TRF: Selling advice

[H-Watches]

I’m located here in the US should I be concerned about the wire transfer for Watch I’m selling in the forum from the Dominican republic? I just want to cover all of my bases since there has been a lot of scamming lately.

Thank you for any advice!

Cheers!


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[travisb]

I've never received a wire from outside the US but my best advice would be to make certain the funds have cleared your account and consult your bank for advice / concerns. Don't ship your watch until everything is 100% good on your end no matter what.

[beshannon]

For me it would depend on the bank it was coming from and whether or not it was an actual international wire.

[GB-man]

Assuming the buyer has little to no feedback I would consult with your bank on how to verify receipt of funds from the buyers bank. Also confirm that your insurance carrier will insure shipment there.

[mjclark32]

Agree with the above responses. Communicate with the buyer that you're going to play it ultra safe for the reasons stated. Just let them know you may wait an extra day or two to ensure funds are cleared before shipping, so they don't freak out that you haven't sent it yet.
Best of luck

[mjolnir2thor]

Originally Posted by mjclark32

Agree with the above responses. Communicate with the buyer that you're going to play it ultra safe for the reasons stated. Just let them know you may wait an extra day or two to ensure funds are cleared before shipping, so they don't freak out that you haven't sent it yet.
Best of luck

Good advice from all the above. Only thing to add is if the buyer can pull back the funds and under what circumstances. Horror story if the funds are frozen, pulled back, etc. after the watch was shipped.

Wish you the best on your sale!

[GB-man]

This is why I typically deal CONUS for sales as it alleviates not only shipping concerns but wires being flagged etc. It stinks because you miss out on good buyers willing to often pay more but it sure does make life easier.

[H-Watches]

This is all helpful feedback. I did make it clear in the post that I only wanted to do US shipping. He said he had a place for it to be shipped to in the US but would wire from his home in the Dominican Republic.


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[GB-man]

Originally Posted by H-Watches

This is all helpful feedback. I did make it clear in the post that I only wanted to do US shipping. He said he had a place for it to be shipped to in the US but would wire from his home in the Dominican Republic.


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I have done that a couple times. Once to a buyer from paris and once from singapore.

I would not be too concerned just talk to your bank.

[anthonys88]

I'd probably just sell it to someone in the US. Sounds strange he wanted it shipped stateside but the funds are coming from the D.R.

[Abdullah71601]

Originally Posted by anthonys88

I'd probably just sell it to someone in the US. Sounds strange he wanted it shipped stateside but the funds are coming from the D.R.

I had an item shipped to my dad in Illinois and paid from my bank in Oman. Sometimes it’s safer not to send pilferable items through foreign ports.

[anthonys88]

Originally Posted by Abdullah71601

I had an item shipped to my dad in Illinois and paid from my bank in Oman. Sometimes it’s safer not to send pilferable items through foreign ports.

Thats true, I didnt think about that.

[GB-man]

Originally Posted by Abdullah71601

I had an item shipped to my dad in Illinois and paid from my bank in Oman. Sometimes it’s safer not to send pilferable items through foreign ports.

Indeed. It is not uncommon. Many buyers have family in the US or do business here several times a year. As a seller, once the wire clears, it clears. I will ship to the moon if the buyer takes all responsibility. Could be pricey though on PM pieces

OP: I pay more attention to where the wire originates from due to money laundering and anti-terrorism measures put in place by the government that could get your payment flagged, which might land the alphabet boys at your doorstep. For lists of countries this would be a concern, contact your bank.

[djhiram]

As a banker I will say this. First off make sure you know who you are doing business with and do your homework as they say. Make sure you receive a wire transfer and NOT an ACH transfer - BIG difference.

A wire transfer, once it shows as funds are in your account requires your authority to debit your account to send the funds back to the originator. So in other words if he was to place a claim through his bank after receiving your watch, the sending bank would contact your bank to inform that the originator is requesting these funds to be returned. Your bank would then contact you to ask for your consent. You are free to say NO at that point.

An ACH transfer wouldn’t require your authority to debit the funds from your account and send them back.

I wouldn’t accept any form of payment other than a bank wire and after receiving it give it 1-2 days to be extra sure.

Best of luck on the sale 🥃

[djhiram]

Originally Posted by GB-man

OP: I pay more attention to where the wire originates from due to money laundering and anti-terrorism measures put in place by the government that could get your payment flagged, which might land the alphabet boys at your doorstep. For lists of countries this would be a concern, contact your bank.

This too! Just make sure you are receiving the funds from the buyer or from the buyer’s business and not someone that has nothing to do with the transaction.

[H-Watches]

I am super grateful to all of you for the advice. So glad this community exists to support each other in our passion.

I have certainly learned a lot today! I will keep you updated.

Updated as of now: the funds just appeared in my Account as pending and labeled as wire Transfer Deposit.


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[MinMay]

In this hobby, it is even more stressful in selling than buying when big dollar amount is involved :) . Even after the transaction, seller needs to worry that the watch arrives to destination in one peace and buyer is happy. What if buyer is not happy, then what? Good luck... :)