paying for high priced items cross-border (>100k USD)

General
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Hey guys,

Wanted to ask, for cross border international transactions:

  • Given this covid situation, how do you pay for highly priced items? Meet ups are impossible, yet paying through paypal incurs a 5% exchange rate fee and ~4% G&S fee…that’s close to 10k usd in fees for a 100k item

  • Assuming no covid, how do you guys conduct transactions? Would using transferwise to transfer money on the spot, and collect the card thereafter work? Or what other forms of money transfer do you use

  • Assuming no covid, has anyone tried carrying 50k usd cash through customs to buy pokemon cards before? how would you explain to customs?

Alternatively, should i just buy lots of psa 9 1st ed zards and use them as 10k usd dollar bills (it’s a joke…partially…but the concept of buying highly liquid cards for trading around the world seems like a workable solution…)

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It depends what borders you´re crossing. There is certain cash limits (10k in europe e.g.), if you surpass them, you´ll have to register a cash transfer. High value transactions I did (before Covid) have been done via bankwire of PP GS (splitted fees) depending on the exact circumstances. I really try to avoid using PP for higher amounts though as it can give the seller a hard time. You can also use a middle man, but have only done that once and they´ll typically take a % fee as well.

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Wire transfer + FedEx Express. That’s the standard for most auction houses as well.

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an auction house is an intermediary tho - would you typically wire the sum to the seller and hope he’ll fulfill his end of the bargain?

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5

As a seller, I broker deals for people because of this exact scenario. As a buyer, I’m not buying something of that value from a random seller. Majority of the time when I’m buying in that range its with an auction house or brokered by top sellers. I don’t bother otherwise.

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If you wire transfer 5 digit amounts and the seller doesn‘t fulfill their part you can always file a police report. Not saying that‘s a fun thing to do as it might take months to get the money back, but if someone „steals“ 5 figures from you thats not just an internet scam but a criminal act.
Also, if you buy something for up to $100k and don‘t trust the seller I wouldn‘t even bother buying from them… Most of my high end purchases were done through bank wire or paypal friends family (not that i recommend paypal FF, but just saying that I knew and trusted the seller in those deals).

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hmm ok, this is helpful. the seller isn’t some unknown but not exactly reputable / famous / “top” like what you guys are mentioning. Also we’ve only exchanged a few lines and calls given the sum involved, so hard to say ill trust him enough to xfer him that sum first

Police report is too much effort. seems like a broker is the best option

Thanks much sirs!