Wire Transfers and Buying Gear

Discussion in 'The Pub' started by fenderbender4, Apr 11, 2015.

  1. fenderbender4

    fenderbender4 Gold Supporting Member

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    This may have been covered before, but from a selling perspective. Are wire transfers okay for purchasing from individuals? Any protection like if they don't ship etc.?
     
  2. jrjones

    jrjones Member

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    Not a whole lot. For the most part once it's gone, it's gone. You could try and get them for wire fraud, but then you're looking at traveling for court, court costs, etc.
     
  3. monwobobbo

    monwobobbo Member

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    you'll see warnings all over craigslist about wire transfers. many scams want you to use them. that should tell you something.
     
  4. darkstar11

    darkstar11 Member

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    As a seller.. Wire Transfer is extremely safe way to receive money.

    As a precaution. I had my bank set me up a 2nd bank account (wire account) in addition to my regular account. I kept $1.00 in my "wire" account just to keep it alive.

    When the money hit my wire account. I swiftly transfer it out to my other account.

    I never had a problem. Also did several international deals this way.
    (Note this was several years ago.)

    As a buyer - NO DON'T DO IT.
     
  5. outlawten5

    outlawten5 Member

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    I use postal money orders for a couple of reasons. Seller can take the check to any post office and verify it's real and if they don't ship it's a federal offence if over state lines.
     
  6. Be.eM

    Be.eM Member

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    This doesn't look like a working systemÂ… somehow ;)

    However, here in Europe checks are obsolete and wire transfer is THE way of money transfer anyway.
     
  7. ELmiguel

    ELmiguel Member

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    I wired $600 U.S. to Germany recently. My bank collected $45 from me to do it. They told me it was the receivers bank who charged the fees. Part of it was to transfer the money to euros. It's all electronic, was done and verified in 15 minutes. Had I transferred to any U.S. bank, the cost would have been zero.
    Next time? No thanks.
     
  8. Dog Boy

    Dog Boy Member

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    Its fast but not safe
     
  9. Be.eM

    Be.eM Member

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    Interesting, exactly the same happens when I had to transfer money to the US, however, the US seller added these $45 of bank transfer fees to the invoice from the beginning. Does not look like something a German bank caused.
     
  10. FFTT

    FFTT Member

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    Sadly too many scammers can post photos of gear they don't own, get your money and you never hear from them again.
     
  11. whitehall

    whitehall Member

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    As a seller I'll take them , and Western Union too. As a buyer ? A credit card thru paypal is what I like best for overseas.
     
  12. danelectro

    danelectro Supporting Member

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    I had a guy overseas who wanted to pay for an item by wire transfer. I wasn't comfortable with giving him my bank account information so I suggested that he open a Paypal account because its very easy. He insisted on a wire transfer so the deal never happened. Maybe I wasn't at risk, but I wasn't sure and it wasn't worth taking a chance.
     
  13. Guitar Josh

    Guitar Josh Resident Curmudgeon Silver Supporting Member

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    In the watch world, wire transfer is a very common way to buy. It helps to know who you are buying from though.
     

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