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Post by teejay on Jan 4, 2022 11:13:16 GMT -6
I've seen the PayPal and Reverb threads here on $$ and potential issues. I understand the protection that is offered, but I've got a buyer overseas and we're both trying to avoid additional fees and high exchange rates (I'm trying to give him a good deal without either of us incurring more expense). Initially thought PP F&F would work, but now seeing that international is still subject to a percentage and that it might raise a red flag on my account. Buyer is suggesting Wise (formerly Transferwise), or an international transfer through AIB bank.
My concerns:
- I have not used Wise before. To create an account they want some fairly significant personal info, bank account, etc., plus a deposit of $20 to activate the account. A bit gunshy about sharing all of that for one transaction.
- AIB looks legit, but again I'm then sharing my bank info directly with an individual whom I have no history with.
Does anyone have suggestions for consideration based upon experience?
I'd prefer not to shut the sale down, and PayPal would be the easiest for me, but it will likely cost about $100 in fees/exchange to use it.
Thanks.
Todd
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Post by bricejchandler on Jan 4, 2022 11:43:58 GMT -6
I have a buddy who uses Wise and says it's good.
I've always used Paypal and the couple of times something went wrong it got sorted out in the end though I had to be patient, but the transfer fees between different currencies are pretty ridiculous these days.
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Post by teejay on Jan 4, 2022 12:46:45 GMT -6
Thanks Brice! I'm not terribly worried about issues. I'm the one receiving the funds and shipping the product once acquired, and I know I'll do it right. Biggest issue would be if the gear doesn't make it. I supposed he could claim there are issues, but he's committing to a scenario where he'd have little recourse if he chose to try to pull something.
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Post by EmRR on Jan 4, 2022 13:04:02 GMT -6
Bank/wire transfers are totally legit, the rest of the world uses them frequently. The problem is we don't in the US, so banks here frequently get confused handling an incoming. If anything is off in the info, it'll get kicked back and an exchange rate change can soak the buyer in that case. There's fees too, a lot of US banks it's $20ish to receive. They always ask for an IBAN/etc number on the foreign end, and we only use the Federal Reserve #, so there's translation issues. Once you have the money, you have the money, it's not getting recalled.
International postal money orders used to be totally reliable, not sure what if any scams have developed around those.
Western Union was always fine for receiving.
US cash via registered mail, like the early 2000's? I always liked that best, and foreign buyers were frequently doing it.
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Post by c0rtland on Jan 4, 2022 13:43:02 GMT -6
You can use the lightning network to transfer funds instantly internationally. This will put western union out of business.
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Deleted Member
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Post by Deleted on Jan 4, 2022 15:44:23 GMT -6
I used these guys back in my working days: wise.com (they used to be called TransferWise) |
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Post by kcatthedog on Jan 4, 2022 15:54:27 GMT -6
Another thumbs up for Wise, used them as Transferwise, to a stranger had a great experience.
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Post by teejay on Jan 4, 2022 23:38:23 GMT -6
Thanks, everyone. I'm trying Wise. Seems reliable, just ask for a lot of personal info to set up plus a deposit. Hate giving all of that for one transaction, but here we go.
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Post by askomiko on Jan 5, 2022 13:31:14 GMT -6
Bitcoin?
This is a funny thing. Rest of the world has used online bank transfers with home computers since the early 90s, but in US mr. musk made a trillion by inventing a way to transfer money from person to person, you know, like banks should. Good for him.
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Post by Guitar on Jan 5, 2022 13:50:23 GMT -6
Thanks for making me wise to Wise, haha.
Currently looking for every which way to get a better selling / buying experience!
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Post by miadaudio on Jan 5, 2022 14:29:31 GMT -6
I've been using transferwise for all my customers outside the EU and I never had a problem. I can highly recommend it.
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Post by spindrift on Jan 6, 2022 8:18:59 GMT -6
Yes, wise.com (formerly transferwise). I use it all the time. No “protections” but that is what the fees pay for with the more expensive services.
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Post by teejay on Jan 6, 2022 8:54:57 GMT -6
Wise completed and went off without a hitch. Haven't transferred to my bank account yet, but trusting that will be the easy part. Thanks everyone! spindrift ...nice to see you here. Haven't seen you much since last year's Zoom. Happy New Year, and I trust all is well. |
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Post by spindrift on Jan 8, 2022 22:37:12 GMT -6
Wise completed and went off without a hitch. Haven't transferred to my bank account yet, but trusting that will be the easy part. Thanks everyone! spindrift ...nice to see you here. Haven't seen you much since last year's Zoom. Happy New Year, and I trust all is well. Aw thanks man. Yes, just been busy with life and work and such. All good! |
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