Reply With QuoteWill the balance be paid on collection via the same method, does this Monza have the equivalent of PP friends and family? If not insist in cash or a BACs on collection.
Hi
I’m the seller
Watch for sale, buyer wants to pay by Monzo.
Added complications are that its collection only.
Buyer is sending a third party to collect (quoting “work commitments”)
I’m hesitant however buyer has transferred £1 into my account to show he’s legit.
I’m close to calling it off, any advice?
Will the balance be paid on collection via the same method, does this Monza have the equivalent of PP friends and family? If not insist in cash or a BACs on collection.
I would go for cash on collection.
Usually the scam is that the third party courier will pay you cash on their behalf, but you need to pay the insurance up front. Monzo is as good as any bank... using a courier collection sounds a bit iffy though.
Yep, buy the seller.
Monzo is completely irrelevant- it’s a bank transfer which isn’t reversible once done.
Monza is a city in Italy. Monzo is a bank and could only move money by a bank transferOriginally Posted by Arcam
I’d think as long as you see the £ in your bank account
Tbf I’ve had a mate pick stuff up before
Very helpful, thanks for correcting my autocorrect
Well considering you gave an answer when you clearly didn’t know what you were talking about……Very helpful, thanks for correcting my autocorrect
Why would a bank have “an equivalent of friends and family” Do you know any that do?
“Will the balance on collection be paid via the same method?” By bank transfer?
“Insist on BACS on collection” How do you think he paid the £1 in the first place.
If you're not happy walk away.
It all sounds a bit iffy to me. If it's genuine and they want the item they should accommodate your terms as the seller, don't get railroaded into something you're not happy with just to get a sale.
Most common scams involve a courier. When you certainly have the money, RMSD it. /
Any H&V feedback to go by?
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Isn’t this a fairly common scam set up? I have heard it loads of times, there must be a name for it by now.
There is the possibility of money muling - they send you the money and either change their mind and ask for it to be sent to a 3rd party or they overpay you and ask you to forward on. In both cases someone else is behind the account you are dealing with.
Various other scams involving a last minute switch to a courier.
Another common scam is when they come around and then show you payment with a fake app.
Last edited by Alansmithee; 23rd July 2023 at 19:48.
Is there a reason he’s mentioning Monzo? And not just a bank transfer
I'd run for the hills
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Post #5
Agreed, the answer is in reply No.5. Monzo is a UK bank like many others, so is irrelevant here. If you receive the funds via Bank Transfer into your account before handing over the watch, you're safe. It can't be reversed and the person collecting the watch has nothing to do with the finances.
I don't see how you can be scammed in this arrangement. You can be robbed by the person collecting the watch, but that's inherent in any in-person deal with a relative stranger. From a financial side, once the money is in your bank, it's yours. If that happens prior to handover, it could be Ronald McDonald who collects the watch as far as I care, that's the buyers problem.
He’s specifically asking to pay by Monzo
I know Monzo I had an account for quite some time - I was asking in case the buyer had stipulated Monzo and if there was some scam reason for this
I know when I pay someone through monzo I don’t need a card reader etc - I was just wondering if this had some reflection on the payment method
Monzo has payment with friends so he could ‘find ‘ you if he’s got your contact details
Last edited by lewie; 24th July 2023 at 10:16.
Monzo is just the name of the bank. If that's the bank he uses, then that's the bank he'll pay with. Many users of Monzo use phrases like 'pay by Monzo' in keeping with the banks marketing, but it's no different that someone who uses Lloyds saying they'll 'pay by Lloyds'. It's a bank, with bank transfers, that's all.
I'd be more interested in why the buyer is using a courier. If that's by the sellers request (i.e. collection only or arrange your own courier) then it's not surprising, but unless seller has suggested it then that's a potential flag. Paying with Monzo isn't. Of course always make sure you see the money in your account first on your own device, and make sure there's a clear way to evidence that the courier who shows up is the right person and you have solid evidence of this.
A common eBay scam is to arrange for collection in person. Scammer buys the product and pays the money, somebody turns up at the door and collects the item (scammers friend), then the scammer turns up to collect the item you've already handed over earlier in the day to their friend. Queue the eBay support request and buyer ends up with a refund as seller can't evidence delivery of the product.
Last edited by M1011; 25th July 2023 at 17:20.
I have made two recent SC purchases from well regarded members, both gave me Monzo account details for payment.
Both transactions resulted in my account being blocked because of suspected fraudulent payment.
Both times I had to contact my bank fraud team to unblock my account.
The Barclays fraud team advised that Monzo have poor initial validation when creating a new account, which makes it a firm favourite for scammers.
Both transactions were successfully completed by payment to another account, but I will actively check that any future purchases do not involve Monzo as it's simply not worth the hassle of my account being blocked again.
I’ve used Monzo for years and nobody has ever had an issue with accounts being blocked. Monzo are subject to exactly the same regulations as any other bank and their initial validation is subject to the same rigour. Their validation is no different to the other digital banks like Starling etc.
The company I work for operate in the e-money space and I know years ago there were some banks trading under e-money licenses as opposed to banking licenses, on that basis some also couldn't or wouldn't sign up to FSCS protection of up to £85k per individual account. I'm not aware that Monzo trades under such conditions any longer.
I digress, to the OP - run away unless you know this person, the courier bit is what I would be most concerned about. The Monzo bit doesn't concern me other than I would want cleared funds from the seller up front. If this ebay just walk away, not worth it, if it is facebook marketplace get running ;-)
I bet their employees shouldn't be saying that about a competitor bank, seems a tad self serving and highly doubt they're on script with that one... I wonder where the FCA would stand on a legacy bank apparently making blanket rules to deliberately make it harder to transfer funds to a well established, equally regulated challenger bank who just so happens to be eating into their market share? Hmm!
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