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How safe are bank transfers for the seller?

  1. Modest_Proposal Trying too hard to be one of the cool kids Aug 21, 2015

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    Surely this has been discussed before, but I can't find the keyword when I searched the site.

    Also, I'm aware that there are answers online to this question, but I'd like to hear the opinions of people from this community:

    I've never accepted a bank transfer before. I've been lead to believe it's very safe for the receiver, but I'm irrationally skeptical, since this is a large sale.

    How safe am I accepting this form of payment from an international buyer?
     
  2. X350 XJR Vintage Omega Aficionado Aug 21, 2015

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    AFIK they are very safe. Once its in your account its there, don't know of any way to dispute once its complete.

    I do them regularly with European customers.
     
    Northernman likes this.
  3. Tony C. Ωf Jury member Aug 21, 2015

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    Extremely safe, and any fears about what nefarious people might do with bank details should be put to rest. It's not that banks are completely immune from hacking, but rather that individual accounts are not, to my knowledge, ever targeted.
     
    Northernman likes this.
  4. Northernman Lemaniac Aug 21, 2015

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    Money on your account should be safe. Move them directly to another account if unsure!
    The buyer on the other hand has little to go by.
    I have also paid and have gotten paid this way many times. It's down to a common trust really.
    Have sent several thousand USD this way. Never been had, but that may be pure luck and nothing more.
    Cheers!
     
  5. STANDY schizophrenic pizza orderer and watch collector Aug 21, 2015

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    Have bought a fair few watches of very regular forum members with Bank Transfer and never had a issue. Safe for seller and I always buy the seller before I send money. ( when it's @Alpha @Gavin @ulackfocus its safe as houses for me )

    And soon to be @Northernman when he finds my watch::stirthepot:: ( couldn't resist as I was typing while your post came up)
     
    Northernman likes this.
  6. Darlinboy Pratts! Will I B******S!!! Aug 21, 2015

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    Wire is best by far for a seller, IMO.

    I have no issue using bank wire as a buyer either, provided the seller is someone I know and trust.
     
    lillatroll likes this.
  7. oddboy Zero to Grail+2998 In Six Months Aug 21, 2015

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    I have sent thousands via wire. As a buyer, it can be a bit nerve wracking, but someone has to leap first and I've yet to go wrong.

    Never received via wire, but I would have no fear about doing so. Only caveat is that some sending banks may request the receivers address as well as the bank's - ie, you would provide it to the buyer so the buyer could provide it to their bank. I'd be wary of sharing my home address with someone I didn't know or couldn't verify through other means.
     
  8. gemini4 Hoarder Of Speed et alia Aug 21, 2015

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    There are safer alternatives

    image.jpg
     
    MikiJ, x3no, Northernman and 3 others like this.
  9. Nobel Prize Spell Master! Aug 21, 2015

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    There's pretty much no information on a wire transfer that is not Already on a check if you ever pay anything by check.

    So safe, very safe. For the buyer no recourse though.
     
  10. Nobel Prize Spell Master! Aug 21, 2015

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    But then again items have to be shipped. I don't send anything without a verifiable address that matches the buyers id , account or business card if sent to a business.
     
    Edited Aug 21, 2015
  11. ulackfocus Aug 21, 2015

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    I've accepted and sent wire transfers with known reliable buyers and sellers. :thumbsup:
     
  12. alfanator Aug 21, 2015

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    You might consider having the sending putting a note in wire that says, for XYZ, so there is no doubt that it was done by fraud or "mistake", and cause for reversal.
     
  13. oddboy Zero to Grail+2998 In Six Months Aug 21, 2015

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    What's a 'check'?
     
  14. Matty01 Port Adelaide's No.1 Fan Aug 22, 2015

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    Ive paid amd been paid via wire, with no issues
     
  15. Archer Omega Qualified Watchmaker Aug 22, 2015

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    Only thing I would be sure of is that when the money lands in your account, that it actually is a wire transfer and not a deposit of some other form. My bank will actually note it as "WIRE" in the description when I look at my account on-line, but if you have any doubt call your bank and ask for verification that it is a wire transfer.

    I have read stories of people getting the transaction reversed because it was not a wire, but a deposit of some other instrument that ended up being bogus, and only found out after the fact.

    Cheers, Al
     
    Modest_Proposal likes this.
  16. WatchVaultNYC Aug 22, 2015

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    The wire could be safe, but the account number which you give to the buyer is not. If you give out a checking account number for the destination, you may fall victim to DEMAND DRAFT FRAUD, wherein someone uses your checking account information to make fake checks and cash them.

    The advice given to me was always use a savings account number as the destination (as you cant make fake checks associated with a savings account)
     
    ffej4 likes this.
  17. NT931 Aug 22, 2015

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    I've used wire transfers before as a buyer, and it's been pretty safe for me so far, even with biggish amounts of money. As the buyer, my biggest fear is an unscrupulous buyer, so I've limited wire transfers only to trusted sellers. Paypal fees are very expensive for high-value items, but I'm lucky that wire transfers are inexpensive for me (typically $25-50).

    Like Alfanator said, I always put in a note that states 'From ___, for ___'' so he knows who's sending it for what watch. Some high-volume sellers like HQ Milton may have many transfers a day and I want to be clear about payment.
     
  18. christhomas Aug 22, 2015

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    I have used bank transfers in the UK quite often for high value items such as cars and watches and have never had a problem. You need to be sure you trust the seller though as there is no way to get the money refunded. One precaution I usually take when transferring money for the first time to a new recipient is to make a small £1 transfer initially and ask the recipient to confirm its safe arrival in their account. If this goes OK I then transfer the full amount. The potential problem is that if a digit is wrong in the account number or sort code the funds will go to an incorrect and unknown recipient and recovery will be nigh on impossible. Banks in the UK take the position that is is your responsibility to enter the correct details and if you make a mistake it is not their problem - they will just maintain that they have successfully completed the transfer as you requested. They do not use the account names so even if the name is right the transfer will go to the wrong account if there is a numerical error.
     
  19. Bluemartinifan Aug 26, 2015

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    When receiving a wire I now use a secondary savings acct with little funds in it. Long ago I sent wire info to a buyer for my primary checking acct , the buyer flaked and I felt unnecessarily exposed .