Transferwise for international purchase

[WatchesinSF]

Hi there, I have a buyer in Netherlands that is interested in a watch I'm selling for $4.5k. He offered to pay via Transferwise. Looks pretty legit, but this is an international transaction, so I'd like to be cautious. Anyone have advice on Transferwise? Anything to be on the lookout for as a seller?

[jtambiah]

I can confirm it is a safe form of international payment transfer. It’s become my go-to method for sending and receiving money from abroad (I am US based). The downside is, it is not instant, and can take up to 4 days for funds to clear.


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[CorradoBrit]

I would only do bank transfer for an international purchase. No point taking the risk with so many bad apples out there.

[tudorbaja27]

Transferwise (as a paying tool) is solid and you can pay the fee for immediate transfer

[WatchesinSF]

Is there anyway to reverse payment after it is made, like Venmo? Any risk once you have received payment in your account?

[Doc Savage]

Forbes did a positive story on Transferwise fairly recently. I have also used them without any trouble. You can pay via CC, debit card, or bank transfer, but I don't want to give anyone else direct access to my checking account, so I use the CC option. You'll pay a higher fee using your CC on Transferwise, but to me, it's worth it.

[Myzi88]

It is good for tge seller - risky for the buyer ��

[byr0nic]

Transferwise is as legit as any other bank account (in fact, it is a bank account, or at least their 'borderless account' product is); it's simply a sensible ways to get a decent forex rate (what he's probably optimising for if primary currency is EUR, hence why he wants to use it), so I'd simply view it as a signal that you're not dealing with an idiot, and that's pretty much it! ;-)

Everything else should still apply re: the transaction and your assessment of its safety, of course, however TW in itself is not a vector that should raise concern.

The _only_ thing I'd say that is odd here is why it even required the buyer to mention it in the first place; as above, it's akin to a regular bank account (as has been noted, how you add funds can be via debit/credit card, or another bank account), so assuming you're sharing your bank details to have funds transferred directly by the buyer, whether Transferwise is being used to send the funds or not is immaterial from your POV (apart from a few convenient notifications sent via the TW system)... all that will happen is funds are added as per any other local bank transfer, even if Transferwise is used to send them.

[southtexas]

Can a transferwise transaction be reversed or disputed by the seller? If he pays with CC, can he file a dispute with CC company which could force transfer wise to reverse the money out of the recipient account?


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[S``]

Originally Posted by southtexas

Can a transferwise transaction be reversed or disputed by the seller? If he pays with CC, can he file a dispute with CC company which could force transfer wise to reverse the money out of the recipient account?


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pretty sure it is counted as a cash advance/ cash withdrawal.
https://transferwise.com/help/15/pay...-charged-extra

Way safer than let's say a paypal imho

[Austin in Japan]

My friend lost about 2.5 grand through Transferwise. It's been over a year and still no luck getting it back.

[WatchesinSF]

Originally Posted by Austin in Japan

My friend lost about 2.5 grand through Transferwise. It's been over a year and still no luck getting it back.

Could you give more details?

[Bardamu74]

As a seller you don’t need to worry, transferwise can only be harmful to the buyer that’s what he meant. I’ve used it twice and it was spotless, very easy and takes about a day or 2 for the money to be available.

Originally Posted by WatchesinSF

Could you give more details?

[sp006]

Used Transferwise on 2 separate transactions with sellers in Australia and everything was flawless.


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[Humble michael]

Simple use AMX to pay using this form of payment- you have the protection AMX offers. You can dispute the charge if things aren’t right. Please please DON’T send anyone a bank wire - you will be begging to get cheated- period! This is a simple solution- if you have to pay a little extra using a CC - do it! Cheap insurance.

[Knappo 1307]

Originally Posted by james272

Simple use AMX to pay using this form of payment- you have the protection AMX offers. You can dispute the charge if things aren’t right. Please please DON’T send anyone a bank wire - you will be begging to get cheated- period! This is a simple solution- if you have to pay a little extra using a CC - do it! Cheap insurance.

There he is, my man!!

[Humble michael]

Whoops , sorry I thought you were buyer OP. As seller sure do bank wire or this thing but DO Not send out piece until funds clear you bank! Simple .

[TempoKing]

I do all my money transfers with transferwise.com
just send to my daughter 50
from my USA account to her account in England ...

.she got the gift in 4 (four) SECONDS !!....fantastic service - cheapest way to sent money

[midnightblue]

Just wondering, how does the receiver/seller withdraw money? (if they have never used the wise app)? Can anyone shed some light?

[K7Baixo2]

Originally Posted by midnightblue

Just wondering, how does the receiver/seller withdraw money? (if they have never used the wise app)? Can anyone shed some light?

My instances all involve a transfer straight to a bank account. So, essentially it was from my account to theirs via Transferwise, now, simply Wise.