is wire transfer safe for seller?

[xdn]

a buyer give me a middle $xx,xxx offer for a package of three domains
buyer prefers wire transfer, wire transfer the money to me directly and I will push hime the domains after the money be cleared.

do you think it is safe for me? Thank you!

 

[B.King]

It is safe for you as long as you transfer the domain , after you have recieved the money, But i would still suggest using escrow for security concerns

 

[VirtualT]

For the seller, I would say its better than escrow

 

[TheLegendaryJP]

I only do bank wire.

 

[snicksnack]

Wire transfer is safe. Once the money is in your bank account (especially if international transfer into China) it will not be reversed.

 

[pyroism]

with a wire transfer the real risk is on the buyer's end. if he wires you the money, he is showing a great deal of trust that you will come through. I really can't see any risk for the seller...

 

[B.King]

Something youve all overlooked , and the reason why i still sugessted using escrow.com is , that there is a lot of "Blackmoney" flowing in to the domain market, when you recieve a payment directly in to your account it could associate you with this. Hence escrow is safer

 

[Rockefeller]

Something youve all overlooked , and the reason why i still sugessted using escrow.com is , that there is a lot of "Blackmoney" flowing in to the domain market, when you recieve a payment directly in to your account it could associate you with this. Hence escrow is safer

Please explain what "Black money" is.

 

[mjnels]

heh.. wire is safe for the seller.. there is no better way unless you have someone walk up to you and hand you cash and run it through a counterfeit checker of some sort..

 

[B.King]

Blackmoney = money made through illegitimate means (ie drugs, human trafficing, money laundering etc)

 

[Collector]

Something youve all overlooked , and the reason why i still sugessted using escrow.com is , that there is a lot of "Blackmoney" flowing in to the domain market, when you recieve a payment directly in to your account it could associate you with this. Hence escrow is safer

What could happen here?

Will they claim back the money?

 

[B.King]

They cant reverse the money so no risk there , However lets assume a person gets paid with "black money" that these people are investigated at some point you will also be investigated, because a direct wire shows that the person had a direct relationship with the alleged party, having a 3rd party like escrow , eliminates this.

I would also like to point out that this is a very very acute possibility , but just thought Id bring it up

 

[Theo]

Your avatar says it all :-D

 

[B.King]

Your avatar says it all :-D

:-D

 

[mjnels]

i gotta admit that no mobi's sig is hilarious.. stands out heh

 

[octobus]

If you do indeed transfer the domains, then it should be safest payment method.


But I doubt it's foolproof, as it should be possible to use judicial system to reverse the transfer. E.g. You fail to transfer the domains. The buyer has second thoughts and sues you for whatever reason. Dunno.

I've also heard stories about wire transfers gone missing. I think banks even state in the terms that their responsibility over the money ends when it leaves your account.

 

[RazorNF]

True, and the current Chinese banking system leaves a lot to be desired.

For xx,xxxx, the buyer is certainly assuming a large risk...

 

[RazorNF]

They cant reverse the money so no risk there , However lets assume a person gets paid with "black money" that these people are investigated at some point you will also be investigated, because a direct wire shows that the person had a direct relationship with the alleged party, having a 3rd party like escrow , eliminates this.

I would also like to point out that this is a very very acute possibility , but just thought Id bring it up

Keep in mind, that In Canada, banks are required to report to the government, transactions of $10,000 or more by individuals. http://infosource.gc.ca/inst/cfc/fed07_e.asp.

This policy is modeled after something similar in the US, so if you're conducting bank wires in this range, you're already in a federal database somewhere...

 

[VirtualT]

They cant reverse the money so no risk there , However lets assume a person gets paid with "black money" that these people are investigated at some point you will also be investigated, because a direct wire shows that the person had a direct relationship with the alleged party, having a 3rd party like escrow , eliminates this.

I would also like to point out that this is a very very acute possibility , but just thought Id bring it up

Well if you haven't got anything to hide theres no problem

 

[Steen]

Keep in mind, that In Canada, banks are required to report to the government, transactions of $10,000 or more by individuals. http://infosource.gc.ca/inst/cfc/fed07_e.asp.

This policy is modeled after something similar in the US, so if you're conducting bank wires in this range, you're already in a federal database somewhere...

In the US I believe it is cash transactions $10,000 or greater.