Wildguzzi.com
General Category => General Discussion => Topic started by: jas67 on December 02, 2021, 11:14:00 AM
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I want to buy some vintage Ducati parts from a seller on the Vintage Ducati Parts For Sale group on FB.
Seller is in Europe, and does not use PayPal or Venmo. He says people pay him with bank transfer "all the time."
What services have you all here used, and what have been your experiences, good and bad?
Thanks in advance!
EDIT: I should add that my bank doesn't do international wire transfers, only domestic, at least not via their online account services.
Seller is in Holland, I'm in the US.
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Pre-Internet, it was a lot more complicated to send or receive money from overseas, deal with an exchange service, wait for initial funds transfer, then exchange into the destination currency, final transfer, verify funds, etc. I did it numerous times.
In recent years, I just go to my bank, follow their advice and use them to do the transfer between banks. Much easier and no worries if I'm talking to a "real" representative or company.
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Last year I used Western Union to buy scooter parts from a guy in Russia and had no problems.
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Your seller should provide his bank’s SWIFT code and the IBAN for his bank account, and of course the name on the bank account. With this information, your bank will be able to easily transfer funds to him via wire transfer. If he wants to be paid in euros or another foreign currency, your bank will be able to arrange this too and simply charge you for the USD equivalent amount. Just know that foreign wires can cost you $25-$50 each, depending on your bank.
Will he not accept your credit card instead? You’d likely pay a 3% foreign transaction fee (depending on your card) but this would probably be the easiest and least expensive method for you.
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I found Western Union to be cheaper and easier than a bank transfer. It can all be done online. You can use a credit card if you want, although the fee is a bit more. Still way cheaper than a bank transfer.
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Within many parts of Europe, bank transfers are a more traditional payment method because consumer credit cards were slow in getting going, and checking accounts never really happened. As a result the traditional way to order something in e.g. Germany was a bit like COD except based on trust: the vendor would ship the item with a invoice containing bank info and after receipt the customer would transfer payment by taking the invoice to their own bank and requesting that the account be settled. A bit unwieldy but it worked and the banks didn’t and still don’t charge much for the service.
Given that none of this happened in the US, banks view wire transfers as an unusual and expensive service used to pay off mortgages and the like. The costs can be huge in relation to a small purchase and OBTW international intermediary banks sometimes take a cut without telling anybody. I had that experience a few years ago when paying an Austrian hotel in advance.
There are other ways but for a one-off international payment to an old school parts vendor I’d check Western Union. They are expensive (although likely less so than your US bank) but like t easy for everybody, fast and reliable.
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I should add that my bank doesn't do international wire transfers, only domestic, at least not via their online account services.
Seller is in Holland, I'm in the US.
The seller did get back to me with the possibility of accepting the payment through a friend's PayPal account, so, I"m hoping for that, as it is quick and easy.
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Will he not accept your credit card instead? You’d likely pay a 3% foreign transaction fee (depending on your card) but this would probably be the easiest and least expensive method for you.
Just a private individual, not a business, so, no credit card merchant account.