(Closed) Anyone used escrow?

posted 7 years ago in Technology
Post # 3
Member
10288 posts
Sugar Beekeeper
  • Wedding: October 2011

Fiance recently sold a domain through Go Daddy and because of the high amount, the site required the transaction to be processed through Escrow. I’m not sure how it will work for a physical item but with the domain it was pretty simple…

1. Buyer submits payment.
2. Escrow.com sends seller and email saying that payment has been secured.
3. Seller transfers domain ownership to buyer.
4. Buyer confirms domain ownership.
5. Escrow.com releases funds to sellers bank account (it took us like 3 days to get it). 

It was very easy but beware of the fees. We ended up having to pay like $500+ in fees but then again we’re also talking like a sale of $7000. There is also a fee for the wire transfer but I think that was like $10 or $20. 

All in all, it’s entirely legit and safe but I still prefer PayPal. 

Post # 4
Member
311 posts
Helper bee
  • Wedding: November 2011

I just tried to use escrow to purchase a wedding dress. We split the escrow.com fee ($30 I think?), and I paid for it using my credit card. A good five days later I got an email from them telling me that they don’t accept credit card payments for ‘luxury items’ (clothing, furniture, etc I gather?) and that I had to do a wire transfer… wtf? I don’t think my grandparents even use those anymore. Anyways, there was an additional $25 fee charged by escrow to do a wire transfer, and then there would be an additional fee of $10-50 charged by my bank for the wire. They also said that amount would be higher outside the US… at that point I called it off and used paypal instead… It was nerve wracking knowing she had received the money and I just had to trust her to send the dress, but it all worked out for me.

Also since you’re the seller it won’t be you paying the additional fees, so as long as the buyer is cool, you should be fine.

Good luck!

Post # 5
Member
10288 posts
Sugar Beekeeper
  • Wedding: October 2011

@bananejaune:

We were the sellers in our situation and we still had to pay a boat load of fees.

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