I am trying to buy my first watch from puretime and running into some issues. I would like to use the bank transfer, but that is where my issues come up. I am based in the states, as is my bank, and their website only allows transfers to other US banks, not internationally. So, I have to use third parties, like western union, money gram, etc, unless someone has a suggested program. The information they sent me includes an account number and a swift code, but it seems I need a branch code also, would anyone happen to know that.
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Help With Bank Transfer
- Thread starter egothrasher
- Start date
From my own experience, using MasterCard.. unfavourable exchange rates, administrative charges came up to additional USD50+ in Total Cost for a USD443 purchase (incl shipping and handling charges.) I am going to buy some more but am observing around here to see which method is ideal to me.
If you search within this forum, for bank charges there are additional (not very sure) if it is US$45 or 45 GDP or Euro
Some say best is using bitcoin, but some say otherwise. I never tried this method.
But Bitcoin can be quite volatile in rates and there are additional charges too.
Some prefer PP (with additional add on charges by seller for PP charges)
Maybe others can share which is the best payment method?
If you search within this forum, for bank charges there are additional (not very sure) if it is US$45 or 45 GDP or Euro
Some say best is using bitcoin, but some say otherwise. I never tried this method.
But Bitcoin can be quite volatile in rates and there are additional charges too.
Some prefer PP (with additional add on charges by seller for PP charges)
Maybe others can share which is the best payment method?
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littowun
Known Member
It's sounds like you are attempting an External Bank to Bank Transfer, commonly known as ACH transfer.
Instead, you need to do a Wire Transfer. All banks are able to do this. Most banks allow you to do this online as well. There is a daily Wire Transfer cutoff of around 1:30pm EST. Depending on your account type wire transfers may be complimentary or may cost $15-$35 per wire.
IMO, Transferwise offers the best balance of fees, transaction speed, and discount from Dealer. Bigger Dealers like PureTime or InTime won't be bothered by having to use TransferWise. Best to find a smaller more personalized Dealer.
My experience:
Paypal (worst)
Fund Status: Depends--CC is instant funds; Bank takes ~5 days
Verification: However long it takes for funds to clear: could be same day or could be 5 days; see above
Fees: 4% of transaction value. Usually around $30 for me.
Discount: None
Verification: However long it takes for funds to clear: could be same day or could be 5 days; see above
Fees: 4% of transaction value. Usually around $30 for me.
Discount: None
Mastercard
Funds Status: Instant
Verification: Same Day or Next Day depending on third party payment processor
Verification: Same Day or Next Day depending on third party payment processor
Fees: Depends on transaction value. Typically around $35 to $45 for me. Really BS as my CCs are all travel cards that have zero foreign exchange fee if the Dealer would simply charge in CNY. But they have to charge in USD for some reason.
Discount: Some Dealers offer discount - 4-10%
Discount: Some Dealers offer discount - 4-10%
Bank Wire
Funds Status: Same Day or Next Day
Verification - 7 calendar days. I clearly wired to some random schmuck in some random country.
Fees: $0; my bank does not charge for Bank Wires
Discount: Some Dealers offer discount - 4-8%
Verification - 7 calendar days. I clearly wired to some random schmuck in some random country.
Fees: $0; my bank does not charge for Bank Wires
Discount: Some Dealers offer discount - 4-8%
TransferWise (best)
Funds Status: Same Day or Next Day
Verification: Same Day or Next Day
Fees: Depends on transaction value. Typically around $11-$15 for me.
Discount: Some Dealers offer discount - 4-5%
Verification: Same Day or Next Day
Fees: Depends on transaction value. Typically around $11-$15 for me.
Discount: Some Dealers offer discount - 4-5%
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Never ever use transaction that gives away your personal information. My recommendation is bitcoin. It’s very simple and it doesn’t make your personal information vulnerable.
Sent from my iPhone using Tapatalk
Sent from my iPhone using Tapatalk
The purchase price is the same in USD (minus discount). You pay in bitcoin by converting USD amount into BTC.
