Question: bank wire
Joey_V
Posts: 8,600
Got a question.
Bank wire.
I have a buyer from australia, wants to buy a piece from me.
He says because of transfer, the best would be "transferwire" which is a bankwire type system.
I don't normally have problems giving my routing and acct number to buyers, especially if there is good feedback on forums or audiogon, but he has zero feedback.
Is there a potential badness that could occur from giving my routing and account number, in addition to my name and address for bank wire?
I mean, if he sends the money, there is no recourse for him to get the money back.
I'm just trying to make sure I look at this from all angles.
Thx
Bank wire.
I have a buyer from australia, wants to buy a piece from me.
He says because of transfer, the best would be "transferwire" which is a bankwire type system.
I don't normally have problems giving my routing and acct number to buyers, especially if there is good feedback on forums or audiogon, but he has zero feedback.
Is there a potential badness that could occur from giving my routing and account number, in addition to my name and address for bank wire?
I mean, if he sends the money, there is no recourse for him to get the money back.
I'm just trying to make sure I look at this from all angles.
Thx
Magico M2, JL113v2x2, EMM, ARC Ref 10 Line, ARC Ref 10 Phono, VPIx2, Lyra Etna, Airtight Opus1, Boulder, AQ Wel&Wild, SRA Scuttle Rack, BlueSound+LPS, Thorens 124DD+124SPU, Sennheiser, Metaxas R2R
Comments
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I would talk to your private banker and have them arrange a transfer directly to the bank and have your bank put the funds in your account. That way the buyer will not have your account information, only your name and contact information. Kind of like an escrow agent (a go between).
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Good pointMagico M2, JL113v2x2, EMM, ARC Ref 10 Line, ARC Ref 10 Phono, VPIx2, Lyra Etna, Airtight Opus1, Boulder, AQ Wel&Wild, SRA Scuttle Rack, BlueSound+LPS, Thorens 124DD+124SPU, Sennheiser, Metaxas R2R
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No feedback....don't do business. period.Most people just listen to music and watch movies. I EXPERIENCE them.
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I think it may be TransferWise (not transferwire), and seems quite legit IMO. https://transferwise.com/us"This may not matter to you, but it does to me for various reasons, many of them illogical or irrational, but the vinyl hobby is not really logical or rational..." - member on Vinyl Engine
"Sometimes I do what I want to do. The rest of the time, I do what I have to." - Cicero, in Gladiator
Regarding collectibles: "It's not who gets it. It's who gets stuck with it." - Jimmy Fallon -
I have the same attitude as TonyM toward sellers with no feedback. However, if the transaction seems to provide protection, it’s probably worth trying.
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I sold a boat in New Jersey to an unknown buyer in British Columbia through CL. I setup a new account, had the buyer wire the funds to the new account in advance, I transfer the money to my regular account and then closed the new account. His transport company took the boat 2 days later. Worked for me.HT- Samsung PN50B860/Integra DTR 30.3/Rt55 Fronts
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Easy Runnin wrote: »I sold a boat in New Jersey to an unknown buyer in British Columbia through CL. I setup a new account, had the buyer wire the funds to the new account in advance, I transfer the money to my regular account and then closed the new account. His transport company took the boat 2 days later. Worked for me.
That's the only way to do it right there.
My PP account is that way. I have a separate bank account for PP so the only money ever in it is money going out or coming in. -
Easy Runnin wrote: »I sold a boat in New Jersey to an unknown buyer in British Columbia through CL. I setup a new account, had the buyer wire the funds to the new account in advance, I transfer the money to my regular account and then closed the new account. His transport company took the boat 2 days later. Worked for me.
That's the only way to do it right there.
My PP account is that way. I have a separate bank account for PP so the only money ever in it is money going out or coming in.
I have a separate bank account for PayPal aka audio stuff. So if anything got raided then I’m out whatever is in that account.
Magico M2, JL113v2x2, EMM, ARC Ref 10 Line, ARC Ref 10 Phono, VPIx2, Lyra Etna, Airtight Opus1, Boulder, AQ Wel&Wild, SRA Scuttle Rack, BlueSound+LPS, Thorens 124DD+124SPU, Sennheiser, Metaxas R2R -
It is my understanding that....if the wrong person has your account number and routing number....they could in theory empty that account of any funds you may have. I would stay away.
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Well true kevhed. If you can put money in you can take it all out.
That is the reason for separating accounts. If you're expecting money there is no money in it, if you're sending then only that amout is in it. -
Transferwise is legit. My wife used it all the time while living in London. Of course the buyer doesn't need your banking info, but Transferwise obviously would. Their niche is handling international banking transactions."This may not matter to you, but it does to me for various reasons, many of them illogical or irrational, but the vinyl hobby is not really logical or rational..." - member on Vinyl Engine
"Sometimes I do what I want to do. The rest of the time, I do what I have to." - Cicero, in Gladiator
Regarding collectibles: "It's not who gets it. It's who gets stuck with it." - Jimmy Fallon -
Transferwise is legit. My wife used it all the time while living in London. Of course the buyer doesn't need your banking info, but Transferwise obviously would. Their niche is handling international banking transactions."This may not matter to you, but it does to me for various reasons, many of them illogical or irrational, but the vinyl hobby is not really logical or rational..." - member on Vinyl Engine
"Sometimes I do what I want to do. The rest of the time, I do what I have to." - Cicero, in Gladiator
Regarding collectibles: "It's not who gets it. It's who gets stuck with it." - Jimmy Fallon -
Thx guys and @Kex For the long explanation
I ended up telling him PayPal ff or nothing.
He did FF and the unit is on its way to SingaporeMagico M2, JL113v2x2, EMM, ARC Ref 10 Line, ARC Ref 10 Phono, VPIx2, Lyra Etna, Airtight Opus1, Boulder, AQ Wel&Wild, SRA Scuttle Rack, BlueSound+LPS, Thorens 124DD+124SPU, Sennheiser, Metaxas R2R
