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Best way to arrange international payment for watches?

  • 14-09-2013 7:50pm
    #1
    ArphaRima
    Registered Users, Registered Users 2 Posts: 1,676 ✭✭✭


    I have a possible buyer for my Tag Monaco (in NY state). Obviously I will not ship until I have full payment, but I was wondering which payment system I should be looking at?
    I bought watches previously using direct bank transfers, but I am not sure I want to give out my own bank details. Paypal fees seem excessive. Thoughts?
    Is it just a case of having to have mutual trust?


Comments

  • #2
    Eoin
    Registered Users, Registered Users 2 Posts: 21,263 ✭✭✭✭Eoin


    I wouldn't have a huge problem giving my account number if the buyer seems genuine; it's already on every check I write. Paypal fees are whopping alright; you could ask the buyer to split them with you?


  • #3
    ArphaRima
    Registered Users, Registered Users 2 Posts: 1,676 ✭✭✭ArphaRima


    I think you're right.
    My warped thinking is that my exposure to fraud is the cost of the watch in one direction, but the contents of my bank account in the other.
    The prospective buyer seems so genuine that I've done full circle back to suspicion!


  • #4
    Eoin
    Registered Users, Registered Users 2 Posts: 21,263 ✭✭✭✭Eoin


    You could try the Online Buying & Auctions forum to see if anyone there has a lot of experience with it. If you're selling your watch for 3K to a Paypal US account holder, this site is saying it'd cost 150! Can that be right?

    I'm sure there are some escrow services that offer a better rate, but you'll obviously need your buyer to agree to using it.

    Would your IBAN work for a USA buyer?


  • #5
    ArphaRima
    Registered Users, Registered Users 2 Posts: 1,676 ✭✭✭ArphaRima


    Eoin wrote: »
    You could try the Online Buying & Auctions forum to see if anyone there has a lot of experience with it. If you're selling your watch for 3K to a Paypal US account holder, this site is saying it'd cost 150! Can that be right?

    I'm sure there are some escrow services that offer a better rate, but you'll obviously need your buyer to agree to using it.

    Would your IBAN work for a USA buyer?

    Yeah PayPal fees are huge, but then again they do include insurance for high risk transactions!

    I think I'll take the risk the same way people who sold to me did. Keep it simple. I'll pass him my name, bank address, bank phone number and IBAN.
    IBAN should be ok because it's all I ever use abroad.


  • #6
    Marcusm
    Registered Users, Registered Users 2 Posts: 10,695 ✭✭✭✭Marcusm


    fluffer wrote: »
    I have a possible buyer for my Tag Monaco (in NY state). Obviously I will not ship until I have full payment, but I was wondering which payment system I should be looking at?
    I bought watches previously using direct bank transfers, but I am not sure I want to give out my own bank details. Paypal fees seem excessive. Thoughts?
    Is it just a case of having to have mutual trust?

    Is this Prestige? They seem to have some good stock. I wouldn't worry about them picking up your account information from an international transfer. It would not allow them to access your account and certainly not to transfer from it. At best it would allow someone to fake up a transfer document but unless you regularly transfer through non secure channels such as e-mail or fax (which your bank is unlikely to accept) I can't see the problem.

    How are you going to deal with Customs/VAT?


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  • #7
    Orlaw3136
    Closed Accounts Posts: 234 ✭✭Orlaw3136


    A buyer who is willing to purchase by way of bank transfer would give me more confidence as a seller - they have almost zero comeback (in the absence of issuing legal proceedings or persuading your local police force to charge you) in the event that you are a crook. You just need confirmation from your bank that the funds have cleared to your account before you ship.


  • #8
    ArphaRima
    Registered Users, Registered Users 2 Posts: 1,676 ✭✭✭ArphaRima


    @Marcusm: Just to clarify I am the seller, not the buyer in this instance.
    How are you going to deal with Customs/VAT?
    I am not. He is. However it was bought in the USA and therefore shouldnt be liable for VAT/Duties at all. The warranty card is proof, but I can supply the buyer with the receipt if I need to..
    in the absence of issuing legal proceedings or persuading your local police force to charge you
    Haha yes this is true, however I'm selling to a lawyer!


  • #9
    Marcusm
    Registered Users, Registered Users 2 Posts: 10,695 ✭✭✭✭Marcusm


    fluffer wrote: »
    @Marcusm: Just to clarify I am the seller, not the buyer in this instance.


    I am not. He is. However it was bought in the USA and therefore shouldnt be liable for VAT/Duties at all. The warranty card is proof, but I can supply the buyer with the receipt if I need to..


    Haha yes this is true, however I'm selling to a lawyer!

    I'd still be fairly relaxed about providing the bank details. He won't be interested in your IBAN if he is in the US; the primary interest will be in SWIFT code and you will have to get him to put your account number and sort code into the "routing details".

    As regards Customs/VAT, I can see how it's not your issue but I would not assume that he won't have an issue just because it was previously sold in the US.


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