mj
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October 2007
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Help need selling my Banksy, by mj on Nov 8, 2020 16:11:49 GMT 1, I am in talks with a member about the sale of my banksy print and wanted the safes way to do this for myself of course and the buyer as we are in different EU country.
Of course I would perfer bank transation but a mate mention that the buyer can get his bank to recall the payment at anytime, is this true? If so I need a secure/safe way to do this deal
My question is for those who have done this in the past if you could please share/pass some kind of advice either by PM or just replay to this thread.
Also did you charge the seller for any of the bank fees etc.
Many thanks
MJ
I am in talks with a member about the sale of my banksy print and wanted the safes way to do this for myself of course and the buyer as we are in different EU country.
Of course I would perfer bank transation but a mate mention that the buyer can get his bank to recall the payment at anytime, is this true? If so I need a secure/safe way to do this deal
My question is for those who have done this in the past if you could please share/pass some kind of advice either by PM or just replay to this thread.
Also did you charge the seller for any of the bank fees etc.
Many thanks
MJ
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Dive Jedi
Junior Member
Posts โข 6,160
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October 2015
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Help need selling my Banksy, by Dive Jedi on Nov 8, 2020 16:21:38 GMT 1, I am in talks with a member about the sale of my banksy print and wanted the safes way to do this for myself of course and the buyer as we are in different EU country. Of course I would perfer bank transation but a mate mention that the buyer can get his bank to recall the payment at anytime, is this true? If so I need a secure/safe way to do this deal My question is for those who have done this in the past if you could please share/pass some kind of advice either by PM or just replay to this thread. Also did you charge the seller for any of the bank fees etc. Many thanks MJ
Unless they have made a mistake themselves. I know a guy that received 1.2 million euro
in his account, but that was withdrawn the next day when the bank found out they messed up.
But in normal situation they can not recall the payment.
Payments within the EU are free. So there will not be any bank fees.
There could be currency exchange which can cost you a percentage.
But with banks that's less then Paypal. Euro country to Euro country is free.
I am in talks with a member about the sale of my banksy print and wanted the safes way to do this for myself of course and the buyer as we are in different EU country. Of course I would perfer bank transation but a mate mention that the buyer can get his bank to recall the payment at anytime, is this true? If so I need a secure/safe way to do this deal My question is for those who have done this in the past if you could please share/pass some kind of advice either by PM or just replay to this thread. Also did you charge the seller for any of the bank fees etc. Many thanks MJ I don't think there is any way a bank can remove the money once it's in your account. Unless they have made a mistake themselves. I know a guy that received 1.2 million euro in his account, but that was withdrawn the next day when the bank found out they messed up. But in normal situation they can not recall the payment. Payments within the EU are free. So there will not be any bank fees. There could be currency exchange which can cost you a percentage. But with banks that's less then Paypal. Euro country to Euro country is free. |
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Help need selling my Banksy, by Art for Love 1 on Nov 8, 2020 16:25:36 GMT 1, yes the bank can remove the money if it anything wrong with it. just be careful
yes the bank can remove the money if it anything wrong with it. just be careful
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NYart
Junior Member
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January 2016
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Help need selling my Banksy, by NYart on Nov 8, 2020 16:33:40 GMT 1, Bank transfer overall is the safest way for a seller
Bank transfer overall is the safest way for a seller
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avec art
Junior Member
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March 2014
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Help need selling my Banksy, by avec art on Nov 8, 2020 16:35:10 GMT 1, you might also be required to do customer due diligence checks. The law surrounding this matter were updated this year and made more strict.
you might also be required to do customer due diligence checks. The law surrounding this matter were updated this year and made more strict.
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Dive Jedi
Junior Member
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October 2015
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Help need selling my Banksy, by Dive Jedi on Nov 8, 2020 16:38:41 GMT 1, you might also be required to do customer due diligence checks. The law surrounding this matter were updated this year and made more strict.
