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17 August 2017, 02:40 AM | #1 |
"TRF" Member
Join Date: Oct 2016
Location: GB
Watch: 116520
Posts: 307
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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 Sent from my iPhone using Tapatalk |
17 August 2017, 02:54 AM | #2 |
"TRF" Member
Join Date: Aug 2011
Real Name: Marco Nicolini
Location: Dallas
Watch: 16610 LV
Posts: 557
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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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17 August 2017, 02:58 AM | #3 | |
Banned
Join Date: Feb 2014
Location: UK / Spain
Watch: 39mm Explorer
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Quote:
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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17 August 2017, 03:05 AM | #4 |
2024 SubLV41 Pledge Member
Join Date: Mar 2017
Location: United States
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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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17 August 2017, 03:08 AM | #5 | |
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17 August 2017, 03:20 AM | #6 | |
Banned
Join Date: Feb 2014
Location: UK / Spain
Watch: 39mm Explorer
Posts: 1,990
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Quote:
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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17 August 2017, 03:26 AM | #7 | |
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Join Date: Jul 2010
Real Name: Jamie
Location: Scotland
Posts: 26
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Quote:
Hope all goes well with your sale |
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17 August 2017, 04:24 AM | #8 |
"TRF" Member
Join Date: Oct 2016
Location: GB
Watch: 116520
Posts: 307
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17 August 2017, 04:34 AM | #9 |
2024 Pledge Member
Join Date: Feb 2010
Real Name: Neil
Location: UK
Watch: ing ships roll in
Posts: 59,369
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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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17 August 2017, 10:37 PM | #10 |
"TRF" Member
Join Date: Apr 2013
Location: Southampton, UK
Watch: Sub 14060M
Posts: 79
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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. |
17 August 2017, 11:44 PM | #11 |
2024 Pledge Member
Join Date: Jan 2014
Location: london
Posts: 6,157
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Exactly this.
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