What's The Best Way To Complete An In Person Transaction?

[nsguy]

Hi all. I'm getting ready to sell a watch in person. What's the safest way to go about this these days? I don't expect the buyer and myself (the seller) to share the same bank.

I see folks suggest wire transfers, which I could do, but I'm curious how the mechanics of this play out. Even the quickest wire takes a few hours to show and potentially longer to clear. I'm not sure I expect the person to wire me cash hours before I had over the watch. Alternatively, I can meet them in person and have them wire the money, but then we'd be sitting at a cafe four a long time for the wire to go through.

Cashier's check seems to be popular as well. Would I go about this by meeting at their bank, having them get a cashier's check, trading the check for the watch, then cashing the check at my bank afterward?

The watch is too expensive for us to do a cash trade IMO. Any tips would be appreciated. Thanks!

[ALF61]

Never done one, but I were to do one, I would like to facetime with the person and get to know him or her beforehand. If that passes, I would meet at YOUR bank where I would make the exchange. Alternatively ask an AD to render a service of verifying the watch as genuine for the customer and pay him a fee for his services. Form of payment is another story.

[racer24]

the safest way in your case is to open a bank account in the same bank as the buyer and ask the buyer to do a transfer. bank checks even Cashier's checks can be cancelled. on the another hand, wire transfer is almost impossible to reverse. that's why most sellers here only accept bank wire.

[nsguy]

Originally Posted by racer24

the safest way in your case is to open a bank account in the same bank as the buyer and ask the buyer to do a transfer. bank checks even Cashier's checks can be cancelled. on the another hand, wire transfer is almost impossible to reverse. that's why most sellers here only accept bank wire.

Oh, that's interesting. I can create a new account with their bank, but I'm wondering if they'll restrict me from transferring the money out of it to my normal bank so soon.

[Adirondoc]

I've bought cars, boats, etc. using bank checks. If you really want to play it safe, you could accompany him/her to their bank and together, have the bank cut a teller's check. That should mean they not only have the funds available, but that those funds will now be earmarked for you and you alone.

[AshAP]

I think I’ve got about a 40k limit for transfers from my phone. The 15407 that I bought from AP was £39k, I sent them £1 to confirm the bank details and then the rest upon confirmation. The money arrived almost immediately in APs account.


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[Cooper33]

You can also ask for cash and deposit it together right away at your bank. Assuming all bills are good, I feel that this is the quickest/safest option.

[nsguy]

I think they use one of those online banks unfortunately so I won't be able to meet them at their bank in person. Wire transfer seems the realistic option. But how do folks deal with the transfer time? Can you trust it as soon as it posts even though it hasn't cleared?

[AshAP]

I don’t know what the banking system is like in the US but in the U.K. when you transfer money it hits the recipients account within 2 hours (but usually immediately) as cleared funds and can’t be reversed.


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[schoolboy]

Originally Posted by nsguy

Oh, that's interesting. I can create a new account with their bank, but I'm wondering if they'll restrict me from transferring the money out of it to my normal bank so soon.

Once the money is yours you can just pull out in cash and then deposit it into your other bank account

[nsguy]

Originally Posted by schoolboy

Once the money is yours you can just pull out in cash and then deposit it into your other bank account

I spoke to that bank and it turns out if you transfer money between accounts belonging to different people at the same bank, it's still a wire transfer, albeit an internal one. Thus it will still take 3-4 hours or more to go through their review process and there's no benefit over just wiring from their bank to mine.

[droptopman]

Last one I did. Buyer flew in. I picked him up at the airport, we drove to a branch of his bank. He inspected the watch, wanted it, so he had a cashiers check created with me standing there. Then we drove to my bank and I deposited it. We went to lunch at my golf club, then I dropped him at the airport. It was a fun day, got to meet someone new who is a WIS and we talked watches, TRF, cars, golf and so on. Good times.

[cm10005]

Tell him you want cash and have him meet you at the nearest police station in the lobby. If both of you are serious about selling and buying, the idea of using cash and a police station shouldn’t scare either of you away

[The Libertine]

Originally Posted by Adirondoc

I've bought cars, boats, etc. using bank checks. If you really want to play it safe, you could accompany him/her to their bank and together, have the bank cut a teller's check. That should mean they not only have the funds available, but that those funds will now be earmarked for you and you alone.

Absolutely agree. Certified bank check is the way to go.

[Blansky]

This may not be the way everyone else does it but it works for me.

Firstly you need 3 other guys and make sure one is stupid.

Then set up the meet at around 11PM in a deserted warehouse district down by the river and since you are the seller you'll need a old broken down van as well as 2 Mercedes SUVs.

Have your sniper in place by least by 9:30 PM so he can be there before the buyers sniper.

When the buyer shows up in 3 Black Mercedes SUVs, you park facing each other about 30 yards apart and walk forward with the stupid guy who is packing heat. The buyer will show you his cash and you send stupid back to the van for the watch and box and papers.

If all goes well you should be back to the strip club by midnight and if it doesn't go well, well........blame it on the stupid guy.