Not applicable to a Spanish seller.
you might also be required to do customer due diligence checks. The law surrounding this matter were updated this year and made more strict. I think this is a British law.... Not applicable to a Spanish seller. |
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mj
New Member
Posts โข 726
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October 2007
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Help need selling my Banksy, by mj on Nov 8, 2020 16:58:25 GMT 1, yes the bank can remove the money if it anything wrong with it. just be careful
yes the bank can remove the money if it anything wrong with it. just be careful Thanks, is it possible the buyer can say to the bank he did a mistake once he got the print in hand? |
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mj
New Member
Posts โข 726
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October 2007
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Help need selling my Banksy, by mj on Nov 8, 2020 16:59:10 GMT 1, Thanks a lot๐๐พ
Thanks a lot๐๐พ
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mj
New Member
Posts โข 726
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October 2007
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Help need selling my Banksy, by mj on Nov 8, 2020 17:02:48 GMT 1, I am in talks with a member about the sale of my banksy print and wanted the safes way to do this for myself of course and the buyer as we are in different EU country. Of course I would perfer bank transation but a mate mention that the buyer can get his bank to recall the payment at anytime, is this true? If so I need a secure/safe way to do this deal My question is for those who have done this in the past if you could please share/pass some kind of advice either by PM or just replay to this thread. Also did you charge the seller for any of the bank fees etc. Many thanks MJ I don't think there is any way a bank can remove the money once it's in your account. Unless they have made a mistake themselves. I know a guy that received 1.2 million euro in his account, but that was withdrawn the next day when the bank found out they messed up. But in normal situation they can not recall the payment. Payments within the EU are free. So there will not be any bank fees. There could be currency exchange which can cost you a percentage. But with banks that's less then Paypal. Euro country to Euro country is free.
I am in talks with a member about the sale of my banksy print and wanted the safes way to do this for myself of course and the buyer as we are in different EU country. Of course I would perfer bank transation but a mate mention that the buyer can get his bank to recall the payment at anytime, is this true? If so I need a secure/safe way to do this deal My question is for those who have done this in the past if you could please share/pass some kind of advice either by PM or just replay to this thread. Also did you charge the seller for any of the bank fees etc. Many thanks MJ I don't think there is any way a bank can remove the money once it's in your account. Unless they have made a mistake themselves. I know a guy that received 1.2 million euro in his account, but that was withdrawn the next day when the bank found out they messed up. But in normal situation they can not recall the payment. Payments within the EU are free. So there will not be any bank fees. There could be currency exchange which can cost you a percentage. But with banks that's less then Paypal. Euro country to Euro country is free. |
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mj
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Posts โข 726
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October 2007
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Help need selling my Banksy, by mj on Nov 8, 2020 17:03:51 GMT 1, Cheers Dive Jedi
Cheers Dive Jedi
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irl1
Full Member
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December 2017
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Help need selling my Banksy, by irl1 on Nov 8, 2020 17:16:57 GMT 1, yes the bank can remove the money if it anything wrong with it. just be careful Thanks, is it possible the buyer can say to the bank he did a mistake once he got the print in hand?
Also to name of the piece and it's value.
yes the bank can remove the money if it anything wrong with it. just be careful Thanks, is it possible the buyer can say to the bank he did a mistake once he got the print in hand? When he's sending the transfer get him to put the full amount in words in the ref box Also to name of the piece and it's value. |
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mj
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Posts โข 726
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October 2007
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Help need selling my Banksy, by mj on Nov 8, 2020 17:33:38 GMT 1, Thanks, is it possible the buyer can say to the bank he did a mistake once he got the print in hand? When he's sending the transfer get him to put the full amount in words in the ref box Also to the name of the piece and it's value.
