Wire payments good? Why do so many sellers request them

[dwjez14]

Okay so I am new to the forum and I have never bought a watch with a wire transfer. In the past it has been cash , PayPal , credit card or affirm. What is the point of wire transfer ? I thought if you use pay pal and other means it protects you more ? Would it not be easier to get burned by a wire transfer ? I have seen a few watches I like but they all ask for wire transfer . Why is this ??

[Chad072]

Some will take PayPal if you pay the 3% fee.

[rb250]

If the buyer wants to purchase a watch from me paypal is fine if they are willing to pay the fee which is 3%. I think paypal fees is why most prefer wire transfer.

[Shaka2015]

It’s the fees as said above and there is no recourse. PayPal is often used by scammers and PayPal will often side with the buyer.

[GB-man]

PayPal sides with the buyer. You could say I sent you a box of rocks and get the payment rescinded and keep the watch. I only use PayPal for transactions I’m willing to risk such as under 2000 dollars or with people I trust 110% like family.

[-lenny-]

In addition to being very popular with scammers, PayPal is slow to pass the proceeds of sale on to the seller.

[dwjez14]

I understand but on the flip side doesn't a wire transfer protect the seller more than the buyer or is it the same? I just turned to online to find the watches i want and it is very nerve wracking for me. I bought a 2 tone rose gold yachtmaster from bobs last week. That was fine as I know who they are. So I had no concern at all

[dwjez14]

But all these paypal concerns I understand. As a buyer I want to do business with the company who sides with me the most. It's tough for me coming to the site and buying a 12k watch sending a wire transfer. Makes me very nervous. I guess I just look at the seller and how long they have been around for.

[dwjez14]

On the flip side if I was a seller I would probably want the direct wire transfer as well. So with that being said I completly understand

[GB-man]

Originally Posted by dwjez14

On the flip side if I was a seller I would probably want the direct wire transfer as well. So with that being said I completly understand

It’s cover your a** for sure. Don’t deal with anyone you don’t fully trust. Problem is when you’re selling you are hanging a 10k piece of fruit out there and it’s a target for scammers.

[Baco Noir]

PayPal gives buyers 6 months to file a claim and some buyers abuse the policy. Watches are fragile and can be damaged if dropped or abused. There have been recent cases of people filing claims at 5 1/2 months and PP siding with the buyer. It’s ridiculous and shady people have made me a “wire only” seller.

[PLNYC]

Originally Posted by dwjez14

I understand but on the flip side doesn't a wire transfer protect the seller more than the buyer or is it the same? I just turned to online to find the watches i want and it is very nerve wracking for me. I bought a 2 tone rose gold yachtmaster from bobs last week. That was fine as I know who they are. So I had no concern at all

That’s why you “buy the seller”. Don’t do a deal with anyone who even seems remotely sketchy. There’re a lot of trusted sellers on this forum. You just have to do your due diligence.

[Baco Noir]

Originally Posted by dwjez14

I understand but on the flip side doesn't a wire transfer protect the seller more than the buyer or is it the same? I just turned to online to find the watches i want and it is very nerve wracking for me. I bought a 2 tone rose gold yachtmaster from bobs last week. That was fine as I know who they are. So I had no concern at all

Bob’s Watches has had some bad feedback in the past. Re-read the ad they posted for the watch you got carefully. They’ve been knitting swap dials or add aftermarket parts and say it very discreetly in their description. If you read it too fast, you can read right past those nuanced phrases.

[denmanproject]

Originally Posted by GB-man

PayPal sides with the buyer. You could say I sent you a box of rocks and get the payment rescinded and keep the watch. I only use PayPal for transactions I’m willing to risk such as under 2000 dollars or with people I trust 110% like family.

This

[TC94]

Originally Posted by dwjez14

I understand but on the flip side doesn't a wire transfer protect the seller more than the buyer or is it the same? I just turned to online to find the watches i want and it is very nerve wracking for me. I bought a 2 tone rose gold yachtmaster from bobs last week. That was fine as I know who they are. So I had no concern at all

Yes. A wire transfer places 100% of the risk on the buyer. Seller gets guaranteed money with no recourse for third party intervention on the buyer side.

