Do you do cash transactions when selling?

markie916 · Jun 13, 2020

Hi all. So I'm selling a couple of watches on ebay, which I've never really done. Most of my transactions on ebay are for sub 1000 dollar sales. I'm getting people wanting to give me cash for these watches which I dont want to do because I don't want to be robbed of the watch and the money when we meet. Money can be counterfeit also which we used to see where I work until we went no cash transactions. The watches are 8500 dollars and 4500 dollars.

What do people here do when selling watches? Do they meet face to face and accept cash? I did suggest meeting outside my local Police station, the guy hasn't replied........

My gut feeling is bank transfer and then we meet or I post the watch.

Thanks for your input.

MtV · Jun 13, 2020

Not sure if that works in every country, but how about meeting in a bank? You can deposit the money right away and leave with nothing on you, there’s cameras and in bigger branches possibly even a security guard?

STANDY · Jun 13, 2020

I’m 4000km from the nearest person in Australia that would buy a watch.

Face to face we could go fishing for the day and do the deal.

(I know a nice quiet spot in a river nearby)

Scarecrow Boat · Jun 13, 2020

With eBay now making it mandatory every sale include sales tax, more and more people have been asking to buy off platform. Your listings would have a steep sales tax too. However, your concerns are valid and warrant being extra vigilant. You have offered the police so if they don’t respond you kinda got your answer. But if they respond with an option you don’t like say no. Also look at their profile on eBay and see their feedback. If they don’t have any or nothing of significance, move on. Listen to your gut

asrnj77 · Jun 13, 2020

They want to avoid sales tax while offering you an opportunity to avoid PayPal and eBay fees. But it’s all for naught if you get robbed like you fear.

There is a risk involved so as others have said I would only meet in a police station (some have meeting areas specifically for these transactions) or else just continue to sell only on eBay with PayPal. If you’re being offered cash for both watches at your asking price, you must have them priced competitively. It sounds like you won’t have issues selling them in a way that makes you comfortable

Walrus · Jun 13, 2020

I do many face to face sales with people, purchases as well. I have never had a problem. I should say none of them were eBay sales they were sites that offer face to face local or mail. Anyway I’m not saying your concerns aren’t valid. If you don’t feel comfortable why bother.

impalla62ss · Jun 13, 2020

Where I live there is a parking spot reserved at the local police station for transactions from Craigslist, eBay, etc.

SkunkPrince · Jun 14, 2020

I sold a rack of Rockman equipment for $1500 and got paid in cash but fortunately US currency has a distinctive feel... the paper is that distinctive.

I don't know what I would do for more than that. Certified funds are always preferred.

Braindrain · Jun 14, 2020

Certified cheques can be counterfeited quite easily.

SkunkPrince · Jun 14, 2020

Braindrain
Certified cheques can be counterfeited quite easily.

Not really. Cashier's checks, teller checks also known as money orders, but an actual certified check is countermarked by the bank. Note I mean in the United States, I don't know about anywhere else.

SkunkPrince · Jun 14, 2020

Also, in the United States, you can call a bank and ask if a check is valid and there are funds to cover it.

STANDY · Jun 14, 2020

Nearly all purchases I have done for over $1k are by bank transfer to the member.
Never had a issue and I usually always pay $20 more to cover bank fees. (Why squabble over a few dollars when you buy for pleasure and not investment)

Rest are PayPal friends and family.

JimInOz · Jun 14, 2020

I recently did a face to face sale.

We both met at the bank and I transferred AUD$23K to his account and it was instantaneous.
If his bank had been another brand, he would have had the funds 24 hours later at the most and we both had proof of the transfer.

I wouldn't do cash with an unknown buyer unless it was in a bank and the cash went into your account.

STANDY · Jun 14, 2020

JimInOz
I recently did a face to face sale.

We both met at the bank and I transferred AUD$23K to his account and it was instantaneous.
If his bank had been another brand, he would have had the funds 24 hours later at the most and we both had proof of the transfer.

I wouldn't do cash with an unknown buyer unless it was in a bank and the cash went into your account.

$23k do tell..........

or How is Tony (Mokbel) 😉

JimInOz · Jun 14, 2020

STANDY
$23k do tell.......... or How is Tony (Mokbel) 😉

I was acting on behalf of another entity. And it definitely wasn't Fat Tony.

Davidt · Jun 14, 2020

I wouldn't bother with cash. Personally it's not worth the hassle and potential risk. I'd rather wait for another buyer to come along.

I have done several deals where i met the buyer/seller In a bank and transferred funds there and then. This is an option i consider if my due diligence checks out.

I've also been to sellers homes and transferred cash via internet banking before leaving with the watch. That's the sellers choice if they choose to offer that, but when I'm selling I would only agree to his for people I know.

markie916 · Jun 14, 2020

MtV
Not sure if that works in every country, but how about meeting in a bank? You can deposit the money right away and leave with nothing on you, there’s cameras and in bigger branches possibly even a security guard?

good idea, they can check if the money is counterfeit also. Our banks are in a strange situation due to corona but that won't last. thanks 😀

markie916 · Jun 14, 2020

Scarecrow Boat
With eBay now making it mandatory every sale include sales tax, more and more people have been asking to buy off platform. Your listings would have a steep sales tax too. However, your concerns are valid and warrant being extra vigilant. You have offered the police so if they don’t respond you kinda got your answer. But if they respond with an option you don’t like say no. Also look at their profile on eBay and see their feedback. If they don’t have any or nothing of significance, move on. Listen to your gut

Thanks scarecrow. I like your advice.

markie916 · Jun 14, 2020

asrnj77
They want to avoid sales tax while offering you an opportunity to avoid PayPal and eBay fees. But it’s all for naught if you get robbed like you fear.

There is a risk involved so as others have said I would only meet in a police station (some have meeting areas specifically for these transactions) or else just continue to sell only on eBay with PayPal. If you’re being offered cash for both watches at your asking price, you must have them priced competitively. It sounds like you won’t have issues selling them in a way that makes you comfortable

Thanks asrnj. The watches are the lowest priced for their models. A genuine buyer would meet at a police station, I would. I'd know my money isn't going to get robbed by a scam seller. So people avoiding legitimate locations have something to hide. Thanks.

markie916 · Jun 14, 2020

Walrus
I do many face to face sales with people, purchases as well. I have never had a problem. I should say none of them were eBay sales they were sites that offer face to face local or mail. Anyway I’m not saying your concerns aren’t valid. If you don’t feel comfortable why bother.

I guess I'm just checking myself as several people are offering cash. And looking at the sale from their point of view also. But as you say if i not comfy dont bother. As someone has suggested a meet in a bank is a good idea as it can be checked and payed in. Thanks Walrus

Do you do cash transactions when selling?

markie916

MtV

STANDY

Scarecrow Boat

asrnj77

Walrus

impalla62ss

SkunkPrince

Braindrain

SkunkPrince

SkunkPrince

STANDY

JimInOz

STANDY

JimInOz

Davidt

markie916

markie916

markie916

markie916

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