What is "transferwise.com" ? Real of Fake

[dtwatches.com]

A buyer said he paid me via transferwise.com
I do not even hear of this transfer payment method.
Anyone know that this is real of a trap?
THX

[MonBK]

If you're in the business of buying and selling I'm surprised you don't know this?

[dtwatches.com]

Sorry! Really do not know. I understand how it works
http://www.youtube.com/watch?v=98MrmOG05Bs

BUT, my question is : is this real or fake?
Thanks for teaching.

[MonBK]

Works exactly like Paypal but at a lesser rate.

If your buyer has paid you all you have to do is check with them.

[dtwatches.com]

Thanks!

[116618wannabee]

Originally Posted by MonBK

Works exactly like Paypal but at a lesser rate.

If your buyer has paid you all you have to do is check with them.

You are the seller. You have the right to dictate the payment manner. I strongly discourage you to use PayPal.

I got burnt with payPal. I sold a vintage Seiko and the buyer pulled a "not as described" scam. I sent a beautiful moon phase date timepiece and he claimed it was hopelessly defective and could not be repaired. Untrue. I tested it before sending it out.

I wrote him and said ok .. Send me back my watch. "No says he. I am not obligated to", says he.

Eventually I got the piece back after a great deal of nuisance.

Once a buyer says not as described, paypal sides with them. They keep the watch and they get their money back. They send you the watch back if and when they want. You are at their mercy. You have no leverage.

Why would a buyer not want to wire money? Do the Math. Why should you accept a payment method you know nothing about?

Others ... Please chime in if you disagree. I want to hear your viewpoint.

[dtwatches.com]

PAYPAL is so common and popular. Inevitable!!

Mt ways to protect myself :
1)They have just launched the "Seller Protection Program" (PSP) in Oct 2013. I insist in having the PSP... otherwise refund.
2) I will check buyer's background

By the way, there are BAD guys all over the world. One must prepare to protect oneself.
Finally, this is a matter of calculation of RISK!
If too risky, choose to QUIT!

BUT, my post here is about transferwise.
BTW, the money has to be in my account as CASH before shipping.
THX

[116618wannabee]

Originally Posted by dtwatches.com

PAYPAL is so common and popular. Inevitable!!

Mt ways to protect myself :
1)They have just launched the "Seller Protection Program" (PSP) in Oct 2013. I insist in having the PSP... otherwise refund.
2) I will check buyer's background

By the way, there are BAD guys all over the world. One must prepare to protect oneself.
Finally, this is a matter of calculation of RISK!
If too risky, choose to QUIT!

BUT, my post here is about transferwise.
BTW, the money has to be in my account as CASH before shipping.
THX

Sellers protection only covers unauthorized transactions and items not received.

Check the paypal TOs... I believe they reserve the right to facilitate retroactively a charge back the money even if it appears as cash.

If the buyer claims it was counterfeit, he provides proof the item was destroyed and he gets a full refund out of your pocket.

If the buyer claims the item is defective, he can charge back the price of a repair.

It IS a calculated risk. However as a seller if there are ways to reduce the risk you should reduce the risk.

PayPal is for buyers. Wiring money is for sellers.

[AbsolutelyROLEX!]

bank wire all the way, no risk!

[Lgear080]

No wire or cash, no watch.

End of story.

[Knappo 1307]

Not only do you have to "buy the seller", but you also have to do your homework when selling. You need to "buy the buyer" also...

[dtwatches.com]

YES! But the buyer. CHEERS!

Originally Posted by Knappo 1307

Not only do you have to "buy the seller", but you also have to do your homework when selling. You need to "buy the buyer" also...

[dtwatches.com]

This afternoon, I did receive the payment as cash into my bank account.
The transferwise.com works.
Please be noted that I am NOT recommending it.
I go through the whole website and have no idea about the company background.
NOT to say about their legal position in handling money transfer.

I do NOT have much understanding on this company.
Seems that the transferor bear a lot of risk.
As a receiver, I won't mind to use it. I get my money and ship afterward.

[Old Expat Beast]

I like Western Union....instant transfer of funds and no fees for the recipient.

[dtwatches.com]

This transferwise is also no fee to receiver. Direct cash goes to bank account.
For WU, I suggest you go to Exchange shops in tourist districts of HK like TST or central. The rate there is super GOOD than banks when converting back to HKD. OR, you even can take USD notes.

[Old Expat Beast]

Buyer sends me payment in HK$ and I can pick up from my local post office