Question: bank wire
Joey_V
Posts: 8,570
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 -
No comment on the the absence of feedback on the seller, but regarding international money transfers:
I haven’t used Transferwise, but I have used OFX (ofx.com) multiple times. It sounds like the same idea. Basically, you are avoiding the 3% that banks include in the exchange rate offered, which will save you hundreds or thousands of dollars (depends on the amount of the transfer).
You never actually give your account information to the recipient, but they have to give you theirs. As for nefarious use of said information, I’ve never tried, so I wouldn’t know how I would go about trying to steal money from a recipient’s account.
This is how it works:
1) Recipient requests 10,000 EUR (for example).
2) I ask for a rate from OFX.com
3) I create a recipient, using their bank information as provided. Sample screen below.
4) I set up an overnight transfer from my own bank to the account of OFX for 12,368,58, according to the rate offered.
5) OFX awaits my funds.
6) Once received (next day) OFX initiates the transfer to the recipient at the agreed rate, regardless of any exchange rate fluctuations that may have occurred.
N.B.- You cannot reverse a transfer once completed.
- Your recipient NEVER gets your bank information, but you DO get his/hers.
- My first transfer ever was a large amount. I was called by OFX to ask about the reasons for the transfer. They explained that it was a requirement. Something to do with homeland security and/or money laundering.
- Every subsequent transfer was completed online, without ever having to talk to an agent, even when the recipient was different, including in a different country or currency.
- OFX requires two factor authentication, but if you’re using iOS or iPadOS, the code can be automatically pasted into the field, without you having to manually type it out. Transferwise may be different.
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Just noticed that he is buying from you, so you would be the one who has to give your bank information. I don’t see any way around this if you want to sell him the item.
This is common practice for international transactions, and recipients regularly divulge their bank details to me. YMMV.
FTC Guidance
You may find some insight from that link, but it seems that the main risks being discussed are about SENDING money, not receiving it.
This link also discusses fake buyers, but using checks (from Washington State):
Wire Transfer Scams
Alea jacta est! -
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 -
Good job Joey! 👍
The PayPal exchange rate is not quite as bad as the banks, but almost... 😂
If it was worth it to the buyer, the extra 2.5% or so was obviously not a deal breaker, and it does avoid divulging any account details. Given the lack of feedback, it was probably a wise decision on your part. 😉Alea jacta est!
