- On January 11, 2021
- In Uncategorized
is bank transfer safe for selling car
He would fax the paperwork, I would sign, and return. Bank transfer is safe. bank transfer is fine.. you only need to give them a sort code and account number... and thats not enough to allow them to do any harm to you. Something along the lines of a postal order might be safer. Didn't think of any downsides at the time. Keep possession of your car until the funds have transferred. There is absolutely NO "buyer protection" with a direct wire transfer- absolutely all of the risk is on the buyer. That was reversed pretty quickly, I can tell you! If I watch him log onto his internet banking,see that he has the funds and watch him transfer the … To be safe, verify checks with the issuing bank instead of waiting for the check to clear with your bank. New Posts; Support PSB; Member List; Calendar; Forum; OFF TOPIC; Healthy, Wealthy, & Wise; If this is your first visit, be sure to check out the FAQ by clicking the link above. I feckin' hate all this fannying around - I should have said cash on collection - end of. Cash is always preferred. Of cause he wouldn't be leaving with the car until the money hit my account. Its not possible to reverse a faster payment once its debited the senders account (unless its held up by a fraud check). In the end, they agreed to me paying about 1/3 by direct transfer and the balance by bank cheque on collection of the car. Once the money is in your account, then it is safe to release the car. Now he is suggesting a Bank Transfer… When my account was robbed last year, the money was transferred to another UK bank account. Once the money is in your account, then it is safe to release the car. Calypso-E34, April 18, 2011 in General Discussion. ACTION Fraud recommends taking the following advice to stay safe: When making a purchase, be suspicious of any requests to pay by bank transfer or … Maybe I'm being naïve, but if you take a photo of the buyer's ID and write up the transaction and both keep a copy, surely it doesn't really matter if it's a safe way to get the money. In fact, most payments are … However assuming its a large amount to a new payee it will likely take a couple of hours to credit the recipient. If an instant transfer isn't doable on the day, the car stays in my driveway - whether he's flown up especially or not. I allow bank transfers all the time. I spoke with the seller, and his company prefers a bank to bank wire transfer of funds. Cash, credit card or bank transfer are the preferred methods of payment when buying or selling a used cars. I wouldn't accept a bankers draft these can be falsified, it's only a piece of paper after all. If the buyer insists, stipulate you will not hand over the title until the check clears. I have suggested a small deposit by PayPal, and cash on collection for the balance, but he doesn't seem keen - fair enough. Saying this, obviously cash in my hand would be preferred. Its not like a cheque, it can't be cancelled. Cash can be forged. But remember, if you accept cash from a buyer you’ll end up with hundred or even thousands of dollars in your wallet and you’ll need to get to the bank ASAP. Most of the transfers I see recently seem to appear within minutes though. I put the vehicle for sale on eBay and I'm not sure the safest way to accept payment. Build a case just in case he is a dodgy git. Sign up for a new account in our community. If he was insisting on PayPal it might be that he was putting it on a credit card - fair enough - but if he can do a bank transfer, he could get cash. I've said that what he wants to do is fine, on the understanding that I have cleared funds on the day. The fraudster will suggest sending you a cheque, pay via bank transfer or send you money online, but “by mistake” overpay you. Also different banks allow different limits and I know ltsb allow 2000 to 2500 to be transferred on this method. If a buyer transferred money to my account, drove away and then reported suspicious activity on his account, would I not end up going through a load of crap to sort it out? If possible, it’s a good idea to meet the buyer at your bank to take payment, so you can pay in the money immediately and the cashier will check the notes are genuine. If the risk of … A bank transfer is fast, easy and safe. It should be instant, but it depends on the bank you are transferring between (most banks do faster payments now) and how much you are transferring. I'm intending to ask them to bank transfer me the money on their mobile at the time of purchase or same day (obviously not releasing the car until I see the money in my account). Accepting a personal check is not advised. I'm selling my car (not on ebay) and have had someone offering to buy via paypal and send someone for collection. I know all about these scams where buyers say I'll pay with a bankers draft and add shipping fees and the seller has to sort it out with the shippers. Can anyone tell me for sure? If you read our previous article, How to Get More Money for Your Car in 5 Easy Steps, we explained how selling privately on your own often results in getting the highest price compared to trading it in or selling it to a dealership. It's easy! You may pay less for a car with an accident, or more for a car without one. I am not sure if some banks are different, but at my bank the maximum you can send via faster payment system is £10k. For the money exchange, is a bank transfer okay? More articles. Sounds all a bit suspect... why not just drive him to the nearest suitable bank in the car and make the transfer at the bank. 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