posted on November 1, 2000 10:26:14 AM
I have a question...i'd like to make things easier for my international bidders, ie accept personal checks from them (i'm in the US). Is that possible? What problems would there be?
I did ask my local small town bank about it and they said if the check is not in US dollars, they charge 25$ plus it may take up to 8 weeks for the payment to clear, (sending the check back and forth between countries)
But they said if the amount is in US dollars there are no charges. However I've read how some sellers here receive foreign personal checks with US$ written on them, does that work?
posted on November 1, 2000 11:29:25 AM
Accepting international personnal checks is not a good idea. First of all they might not be valid in the US. Some foreign banks clearly state that their checks are only valid within its country of origin.
Second, your bank will charge you an extremely high amount of fees. That's because your bank will have to claim the check from the buyers bank in the country of origin. Before you start saying your bank is greedy think for a second the amount of work...bank clerks work for money too not peanuts
If its a small check say less than $40, your bank might return it to you saying that the fees alone are more expensive that the value of the check.
What you should accept are International Bank Drafts or checks. These checks are made from the country of origin but it can be claim from an affiliate bank in the US. The drafts are also in US dollars. Your bank will charge you no fees since it is consider an out of state check rather than a foreign check. Example. Standard Chartered bank is a huge bank in the UK & former commonwealth countries but they also have a branch in Washington. A lot of foreign banks have affiliates here in the US. HK&Shanghai ties in with Marine Midland, USA.
posted on November 1, 2000 03:42:40 PM
I learned about this the hard way. An English bidder said he had a US dollar checking account, and could he send me a check. I said okay.
The amount was $48. I deposited the check in my bank and a week later they notified me that the high collection fees associated with collecting from a foreign bank would be more than the amount of the check.
I have taken checks from foreign buyers since then but this is what they must do:
The check must be drawn on a US bank.
It must be payable in US funds.
Some foreign folks do have accounts with American banks, or know someone who does who can write a check for them.
I've taken half a dozen of these types of checks and haven't encountered any more problems.
posted on November 2, 2000 05:31:16 AM
I have requested international payment be made via postal money order - then just take it to the post office and they have to cash it. Granted, I've only dealt with Canadian buyers. Anyone from the UK that I've dealt with has sent US funds drawn on US bank. You might want to check with the postmaster or the postal service's web site to find out if other country's postal money orders are cashable at US post offices. Good luck!
posted on November 2, 2000 06:22:02 PM
You might suggest BidPay for international customers. Last I heard, they had to pay $5.00 for the service...which is lots cheaper than many US banks charge to cash checks. The seller then gets an American Express money order in U. S. dollars...no hassles and I've been very pleased with the process so far. Good luck.
