Foreign money transfer for 2nd hand bike?

I’m selling a bike to someone who lives overseas and doesn’t have a UK bank account.

What is the easiest and quickest way to transfer the money. We’re meeting in person as they’re in UK currently. Looks like a bank transfer might take too long though as they’re returning early next week.

Seen lots of potential options, but not sure what’s best, fast, and foolproof?

Any ideas? Cheers!

Paypal ??? Is that an option?

wise?

Wise is probably your best option

https://wise.com/

+1 for Wise

Yeah wise, good rates and can be set up online/via mobile phone and you’re up and running in probably an hour or so.

Its basically like a regular bank transfer though… why are they buying a bike if they are leaving in a few days though?

They get the money out in cash from a bank?

What’s his daily limit at a cash point?

Cool. Will have a look at wise. Not heard of it before. Cheers.

This is worth a read.

https://wise.com/help/articles/2971625/i-want-to-cancel-a-transfer-i-havent-paid-for

TL;DR a Wise transfer isn’t reversible, once it’s marked as ‘complete’. Before then things could go wrong.

This is worth a read.

https://wise.com/help/articles/2971625/i-want-to-cancel-a-transfer-i-havent-paid-for

TL;DR a Wise transfer isn’t reversible, once it’s marked as ‘complete’. Before then things could go wrong.

Yes it’s no differnt to a bank transfer, really, i.e. no protection really.

Currency exchange rates are generally very competetive though, I use it as an intermediary to transfer £ from my british account to my € spanish account, and vice-versa., so zero risk if I’m happy with the exchange rate.

I’d only use it to transfer currency to trusted friends etc. outside of my own accounts.

EDIT, what’s the value of the bike? if it’s only a couple of hundred quid he might as well just do a direct bank transfer, or withdraw the cash from an ATM even if the rate isn’t great, it’s only going to be a couple of quid difference between a good exchange rate and a bad exchange rate on a ‘small amount’.

Do you know and trust this person?

Thanks for the comments. I don’t know him, but have spoken on the phone have his Facebook and Instagram etc. All very genuine. Definitely a biker. Bike is about 1.5k

I’ve had a look at Wise which does seem like a good option. But will be wary. How long does it take for the transfer to ‘complete’?

I think I’d want some form of receipt or audit trail, Wise or no. Maybe a photo of his passport? My concern would be that he gets home and then goes “what bike?”

Goods exchange in one channel (eg, face to face) and money exchange in another gives me the fear. Wise says that completed transfers aren’t reversible and disputes are your own problem so it should be safe, but many things should be safe.

Who goes on holiday and buys a second-hand bike anyway? Unless it’s super cheap or special in some way it’s surely more of a pain in the cods than it’s worth to get it home again? I bought a Supersoaker in the US once and that was a big enough arseache to get home.

Bike is about 1.5k

Why would anyone buy a 1.5k second hand bike (so a very expensive bike) if you are leaving the country in weeks? what’s he gonna do with it?

Facebook and Instagram All very genuine.

nahh..no no no no. Sounds like some sort of ‘rush’ tactic.

Cash or PayPal. I bought a bike on Canada whilst on a trip there (snapped the one I took with me), and PayPal seemed easiest

Why would anyone buy a 1.5k second hand bike (so a very expensive bike) if you are leaving the country in weeks? what’s he gonna do with it?

TBH I always bang on about getting a Hope HB130,they’re easier to find second hand in the U.K. and I can wheel it into Spain as my sports goods with no import duty.

Getting one posted to Spain nowadays would be a costly and painful enterprise 🙁

I think it’s a similar situation. The frame was a limited run that can’t be bought new anymore and I’ve used lots of Hope parts on the build which may not be as easy/cheap to get hold of overseas.

Still waiting to sort out payment. Will aim towards cash or PayPal.