[Knappo 1307]

Originally Posted by nsguy

Hi all. I'm getting ready to sell a watch in person. What's the safest way to go about this these days? I don't expect the buyer and myself (the seller) to share the same bank.

I see folks suggest wire transfers, which I could do, but I'm curious how the mechanics of this play out. Even the quickest wire takes a few hours to show and potentially longer to clear. I'm not sure I expect the person to wire me cash hours before I had over the watch. Alternatively, I can meet them in person and have them wire the money, but then we'd be sitting at a cafe four a long time for the wire to go through.

Cashier's check seems to be popular as well. Would I go about this by meeting at their bank, having them get a cashier's check, trading the check for the watch, then cashing the check at my bank afterward?

The watch is too expensive for us to do a cash trade IMO. Any tips would be appreciated. Thanks!

FTF is done with cash, nothing else....

[BNA/LION]

Bank.

[GB-man]

Originally Posted by Blansky

This may not be the way everyone else does it but it works for me.

Firstly you need 3 other guys and make sure one is stupid.

Then set up the meet at around 11PM in a deserted warehouse district down by the river and since you are the seller you'll need a old broken down van as well as 2 Mercedes SUVs.

Have your sniper in place by least by 9:30 PM so he can be there before the buyers sniper.

When the buyer shows up in 3 Black Mercedes SUVs, you park facing each other about 30 yards apart and walk forward with the stupid guy who is packing heat. The buyer will show you his cash and you send stupid back to the van for the watch and box and papers.

If all goes well you should be back to the strip club by midnight and if it doesn't go well, well........blame it on the stupid guy.

bravo

I would ask him to pay by wire transfer while you two enjoy lunch and maybe a few beers at the bar after if time is needed. Once is has hit your account you should be fine provided it is a wire. If you are paranoid for any reason you can hang somewhere with a lot of cameras like a casino or police department.

[brandrea]

I’d Recommend a face to face at your bank and ask him to bring a certified check. Your bank will verify that it’s authentic and funds are automatic (good as cash).

[Jay (Eire)]

Originally Posted by droptopman

Last one I did. Buyer flew in. I picked him up at the airport, we drove to a branch of his bank. He inspected the watch, wanted it, so he had a cashiers check created with me standing there. Then we drove to my bank and I deposited it. We went to lunch at my golf club, then I dropped him at the airport. It was a fun day, got to meet someone new who is a WIS and we talked watches, TRF, cars, golf and so on. Good times.

That’s a full service deal right there. ;)

[Jay (Eire)]

OP : Cash. In your bank. It doesn’t matter how much the watch is, just be sure the buyer calls his bank in advance to ensure they have the cash for him.

[Fabrice M]

wire transfer take minutes not hours. If it take longer than five minutes it because someone at the bank isn’t sending it. I have never been in your situation, as far as selling a watch, but I have sold one a car and a boat. For the car, we went to the buyer’s bank and I got a cashiers check. I was with him when the teller wrote it out. When I sold my boat, we did it at my bank. Once the buyer was happy with the boat inspection, he called his bank to wire the money. 5mn later the bank manager came in the waiting room we were in to let me know the money was in my account.

[locutus49]

In bridge we take turns being the dummy.

Originally Posted by Blansky

This may not be the way everyone else does it but it works for me.

Firstly you need 3 other guys and make sure one is stupid.

Then set up the meet at around 11PM in a deserted warehouse district down by the river and since you are the seller you'll need a old broken down van as well as 2 Mercedes SUVs.

Have your sniper in place by least by 9:30 PM so he can be there before the buyers sniper.

When the buyer shows up in 3 Black Mercedes SUVs, you park facing each other about 30 yards apart and walk forward with the stupid guy who is packing heat. The buyer will show you his cash and you send stupid back to the van for the watch and box and papers.

If all goes well you should be back to the strip club by midnight and if it doesn't go well, well........blame it on the stupid guy.

[Bluside]

F2F scares me a bit. I've read too many stories of the buyer swapping out the real watch for a fake and then declining on the sale.

I'm overly paranoid I guess.

[djgallo]

I’ve done this in the past. Ask the buyer to get a cashiers check from a major bank, like Chase Bank, Wells Fargo etc. They have locations almost everywhere.

Meet at the major bank from where the cashiers check is from. Let the bank know that you are making an exchange and they will help to facilitate. The bank will make sure the cashiers check is legit, as it’s from their bank. You then have options to cash the check and get the cash, or take the check and deposit it in your own bank.

[tmmii]

Originally Posted by Fabrice M

wire transfer take minutes not hours. If it take longer than five minutes it because someone at the bank isn’t sending it. I have never been in your situation, as far as selling a watch, but I have sold one a car and a boat. For the car, we went to the buyer’s bank and I got a cashiers check. I was with him when the teller wrote it out. When I sold my boat, we did it at my bank. Once the buyer was happy with the boat inspection, he called his bank to wire the money. 5mn later the bank manager came in the waiting room we were in to let me know the money was in my account.

A lot of banks just do batch wires twice a day.

And depositing all that cash and being on the IRS radar? No thanks.