Accept Venmo for Rolex sale versus bank wire?

[burnthesehills]

I’m not a dealer, but in the past any personal Rolex sales I have made have been in person at a bank. Once I did accept a bank wire transfer, but it was from someone I had done a trade with in the past, and I felt comfortable. So no issues. However, I may be selling a watch to a complete stranger. And not sure the best way because we may not be able to meet in person. From my research, possibly setting up an account at a brand new bank and receiving a wire transfer versus using my existing bank? Or would Venmo be safe? I don’t have a lot of experience with this. And worried about scams of course.

[MDR143]

Wire for sure

[GB-man]

You want a wire transfer to your account. No need for a new account unless that makes you happy: be sure it’s a wire and not an ach.

[burnthesehills]

Originally Posted by GB-man

You want a wire transfer to your account. No need for a new account unless that makes you happy: be sure it’s a wire and not an ach.

Yeah, I was just looking for the safest option. I thought maybe giving my primary account information to a stranger might be an issue. Versus setting up a small savings account with a separate bank to receive the wire.

[8adam4]

In my opinion a wire is the safest option. I have also done an in person account-to-account transfer in a branch, but that’s only if the person has an account with the same bank.

[GB-man]

Originally Posted by burnthesehills

Yeah, I was just looking for the safest option. I thought maybe giving my primary account information to a stranger might be an issue. Versus setting up a small savings account with a separate bank to receive the wire.

It probably is but that info is on any check you send out so I don’t worry too much. I felt the same way initially.

[burnthesehills]

Originally Posted by GB-man

It probably is but that info is on any check you send out so I don’t worry too much. I felt the same way initially.

Good point.

[GB-man]

I’d also go as far as to say I’d avoid meeting anyone in person. It use to be expected you’d offer this option 10 years ago but now I feel like it’s a risk not worth taking

That is unless you’re a cop or something lol

[sensui]

Originally Posted by GB-man

I’d also go as far as to say I’d avoid meeting anyone in person. It use to be expected you’d offer this option 10 years ago but now I feel like it’s a risk not worth taking

That is unless you’re a cop or something lol

Agreed with this. Doesn't matter who you are. I would never deliver a watch to someone I don't know without a wire already completed even if it's to deliver in person (at a secure location both parties are comfortable with).

[burnthesehills]

Originally Posted by GB-man

I’d also go as far as to say I’d avoid meeting anyone in person. It use to be expected you’d offer this option 10 years ago but now I feel like it’s a risk not worth taking

That is unless you’re a cop or something lol

Last guy I met was inside a bank in the middle of the afternoon standing at the teller to sell him a 10K sub. It felt pretty safe, but I get your point.

[GB-man]

Originally Posted by burnthesehills

Last guy I met was inside a bank in the middle of the afternoon standing at the teller to sell him a 10K sub. It felt pretty safe, but I get your point.

I’ve heard probably half a dozen cases where there is a sleight of hand by professionals done in this exact scenario either with the cash or the watch. You could also be assaulted on the way into the bank. Followed home, etc etc

There’s just very little to gain in doing so. You’re an absolute target selling a Rolex online.

Then again, you could certainly do your due diligence and safely make the transaction. Most will be in a rush and happy to be selling the watch.

[burnthesehills]

Originally Posted by GB-man

I’ve heard probably half a dozen cases where there is a sleight of hand by professionals done in this exact scenario either with the cash or the watch. You could also be assaulted on the way into the bank. Followed home, etc etc

There’s just very little to gain in doing so. You’re an absolute target selling a Rolex online.

Then again, you could certainly do your due diligence and safely make the transaction. Most will be in a rush and happy to be selling the watch.

I suppose the wire payment and shipping registered mail with insurance is the safest bet.

[DAGMoney]

Wire transfer is easy to arrange, and very diffficult to undo once funds have transferred to your account. No need to open a new account - just use your current bank. Shipment AFTER YOUR bank has confirmed funds have arrived. Shipment via is registered mail with insurance is probably the most expensive way, but the safest for individuals.

Good luck!

[0nly5iv3Digits]

Wire. But you don't just give some "random" guy your name and account details. That's a very big "no no!". Vet the purchaser first. If they don't have strong references, move along. In the wrong hands, bank account details can result in serious trouble. If it's a registered business account (LLC or the like), not as big of a deal. I doubt that's the case for you. Good luck. Stay frosty ;)

[Guppydriver]

I know from first hand experience that many of the big TRF trusted sellers accept Venmo and Zelle. I’ve bought watches from them with Venmo and they didn’t blink an eye.

[Curated]

Zelle or wire. I have a separate bank account just to receive wires.

[train-time]

Originally Posted by burnthesehills

I suppose the wire payment and shipping registered mail with insurance is the safest bet.

Definitely, but as others have said, vet the buyer. This is the reverse of what we always say, "buy the seller." Having sold a lot of watches on the TRF a dozen years ago I realized as a seller that I have to know the buyer as well. I pulled out of sales because I wasn't comfortable with the buyer. Today I wouldn't sell to anyone but one of the Boutique Trusted Sellers on the TRF that I have dealt with for years. You may get a little less, but the peace of mind is worth the risk of being ripped off for all of it in one way or another.

[Bxtek]

I think opening a separate account dedicated for wire transfers makes sense. I have done exactly that, and it was recommended by my bank. I keep the account open and have like $50 in there. As soon as the money is wired, transfer the funds into your primary account. Same with if you're wiring someone money. Transfer from your primary into this secondary and wire off the money.

This account is great for traveling as well. Transfer X amount into there and you can access it from wherever you are in the world. If someone hacks that info, they can only get the limited funds that you transferred into there for your travel.

[train-time]

Originally Posted by Bxtek

I think opening a separate account dedicated for wire transfers makes sense. I have done exactly that, and it was recommended by my bank. I keep the account open and have like $50 in there. As soon as the money is wired, transfer the funds into your primary account. Same with if you're wiring someone money. Transfer from your primary into this secondary and wire off the money.

This account is great for traveling as well. Transfer X amount into there and you can access it from wherever you are in the world. If someone hacks that info, they can only get the limited funds that you transferred into there for your travel.

Sounds like a good idea!

[1William]

Personal sales to strangers is a minefield laced with fraud and untold risks. As stated above the only way for me to sell more high end watches is to our Trusted Sellers who I have done numerous deals with. I am not setup to take risks on my watches and the possible loss or the cost of shipping/insurance ect. The Trusted Sellers are the way to go.