Thanks, is it possible the buyer can say to the bank he did a mistake once he got the print in hand? When he's sending the transfer get him to put the full amount in words in the ref box Also to the name of the piece and it's value. |
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mj
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Posts โข 726
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October 2007
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Help need selling my Banksy, by mj on Nov 8, 2020 17:34:45 GMT 1, Noted, thanks a lot irl1
Noted, thanks a lot irl1
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mj
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Posts โข 726
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October 2007
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Help need selling my Banksy, by mj on Nov 8, 2020 19:14:39 GMT 1, Bank transfer overall is the safest way for a seller Call your bank to alert them of the forthcoming transaction and what it's for shortly before it's made, and ask them to notify you the moment they've received the payment.
Bank transfer overall is the safest way for a seller Call your bank to alert them of the forthcoming transaction and what it's for shortly before it's made, and ask them to notify you the moment they've received the payment. |
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mj
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October 2007
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Help need selling my Banksy, by mj on Nov 8, 2020 19:15:24 GMT 1, Good point, defo will do that. Thanks so much
Good point, defo will do that. Thanks so much
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Dive Jedi
Junior Member
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October 2015
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Help need selling my Banksy, by Dive Jedi on Nov 8, 2020 19:22:13 GMT 1, Good point, defo will do that. Thanks so much
On the other hand - it's just as stressful (if not more) to pay a lot
and await a print to be sent to you.....
Assuming we are not talking about a Peckham Rock here.... 
I've been contemplating selling one of mine and would rather drive to
Madrid , Prague or Manchester and have a face to face deal.
But nowadays that's rather complicated as well..... 
Good point, defo will do that. Thanks so much I understand it's stressful to receive this kind of money in a safe way. On the other hand - it's just as stressful (if not more) to pay a lot and await a print to be sent to you..... Assuming we are not talking about a Peckham Rock here.... I've been contemplating selling one of mine and would rather drive to Madrid , Prague or Manchester and have a face to face deal. But nowadays that's rather complicated as well..... |
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.dappy
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December 2010
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Help need selling my Banksy, by .dappy on Nov 8, 2020 19:38:03 GMT 1, ... you may see the money in your account ... but until it is 'cleared' it is not there ...
... the EU has strict anti-laundering rules in place ... you need to keep your bank informed all of the way ...
... you may see the money in your account ... but until it is 'cleared' it is not there ...
... the EU has strict anti-laundering rules in place ... you need to keep your bank informed all of the way ...
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reg
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Posts โข 294
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October 2007
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Help need selling my Banksy, by reg on Nov 8, 2020 19:38:17 GMT 1, Above all, transfer a tenner before the full amount just to check it's gone through. I lost two grand after mis typing a sort code number and because it was outside the bank's firewall they had no right to recover it from the receiving bank.
My mistake and a costly one at that.
Above all, transfer a tenner before the full amount just to check it's gone through. I lost two grand after mis typing a sort code number and because it was outside the bank's firewall they had no right to recover it from the receiving bank.
My mistake and a costly one at that.
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mj
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Posts โข 726
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October 2007
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Help need selling my Banksy, by mj on Nov 8, 2020 19:56:26 GMT 1, Good point, defo will do that. Thanks so much I understand it's stressful to receive this kind of money in a safe way. On the other hand - it's just as stressful (if not more) to pay a lot and await a print to be sent to you..... Assuming we are not talking about a Peckham Rock here.... I've been contemplating selling one of mine and would rather drive to Madrid , Prague or Manchester and have a face to face deal. But nowadays that's rather complicated as well.....
Good point, defo will do that. Thanks so much I understand it's stressful to receive this kind of money in a safe way. On the other hand - it's just as stressful (if not more) to pay a lot and await a print to be sent to you..... Assuming we are not talking about a Peckham Rock here.... I've been contemplating selling one of mine and would rather drive to Madrid , Prague or Manchester and have a face to face deal. But nowadays that's rather complicated as well..... |
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mj
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Posts โข 726
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October 2007
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Help need selling my Banksy, by mj on Nov 8, 2020 20:00:20 GMT 1, Not a Peckham Rock ๐ And once both of us agree, than the buyer is flying over to make the transaction and collect the print.
