First time using Escrow

[NetworkPearl]

I'm buying a domain from an enduser and he requested me to use Escrow.com. He's located in Canada .

The thing is that I never used escrow before and had been using PayPal for for buying and selling domains.I don't even have a credit card which works online ( I tried with escrow).

The other option is wire transfer but never did that ever before.

So I wanted to ask how wire transfer works?

 

[DomainAgents]

With a wire transfer, you go to your bank and say I want to transfer this much money to this account Escrow.com will give you the account details. Your bank may charge you a wire fee.

Depending on the amount, it can take 24 hours for the money to show up in Escrow's account.

 

[nicholas]

Whether you wire the money to the end-buyer or to Escrow, you basically go to your bank and fill-out forms and send the info to your buyer, including bank transfer codes and other details. Three to five working days later (or depending on your bank and the buyer's), they money arrives.

 

[NetworkPearl]

With a wire transfer, you go to your bank and say I want to transfer this much money to this account Escrow.com will give you the account details. Your bank may charge you a wire fee.

Depending on the amount, it can take 24 hours for the money to show up in Escrow's account.

The details are the same as the ones mentioned on their website? How does escrow know that I wired them?

 

[Bearded Goat]

Once you choose wire as your payment, it will provide you that info (where to send, amt etc) and I believe it also states to include your escrow transaction number in the wire note so they know it came from you.

 

[NetworkPearl]

Well I was able to pay through PayPal and I hope they approve it.

 

[deez007]

I wonder why Escrow has not included bitcoin as a payment method yet.

I think there could be a gap in the market for a Bitcoin based Escrow service.

 

[Bearded Goat]

@Insha010 was going to ask about paypal but assumed for some reason it was not an option on your transaction. As long as your info matches your paypal account, all should be fine.

 

[NetworkPearl]

@Insha010 was going to ask about paypal but assumed for some reason it was not an option on your transaction. As long as your info matches your paypal account, all should be fine.

I do have PayPal but I'm not in US.I read on escrow that PayPal is only for Us residents.Anyways I saw that option of PayPal on the transaction so I paid using it.

Regarding the address , I received an email from them few minutes after paying to update my profile address.I just did and replied to the email.

Hope it gets approved.