Payment on coins from overseas

mrearlygold

We've had the good fortune of getting orders from overseas on not only US material but World material. A question coming up on some of these orders however is a request for our account information to send us payment via wire transfer. While this is a normal way of doing business on higher priced coins, we are unfamiliar with this method of payment for coins that are in the few thousand dollars each range and unfamiliar with giving our account to overseas buyers.

Anyone care to comment or share personal experiences, good or bad?

Thank you!

johnsim03

Tom,

That is the payment method of choice for most Europeans. It is the normal way of doing business.
Any other ways are rather exceptional, to a European, in my experience (just got back from 20+ years in Germany...)

I see no downside at all to bank transfers - it isn't like they can draft on your account or anything like that (unless, of
course, you have a very stupid bank).

John

mrearlygold

<< <i>Tom,

That is the payment method of choice for most Europeans. It is the normal way of doing business.
Any other ways are rather exceptional, to a European, in my experience (just got back from 20+ years in Germany...)

I see no downside at all to bank transfers - it isn't like they can draft on your account or anything like that (unless, of
course, you have a very stupid bank).

John >>



Stupid bank? Well

291fifth

Make sure you know how much your bank charges to accept wire transfers. At many US banks the fees are very high.

mrearlygold

<< <i>Make sure you know how much your bank charges to accept wire transfers. At many US banks the fees are very high. >>



A fee to "accept" a wire??

They get us coming AND going?

08HALA20

Another option I have heard about here is to open a separate account at a diffrent bank just for these types of transactions. You can withdraw the funds and deposit into your main account.

Joe

ricko

Go with the separate account strictly for these transactions. That way you protect your personal account information. Also, talk to your bank so they are aware of the purpose of the account and expected activity. Cheers, RickO

291fifth

<< <i>

<< <i>Make sure you know how much your bank charges to accept wire transfers. At many US banks the fees are very high. >>



A fee to "accept" a wire??

They get us coming AND going? >>



About four years ago I accepted a foreign wire transfer for a $140.00 (non-coin) eBay sale. The bank charged me $20! Since that time my bank has been bought out (again) and I wouldn't be surprised if the current fee is well above that.

bidask

where are the orders overseas coming from?

mrearlygold

<< <i>where are the orders overseas coming from? >>



Australia

Hong Kong

Switzerland

bidask

<< <i>

<< <i>where are the orders overseas coming from? >>



Australia

Hong Kong

Switzerland >>

I liked what johnsim03 said and for more safety what 08HALA20 suggests. Maybe your bank could set up an auto sweep of funds into a different account as deposits occur. Good to hear you are getting orders overseas.

tmot99

Wire transfers for payment of equipment and merchandise is very common on orders for international customers. We do it all the time. Just because they have account # information doesn't give them the ability to remove funds from the account. Your account # goes out every time you write a check and you don't think twice about it.

mojoman

Can you get paid in EUROS LOL if your bank is going to charge you for the transfer?

mrearlygold

<< <i>Can you get paid in EUROS LOL if your bank is going to charge you for the transfer? >>



Someone sent me Deutchmarks once. I wish I kept them, it was neat.

newbiecollector

Where I live in Europe (Norway) this is a vrry, very common method ofg payment for almosr everything witin the Norway.
It costs me, the payer, a very small fee to do it.

I have on many occasions, used this to pay someone in the US. On every occasion, the seller has clearly stated that I must pay in US dollars and assume the transfer costs. Here, there are optins for who pays for the transfer costs on both ends of the transaction.

I have no problem with accepting those terms, if I am aware of it in advance.

pb2y

Why complicate life with an overseas purchase like this?
And you will have no recourse with a wire payment.

mrearlygold

<< <i>Why complicate life with an overseas purchase like this?
And you will have no recourse with a wire payment. >>