Community Stories

Chrono24 - sold watch, money sent through escrow account but never arrived

asrnj77
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T T.Lin
I am curious how your case was ultimately resolved as I am also in a similar situation right now.
I sold my watch using Chrono24’s secure payment recently, carefully following every instruction as per CN24 guidelines, and yet I have not received the fund. Although all information in the SWIFT message is correct, the fund did not arrive in my bank account. It has been more than six weeks since the lost fund has been under investigation, and I have not gotten a helpful update from CN24 so far. It has become so upsetting and frustrating that I no longer have my watch or the fund.

I wonder what is under investigation? The money was either electronically sent or it wasn’t. I recently had an issue where I needed to contact them and they answered the phone right away and were able to resolve it. That was the US site though and I have never had to do anything with the EU version. I hope you get some resolution.
 
T
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asrnj77 asrnj77
I wonder what is under investigation? The money was either electronically sent or it wasn’t. I recently had an issue where I needed to contact them and they answered the phone right away and were able to resolve it. That was the US site though and I have never had to do anything with the EU version. I hope you get some resolution.
I am using the Australia site. The fund was sent electronically by the CN24 escrow service payment provider. However, the fund never arrives in my bank account. CN24 is in the process of fund recall and will re-issue the fund to me once the fund recall is successful. However, this could take multiple weeks and a definite timeframe is not provided. It has been six weeks, and the update from CN24 is painstakingly long.
 
mahomes
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Sounds like a horror story. Just sent mine though C24, hope it’ll all work put smoothly. Hope you’ll get your money shortly
 
mahomes
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It took a day after the confirmation from c24 for the money to arrive at my bank account. Will sell there again
 
bananapeanut
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mahomes mahomes
It took a day after the confirmation from c24 for the money to arrive at my bank account. Will sell there again
Are the selling fees on C24 lower than eBay ?
 
CameronD
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Ebay is closer to 13 % once you factor in their payment system.

Recently I sold sold several watches through Chrono24 and one payment was held up - due to my bank merging with another - the bank info needed to be changed in my account and within a day or so, the money was transferred. [email protected] was fast on their replies and easy to work with concerning this snafu.

Closed my eBay account because they always back the buyer over the seller. They refunded money to a buyer who claimed I never responded to a question about an item. Guy never looked into his spam folder for my reply. I had responded and answered his question. Eventually, he retracted his complaint and eBay authorized payment.

My feeling is, in addition than the forums, Chrono24 is the best way to go. I have decided to tighten up my collection to five German mechanical watches and two Casio's (for exercise/hiking/bikes). (Three Damasko's, one Limes and one Guinand)

Buying/selling/flipping is too expensive and wasteful. It takes time to learn what you truly connect to with watches and that process of buying/selling is educational.

Promised a friend, wife and myself that I would not even consider purchasing another watch until 2024. I intend to keep that promise.
 
Donn Chambers
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Evitzee Evitzee
I suspect the problem is a Euro wire being sent to a US bank, it's probably been shunted aside and stuck in the system. Most US banks are clueless when it comes to anything that isn't dollar denominated. Get as much information as you can from Chrono24 as to the particulars of the wire (if you don't have this info already), then you'll have to get to someone in your banking system who can trace where the wire is. HSBC will have a desk who can do this, but you'll have to find out how to get to the proper person who can help. You may have to have Chrono24 rescind the wire and resend it in USD, there was no reason for them to send it in Euros in the first place......that was their mistake and they should work with you.

This is crazy. I have had Euros (and other European currencies) wired to my Bank (Bank of America) with no delay or problems, other than extra fees to “convert” the money to dollars. I can only guess that someone, somewhere entered the wrong account information or code, and the money is sitting somewhere. Take a vey close look at all the numbers in the documentation you have - even one off can mess up the entire process.
 
Dan S
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The information above about eBay fees on watches is not totally correct. The fees are graduated with watch value and are incredibly high for low value watches. However, once you get into higher values, the fees become quite modest IMO. It seems to me that eBay is trying to disincentivize the sale of cheap watches on their platform. The payment processing fee is 2.7%, which is competitive with many other methods. And given that the buying audience reached by eBay is unparalleled, overall, I still find eBay to be a good way to sell watches in practice. You can find a buyer for anything, which is not always true elsewhere.

However, starting this year, they will supposedly be sending you a 1099 form, so be prepared to document your cost basis and to include the profits as capital gains on your tax return.

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