Safe payment when selling $20,000.00 card.?

Hxcmilkshake · #1 06-01-2024, 06:33 PM

Bank wire. Don't F around.

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Deertick · #2 06-01-2024, 10:09 PM

Many years ago I sold an item for about $10K and used an escrow service. I think it cost around $150 at the time. Agent (small Law firm) called when money had cleared and I shipped to him overnight, signature required. Package was opened with the buyer in office, then money was released and letter confirming transaction was issued. No claims that it never arrived, or fake money order, etc. I would imagine that it would cost more than that now, but it was seamless and reassuring for both parties.

BillyCoxDodgers3B · #3 06-02-2024, 11:43 AM

Quote:

Originally Posted by Deertick

Many years ago I sold an item for about $10K and used an escrow service. I think it cost around $150 at the time. Agent (small Law firm) called when money had cleared and I shipped to him overnight, signature required. Package was opened with the buyer in office, then money was released and letter confirming transaction was issued. No claims that it never arrived, or fake money order, etc. I would imagine that it would cost more than that now, but it was seamless and reassuring for both parties.

While I am not sure of the current costs, if we're getting to the point where the fees get steep, then one of the two parties might as well just hop on a plane and the transaction can be made in person with a nice stack of cash (provided it's a domestic flight for the sake of the airfare cost). Of course, not everyone has the time...

StraightRaceCards · #4 06-02-2024, 03:08 PM

Quote:

Originally Posted by BillyCoxDodgers3B

While I am not sure of the current costs, if we're getting to the point where the fees get steep, then one of the two parties might as well just hop on a plane and the transaction can be made in person with a nice stack of cash (provided it's a domestic flight for the sake of the airfare cost). Of course, not everyone has the time...

That�s where my head is at.

If I�m buying a 20K card, it seems reasonable to hop on a flight and not worry about shipping issues either.

Plus you�ll have some fun memories that way!

Jewish-collector · #5 06-02-2024, 04:45 PM

It depends on your perspective. For some people, $20,000 is a hell of a lot of money. For others, $20,000 is pocket change.

Deertick · #6 06-02-2024, 05:05 PM

Quote:

Originally Posted by BillyCoxDodgers3B

While I am not sure of the current costs, if we're getting to the point where the fees get steep, then one of the two parties might as well just hop on a plane and the transaction can be made in person with a nice stack of cash (provided it's a domestic flight for the sake of the airfare cost). Of course, not everyone has the time...

One of the problems doing that is if you are the one jumping on the plane and the buyer flakes you are still out transportation, time, and possibly hotel. In this case it would definitely better if the buyer is the travelling party.

tjisonline · #7 06-03-2024, 10:19 AM

certified check, wire transfer, zelle / pp f & f week but needs to be spread out due time + amount limits. i sit on personal checks for 10 biz days.

Eggoman · #8 06-03-2024, 10:31 AM

IF it's a transaction that is FAIRLY local, I have met the Buyer INSIDE a Bank to complete the deal...

Good Luck!

OGcardguy · #9 06-03-2024, 08:08 PM

Quote:

Originally Posted by Deertick

One of the problems doing that is if you are the one jumping on the plane and the buyer flakes you are still out transportation, time, and possibly hotel. In this case it would definitely better if the buyer is the travelling party.

Actually the real problem is having your stack of
cash confiscated at the airport and basically never getting it back.
Happens far more often than you think.
Do a little research on it.

calvindog · #10 06-25-2024, 12:30 PM

Quote:

Originally Posted by OGcardguy

Actually the real problem is having your stack of
cash confiscated at the airport and basically never getting it back.
Happens far more often than you think.
Do a little research on it.

This is accurate. And if your money is seized, the burden of proof is on you to get it back in a litigation.

nwobhm · #11 06-26-2024, 12:33 PM

Or if you are banking at a nationwide institution you withdraw/deposit before getting on a plane.

Zach Wheat · #12 06-02-2024, 12:03 PM

Quote:

Originally Posted by Deertick

Many years ago I sold an item for about $10K and used an escrow service. I think it cost around $150 at the time. Agent (small Law firm) called when money had cleared and I shipped to him overnight, signature required. Package was opened with the buyer in office, then money was released and letter confirming transaction was issued. No claims that it never arrived, or fake money order, etc. I would imagine that it would cost more than that now, but it was seamless and reassuring for both parties.

Interesting idea - I had never thought of using an escrow service. I see escrow.com performs a similar service (not an endorsement and I have never used them before).

dw3345645 · #13 06-04-2024, 12:23 PM

Quote:

Originally Posted by Deertick

Many years ago I sold an item for about $10K and used an escrow service. I think it cost around $150 at the time. Agent (small Law firm) called when money had cleared and I shipped to him overnight, signature required. Package was opened with the buyer in office, then money was released and letter confirming transaction was issued. No claims that it never arrived, or fake money order, etc. I would imagine that it would cost more than that now, but it was seamless and reassuring for both parties.

Nice head up this is my first hearing about the escrow...

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4815162342 · #14 06-04-2024, 02:18 PM

Quote:

Originally Posted by dw3345645

Nice head up this is my first hearing about the escrow...

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Perhaps you and your old cousin can use an escrow service for your next sale.

packs · #15 06-04-2024, 04:48 PM

re: airports and carrying cash. I think you only have to declare if you�re traveling internationally. I don�t remember ever getting the declaration cards for domestic flights.

BillyCoxDodgers3B · #16 06-04-2024, 05:23 PM

Quote:

Originally Posted by packs

re: airports and carrying cash. I think you only have to declare if you’re traveling internationally. I don’t remember ever getting the declaration cards for domestic flights.

Yes. Also, insofar as travel between Canada and the US is concerned, you don't have to even formally declare anything under $10K in cash when crossing the border. Provided it is properly declared, you're welcome to carry as much as you'd like without any fees or taxation applied. You just obviously need to have a valid reason to be doing so.

For Americans coming into Canada, just remember that it has to be under $10K Canadian dollars or the US$ equivalent of that amount, so make sure you have your conversions properly calculated. It can be anything under $10K in American funds when entering the US, etc.

pawpawdiv9 · #17 06-25-2024, 09:54 AM

EBAY SELLER FEES
I recently sold a 22k card on Ebay. I always knew about the 13.25% fee.
Well, i just learned that the 13.25% fee is capped at 7,500. And the remaining balance is at 2.35% plus add the .40 fee
In the end, fee cost was 1,334.90
I still much radther sell here on the BST, but sometimes you gotta say wtf.

LEHR · #18 06-25-2024, 10:08 AM

Quote:

Originally Posted by packs

re: airports and carrying cash. I think you only have to declare if you�re traveling internationally. I don�t remember ever getting the declaration cards for domestic flights.

I've flown domestic at least a dozen times over the years carrying $10k+ and never had anyone even blink an eye at the airport.

Republicaninmass · #19 06-25-2024, 12:28 PM

Quote:

Originally Posted by LEHR

I've flown domestic at least a dozen times over the years carrying $10k+ and never had anyone even blink an eye at the airport.

Domestic they don't ask. Some of these mtg dealers have over 100k cash and nobody blinks

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