Selling high priced item and getting paid in US dollars

[vagabond48]

This may not be possible to do but I thought I would bounce this one around. I am trying to avoid getting bahts for a sale which I would need to convert to US dollars.

I am selling my car and was wondering if there is a way a buyer here in Thailand can wire the money (US dollars) with their US bank account to my USA bank account while being guaranteed that I will sign over the car as soon as I know the funds are wired. This type of transaction cannot be made without solid guarantees for the buyer. The fact that there is about a 12 hours+ time difference between here and the US doesn't make this easier.

[Soutpeel]

cant see any reason why not...

[vagabond48]

cant see any reason why not...

So if you bought my car, you would have no problem wiring USD $18,000 to my US account and wait about 12 to 14 hours before I signed over the car to you. You must be a very trusting fellow. What guarantee do you have that I wouldn't take off with the car which still belongs to me and your money? I have to assume the average buyer isn't that trusting. I certainly wouldn't be. If there is an answer, it probably is not simple.

Edited May 17, 2014 by vagabond48

[telldem]

A better way is for the buyer to wire the money to himself first.

[vagabond48]

A better way is for the buyer to wire the money to himself first.

You're joking, right?

The money needs to remain in the US, not wired here. The whole idea of this exercise is to avoid transferring the US dollars to Thailand, converting the money to baht by the buyer and then the seller converting the money back to US dollars and wiring it back to the US.

[Pib]

The buyer and seller are just going to have to trust each other to a point. Personally, I wouldn't transfer ownership until the transfer appeared in my bank account....this means the buyer will have to trust you. Are you trustable? Plus, the seller could always attempt pull back of the funds shortly after the transfer claiming a mistake or something...and of course this would be right after you signed over the vehicle. Yeap, the buyer and seller must trust each other or revert to a third party escrow service.

[JesseFrank]

cant see any reason why not...

So if you bought my car, you would have no problem wiring USD $18,000 to my US account and wait about 12 to 14 hours before I signed over the car to you. You must be a very trusting fellow. What guarantee do you have that I wouldn't take off with the car which still belongs to me and your money? I have to assume the average buyer isn't that trusting. I certainly wouldn't be. If there is an answer, it probably is not simple.

You have answered your own question twice already in as many posts. What is the point of your thread?

[chiang mai]

Why not have the buyer wire USD to a your USD account in Thailand!

[SheungWan]

You could use Paypal.

[PattayaPhom]

You could sign the car to the buyer and ask him tomake solid gaurantees to send the money, after all its you that wants it in $ not the buyer...also restricting yourselfe to buyers from the US only.

[Spoonman]

use an escrow service.

[Tomtomtom69]

Where is the car located? If in Thailand, then I find the idea of wanting anything other than Baht very strange.

[fletchsmile]

Why not contact your bank and see if they will issue a letter of credit or other form of trade finance that might be mutually agreeable to you both? Obviously there'll be a fee, but if the buyer has a good banking relationship with their bank, good credit history, and particularly if done thru a Thai company it may be an option.

Google letter of credit

To be honest though I don't understand why you don't just transact in THB if you're both in Thailand. If you're worrying about transaction/exchange rate conversion costs, just build them into the price of the transaction

Cheers

Fletch

Edited May 18, 2014 by fletchsmile

[vagabond48]

The buyer and seller are just going to have to trust each other to a point. Personally, I wouldn't transfer ownership until the transfer appeared in my bank account....this means the buyer will have to trust you. Are you trustable? Plus, the seller could always attempt pull back of the funds shortly after the transfer claiming a mistake or something...and of course this would be right after you signed over the vehicle. Yeap, the buyer and seller must trust each other or revert to a third party escrow service.

I always though if you wire money once it reaches the other financial institution it cannot be reversed by the sender.

[vagabond48]

Thanks for the serious comments

[Pib]

The buyer and seller are just going to have to trust each other to a point. Personally, I wouldn't transfer ownership until the transfer appeared in my bank account....this means the buyer will have to trust you. Are you trustable? Plus, the seller could always attempt pull back of the funds shortly after the transfer claiming a mistake or something...and of course this would be right after you signed over the vehicle. Yeap, the buyer and seller must trust each other or revert to a third party escrow service.

I always though if you wire money once it reaches the other financial institution it cannot be reversed by the sender.

In cases like where funds are ACHed between the banks, the receiving bank can take a few days from receipt of the funds to actually makes the funds available to you because they are still waiting for the funds to clear/ensure the sending bank don't attempt a pullback of the funds for some reason.

[JeremyBowskill]

Can't he/she make an online transaction in front of you? Give him the car after the online transaction but only give the book and paperwork once its cleared. Personally, if you were expecting me to wire money with nothing you could whistle dixie. Been through this very scenario recently.

Edited May 18, 2014 by JeremyBowskill

[robblok]

Where is the car located? If in Thailand, then I find the idea of wanting anything other than Baht very strange.

I don't if the seller is leaving Thailand, because it can be hard to get Baht converted to U$ and out of the country.

[Thaiberius]

Is Escrow an option?

[Soutpeel]

cant see any reason why not...

So if you bought my car, you would have no problem wiring USD $18,000 to my US account and wait about 12 to 14 hours before I signed over the car to you. You must be a very trusting fellow. What guarantee do you have that I wouldn't take off with the car which still belongs to me and your money? I have to assume the average buyer isn't that trusting. I certainly wouldn't be. If there is an answer, it probably is not simple.

I am not trusting at all, but, if both parties where in country:

1. I would establish first before signing over any money that the car is actually yours and in your name and that you don't owe any finance companies money, I would establish the documentation is legitimate and not fake.

2. I would know your physical address, telephone numbers

3. I would hold your passport, until the vehicle is signed over

4. Would advise you there is already a hospital bed booked for you when I found you, if you tried to shaft me.. ....only kidding

Provided both parties do their due diligence it really should be easy enough to do what you want

[ezzra]

cant see any reason why not...

So if you bought my car, you would have no problem wiring USD $18,000 to my US account and wait about 12 to 14 hours before I signed over the car to you. You must be a very trusting fellow. What guarantee do you have that I wouldn't take off with the car which still belongs to me and your money? I have to assume the average buyer isn't that trusting. I certainly wouldn't be. If there is an answer, it probably is not simple.

No Nececelery so, no need to wait the hours, the bank's transfer/deposit slip should a good

evidence that the fund have been deposited in the seller account......