Advice needed

[al1786]

Hey TFR's looking for some advice regarding a watch sale. This is my first flip, I have agreed a price a buyer who wants to pay using bank transfer- cash or PayPal. Told him Paypal is not a option.

Is there any way a bank transfer can be recalled after the watch has been given to the purchaser?

By the way I'm in the UK.

TIA


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[Mnicolini300]

Generally speaking a wire transfer is very solid. He or she can reverse the wire within 30 minutes to an hour. In some cases it can be up to 24 hours. I always hold the watch for 48 hours unless I know certain I'm not dealing with a scammer.


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[Mick P]

Originally Posted by al1786

Hey TFR's looking for some advice regarding a watch sale. This is my first flip, I have agreed a price a buyer who wants to pay using bank transfer- cash or PayPal. Told him Paypal is not a option.

Is there any way a bank transfer can be recalled after the watch has been given to the purchaser?

By the way I'm in the UK.

TIA


Sent from my iPhone using Tapatalk

In the UK, a bank transfers is irreversible.

If it is over £2000.00 (most banks impose awkward security checks over this amount), best to meet the seller in a bank and let them do it for you. That way it is quick and still free of charge.

The bank will confirm the transfer and then it is safe to hand over the watch.

Regards

Mick

[Calatrava r]

The danger with wire transfers is a purchaser can tell you they wired the funds but actually only deposited a "check" in your account in a large national bank with branches all over the place. It will show as a deposit in your account. The check bounces and the deposit is reversed by the bank. You need to confirm you received a wire transfer for any deposit. I have never heard of being able to unilaterally recall a wire once it is completed and in another account. A that point the money is gone and beyond the senders control.

[Simon_e]

Originally Posted by Calatrava r

The danger with wire transfers is a purchaser can tell you they wired the funds but actually only deposited a "check" in your account in a large national bank with branches all over the place. It will show as a deposit in your account. The check bounces and the deposit is reversed by the bank. You need to confirm you received a wire transfer for any deposit. I have never heard of being able to unilaterally recall a wire once it is completed and in another account. A that point the money is gone and beyond the senders control.

This is a common scam so beware. After a cheque clears (say 5 days) it can still be reversed - you have to wait for the certainty date (About 10 or 12 days). You need to call your bank and enquire how the funds were paid in.

[Mick P]

Originally Posted by Simon_e

This is a common scam so beware. After a cheque clears (say 5 days) it can still be reversed - you have to wait for the certainty date (About 10 or 12 days). You need to call your bank and enquire how the funds were paid in.

Hence my suggestion of meeting in a bank and letting them do the transfer.

If you cannot meet at a bank, you ask the buyer to name the transfer something like "Watch". That can only be done with a bank transfer.

[jamie mcilhatton]

Originally Posted by al1786

Hey TFR's looking for some advice regarding a watch sale. This is my first flip, I have agreed a price a buyer who wants to pay using bank transfer- cash or PayPal. Told him Paypal is not a option.

Is there any way a bank transfer can be recalled after the watch has been given to the purchaser?

By the way I'm in the UK.

TIA


Sent from my iPhone using Tapatalk

hi I still have a magazine for you
Hope all goes well with your sale

[al1786]

Originally Posted by jamie mcilhatton

hi I still have a magazine for you

Hope all goes well with your sale

Thanks Jamie, it's not the D-blue.


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[AK797]

UK Bank transfer is pretty safe and I believe irreversible. To make extra sure, transfer the funds out of your account and into another, and then meet to exchange the watch or post it.

[goldenpauls]

As stated by others, bank transfer is not reversible here in the UK so pretty safe.

I have sold a couple privately and have used this method (and done as Neil suggests and transfer it immediately to another a/c or bank).

If you take cash I would definitely want to meet at a bank and pay it in together before handing the watch over to ensure its not counterfeit notes.

[rootbeer7]

Originally Posted by AK797

UK Bank transfer is pretty safe and I believe irreversible. To make extra sure, transfer the funds out of your account and into another, and then meet to exchange the watch or post it.

Exactly this.