dbkski

iTrader: (1)

Aside from requesting cash in the mail is there an idiot proof way of getting paid?
Bank transfers are not final. They can be reversed. I use PayPal on Ebay and have
not had any trouble. However I always follow their Seller Protection rules. This European
buyer wants to arrange the shipping so that rules out the normal PayPal transaction.
Has anyone used the "family and friends" money transfer option? Is it reversible?
I sold my labbed prop to someone using Western Union. The buyer wanted it that way so
I had no trouble doing it with the onus of responsibility falling on me to deal honestly.
So as I see it there are only three ways to protect myself in this transaction. Can I get
burned using PayPal family and friends?

302

Once the funds are in your account a wire transfer cannot be reversed. I've sold many things to international buyers and all were wire transfers.

Paypal is not a bank and are not regulated at all so if they think the transaction is suspicious they can lock the funds up while they "investigate" I'll only use paypal for transaction that are less than a grand or two. YMMV

And don't send cash in the mail, especially internationally that is not a good idea.

Dave M

Sold a boat to a guy in New Zealand. Wire Transfer, no issues.

phragle

iTrader: (3)

Just have him scan the hundred dollar bills and then email the pictures to you. When you hit print choose double sided. All thats left is to trim to size with a good pair of scissors....

302

But if you choose to do this the Government requires that you be honest and only print the actual amount and no extra. lol!

dbkski

iTrader: (1)

My bank's manager said money orders, bank checks, and wire transfers can be stopped or reversed
at any time for any reason up to about 1 year. Hence the reason I am asking about the PayPal
family and friends option. Several people on here have lost money buying things this way but I have
not heard of anyone losing money when selling something using this option.

CooperS7777

I have sold several high dollar automotive parts overseas and have safely used wire transfers. Occasionally they will have a ~30 to 60 minute "processing" or "scheduling" window in which they may be reversed, but that's it. Most banks will have a 3-5 business day hold on the funds, but the transaction is no longer reversible at that point. Up to one year is insane and if that's truly the case with your bank, I would seriously consider moving my accounts elsewhere.

If you are truly not comfortable with it, open a separate account for your wire transfers. Most banks require a very small minimum deposit, and you could use that account solely for the wire transfer; move the money into that account, wait for it to clear, remove the money from the account either in cash or an AHC transfer to your primary account, and then ship the items. Just explain to the buyer that the wire transfer process is going to take a couple days on your end, and you'll ship after its cleared.

302

He is wrong, I suggest you use another bank. Good luck.

Nothing personel 353

No he's not you can put a stop on a certified check fact!

Sydwayz

iTrader: (1)

I have a "sacrificial account" at my bank. It's just a regular checking account, in my name. I keep $100 bucks exactly in it, and it's tied to my PayPal account too. It has no overdraft coverage, and not tied to my other accounts. When I make a PayPal purchase, I move the money into it manually to cover. AND whenever I do a transaction that is a wire in, or out, or anything 'maybe a little sketchy', I do it from that account. Once incoming money lands, I move it out of that account immediately.
I've done some international buying and selling, and that's usually the method that I use; and no issues.