Wire Transfers for purchases???

[JonG]

Exactly how does this work...Is it safe, is there a some type of receipt, should one transfer 100% of the amount of the item 2 weeks before the item is complete and/or shipped?

Please give some insight on this transaction.

 

[jaz464]

Well, when we did a wire transfer, our appraiser had the diamond and we transfered the entire amount at once to the seller. The appraiser was then cleared to ship us the diamond. We were sent an invoice via email. With any of the reputable PS vendors, you will be safe to transfer the entire amount prior to shipping. I''m not sure if places will even ship it before you wire the whole amount-I doubt it. Of course, if you are buying from someone you are unsure about maybe you want to use a credit card. Personally, I do not think I would want to buy from someone like that.

 

[wedding_crasher]

I recently purchased a ring from Whiteflash and used a wire transfer. When the ring was done, I wired the money and the item was shipped out that day. I personally wouldn''t feel comfortable wiring the money 2 weeks ahead of time (to any online vendor) just in case there are any issues. You also might have a harder time getting something changed if you want if they already have your money.

Anyway, for the transfer I just took the info Whiteflash sent me to my bank and had them wire the money. Most banks charge a small fee (my two banks charge $15 and $20). They gave me a receipt of the transfer (although they accept no responsibility if the person on the other end isn''t legit). It''s all pretty simple and if you''re dealing with a trustworthy PS vendor, you can save a decent amount of money.

 

[denverappraiser]

Several of the dealers will offer the option of paying with direct wire payment as an alternative to using a credit card in exchange for a token discount, usually about 2%. The banks are all quite familiar with the service and can walk you through how to do it. The discount is roughly the same as the fee charged to the merchant by the credit card company for using their service. International customers usually don’t have the option of using a card because of the complications from a multi-national deal.

From the consumers standpoint, it’s effectively insurance and the big reasons to use it boil down to how much you trust your merchant vs. how much you trust your credit card company. Adding the cc company gets you three basic things:

1) It adds the credit card company to the loop in the case of a dispute (usually the biggie).
2) It allows you to pay for your purchase over time.
3) Sometimes it gets you frequent flyer miles or similar perks.

The value of the miles is debatable but the assistance of the company in dealing with a far away merchant is comforting to many people. Worry about the general credibility of the merchants is by far the biggest reason that the internet dealers only see a few percent of the diamond business and the credit card companies offer a valuable service for making the whole deal less troublesome. If you''re worried, use it.

Neil Beaty
GG(GIA)ISA NAJA
Professional Appraisals in Denver