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| Escrow simplified |
| ESCROW SERVICE | |||||||||||
Why Escrow? | |||||||||||
| Escrow is a service provided by Project 2013B to facilitate the sale of a single banknote from one person to another. This is ideal for people who simply do not trust the 'other guy' to hold up their end of the deal, or simply feel uneasy dealing with someone they don't know. The fee for this service is charged to both the seller and the buyer and is based on the agreed price of the banknote being sold. | |||||||||||
| Escrow Fee | |||||||||||
| For a banknote being sold for less than $400 the fee is $20 to be paid by the buyer on top of the amount the banknote is being sold for. For the seller, the fee is deducted from the price they agreed to sell their banknote for. Under special circusmstances the fee for some lower valued items ( under $100) may be negotiable but up to the discretion of Project 2013B. | |||||||||||
| Example: Seller and buyer agree to a price of $300. The Buyer sends $320 ($300 price + $20 fee) to Project 2013B. Once the banknote has been received by Project 2013B, a payment is sent to the Seller for the amount of $280 ($300 price minus $20 fee). The banknote is then shipped to the buyer and a tracking number is provided. | |||||||||||
| For a banknote being sold for $400 or more the fee is 5% to be paid by the buyer on top of the amount the banknote is being sold for. For the seller, the fee is deducted from the price they agreed to sell their banknote for. | |||||||||||
| Example: Seller and buyer agree to a price of $500. The 5% fee would be $25 (5% of $500). The Buyer sends $525 ($500 price + $25 fee) to Project 2013B. Once the banknote has been received by Project 2013B, a payment is sent to the Seller for the amount of $475 ($500 price minus $25 fee). The banknote is then shipped to the buyer and a tracking number is provided. | |||||||||||
Payment Method | |||||||||||
| ALL financial transactions will be performed through WISE (formerly called Transferwise). | |||||||||||
| This is non-negotiable. Other forms of payment are prone to high fees, fraud and chargebacks. An online Wise account is free to set up. There is no fee to transfer money from your bank account to your Wise account. Once you have a balance in your Wise account, transfers between Wise account holders (eg. you and Project2013B) are FREE. All of this can be done on a desktop computer, or thru the Wise app on your phone. | |||||||||||
| The Escrow process | |||||||||||
| 1 | The Buyer and Seller agree on a price at which the Seller will sell their banknote to the Buyer. The Buyer should be aware that they will be sending payment to Project 2013B in the amount of the agreed price PLUS THE ESCROW FEE. The Seller should be aware that the payment they will receive from Project 2013B will be the agreed price MINUS the ESCROW FEE. | ||||||||||
| 2 | Both the Buyer and the Seller will contact Project 2013B through the same email address that the project administrator contacted you through when it was first announced that a match was detected for your banknote's submitted serial number (and later that the match was confirmed through photo-proof from each banknote owner). | ||||||||||
| 3 | Once both the Buyer and Seller have told Project 2013B that they wish to use the escrow service, and provide the agreed upon price, the project administrator will send you a link to an online Escrow Agreement Form. | ||||||||||
| 4 | Once both the Buyer and Seller have filled in and electronically signed their online agreement form, the Buyer will be asked by Project 2013B for their contact details on Wise so that a payment request can be sent to them. At the same time the Seller will be given the address of Project 2013B to ship their bill to. | ||||||||||
| 5 | Once Project 2013B has both received payment from the Buyer and the banknote from the Seller, the transaction if finalized. Payment is sent to the Seller through Wise, and the banknote is shipped to the Buyer's address with tracking provided. At this point the escrow is deemed closed. | ||||||||||
| NOTES: | |||||||||||
| 🔹 | All amounts mentioned are in US dollars. | ||||||||||
| 🔹 | Your full real name and address does not need to be disclosed to anyone other than Project 2013B who will keep it private. | ||||||||||
| 🔹 | Real names will never be made public, nor the amount involved in the transaction | ||||||||||
| 🔹 | To sell your banknote using eBay will cost you at least 13.25% in eBay fees, and that is assuming you don't add the minimum 2% to promote your listing on eBay. | ||||||||||
| 🔹 | This escrow process has been designed to keep the BUYER, the SELLER, and Project 2013B safe. If everyone follows the steps described, things should go smoothly. | ||||||||||
| 🔹 | At each step of this process, both the BUYER and the SELLER will be informed by email. | ||||||||||
| 🔹 | Be warned that this is not a FAST process. One owner sent their banknote using registered mail, and although secure, is notoriously slow and took 4 weeks to reach me.. | ||||||||||
| 🔹 | Any attempts at fraud or trickery will result in the member's permanent ban from Project 2013B and any serial numbers submitted by the member will be removed from the database. | ||||||||||
| Last update: December 15, 2023 | |||||||||||
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