payment methods: bank transfer?

FrankS

FrankS

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In light of the problems with PayPal that a recent thread brought up, I was wondering if payment by bank transfer is a safe method. I may be selling a camera (Plaubel Makina 67, $1200) to a photographer in Taiwan and shipping with Fedex (with insurance and pick up sig required.) This sounds safe, right?
 
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Could always open an account just for the transfer and cash it out once the money is transferred to the account. Then close out the account.
 
I have often dealt with wire transfers and never (knock on wood) have had any trouble.
Many people feel uncomfortable disclosing their bank account number, but it does not make any sense to me- the account number, on its own, does not empower the thugs to do anything. Also, every time you write a check, you are disclosing your account number.

BTW, it seems to be a geographical thing. In many parts of the world, no one bats an eye to a wire transfer: they are absolutely commonplace.
 
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Bank to bank wire transfers are very safe, but can also be very expensive. Many banks charge a hefty fee. The last time I did a wire transfer I think the fee was $25.00 US and often times this is charged by BOTH the sending and recieving banks. You might want to verify the cost before going forward.

Jim Couch
 
If you're the seller, a wire transfer is absolutely the best and safest for you. Once the money is in your account, that's it. No chargebacks or monkey business from PayPal. The money is yours.

A bank transfer is 100% safe. Whenever you write a check, you hand out the same info. People who tell you it's not safe have no idea what they're talking about.

The insurance and signature is for PayPal deals only. Let the buyer pay for extas only if he wants it.

FedEx is not so great. Use Post Office EMS or DHL if you want the least fees and aggravation.
 
I've done several bank transfers without incident. Quick, fast, safe. Remember, it's a transaction between two banks, not two individuals.

If you use online banking, check to see if you can transfer funds to anyone with an account at the same bank. I know Bank of America has that. It's fast, safe, and free.
 
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FrankS said:
In light of the problems with PayPal that a recent thread brought up, I was wondering if payment by bank transfer is a safe method. I may be selling a camera (Plaubel Makina 67, $1200) to a photographer in Taiwan and shipping with Fedex (with insurance and pick up sig required.) This sounds safe, right?
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Could not be safer for you. But consider that you are asking him to put absolute faith in you when you refuse to put any in him. The buyer will be in the position of having absolutely zero recourse against you if anything goes wrong, including you just taking his money and not shipping anything.

It would take a fool to buy from a stranger under the terms you ask.

FrankS: no personal reflection on your character. Same comment would apply to anyone.
 
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Hi Bob. This fellow has 2 posts on RFF. He cannot supply any on-line references/credibility. I feel established here. I've bought and sold lots here. It's like having an ebay record. But I know what you're saying.
 
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In some countries bank transfer is a totally normal way of conducting business between two people, even for high value transactions between strangers.
 
I am in HK and shops like Igor and Popflash now insist on bank transfers. This has saved me considerable amounts of money due to my choice not to put up with the hassle of wasting my lunch hour at the bank. This is like quitting smoking and I am grateful.
 
Bank transfer is the standard way to send funds and pay for auction items in Japan. Most people have never even heard of PayPal here.
 
Oscar Levant said:
FedEx is not so great. Use Post Office EMS or DHL if you want the least fees and aggravation.
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It's funny, I shipped an item to Australia today via Global Express Guaranteed at the Post Office. GXG is nothing but the post office subcontracting the shipment to Fedex. It took no less than 15 minutes to get everything entered at the counter, not counting the time waiting in line. The airbills and paperwork were already done (entered on the web.)

When I ship via Fedex, I walk in, drop off the box, and walk out. Takes less than five seconds, and no waiting.

Fedex provides the least amount of aggravation by far over any other carrier, and I've done thousands of international shipments for 20+ years.
 
I've only done one bank transfer and had no worries at all. Of course the seller showed absolute trust in me as he sent 100 rolls of 120 film from Europe BEFORE getting paid. Helped that we'd talked on the phone lots and were both hanging our necks out since I would be sending to a bank acc't in Canada even though he lived overseas. That he sent the film first surprised me.
 
This is a very informative post. I would much prefer to give my transfer fees to a bank rather than PayPal, and the bank fees are less too. This method also eliminates the charges and charge back risks associated w/ credit cards . True, it gives the seller full protection and gives none to the buyer, but isn't that just the nature of the beast? Every online store, or brick and mortar store for that matter, requires payment before the buyer receives the merchandise. People are willing to do it online based upon the reputation of the seller. Unfortunately fleabay requires a seller to accept PayPal so you're screwed on that venue, but even there you may be able to work out something person to person.

I think I will try doing this on my next camera sales. We've felt secure enough sending hundreds of thousands of dollars w/ wire transfers when it involved opening a CD online or buying a home through a title company, so it should be fine for selling a camera too. Should have thought of this by now. And you're right, someone just having your bank account number is no help at all in a scam, for as someone else said every time you write a check there it is.
 
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Wire transfers from a buyer's perspective:

I pay you X amount for the price of the camera.

I pay you Y amount for shipping.

I pay my bank Z amount to execute the wire transfer.

If the seller is willing to discount Z from the total price, then it'd be okay; otherwise, I'd probably ask the seller if he'd accept Paypal

Also, there are many buyers who may not have the cash in their bank account but would be willing to buy your item by using their CC through Paypal.

A wire transfer shifts the 'trust factor' to the buyer since he would not have any recourse if the seller is scamming him.

Bottom line: in any transaction between strangers, someone is going to have to make the first move in trusting the other.
 
kxl said:
Bottom line: in any transaction between strangers, someone is going to have to make the first move in trusting the other.
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Yes! In this case, since the purchaser only has 2 posts and cannot provide references, all possible advantage should be on the seller....
From my experience selling equipment here in the classifieds, majority of the transactions I've made were with infrequent posters (with very little to no references). Although everything's been good so far, there's always the thought of "I better not get duped" (as I'm sure they're thinking as well).

All of this info has been very helpful!
 
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