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Old 17 August 2017, 02:40 AM   #1
al1786
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Advice needed

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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Old 17 August 2017, 02:54 AM   #2
Mnicolini300
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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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Old 17 August 2017, 02:58 AM   #3
Mick P
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Quote:
Originally Posted by al1786 View Post
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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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
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Old 17 August 2017, 03:05 AM   #4
Calatrava r
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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.
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Old 17 August 2017, 03:08 AM   #5
Simon_e
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Originally Posted by Calatrava r View Post
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.
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Old 17 August 2017, 03:20 AM   #6
Mick P
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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.
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Old 17 August 2017, 03:26 AM   #7
jamie mcilhatton
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Quote:
Originally Posted by al1786 View Post
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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hi I still have a magazine for you
Hope all goes well with your sale
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Old 17 August 2017, 04:24 AM   #8
al1786
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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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Old 17 August 2017, 04:34 AM   #9
AK797
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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.
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Old 17 August 2017, 10:37 PM   #10
goldenpauls
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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.
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Old 17 August 2017, 11:44 PM   #11
rootbeer7
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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.
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