Not a Peckham Rock ๐ And once both of us agree, than the buyer is flying over to make the transaction and collect the print.
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Skizz 82
Junior Member
Posts โข 1,017
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November 2019
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Help need selling my Banksy, by Skizz 82 on Nov 8, 2020 20:01:38 GMT 1, To my knowledge, SEPA has made banking operations homogeneous between EU member countries. I do not think that a bank can make movements (such as reversing bank transfers) on accounts without the authorization of the holder. An incorrect bank transfer must also be authorized to be reversed. In my opinion, a well compiled bank transfer is the best possible form of payment (if you have to receive money)
(in my experience, only transactions on the same bank - who pays and who receives - can be reversed within the day)
In any case, for security, I would wait until the day after crediting to give the money received for certain
obviously if it is a lot of money I would inform the bank due to the anti-money laundering rules
To my knowledge, SEPA has made banking operations homogeneous between EU member countries. I do not think that a bank can make movements (such as reversing bank transfers) on accounts without the authorization of the holder. An incorrect bank transfer must also be authorized to be reversed. In my opinion, a well compiled bank transfer is the best possible form of payment (if you have to receive money)
(in my experience, only transactions on the same bank - who pays and who receives - can be reversed within the day)
In any case, for security, I would wait until the day after crediting to give the money received for certain
obviously if it is a lot of money I would inform the bank due to the anti-money laundering rules
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mj
New Member
Posts โข 726
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October 2007
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Help need selling my Banksy, by mj on Nov 8, 2020 20:06:00 GMT 1, You guys are amazing, thanks very much for all the advise. Will defo take it all in consideration and once (if) the deal goes through I will give my own feedback.
You guys are amazing, thanks very much for all the advise. Will defo take it all in consideration and once (if) the deal goes through I will give my own feedback.
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irl1
Full Member
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December 2017
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Help need selling my Banksy, by irl1 on Nov 8, 2020 20:07:05 GMT 1, Not a Peckham Rock ๐ And once both of us agree, than the buyer is flying over to make the transaction and collect the print.
Sometimes these payments can hit your account in an hour
Not a Peckham Rock ๐ And once both of us agree, than the buyer is flying over to make the transaction and collect the print. If he does a "same day bank transfer" before around 12 am (check the cutoff time with your bank) it should be in you account before closing time, will cost about 25 euro Sometimes these payments can hit your account in an hour |
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Help need selling my Banksy, by Cool User Name on Nov 8, 2020 20:07:15 GMT 1, tell him to pay in bitcoin, once sent and confirmed it can't be reversed plus if you hold onto it a few months you'll probably double your money 
tell him to pay in bitcoin, once sent and confirmed it can't be reversed plus if you hold onto it a few months you'll probably double your money |
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avec art
Junior Member
Posts โข 3,726
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March 2014
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Help need selling my Banksy, by avec art on Nov 8, 2020 20:17:49 GMT 1, in the UK you'd probably have a tax free allowance of ยฃ12,500 so you'd only pay CGT on the rest of the increase in value of said print. But I have no idea about Spanish taxation
in the UK you'd probably have a tax free allowance of ยฃ12,500 so you'd only pay CGT on the rest of the increase in value of said print. But I have no idea about Spanish taxation
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tab1
Full Member
Posts โข 8,519
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September 2011
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Help need selling my Banksy, by tab1 on Nov 8, 2020 20:54:03 GMT 1, Most of the sellers would prefer to do
Private deals to avoid paying tax but this could be more costly if the transaction goes wrong , would it not be safer for both parties to facilitate a sale through a Law firm / solicitor and split the costs ? cheaper than fees through an auction house ?
Most of the sellers would prefer to do
Private deals to avoid paying tax but this could be more costly if the transaction goes wrong , would it not be safer for both parties to facilitate a sale through a Law firm / solicitor and split the costs ? cheaper than fees through an auction house ?
