Author Topic: eBay Coins and Revised Final Value Fees  (Read 5197 times)

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Offline adamc4

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Re: eBay Coins and Revised Final Value Fees
« Reply #15 on: May 06, 2012, 01:51:54 PM »
"I absolutely loathe Paypal and use it as a very last resort. I hope more and more sellers start accepting wire transfers as a result. By the way, why are so many American sellers wary of providing their SWIFT and account number?"

A while back I gave up on trying to offer payment via check or wire for eBay listings. Since eBay and Paypal are so integrated it's a lot easier for the buyer and eBay frowns upon sellers discouraging the use of Paypal. And to be honest, I've never really had a problem with Paypal (but I know I'm in the minority). They've always had my back when a buyer was in the wrong and they also helped me a ton when I was an idiot last year and almost got scammed on what I thought was a legitimate listing.

"Im really starting to HATE paypal/eBay and wished more and more people would come around to wire transfers which is cheaper!"

The problem with wire transfers is that they just aren't practical for private transactions between parties who have never done business before. I'm definitely not going to shoot over a large wire to somebody in China who I've never worked with and has zero references. If you're Nick, Arif, Clark, Richard Blair, or someody like that who's been in business a while and has tons of happy clients then it's a lot easier as new client to write them a check or wire without having done business previously. But if there's "ilikecars72x" selling a gold Panda set on a message board and wants to save some money by accepting payment via wire, that's a whole different story. So when a new customer wants to buy a coin from me privately, I'll offer them basically two choices. A flat price for payment via check or wire, or that same price plus the 3% for payment via Paypal.

"There are so many factors but the big one most "experts" seem to agree on is the increasing price of PM which should be good or bad for MCC price appreciation."

While the broad trend in gold does seem to loosely set a "tone" for the market (I had a number of clients back out of buying numismatic coins during the big sell-off last year), for the most part modern Chinese coins and metal prices are not correlated. I wouldn't sell something like a Dragon & Phoenix Bimetal or a 1 Oz. gold Unicorn because spot gold is down 5% year to date, but obviously more common coins like the late date Pandas are more tied to metal prices.

"I know in Canada and the US, sometimes the bank does not provide a SWIFT but those weird outdated routing codes and such."

Yeah, whenever somebody needs to wire money into my account or I need somebody else's information, I just require all of the following fields to be filled out:

Bank Name:
Domestic Bank Routing Number (ABA, if domestic):
International Bank Routing Number (SWIFT, if international):
Bank Address:
Account Owner's Name:
Account Number:
Account Owner's Address:

"I always assumed that accepting wire payments for large sums comes out cheaper than Paypal for both ends."

Oh for sure. The only fee when it comes to wire transfers is the typical $25 fee paid by the sender, and sometimes the sending bank charges a fee for foreign exchange services if it's an international transaction. Wire transfers for anything under $1000 doesn't really make sense. I personally am fine with checks, especially if it's a domestic transaction. Zero fees, but nobody outside of the U.S. is going to write you a check.

Also, Jim threw up some coins:

konajim

Offline dragondollar

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Re: eBay Coins and Revised Final Value Fees
« Reply #16 on: May 06, 2012, 07:49:49 PM »
ghostrider > You actually need to call your bank upon reception of a transfer? On my side, I simply have to fill in the form on the internet banking website.

I agree that wires transfers do not make sense under a grand, but with imperial coins, there is nothing super interesting below $1000 USD! I would not mind using Paypal to pay a few hundred bucks, but $10,000? No way.