You also receive a discount (8%, not 5%) if paying through BTC which offsets the shipping fee and transaction fees from your bitcoin wallet. Therefore, you end up paying less in USD when paying with bitcoin.
You will receive instructions on how to send the BTC to PureTime within 24 hours after you place your order.
Alternatively, if you really want to use Bank Transfer, I would suggest you create a new dummy account which you can lock a couple days after you’ve made the transfer. Let your bank know to disable overdraft after you’ve made the payment to PureTjme. If something does happen to your bank info, at least it’s a dummy account # that is compromised, not your real account.
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Thanks everyone for the experience sharing, please email [email protected] if you have further questions regarding your payment.
littowun
Known Member
So it's all a balancing act of Payment Verification/Order Processing, Final Price, and Privacy.
Payment Verification/Order Processing
When you message a TD and they tell you a watch is in stock, it's in stock at the time they email you. But if it takes you a few calendar days to have your payment verified, there is a chance your watch won't be in stock. And if it's a hot item, like the Noob Daytona v2.2 during mid-July 2019, then that watch probably went to another customer.
Final Price
I care more about getting the watch I want, when I want it vs a $10-$15 difference, so that's how I weigh Discounts/Transaction Fees/etc. So even though Bank Wire is cheapest for me, I would avoid it.
Privacy
As far as I am aware, the TransferWise recipient only gets my name. Unless you are shipping to a Mailbox Center, held under a LLC that is managed by a Delaware LLC operated by a nominee Manager who has signed over Power of Attorney to you, I think that's a moot point if you are already providing your name and home address to the Dealer.
Alternatively, I paid for my RWI Patron account through bitcoin. Prior to that transaction I had not accessed Coinbase since 2013. For me, I don't ever plan on selling anything m2m; I just liked how the site was operated and its ideals, but I wasn't going to give out my personal info for no reason since RWI isn't shipping me anything. But I'm pretty sure mods can access your PMs (they could on every other VB Bulletin powered site I've been on) so probably all a moot point anyway.
Lastly, you should consider the Bitcoin volatility. There has been more than one thread about people complaining that they were refunded less bitcoin than they paid, because the bitcoin value changed, they got less bitcoin in return (even though the USD value was the same). I guess those folks felt some weird entitlement to some perceived windfall? There have also been many instances where the bitcoin value dropped suddenly, and folks have been asked to send more bitcoin as a result, even though at the time they send the bitcoin, the USD value was correct. So if those potential outcomes bother you, something to consider.
Bank Wire, I agree can be risky. Anyone with your account # and routing can technically empty your account with the right know-how. So be careful. And given the lengthy verification time, I would avoid anyway. Obviously, don't use a primary account.
So for me, there is no added benefit of Bitcoin since I am already providing my name and address. Plus there is a possibility of delay in payment processing and verification and a chance I have to send more money than originally bargained.
Does Overseas Bank Transfer take a few days to process? I've transfered the funds to puretime 2 days ago and they said they have not receive the funds yet.
its been a week . is my money gone
Please PM me your order number. I will look into this
Sorry for the trouble. the payment got through after 8 days, i think might be due to the chaos over there. i've already received my qc photos. thank you once again
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muful9
Horology Curious
- 4/9/20
- 15
- 10
- 0
I have today made purchase for xf15202 v2 through transferwise from UK. Price was $495 (3379CNY) (Includes shipping and deducts %8 discount for this payment method). I was provided with details for my transfer and puretime advised I choose CNY for their currency. I wasn’t sure if my currency should be USD or GBP as I’m based in the UK. I contacted puretime to check but they did not respond. Nervetheless, I proceed with transfer (GBP to CNY). I was charged £371.97 by transferwise for transaction. Transferwise have confirmed to me the payment of 3379CNY has reached the recipients account. I’m now just waiting for puretime to confirm they have received payment. I have previously used MasterCard as payment method for purchases through puretime and I was wacked with extortionate exchange rate fees, almost adding 25% on top of price. I just hope all goes well with this transaction so I can continue using this method going forward.
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