Do you do cash transactions when selling?

Posts
109
Likes
125
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.

Thanks Standby. I'll insist on bank transfer or PayPal friends. If I get a good feeling for a cash buyer I'll meet in a bank as people have suggested. We dont have the facility at police stations to do deals but what a great service!!
 
Posts
109
Likes
125
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.
Cheers fella. Like your style.
 
Posts
109
Likes
125
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.

The more I read and think I agree with waiting for the right buyer. Last night a guy offers 8000 cash, I say no its a bank transfer for 8500. Then he comes straight back and says I can do the 8500 but cash only. I deleted his message without reply.

I remember now also, years ago I sold a watch for 7000+ and the guy seemed ok. He bank transferred it from his branch but the funds didnt credit. Like a fool I let him take the watch as I trusted him. Never again.....until I did it with an expensive camera lens.....

This time its a definite, no money, no watch.
 
Posts
516
Likes
1,161
I have taken cash, but only if they agree to meet at a secure jewellery store, behind locked doors and with security cameras. I deposit the watch the day before, and arrive carrying nothing. If after the deal I’m still feeling uncomfortable (I never am by this point) I would leave cash at the store until the day after. I have sold a couple of highly priced vintage pieces this way. I hope this helps.
 
Posts
1,443
Likes
3,806
I remember now also, years ago I sold a watch for 7000+ and the guy seemed ok. He bank transferred it from his branch but the funds didnt credit. Like a fool I let him take the watch as I trusted him. Never again.....until I did it with an expensive camera lens.....

This time its a definite, no money, no watch.

How did you know the buyer attempted to transfer the money? It never made it into your account?
 
Posts
11,168
Likes
19,603
I have taken cash, but only if they agree to meet at a secure jewellery store, behind locked doors and with security cameras. I deposit the watch the day before, and arrive carrying nothing. If after the deal I’m still feeling uncomfortable (I never am by this point) I would leave cash at the store until the day after. I have sold a couple of highly priced vintage pieces this way. I hope this helps.

That's one accommodating jewellery store!
 
Posts
572
Likes
754
It's interesting to read these posts and speculate on a cultural difference between the USA and the UK when it comes to cash. Here in the UK, I think cash has already taken on a really dodgy sense, driven by increasing regulation in relation to people paying in cash. For example, many car dealers and jewellers no longer accept cash at all in large amounts. See for example https://www.gov.uk/guidance/money-laundering-regulations-high-value-dealer-registration.

I also saw yesterday my wine merchant telling a customer that he was only accepting cards because of the coronavirus, but he mentioned that after this, they won't be going back to accepting cash, because it's expensive to handle it compared to card processing fees. He's far from alone.
 
Posts
109
Likes
125
How did you know the buyer attempted to transfer the money? It never made it into your account?
Hi, sorry my bad explanation. I was in the bank and we went to the counter and he did the transfer. The money didnt come to my account but because I'd seen him do it I let him take the watch. But now I wouldn't do that. Too risky.
 
Posts
1,443
Likes
3,806
Hi, sorry my bad explanation. I was in the bank and we went to the counter and he did the transfer. The money didnt come to my account but because I'd seen him do it I let him take the watch. But now I wouldn't do that. Too risky.

After your experiences it’s smart to play it safe. Money clears the account before a watch is turned over
 
Posts
12,893
Likes
51,571
Cash is fine if trust and safety can be ensured. Even better if a watch nerd discussion takes place over beers. Good way to make new watch friends.
 
Posts
109
Likes
125
Cash is fine if trust and safety can be ensured. Even better if a watch nerd discussion takes place over beers. Good way to make new watch friends.
That would be good. A friendly chat of course
 
Posts
516
Likes
1,161
That's one accommodating jewellery store!
I have good friends! I help them regularly with vintage pieces and they let me work out their premises when I need to.
 
Posts
6,731
Likes
12,701
Five years ago I agreed to sell a watch to a trusted dealer/friend in Aruba who was trying to get a client the watch I had but was no longer available. He was travelling to Las Vegas for a dealer show and he said he would pay $40k cash at the show and I would give him the watch, and he would pay an extra $1k for my expenses. Flew out with the watch, had lunch at his hotel, went up to his room and I counted the $40k in $100 bills, gave him the watch and left. Somehow I got twisted around at the hotel and went out the high roller exit where a couple of Ferrari's, Lamborghini's and a Rolls Royce or two were parked. They asked where I was going and I said the airport, they drove me over in a house car and I gave the driver a nice tip. My only concern was going through security with that much cash in my carry on but figured if anyplace was ok with cash it would be Las Vegas. Sailed right through with 4 thick bundles of bills clearly visible on the x-ray machine, no issues, no questions asked. Changed plans in Salt Lake City (same concourse, no more security) and got back to home airport in Texas about 11pm. Took the bus to the car park, put the bag in the back seat, locked the doors and drove the 80 miles to home. The next day put $10k in the bank (the max you can put in without triggering the need for the bank to report a large cash deposit) and lived on the $30k cash for the next 18 months or so. We were doling out $100 bills at the grocery store every time the wife went to buy a loaf of bread. Didn't use an ATM machine once in that period. I have no issue taking large sums of cash if that is the preferred method of transaction. Cash is king to me.
 
Posts
516
Likes
1,161
Five years ago I agreed to sell a watch to a trusted dealer/friend in Aruba who was trying to get a client the watch I had but was no longer available. He was travelling to Las Vegas for a dealer show and he said he would pay $40k cash at the show and I would give him the watch, and he would pay an extra $1k for my expenses. Flew out with the watch, had lunch at his hotel, went up to his room and I counted the $40k in $100 bills, gave him the watch and left. Somehow I got twisted around at the hotel and went out the high roller exit where a couple of Ferrari's, Lamborghini's and a Rolls Royce or two were parked. They asked where I was going and I said the airport, they drove me over in a house car and I gave the driver a nice tip. My only concern was going through security with that much cash in my carry on but figured if anyplace was ok with cash it would be Las Vegas. Sailed right through with 4 thick bundles of bills clearly visible on the x-ray machine, no issues, no questions asked. Changed plans in Salt Lake City (same concourse, no more security) and got back to home airport in Texas about 11pm. Took the bus to the car park, put the bag in the back seat, locked the doors and drove the 80 miles to home. The next day put $10k in the bank (the max you can put in without triggering the need for the bank to report a large cash deposit) and lived on the $30k cash for the next 18 months or so. We were doling out $100 bills at the grocery store every time the wife went to buy a loaf of bread. Didn't use an ATM machine once in that period. I have no issue taking large sums of cash if that is the preferred method of transaction. Cash is king to me.
Sounds like the opening to the new and as yet unfilmed Casino 2!!