To sell or not to sell personal watch overseas.

[Working4better]

So every time I travel back home to central america or any other vacation spot I always take with me 3 watches to wear while I am there. On my last 3 trips I have had a lot of interest from people I meet from networking or through friends and family that would like to buy them. I always decline as I tend to be sentimental with my watches and its hard to part with them. But I was thinking that on my next trip I may take an extra 3 watches to offer if interest comes up. Now do many of you run into this problem? Which leads me to my question, "Do any of you take extra watches and sell them"? And how do you bring all that cash back into the states? Now domestically I have many times traveled with large sums of cash over 10k as its a usual thing for me. But international travel I just use my Amex card and about 8k cash in case of emergencies. But I have never brought back cash over 10k into the states, and I have heard horror stories of money being confiscated even when you declare it to customs. I guess they think that it is money laundering even though I would think that the dollars flow south not back up north. I do have wire transfers domestically no problem, but never had anything over 5k come in internationally through my banks as I never had a reason to. I'm wondering if you guys have any experience with this, and if this is a normal thing when selling international or for pleasure. For me I think this will open doors for networking and may lead to some business in real estate which is my aim (and future retirement) in Latin america. Any advice is welcomed gentlemen and greatly appreciated. Thanks

[Fredrik]

You might get into trouble in several ways besides the money laundering suspicions, both with cash and wire transfers. In most countries you need to pay customs and VAT if you sell stuff you brought with you, since you have then imported the goods into the country. Large sums will draw the attention to you. Note that in for instance Brazil the custom duty is 80% and the VAT 16% for certain goods.

[Working4better]

Originally Posted by Fredrik

You might get into trouble in several ways besides the money laundering suspicions, both with cash and wire transfers. In most countries you need to pay customs and VAT if you sell stuff you brought with you, since you have then imported the goods into the country. Large sums will draw the attention to you. Note that in for instance Brazil the custom duty is 80% and the VAT 16% for certain goods.

Hmm didn't think about VAT..and yes that would be necessary to pay if I do decide to take the watches. Thanks for pointing that out Fredrik!

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[breitlings]

Originally Posted by Working4better

So every time I travel back home to central america or any other vacation spot I always take with me 3 watches to wear while I am there. On my last 3 trips I have had a lot of interest from people I meet from networking or through friends and family that would like to buy them. I always decline as I tend to be sentimental with my watches and its hard to part with them. But I was thinking that on my next trip I may take an extra 3 watches to offer if interest comes up. Now do many of you run into this problem? Which leads me to my question, "Do any of you take extra watches and sell them"? And how do you bring all that cash back into the states? Now domestically I have many times traveled with large sums of cash over 10k as its a usual thing for me. But international travel I just use my Amex card and about 8k cash in case of emergencies. But I have never brought back cash over 10k into the states, and I have heard horror stories of money being confiscated even when you declare it to customs. I guess they think that it is money laundering even though I would think that the dollars flow south not back up north. I do have wire transfers domestically no problem, but never had anything over 5k come in internationally through my banks as I never had a reason to. I'm wondering if you guys have any experience with this, and if this is a normal thing when selling international or for pleasure. For me I think this will open doors for networking and may lead to some business in real estate which is my aim (and future retirement) in Latin america. Any advice is welcomed gentlemen and greatly appreciated. Thanks

Cash can get confiscated traveling within the USA too.

[Working4better]

Originally Posted by breitlings

Cash can get confiscated traveling within the USA too.

That's good to know, I personally have not had any problems as of yet nor have ever gotten questioned (knock on wood). Then again if I did I'm not worried since it's my money and legally obtained with bank statements. I guess in the domestically it's easier wire transfers.

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[tbonesteak]

That is a lot of watches to be lugging on vacation (3 for you and 3 more to possibly sell)... Personally, I'll only bring one and it won't leave my wrist.

I'd think the hassle isn't worth it, and if you want to sell, just list them here and a few other places.

[Working4better]

Originally Posted by tbonesteak

That is a lot of watches to be lugging on vacation (3 for you and 3 more to possibly sell)... Personally, I'll only bring one and it won't leave my wrist.

I'd think the hassle isn't worth it, and if you want to sell, just list them here and a few other places.

Well this last trip I made was 1 month long. During that trip I also went to the Caribbean for 1 week. I like to have 3 choices since I like to accessorize, ie: 1 watch for casual wear, 1 for formal wear, and one for getting dirty lol. As far as selling them it's a new idea that came up from people offering to buy a watch when they see it on the wrist. It's not something I plan on doing long term. It's just as many who are watch enthusiasts know, our eyes always gravitate towards the wrist and that is an immediate impression and for me a conversation starter.

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[mschafer]

I don’t think you have to collect any sales tax unless you’re a registered seller and do this as a business. This is a private sale of a used item. And while I don’t know all the sales laws around the world it seems straight forward. On the other hand, countries usually want to get import tax if an item doesn’t leave the country with you when you depart. Also, you have to declare any cash you’re bringing into the USA that’s over $10k. Wire or cash. For amounts below that’s not applicable. It’s all about traceability. Maybe set up multiple payments, or better, spend the cash locally on hotel and other expenses until you’re under that threshold.

