Authenticating $$

[xela]

Hi guys,

Do you guys ever autheticate the notes given by fellow buyers? If yes, how?

Any bros uses the cash deposit machine as a machine to authenticate the notes? I.e. if notes are accepted by machine means real notes.

Reason why I am asking is because there was an oversea buyer (claim he is from BKK and his mobile start and end like 66 xxxxx 4444) who wanted to buy a watch from me. When amount and payment mode was agreed, I requested for the cash deposit machine to be used. Buyer back off, saying this was not what was agreed upfront. He cancel the deal even without viewing. I was puzzled and also suspicious, and this led me to ask this question.

Also, this also serve as a warning for sellers and something to be aware of.

Thanks for any comments.

[pegasi]

Thanks for sharing. I have not sold anything to overseas buyer so have never thought about how to deal with such a situation.

For local cash deals, I basically assume buyers won't dare use counterfeit notes since it is a very serious offence in SG (imprisonment up to 20 years), and that the chance of being exposed sooner or later is very high.

But this cash deposit machine verification method is indeed a good way to authenticate the notes should anyone feel the need to.

[xela]

Yes, and I don't think any bona fide buyer will ever reject such a payment Method, unless there is something really fishy..

[pegasi]

Come to think of it...the first time I accepted some one-thousand dollar notes in one of the deals not long after I started trading over the forum, I wasn't even sure exactly how the note should look like. I think I was afraid of losing face if I said I didn't recognise one-thousand dollar note

Luckily the notes weren't counterfeit and I have since learned to draw big notes from bank whenever time allowed for ease of dealing when the amount is big. I did that a few times and none of the sellers expressed any concern over the authenticity of the notes!

[Darkangel]

I think in SG it's not that big of an issue. When I was in UK, everyone of the notes above 20 Pounds ($40 SGD equivalent) they used the anti counterfeiting ink to test. Same in Europe too.

But yes, please take precaution, if your note doesn't feel right. Flag out and change for another one.

[xela]

My concern is more of those buyer not registered with Sg roc. Once something happens, you can never trace the whereabouts since the only details you have is the phone number (which may be a top up card from overseas).

[Darkangel]

My concern is more of those buyer not registered with Sg roc. Once something happens, you can never trace the whereabouts since the only details you have is the phone number (which may be a top up card from overseas).

Alright, understand your concern. Sometimes it's always good to be careful when dealing with overseas buyers/sellers

[wolfeyes1974]

Thanks for sharing. It's never crossed my mind until now.

[SmOcKxY]

I've sold many things in forum and the question of authentic notes never even crossed my mind..if it's a Singaporean buyer I think it's almost impossible to give fake notes..you'd prolly deposit the notes immediately and if it's fake, you have met the person and have his contact number anyways..but since this is overseas buyer then I guess you should exercise abit of caution..

On another note, I've ever withdrawn $10K notes for purchase myself..the bank teller will have to take down your IC number for record..

[taxico]

...Any bros uses the cash deposit machine as a machine to authenticate the notes? I.e. if notes are accepted by machine means real notes.

...Reason why I am asking is because there was an oversea buyer (claim he is from BKK and his mobile start and end like 66 xxxxx 4444) who wanted to buy a watch from me. When amount and payment mode was agreed, I requested for the cash deposit machine to be used. Buyer back off, saying this was not what was agreed upfront. He cancel the deal even without viewing. I was puzzled and also suspicious, and this led me to ask this question.

i deposit cash often and regularly i experience rejected notes at the CDM. this doesn't mean the note is fake... just in poor condition.

i have no comment on your potential buyer but i know some people are easily offended if someone insinuates they may be paying with funny money.

in singapore, i trust singaporeans to be honest and the idea of them not paying has never occurred to me, much less paying with counterfeit notes.