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If I'm wanting to sell coins, can I do money wiring instead of PayPal?

dagingerbeastttdagingerbeasttt Posts: 784 ✭✭✭✭
in Buy, Sell, & Trade - U.S. Coins

I don't have PayPal and bank through Chase. Can I just do a money wire or transfer funds into my account

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    GluggoGluggo Posts: 3,566 ✭✭✭✭✭
    edited November 24, 2017 8:57AM

    If your selling accept checks, I don't think I would want people wiring money into my account way to much information you have to give them.
    Open up a Pay Pal account, and it does not take to long. Pay Pal works fine for me, I have not had any real problems just once but it was on my end. To long of a story to share. But if you have the coin the buyer will wait if the deal is good.
    I took a big check here, and it came no problem just deposit into your account then ship after the check clears or the bank tells you its good. I would say the risk is in the shipping part lots of things can go wrong. I make them sign on the receiving end so far so good. IMO of course

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    okiedudeokiedude Posts: 643 ✭✭✭

    If you feel like doling out your bank account information to strangers, and most banks charge a wire fee on both ends, sure. Just set up a PP account.

    BST with: Oldhobo, commoncents05, NoLawyer, AgentJim007, Bronzemat, 123cents, Lordmarcovan, VanHalen, ajaan, MICHAELDIXON, jayPem and more!
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    morgandollar1878morgandollar1878 Posts: 4,006 ✭✭✭✭✭

    Most people are not going to want to do that. Accepting a check or taking a USPS money order will work better.

    Instagram: nomad_numismatics
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    derrybderryb Posts: 36,209 ✭✭✭✭✭
    edited November 24, 2017 10:45AM

    paypal is the way to go, gives your buyer peace of mind. You can even offer to split the 3% fee. A smart buyer using paypal is going to want you to invoice them on exactly what the payment is for. They will need this if they file a paypal claim for non delivery. Just sending you the money via paypal does not protect them unless it is clear to paypal what the payment was for.

    My credit union lets me wire funds for free. When I accept wire transfers i have them go to an account that I leave no funds in. This frees me from worry about a buyer having the limited account info.

    Give Me Liberty or Give Me Debt

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    dagingerbeastttdagingerbeasttt Posts: 784 ✭✭✭✭

    Thanks guys

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    shorecollshorecoll Posts: 5,445 ✭✭✭✭✭

    There are now free transfer services at many banks, but not everyone is signed up. The service name is Zelle, but banks may call it something else. It's intended to compete with Venmo, so it doesn't have the PP protections. Wires are steep at most banks.

    ANA-LM, NBS, EAC
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