[Working4better]

Originally Posted by mschafer

I don’t think you have to collect any sales tax unless you’re a registered seller and do this as a business. This is a private sale of a used item. And while I don’t know all the sales laws around the world it seems straight forward. On the other hand, countries usually want to get import tax if an item doesn’t leave the country with you when you depart. Also, you have to declare any cash you’re bringing into the USA that’s over $10k. Wire or cash. For amounts below that’s not applicable. It’s all about traceability. Maybe set up multiple payments, or better, spend the cash locally on hotel and other expenses until you’re under that threshold.

Yeah that's what I was thinking Mschafer, I don't need the money right away for income. Most of it will be spent on the trip I think and miscellaneous expenses. And what I bring back will go right towards replacing the watches to add to my collection till it's time to refresh and sell lol.... (the struggle is real). I don't think I can make enough profit or enough sales to justify setting up a business etc. if I had that many people than It would be an easy straight up business set up. This is just extra money on a trip im already making from my own expense for pleasure and while there take advantage of opportunities that arise.

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[Andad]

Originally Posted by Working4better

Yeah that's what I was thinking Mschafer, I don't need the money right away for income. Most of it will be spent on the trip I think and miscellaneous expenses. And what I bring back will go right towards replacing the watches to add to my collection till it's time to refresh and sell lol.... (the struggle is real). I don't think I can make enough profit or enough sales to justify setting up a business etc. if I had that many people than It would be an easy straight up business set up. This is just extra money on a trip im already making from my own expense for pleasure and while there take advantage of opportunities that arise.

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In your original post you were asking about bringing the money back.

Hence some confusion?

[Working4better]

Originally Posted by directioneng

In your original post you were asking about bringing the money back.

Hence some confusion?

Well I will bring back whatever is left that I don't spend. But if i sell 2-3 watches I won't spend all that money in 1-2wks. So I will end up bringing most back, and that would be well over 10k and that was my question.

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[tyler1980]

Originally Posted by Working4better

Well I will bring back whatever is left that I don't spend. But if i sell 2-3 watches I won't spend all that money in 1-2wks. So I will end up bringing most back, and that would be well over 10k and that was my question.

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you can bring as much cash as you want AFAIK. anything over the limit and you have to declare and be prepared to show conclusively where the money came from. If i wanted to carry 100K around and leave the country and re enter with it, i could. If i could show that the money came from my account (withdrawal slip, for example) then there is no problem.

If you declare and fill out the proper forms no one is going to seize anything. If you dont declare, they might until it gets sorted out and they will probably fine you.

[tamiya]

Originally Posted by Working4better

Well I will bring back whatever is left that I don't spend. But if i sell 2-3 watches I won't spend all that money in 1-2wks. So I will end up bringing most back, and that would be well over 10k and that was my question.

nothing personal but have you got credit card/s?

you do realise you can make repayments to credit cards from anywhere in the world, don't you?! I only use banks with international network, go to their local branch/agent and repay the cash to your CC... we do that whenever by end of trip we've still got a wad of forex & unlikely to return soon so might as well get rid of it before leaving

Even if your CC is owing nothing it's fine to pay it into credit balance. Some nosy tellers might balance check then try asking Qs so my usual mumbled reply is "yeah I gotta fly out, gotta buy airfare"... but that's just me being socially polite, no legal requirement need to give reasons of paying your own CC afaik.


Might want to look into issuing Bill Of Sale for private sales too - "sold to so&so on this date for sum of $XXX" etcetc

Plus add a sentence at bottom "Inspected and accepted as-is" and get that signed by the buyer. Make a copy for both parties.

Where possible I'll make a printout of sales ad and write Bill of Sale on back of that. Maximise usage of paper

[tamiya]

Wear the ones you're less attached to...

I knew of some parttime dealers who travelled around, best showcase is their wrist(s!) they had no qualms talking price on whatever they were wearing, more than happy to leave lunch with naked wrist and a wad of cash.

(rule= lunch is usually on the guy with the cash )

[Working4better]

Originally Posted by tamiya

Wear the ones you're less attached to...

I knew of some parttime dealers who travelled around, best showcase is their wrist(s!) they had no qualms talking price on whatever they were wearing, more than happy to leave lunch with naked wrist and a wad of cash.

(rule= lunch is usually on the guy with the cash )

Lol exactly my friend! You know the drill! That's what I keep running into except I always leave with the watch. In the future I will have watches to let go of if offered.

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[car_wash_guy]

A good friend of my is a BP agent at JFK. I've heard many stories from him. They take great pride in seizing unclaimed goods and cash. Good luck.

[Working4better]

Originally Posted by car_wash_guy

A good friend of my is a BP agent at JFK. I've heard many stories from him. They take great pride in seizing unclaimed goods and cash. Good luck.

Lol I'm sure they do, it's a trophy! Maybe I should keep the receipts of purchased watches in case any questions arise and take pics of my watches in case any doubts arise.

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[joli160]

Originally Posted by Working4better

Lol I'm sure they do, it's a trophy! Maybe I should keep the receipts of purchased watches in case any questions arise and take pics of my watches in case any doubts arise.

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That's what I do, to avoid being interviewed and delayed by custom officers when I want to get home

[Working4better]

Originally Posted by joli160

That's what I do, to avoid being interviewed and delayed by custom officers when I want to get home

Yeah that's the worst! When I'm on my way back I just want to get home asap. I think I will just keep everything with me on hand or at least on my phone that way I can clearly show that the money is mine and not obtained through illegal ways.

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