I was curious about domains and looked for something. The domain was available, but it cost over $1,000,000
What would happen if I clicked “add to cart” and tried to buy it if…
- I couldn’t afford it
- I could afford it
Does someone reach out since it’s a big sale? How do they confirm I have the money? Who does the money go to?
Assuming I don’t have the money, at what point would I get blocked? I assume they don’t just process giant purchases the same way as $10 ones
A human would get involved to verify the sale, but definitely before transferring the domain.
Many of the domain auction sites don’t actually own the domain, someone has told them they have the domain, so there will be some manual alert and then transfer if its actually still available.
And probably, more than one. When you start moving large amounts of money, a lot of people start paying attention: banks want to know why you’re taking that money away from their institution, tax agencies want to know if you’re paying the taxes you’re supposed to, and security agencies want to know if everything is legal and you’re not involved in something fishy.
So, if you actually have the money and the transaction is not immediately rejected as an error, you are probably going to be asked a few questions. Unless you’re someone who regularly deals in such things. Bank have ways to detect unusual types of transactions from an account.
If you don’t have the money, it’ll probably just be classified as an error.
No banks ask why you’re withdrawing money, except security questions for your benefit. Like to see if you are being scammed. They don’t really care, even about a million dollars.
The person who receives the money is going to have to deposit it in a different bank, so banks are just transferring money back and forth.
No tax authority or security agency knows about it (at least in the US). You are just not that important. If you don’t pay taxes or do something illegal they’ll get you later. The bank keeps records for like 7 years.
So, you’re telling me in the US you can move a million dollars in a transaction and no one will bat an eye? Holy money laundering, Batman! :O
Edit: Btw, this reminds me of a guy that was doing crypto transactions from unknown origin (and not huge quantities, in the thousands) and had his accounts frozen by the bank because authorities wanted to investigate where the money was coming from. But I think he was in the UK. I’m amazed that you can move money that easily in the US…
The person you’re replying too doesn’t know what they are talking about. Once you start moving around several thousands of dollars (10k?) they will always ask you so they can document it and report it to the IRS/FBI if necessary. In my experience, once you move around enough money to have to go to a banker’s desk verses a teller window they will want to know what’s going on.
If I deposit 10,000 in cash I have to make a declaration where it came from. Cash. If I take out 30,000 in cash there is nothing they ask other then they have me sign a waiver that states they are not liable it I get mugged or spend it on some scam. This is it into or out of my personal account. If it is cash into my business accounts, they never care.
If it is transfers between accounts, I can send millions. There is no light that goes off unless it is out of country or into the country. Domestically they are not following this.