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Javier
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November 2019
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Help need selling my Banksy, by Javier on Nov 8, 2020 21:00:48 GMT 1, If you are afraid of reversing the transfer, open an extra bank account where youโll receive the money, and once you get it there send it to your own account. No reverse if thereโs no money left
(Learnt from when I was in a company that was dealing with new markets and unknown customers)
If you are afraid of reversing the transfer, open an extra bank account where youโll receive the money, and once you get it there send it to your own account. No reverse if thereโs no money left
(Learnt from when I was in a company that was dealing with new markets and unknown customers)
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rockbeer
New Member
Posts โข 363
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May 2006
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Help need selling my Banksy, by rockbeer on Nov 8, 2020 21:07:43 GMT 1, You could open another account, preferably with a completely different bank, and as soon as you receive the payment transfer it immediately to the new account. That will stop any quick reversal and give you control of the money. Useful if there turns out to be be any dispute afterwards.
As someone already said, one of the most secure ways to do this sort of thing is to use a crypto currency but if you arenโt familiar with the mechanisms it can be difficult to get your head around how it works.
Another is to use an escrow service. It protects both you and the buyer, and might be worth the cost - especially if you both agree to split the cost of the service. But it might not be worth it if thereโs a good level of trust between you and the buyer, and especially not if youโre meeting face to face to make the exchange.
Good luck - it can be scary!
Edit: Javier, you beat me to it!
You could open another account, preferably with a completely different bank, and as soon as you receive the payment transfer it immediately to the new account. That will stop any quick reversal and give you control of the money. Useful if there turns out to be be any dispute afterwards.
As someone already said, one of the most secure ways to do this sort of thing is to use a crypto currency but if you arenโt familiar with the mechanisms it can be difficult to get your head around how it works.
Another is to use an escrow service. It protects both you and the buyer, and might be worth the cost - especially if you both agree to split the cost of the service. But it might not be worth it if thereโs a good level of trust between you and the buyer, and especially not if youโre meeting face to face to make the exchange.
Good luck - it can be scary!
Edit: Javier, you beat me to it!
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Dive Jedi
Junior Member
Posts โข 6,160
Likes โข 9,391
October 2015
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Help need selling my Banksy, by Dive Jedi on Nov 8, 2020 21:10:15 GMT 1, You could open another account, preferably with a completely different bank, and as soon as you receive the payment transfer it immediately to the new account. That will stop any quick reversal and give you control of the money. Useful if there turns out to be be any dispute afterwards. As someone already said, one of the most secure ways to do this sort of thing is to use a crypto currency but if you arenโt familiar with the mechanisms it can be difficult to get your head around how it works. Another is to use an escrow service. It protects both you and the buyer, and might be worth the cost - especially if you both agree to split the cost of the service. But it might not be worth it if thereโs a good level of trust between you and the buyer, and especially not if youโre meeting face to face to make the exchange. Good luck - it can be scary!
Then you will just end up with your first bank account being 50K in the red......
Also, if there is so much distrust towards the buyer...... don't sell it to them.
You could open another account, preferably with a completely different bank, and as soon as you receive the payment transfer it immediately to the new account. That will stop any quick reversal and give you control of the money. Useful if there turns out to be be any dispute afterwards. As someone already said, one of the most secure ways to do this sort of thing is to use a crypto currency but if you arenโt familiar with the mechanisms it can be difficult to get your head around how it works. Another is to use an escrow service. It protects both you and the buyer, and might be worth the cost - especially if you both agree to split the cost of the service. But it might not be worth it if thereโs a good level of trust between you and the buyer, and especially not if youโre meeting face to face to make the exchange. Good luck - it can be scary! Yeah, well.... Then you will just end up with your first bank account being 50K in the red...... Also, if there is so much distrust towards the buyer...... don't sell it to them. |
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