Advice on taking wire transfer offer!!!

[FBC]

Can anyone give advice on taking a offer that requires receiving a wire transfer. I have just received a fair offer for my Rolex Seadweller 16660 Matte mk1. I have never sold anything this way and would have much rather a local buyer. What should i look out for with wire transfers and selling it this way? I am in florida buyer is in North Carolina. I read that wire transfer can be revocable and can show i was paid then revoked as soon as i ship? Is it safer to just say no to the deal, and deal local?

[sea-dweller]

It could be a fake wire transfer. I had a friend who tried to sell an expensive item this way.
A "wire transfer" was deposited into his account (which was a fake cashiers check) which shows as a deposit made into his account. 3 days later, the check "bounced". Luckily, he didn't ship the item. Beware!

[FBC]

Yeah, This is what I was worried about. I really, don't want the hassle. I don't need the money, so taking a local dealers low offer is out of the question. Too bad there isn't something in between. Oh, Well - I have to give guy a answer by today, don't want to be rude but I have to say no i guess.

[kilyung]

You can't "revoke" a wire transfer. Just talk to your bank. It'll be fine but be wary of deposits - those can be stopped.

[HL65]

Originally Posted by sea-dweller

It could be a fake wire transfer. I had a friend who tried to sell an expensive item this way.
A "wire transfer" was deposited into his account (which was a fake cashiers check) which shows as a deposit made into his account. 3 days later, the check "bounced". Luckily, he didn't ship the item. Beware!

A cashiers check and wire re not the same and I would never accept a check as payment unless from friend I know and trust. Once a wire transfer is sent it is sent and funds are available immediately with no hold. That is purpose of a federal fund wire. In some instances if caught right away due to fraud and receiving bank agrees it could be pulled back. This is difficult to do and also quite rare! So if you fear a wire then don't sell watch to anyone u less yu know them but please know your fear is not warranted.

[Pict]

Surely the buyer can wait till you have confirmation from your bank of the valid deposit, once you have confirmation you post the watch? I have a watch for sale and this is what i was going to do, unless i've got this wrong, can this go bad?

[HL65]

Originally Posted by Pict

Surely the buyer can wait till you have confirmation from your bank of the valid deposit, once you have confirmation you post the watch? I have a watch for sale and this is what i was going to do, unless i've got this wrong, can this go bad?

As I stated above no...Wire clear the minute is received as I stated and there is no hold whatsoever.

[Pict]

Originally Posted by HL65

As I stated above no...Wire clear the minute is received as I stated and there is no hold whatsoever.

Thanks, i was posting and had'nt seen your post, cheers as this needed clarity.

[HL65]

Originally Posted by Pict

Thanks, i was posting and had'nt seen your post, cheers as this needed clarity.

[TimeToGo]

Is the buyer a TRF member?

How about checking in the Who's who Section or asking for references?

[sea-dweller]

I wasn't 100% clear in my first post. Let me explain.

The fake cashiers check was deposited by the "buyer" into the seller's account, without the seller ever seeing it.
It looked like a deposit from the sellers point of view. The "buyer" told the seller he had "wired" money into the sellers account. The "buyer" betting that the seller would login to his account, see the "funds" and ship the item, without checking whether it was a real wire or not.

It's a known scam.

Originally Posted by HL65

A cashiers check and wire re not the same and I would never accept a check as payment unless from friend I know and trust. Once a wire transfer is sent it is sent and funds are available immediately with no hold. That is purpose of a federal fund wire. In some instances if caught right away due to fraud and receiving bank agrees it could be pulled back. This is difficult to do and also quite rare! So if you fear a wire then don't sell watch to anyone u less yu know them but please know your fear is not warranted.

[MonBK]

All he has to do is call the bank once the money is in and verify that it was a wire and not an over the counter deposit!

[FBC]

Thanks, Man that makes a huge difference. I am going to check with my bank on Monday to make sure. On the buyer side I would be worried someone would not send me the watch after getting my money. I guess nothing really beats face to face so they can look at it and walk away with it. My area doesn't seem to have Rolex collector dealers, Just the pawn/amateur type of low ballers.

[HL65]

Originally Posted by sea-dweller

I wasn't 100% clear in my first post. Let me explain.

The fake cashiers check was deposited by the "buyer" into the seller's account, without the seller ever seeing it.
It looked like a deposit from the sellers point of view. The "buyer" told the seller he had "wired" money into the sellers account. The "buyer" betting that the seller would login to his account, see the "funds" and ship the item, without checking whether it was a real wire or not.

It's a known scam.

If seller is smart it states right on activity bank wire. So clearly one selling a watch must use intelligence and there is zero risk in bank wires as again they are irreversible and instantly clear funds. Wires and check deposits are clearly itemized or detailed in activity so not sure how anyone would think they could get away with that.

[sea-dweller]

Agreed! But, the "buyer" is taking the chance that an uninitiated seller won't do that and ship the item immediately! My friend luckily did not ship his item and the fake deposit bounced a few days later.

It's a scam, just wanted to alert the OP.

Originally Posted by MonBK

All he has to do is call the bank once the money is in and verify that it was a wire and not an over the counter deposit!

[MonBK]

Originally Posted by HL65

If seller is smart it states right on activity bank wire. So clearly one selling a watch must use intelligence and there is zero risk in bank wires as again they are irreversible and instantly clear funds. Wires and check deposits are clearly itemized or detailed in activity so not sure how anyone would think they could get away with that.

The folks that wires money to Nigeria would probably fall for that but then again they usually don't sell Rolex watches.

[HL65]

Originally Posted by MonBK

The folks that wires money to Nigeria would probably fall for that but then again they usually don't sell Rolex watches.

Western Union only to Nigeria.

[FBC]

Sea-Dweller, To be honest I would have been busy at worked and looking on my small iPhone and probably did just what you said, seen the deposit and not if it was a deposit or transfer. I appreciate you mentioning it. I am new to this and would not have known to look for.

[sea-dweller]

Glad I could help. Be careful out there!
Verify things with the bank before shipping.

Originally Posted by FBC

Sea-Dweller, To be honest I would have been busy at worked and looking on my small iPhone and probably did just what you said, seen the deposit and not if it was a deposit or transfer. I appreciate you mentioning it. I am new to this and would not have known to look for.

[sea-dweller]

Agreed! Scammers aren't the smartest people, that is why they try and scam others!

Originally Posted by HL65

If seller is smart it states right on activity bank wire. So clearly one selling a watch must use intelligence and there is zero risk in bank wires as again they are irreversible and instantly clear funds. Wires and check deposits are clearly itemized or detailed in activity so not sure how anyone would think they could get away with that.

[Taylorgold]

Originally Posted by Pict

Surely the buyer can wait till you have confirmation from your bank of the valid deposit, once you have confirmation you post the watch? I have a watch for sale and this is what i was going to do, unless i've got this wrong, can this go bad?

I agree with you, I would only ship if payment is confirmed.