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Stefan Antwarg
03-20-2005, 10:17 AM
I have no experience with this, so I am hoping someone can help me. I might be selling an item to a guy in Japan. He has 500000 yen which converts to about $4774. I got that conversion from yahoo finance. How should he send it to me? Mail me a check in his own funds? Convert it in Japan and send me a check? Paypal? What's the best way?

Than I have to ship it (it's a tuba - pretty big).

Stefan

Matt Meiser
03-20-2005, 11:01 AM
I would be very careful. There are a lot of scams based on international transactions. I see sellers requiring certified funds drawn on US banks. I'd look into this. A talk with your bank manager might give you some insight on how to ensure a safe transaction, and how long you should wait for funds to clear after receiving them. I would make him pay any conversion fees as well. I would not consider Paypal to be safe. I would never use paypal for a large transaction as a seller.

Stefan Antwarg
03-20-2005, 11:10 AM
So you are saying to have him send me a certified check in US funds?

Stefan

Matt Meiser
03-20-2005, 12:54 PM
So you are saying to have him send me a certified check in US funds?

I think so, but I'm not clear on the differnce (if any) between a certified check and a cashier's check.) I think what's important is that its drawn on a US bank because it will clear more quickly and its validity can be more easily verified.

Ian Barley
03-20-2005, 1:05 PM
Stefan

It is pretty difficult to guarantee that the sender pays all costs. It is also important to bear in mind how things can look from the other guys point of view. Matt is right about scams but you're Japanese correspondent may have the same advise given to him about you. It may well come down to how well you know the other guy and how much you can trust each other.

You have to think about a sliding scale of security. The most secure position for you is to get all the money, cleared, in your hands before goods are released. From the other guys POV the best position is to be in possession of the goods before he releases any money.

I would start by asking your customer to make payment to your bank account by Telegraphic Transfer or SWIFT paument. His bank will satisfy itself that he has the money to send and then send it to your bank. The money is cleared when it arrives with you. In my expereince even if he tells his bank he will pay all charges your bank may still make a small charge whatever. Mine charges me the equivalent of about $15 every time. I just treat it as a wash.

If he won't send funds in advance you are into things like "Bills of Exchange" and "Documentary Credits" where effectively other parties get involved in a kind of escrow arrangement. The amount you are talking about may be small as the scale of costs associated with this kind of deal can grow quickly.

If he sends you any sort of cheque, make sure that it is a bankers draft (think you guys would call it a cashiers check) drawn on a US bank and make sure that you don't release until the check has been cleared "for fate". This will probably take a few days for a US cheque but could take a month for a cheque drawn on Japan.

One last thought about exchange rates. Your estimate from Yahoo is fine for an estimate but rates can be wildly different depending on the type and value of transactions. The best way to protect yourself is to quote your price in US dollars and stipulate that the payment must be made in US.

Stefan Antwarg
04-11-2005, 4:36 PM
I know you all have been waiting for a follow up, so you can stop holding your breath now. The Japanese guy ended up buying my tuba. He did a wire transfer and that went just fine. Although it was short by $16 - I'm not going to argue over it. Because I was able to have it packaged in a smaller box, shipping went down to a little more than $600 - which is why he agreed to buy (it was originally $1100 which better packaging). So then I had a fairly annoying experience at the airport with fed ex and had it shipped. I don't want to get into it, but I will just say that Fed ex cargo at the local airport is just not setup for average joe customers like me.

Good news - with the money I made from the sale I get to go on a summer vacation to Germany/Austria/Switzerland/Belgium/and a little bit of London. Something I have looking forward to for a long time.

Stefan

Matt Meiser
04-11-2005, 5:04 PM
Good news - with the money I made from the sale I get to go on a summer vacation to Germany/Austria/Switzerland/Belgium/and a little bit of London. Something I have looking forward to for a long time.

Wow! That must have been SOME tuba!

Stefan Antwarg
04-11-2005, 5:58 PM
Wow! That must have been SOME tuba!

Yes, it was a nice tuba. Professional instrument, and in great condition. That was my second tuba. If I sold my main tuba, I could go on a trip twice as long - but I can't sell that!

Stefan

Rob Littleton
04-11-2005, 9:07 PM
Tuba = awesome woodshop to me..........

Tuba, woodshop? Tuba, woodshop?

hmmmm, let me think about that for 3 seconds :-)

enjot London Stefan. My home town although I left it 10 years ago. (Dont ask me why) hehehe