Money transfer between parties : options ?

Ludi · May 10, 2022

Dear OF member,

Please excuse me if a similar topic is in existence somewhere in the forum as I am currently unable to find it (getting ready for the walk of shame if needed)

I am on the verge to complete a sale transaction with an other OF member for quite a sum of money.

However the buyer is a bit reluctant to wire the money without any insurance I would deliver - which I totally understand, absolutely no blame on him. To be frank I would feel the same in his position .

FYI we both are EU citizens, from different countries though, and I will deliver face to face to avoid any shipping hassle.

Would you mind giving me some advice on how to proceed in the safest way for both of us ?

Thank you OF for being such a great place of interest 👍

Scarecrow Boat · May 10, 2022

Ludi
However the buyer is a bit reluctant to wire the money without any insurance I would deliver […] Would you mind giving me some advice on how to proceed in the safest way for both of us ?

Do you have any feedback as seller you can give them?

blufinz52 · May 10, 2022

If you're meeting face to face, perhaps you could meet at his bank. When he inspects/accepts the watch, he can then wire the money to your account.

Ludi · May 10, 2022

Scarecrow Boat
Do you have any feedback as seller you can give them?

I more a buyer than a seller I’m afraid. Thanks for the tip anyway 👍

Ludi · May 10, 2022

blufinz52
If you're meeting face to face, perhaps you could meet at his bank. When he inspects/accepts the watch, he can then wire the money to your account.

My thoughts too, probably the safest way to reinsure both of us. Thanks 😀

Dan S · May 10, 2022

I've never done it, but I think you can use an escrow service, like escrow.com.

pdxleaf · May 10, 2022

Wise (formerly Transferwise) acts as an escrow. They can hold the funds until the buyer accepts the watch. The seller can determine how long the buyer has to accept the item. The buyer and seller each set up their own accounts in Wise.

The company has a good support system if you have questions.

tnt9 · May 10, 2022

it is only "safe" way. everything else must include full trust

Braindrain · May 10, 2022

Ludi
Dear OF member,

Please excuse me if a similar topic is in existence somewhere in the forum as I am currently unable to find it (getting ready for the walk of shame if needed)

I am on the verge to complete a sale transaction with an other OF member for quite a sum of money.

However the buyer is a bit reluctant to wire the money without any insurance I would deliver - which I totally understand, absolutely no blame on him. To be frank I would feel the same in his position .

FYI we both are EU citizens, from different countries though, and I will deliver face to face to avoid any shipping hassle.

Would you mind giving me some advice on how to proceed in the safest way for both of us ?

Thank you OF for being such a great place of interest 👍

If the seller has a good rep, offer to fly out for the F2F and for him to inspect the watch. If all is good, follow him to his bank while he completes the bank transfer. You don't need to be beside him (unless he's ok with it). He just needs to show you the print-out of the transfer (which should have that day and time on the slip).

I do stress that the seller also needs to have a good rep, since you don't want to have him backing out when you're already there.

Ludi · May 10, 2022

Thanks you both guys 👍

The bank wire the day I will travel to him, after a close inspection of the watch, seems the most effective way to make a 100% entrusted transaction for both parts indeed.

Escrow.com is a US based company, not sure it will comply to EU laws in case of litigation ?

I’ll have a look to Wise though, good to know other options

Davidt · May 10, 2022

I’m not sure how much security Wise offer but I can say that I’ve used them several times in the past and would recommend them if you trust the seller

vitriol · May 10, 2022

Ludi
My thoughts too, probably the safest way to reinsure both of us. Thanks 😀

Given it will be face to face, a visit in buyer's bank probably is the most reasonable option, then I see two ways:
i) both of you enter into the escrow account agreement (with buyer's bank not with that escrow.com portal). This will attrack some extra cost, but benefit is that once buyer releases the funds - you are the owner and you can either cash them out or wire to the account in your (home) bank.
ii) process the payment as the ordinary bank wire (without the escrow agreement). Even if both of you are in SEPA, inter-bank transfers are settled in clearance cycles, clearance of a cross-border transfer may take 3-4h, perhaps more, depends on the banks involved here.
Cancellation of the bank transfer which already was cleared is possible after confirmation of the recipients (your) bank.
Cancellation of the bank transfer which yet was not cleared depends on the internal procedures of sender's bank.
I do not know the buyer, and not saying he/she may want to initiate the cancellation, but bank probably offers some kind of prompt cross border payment which reduced the time needed for clearance by you bank.

So in short, depending on how much time you guys have that day, just choose whatever is cheaper - escrow or prompt cross border payment.

Ludi · May 10, 2022

Prompt cross border payment is safer indeed, just in case of cancellation initiated by the buyer after I left him I guess ?

Good to know either way, thanks, getting in touch with the buyer asap to plan it 👍

Evitzee · May 10, 2022

There are some buyers that will always be reluctant to part with their money no matter what reputation the seller has. A face-to-face transaction sounds the best in this case but I'd be prepared to still deal with reluctance once the deal is at hand. I've had buyers that claim they aren't comfortable sending money to another party on a deal made over the internet, but will continue to have reasons why other solutions won't work either. And then the deal falls through. Just be prepared for all contingencies.

Shabbaz · May 10, 2022

You can also throw it on chrono with escrow and he or she can buy it there. There’s a chrono fee involved but the buyer has more protection then a private sale. But I always feel a bit reluctant for a sale if there’s no trust. Somehow I have the feeling such buyers start complaining after a sale because the buckle is to silver...

The Father · May 10, 2022

blufinz52
If you're meeting face to face, perhaps you could meet at his bank. When he inspects/accepts the watch, he can then wire the money to your account.

This. Most reasonable straight forward method.

JimInOz · May 11, 2022

I'd suggest FTF at a bank or close to a bank.

I had a similar situation. The seller was cautious (inexperienced) so I suggested meeting at a bank halfway between our locations.
We had a coffee at a cafe next to the bank, I checked the watch and was happy with it and handed it back.
We finished our coffee and went into the bank and I transferred $25K into his account as he watched.
Teller confirmed the transfer had gone through, he handed me the watch, we shook hands and went on our way.

Money transfer between parties : options ?

Ludi

Scarecrow Boat

blufinz52

Ludi

Ludi

Dan S

pdxleaf

tnt9

Braindrain

Ludi

Davidt

vitriol

Ludi

Evitzee

Shabbaz

The Father

JimInOz

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