So always vet the seller and use only those with great reviews and a long history of happy buyers.

[dwjez14]

Yes i bought a 2 tone yachtmaster on bobs it all seems legit. I read several times and it is all
Factory as far as I know. Had every piece of paperwork etc. watch was sold in 2018 so it’s pretty much new. I really would like to buy a brand new one from an AD but as we all know the watches I want are not available. Heck the local AD in dallas have nothing it’s crazy.

[swils8610]

Buy the seller or buyer not the watch. Wires are 100% no recourse. I’ve used PayPal but there is the 3% fee. If there’s an issue PayPal will side with the buyer.

[77T]

I’m guessing you used CC or PP for the TT YM deal with Bob’s. Since you trust them you might get a discount for a wire to pay for your next deal with them.

Many sellers avoid PP for the many reasons cited by others - unless you are getting a better deal for the cash deal a wire represents, you have no reason to use it.


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[dwjez14]

I used affirm for bobs. My
Point of the post was to ask why so many people want wire. I prefer pay pal and cc. But I completely get the sellers request for wire transfer. Lots of scammers etc. although majority of us are not scammers it’s kind of like when your house catches on fire or your car goes missing you get asked all the questions that make you
Feel interrogated. It’s the bad few that always spoil it for the good guys. Once I find the watch I want I will send a wire as long as I can track some good feedback on them. I just joined yesterday so I am getting used to this site now. Lots of good stuff on here

[OCPaladin]

Originally Posted by dwjez14

I used affirm for bobs. My
Point of the post was to ask why so many people want wire. I prefer pay pal and cc. But I completely get the sellers request for wire transfer. Lots of scammers etc. although majority of us are not scammers it’s kind of like when your house catches on fire or your car goes missing you get asked all the questions that make you
Feel interrogated. It’s the bad few that always spoil it for the good guys. Once I find the watch I want I will send a wire as long as I can track some good feedback on them. I just joined yesterday so I am getting used to this site now. Lots of good stuff on here

A Federal Funds wire transfer is essentially "electronic cash";

- The seller has to have good available funds to generate a Federal Funds Wire.
- The funds, once in the recipients account, can not be "clawed back" for ANY reason.
- The identities of both the buyer and seller are verified by banking institutions.
- Major banks will not do these for non customers.

[tmmii]

Wire is cash. PayPal is a way to screw the seller over tomorrow and get a free whatever.

[shaunylw]

As a buyer, I’m almost always happy to cover the fee as it provides a bit of security for me if i don’t know the seller. As a seller, i never accept PayPal. Too many issues with siding with the buyer at all costs. If the buyer/seller know each other and trust reach other, it’s by far the best route. It is sketchy sending lots of cash via wire to someone you don’t know, i get it. We have all been there. Buy the seller always.



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[1William]

I only buy from our Trusted Sellers and my AD. I have wired a lot of money over the years and have never had an issue. One of the larger TS wired a lot of money to me when I sold him a unique watch and he did it before he received the watch. It is all about what you are doing and who you are dealing with.

[Goin2drt]

Originally Posted by dwjez14

Okay so I am new to the forum and I have never bought a watch with a wire transfer. In the past it has been cash , PayPal , credit card or affirm. What is the point of wire transfer ? I thought if you use pay pal and other means it protects you more ? Would it not be easier to get burned by a wire transfer ? I have seen a few watches I like but they all ask for wire transfer . Why is this ??

Wire is all about the seller protection and really the buyer has none. The fees for PP are also absurd.

No issues with wire if both parties know each other and are confident. PP definitely makes you as a buyer feel more comfortable if you don’t know the seller well. Then again I probably wouldn’t complete the transaction if I wasn’t confident.

[Chris722]

Never wire to someone who have no references. my 2 cents..