Bank wire question

Thread: Bank wire question

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  1. #1
    Member TxKarateDude's Avatar
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    Bank wire question

    Some enlightening needed by more experienced members here.
    I've noticed many sellers on more expensive brands sell only by bank wire. While I can understand their reticence in Paypal, I don't like the wire option, maily due to lack of protection. If I pay by wire and the watch gets lost in transit, or stolen, or God forbid- is a fake, then I have no recourse. I normally use a credit card through Paypal, mainly to protect myself, but also for the reward points. A cashiers check or international money order is also a protected payment.
    Am I wrong in my reasoning?


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  2. #2
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    Re: Bank wire question

    Cashiers check can be faked or stolen. Wire transfer is safe for seller. As a buyer you would want to be very sure of the seller. That's why the saying "buy the seller, not the watch".

  3. #3
    Member RJRJRJ's Avatar
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    Re: Bank wire question

    If the watch comes from a VERY well known seller, id have no problem wiring the money. Anybody else expecting me to wire is just spinning their wheels.

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  5. #4
    Member dtmartin46's Avatar
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    Re: Bank wire question

    I agree one billion % with RJ... You aren't just buying the watch, you are 'buying the seller'.

    A good seller will be very happy about having funds sent via wire, and should expedite shipping to you, you just have to be able to trust them as one of the good guys.
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  6. #5
    Member LI Watch's Avatar
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    Re: Bank wire question

    There are 2 main reasons -

    #1) Protection for the seller. You can't do a fraudulent wire transfer.

    #2) On high ticket items, the fees for wire transfer become almost non-existant, on a % basis. For instance, if you pay with paypal, the seller is hit with about a 3% fee. On a $5K watch, that's $150 down the tubes. The same transaction with a wire transfer will be anywhere from $0, up to maybe $15 or $20. Bottom line - more money in the seller's pocket.

    Thanks-
    Marc Frankel, Owner
    Island Watch
    www.longislandwatch.com


    Quote Originally Posted by TxKarateDude View Post
    Some enlightening needed by more experienced members here.
    I've noticed many sellers on more expensive brands sell only by bank wire. While I can understand their reticence in Paypal, I don't like the wire option, maily due to lack of protection. If I pay by wire and the watch gets lost in transit, or stolen, or God forbid- is a fake, then I have no recourse. I normally use a credit card through Paypal, mainly to protect myself, but also for the reward points. A cashiers check or international money order is also a protected payment.
    Am I wrong in my reasoning?

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