Selling safety tips

[007Sub]

Hey all, I have a buyer interested in a watch I have for sale from Thailand (I'm in the states). He appears to be ok with bank wire but requests that I do not declare the value so he avoids import tax. Furthermore he requests no insurance accordingly. It seems like a lot of risk for him. But is there any also for me? Again assuming the transaction is just bank wire? I feel uncomfortable sending an expensive watch so far without insurance... Should I not let this deter me in this instance? I'd greatly appreciate any feedback or insight here. Thanks!

[Rogdogg]

It's probably something that I would stay away from. If you do decide to do it I would make a video recording of yourself packaging the watch in front of the FedEX/courier company personnel so that it is clear that you have in fact sent away the watch. I have read how other people who have sold watches have done that.
While he is taking a risk in asking for it not to be insured etc., the last thing you want is to have him pay for the watch and then claim that you never sent it. That is why I would make the video recording of you packaging everything up in front of the courier company personnel and then handing it straight over to them for processing.
Maybe make it clear in an agreement that he is choosing not to insure the watch so any responsibility falls on him if it doesn't arrive.

I am just thinking out loud here giving my thoughts. I'm sure a regular seller from TRF will answer you with a better answer based on their actual experiences

Good Luck whatever you do

p.s. I actually live in Thailand and would love to buy watches from trusted sellers in the US. I don't do it for the exact reasons above. I would never take the risk of not insuring it and not declaring it.
As far as I know Rolex watches have an import duty of 5% based on value of watch plus cost of shipping and insurance combined. Then it has an additional VAT rate of 7% on this total price. It gets very expensive to do it the right way.
Thailand is notoriously expensive to import items into

[chicfarmer1]

Originally Posted by 007Sub

Hey all, I have a buyer interested in a watch I have for sale from Thailand (I'm in the states). He appears to be ok with bank wire but requests that I do not declare the value so he avoids import tax. Furthermore he requests no insurance accordingly. It seems like a lot of risk for him. But is there any also for me?

This is a trust situation, entirely. So, you have to completely trust the other party to be sure you won't get stuck. How well do you know the buyer?

It is a seller's responsibility to get a package to a buyer, so in the event it goes missing, then who is really on the line for that loss? He says he'll pay, but he could instead could go after you to reimburse the loss, knowing you did not pony up for insurance. Then what?

[Sherwooddavid]

Originally Posted by chicfarmer1

This is a trust situation, entirely. So, you have to completely trust the other party to be sure you won't get stuck. How well do you know the buyer?

It is a seller's responsibility to get a package to a buyer, so in the event it goes missing, then who is really on the line for that loss? He says he'll pay, but he could instead could go after you to reimburse the loss, knowing you did not pony up for insurance. Then what?

Agree 100% sir !

If it was me I'd be a little nervous,but that's the way I am. Good luck on you transaction.

[007Sub]

Thanks for your input all! Yeah I'm not too excited about the idea of incurring this risk. I looked into 3rd party insurance and so far I can't find one that will cover shipments to Thailand. :/

So it seems like consensus is to back away? I'm curious though, if one pays via bank wire, what recourse do they have... Say that wanted to claim the watch never arrived? It's not going through PayPal?

[MonBK]

Originally Posted by 007Sub

Thanks for your input all! Yeah I'm not too excited about the idea of incurring this risk. I looked into 3rd party insurance and so far I can't find one that will cover shipments to Thailand. :/

So it seems like consensus is to back away? I'm curious though, if one pays via bank wire, what recourse do they have... Say that wanted to claim the watch never arrived? It's not going through PayPal?

With a legit bank wire he has no recourse whats so ever.

[chicfarmer1]

Originally Posted by MonBK

With a legit bank wire he has no recourse whats so ever.

I wouldn't count on it. If a buyer can attempt a claim of international mail fraud (doing that fraudulently himself, granted), that's a big enough offense to possibly moot the form of payment. (I don't know this actually, but I suppose it could be the case. Thoughts?)

[MonBK]

Originally Posted by chicfarmer1

I wouldn't count on it. If a buyer can make a case for international mail fraud, that's a big enough offense to possibly moot the form of payment. (I don't know this actually, but I suppose it could be the case. Thoughts?)

See my reply above.

[chicfarmer1]

True that a bank wire is not reversible, even in the case of fraud. But individuals can get convicted of wire fraud, obviously not the equivalent of a chargeback but another kind of exposure to risk. Let's say you have an honest seller and a corrupt claiming buyer who eventually loses that claim: even so, the innocent seller wouldn't want to be involved in it, at least for the online footprint it could leave.

Everyone has a level of risk tolerance. Clint Eastwood would say, ....

[MonBK]

Originally Posted by chicfarmer1

True that a bank wire is not reversible, even in the case of fraud. But individuals can get convicted of wire fraud, obviously not the equivalent of a chargeback but another kind of exposure to risk. Let's say you have an honest seller and a corrupt claiming buyer who eventually loses that claim: even so, the innocent seller wouldn't want to be involved in it, at least for the online footprint it could leave.

Everyone has a level of risk tolerance. Clint Eastwood would say, ....

Got you I would still do the deal after covering all the bases.

[007Sub]

Ugh this is killing me. I feel uncomfortable sending without insurance and not declaring the true value of the watch... Even though the buyer is offering to pay me my asking price and cover shipping costs, and wire to my account, I can't help but feel nervous about it...

I really appreciate all of your feedback. Has anyone else sold internationally? What is generally your policy here?

[MonBK]

Simple, if you feel uncomfortable and nervous about the deal then don't do it.

[007Sub]

Originally Posted by MonBK

Simple, if you feel uncomfortable and nervous about the deal then don't do it.

Well said. I wrote back to the seller that I will only go ahead with the transaction if I declare the full value and have it fully insured. We'll see how it goes...