and a secure location like a bank or a police station. Having a teller verify the quality of the cash or being there when it comes out of a cash machine is a great idea. Lots of fake bills circulation these days. Zelle or Venmo F2F in a secure location is the safest if under $5k.
 
rootbeer7
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I make sure transaction happens in a secure premises and ask for a bank transfer. Once the funds appear in my bank app, the watch is passed over.
 
140dave
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I don’t do cash transactions, seems like a good way to get robbed on your way back to the car. As said above, cash lands in my account then we meet at a nice safe place, I generally like police stations but banks work too.
 
Jones in LA
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The proverbial bag of cash. Do what you can to vett the buyer and the exchange location. A bank sounds like a good location if it is itself in a safer area.

Just kidding about the bag though. A crisp bank envelope would simply look better, and probably feel better for both parties.
 
YY77
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Surprised seeing cash being advised by many here, seems US is very different to the Netherlands where we can transfer money to a local bank account (there's an automatic check if name and accountno are of that person) and it's instantly transferred.
 
Dan S
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Venmo/Zelle transfers are fast, but would not be large enough for this watch. Bank transfers of large amounts often take time to process in the US, and the timing is unpredictable.
Edited:
 
reverbtime
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I've done a few sales at the bank. Buyers hand me the cash; I deposit the cash with the teller; I hand them over the watch.

It's always funny how everyone looks at you while you show the buyer the watch before this dance takes place.
 
Evitzee
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I prefer cash, but in the US deposits of cash of over $10,000 require a bank to report the cash transaction to the Federal government, if you split it up into smaller amounts they will report you for 'structuring' the deposits to avoid detection. Both are intrusive and can cause trouble for the depositor. Wire transfers or ACH deposits don't trigger anything. Something to keep in mind if it's an expensive transaction.
Edited:
 
noelekal
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Yup, Currency Transaction Reports. And, it's all a part of modern American Liberty.

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Davidt
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Bank transfer for me, but I’m in the UK and they’re generally instant.
 
sathomasga
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This is not a suggestion, but rather a question: would a cashier's check work?
 
Rasputin
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Go to bank. Have them cut out a cashier’s check in your presence. Transfer watch. Have a good day. Unless you can directly transfer cash within the bank best stay away from carrying it.
 
cakey007
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I have taken a ‘cheque de banque’ recently- bankers draft in UK terms , for the sale of a vehicle , you are able to contact the issuing bank to confirm - which we duly did and all was fine.
I’m sure it’s not fool proof but more peace of mind as the buyer was happy to pay all in cash however as a business in France, generally the limit is 1000€ .

I brought a watch a few years back locally , took the cash as I didn’t want to miss it but the seller declined it in favour of waiting for a cheque de banque.
Online banking can be too slow to use in France I find , with low limits and days to set up beneficiaries
 
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