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Thread: Safe Payment Methods In Canada.

  1. #21
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    Quote Originally Posted by dplawiuk View Post
    I like it. This is a good thought even for under $1,000. They can see the transfer in their inbox before getting there and with a phone or laptop can accept while you're there. Maybe adds an extra 2 minutes to the meeting, and takes the need for cash right out for both.
    Great idea!


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    For high value watch, I don't think it even add any time.
    You just replace time that you spend on counting money and re-counting, to receive the fund online. It can be done via just the cell phone.

    The only down side is for high value trade, it will take couple days to complete the payment, so the F2F will always be couple days , may be even a week later.
    would be good if EMT limit is higher, but it is what it is.
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  2. #22
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    Why not just use PayPal?

  3. #23
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    Quote Originally Posted by Canada_watch View Post
    Why not just use PayPal?
    What is the down side of PayPal?

  4. #24
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    Quote Originally Posted by wilsoncheng View Post
    I am thinking what is the saftest way for F2F deal. I really don't like deal with large amount of cash.
    Here is what I am thinking, I use this method on lower value trade before (under $2500) but thinking how it would work for higher value, and what others think.

    Let say I buy a $10000 watch, since my bank limited EMT transfer to $2500, it would take me 4 days to send all payments to seller, but I won't give the password to the seller.
    When we meet face to face, I can check the watch, and if everything is good, I give the password to seller, and he can just deposit the fund on the spot.

    I feel safer because I don't have to handle large amount of cash.

    Anyone think it is a good method?
    That is a fantastic idea! I will definitely use it!
    Thanks

  5. #25
    Senior Member tng11's Avatar
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    Quote Originally Posted by wilsoncheng View Post
    I am thinking what is the saftest way for F2F deal. I really don't like deal with large amount of cash.
    Here is what I am thinking, I use this method on lower value trade before (under $2500) but thinking how it would work for higher value, and what others think.

    Let say I buy a $10000 watch, since my bank limited EMT transfer to $2500, it would take me 4 days to send all payments to seller, but I won't give the password to the seller.
    When we meet face to face, I can check the watch, and if everything is good, I give the password to seller, and he can just deposit the fund on the spot.

    I feel safer because I don't have to handle large amount of cash.

    Anyone think it is a good method?
    This is what I've done on a few occasions, though since I have a few accounts I can typically EMT a good amount the same day. I send the EMTs over in advance, and give the password to unlock them once I confirm everything is good to go.

    Only caution is most (if not all) banks have a $10,000 receiving limit every 24 hours.

    RBC now allows EMTs up to $10,000 with 2-factor authentication too.

    It's unfortunate we don't have a better system to send larger amounts - it's ridiculous IMO that wires within Canada are just as expensive as sending them overseas, and it still can take days to arrive.

  6. #26
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    Quote Originally Posted by Bowtrout View Post
    What is the down side of PayPal?
    Waiting 3-5 business days for them to put money in your bank account would be one.

  7. #27
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    Quote Originally Posted by watchthiswatch View Post
    thanks for the info, very informative. I wish to add on the last comment you made regarding email money transfer. Eventhough the bank has all the info on the other party, if you are doobed, the bank will not do anything to assist you. I was recently buying a rolex and I gave the guy $100 via email transfer as a deposit, that I am serious buyer, and the transaction was supposed to be completed over paypal. To make the story short, the guy turned out to be a fraudster. When I went to the bank they wouldn't do anything for me. I went to police and they didn't seem to care much, just here complete this form sort of thing. So yes, the bank has the info on the other person but due to confidentiality etc. they will not give you anything. They will have that info for the police, in case they pursue the issue. The fact is that there are so many online scams, and frauds that police cannot go after them all. I believe they just take the info for statistical information and that's all. I never got my $100 back, and never got any help from my bank nor the police. So even though the email money transfer is great and I use it all the time, still treat it as cash...
    With no previous relationship or verifed positive history its pretty much like handing a guy a hundred bucks in the street and asking him to go grab you some groceries. Unfortunately that's how the authorites view it.

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  8. #28
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    Great info thanks so much. Shipping is always stressful

  9. #29
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    Great post thanks

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