is bank transfer safe for selling car

It's my own fault! That way, you can more quickly verify whatever payment method is used. You can then accept the cash or have a cashiers check made out to you. Do the other ads state a payment method? It's easy! PayPal and Western Union scams are rife. They can’t reverse the payment. As with so much in the car-selling process, there are simple steps you can take to keep yourself safe. I'm thinking a Bank Transfer should be safe enough - is there any way this can backfire on me? 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. New comments cannot be posted and votes cannot be cast. 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. I am dealing on a car I found through an online search. I know what how you feel Mark, i had this dodgy git come up from brighton to buy my Zender, you know what Brighton lads are like! There have been issues with banker's drafts not being honoured though. I have suggested a small deposit by PayPal, and cash on collection for the balance, but he doesn't seem keen - fair enough. Definitely dont release the car til you have the money in your account. Cash or bank transfer IMO. 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. I've said that what he wants to do is fine, on the understanding that I have cleared funds on the day. I phoned my bank and arranged it a few days before i went to collect the car. 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. Alternatively - he doesn't have to carry the cash around. E28 M535i, E28 M5 #152, Alpina D3 Bi-Turbo #420 F25 3.0d Msport. Its a good as cash and is guaranteed by the bank. Most of the transfers I see recently seem to appear within minutes though. To be safe, verify checks with the issuing bank instead of waiting for the check to clear with your bank. I have asked him to clarify that. If it orders it in advance at a branch in your area, you can take him to the bank on the same day - then you can just hand over the keys. Anything over this would fall back to BACS and take 3 days to reach the recipient. Calypso-E34, April 18, 2011 in General Discussion. The #1 subreddit for Brits and non-Brits to ask questions about all kinds of UK topics. Sign up for a new account in our community. Unless you're willing to go through every banknote and check them carefully, there is a big risk. Now he is suggesting a Bank Transfer… The bank did ask a few questions when I went in and drew nearly £20k out in cash though. Once the money is in your account, then it is safe to release the car. 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. Normally cash is the preferable means for both parties but if one doesnt want to go carrying large quantities of it around then thats fair enough: Remember he doesnt know who you are either. I like the idea of taking him to a branch of his bank and having him withdraw the cash there and then. Echoing the above really, to put money into an account you only need the account number and sort code, and with that information you can only put money IN. I think it's possible to reverse or cancel a bank transfer within a small timeframe (I may be wrong), so technically possible to screw you over - but if you have their bank details you can report it to the police and chase them up on it. Bank transfer is safe. You walk away with the cash and he drives away in the 5... of course you have a back up car and a big ugly mate to hand just in case. He would fax the paperwork, I would sign, and return. Obscure the number plates in the photo (s) you use to advertise your car. Its not possible to reverse a faster payment once its debited the senders account (unless its held up by a fraud check). Financial Controller, Company Secretary, Company Director. Due to the amount, I thought they would have taken me into a back room or something to hand it over, but they didn't. However, you have to provide the buyer with your bank details, which you may not want to do. That way he doesn't have to worry about carrying it around, and you don't have to wait for it to clear. Of cause he wouldn't be leaving with the car until the money hit my account. E28 M535, E30 320 cabby, E23 732 manual and the pocket rocket '02 conversion. Can anyone tell me for sure? Once payment has been received, you can deliver the car. One of the most common scams is when someone doesn’t wire money but instead deposits a check in another branch, or deposits an echeck those both can later bounce. Something along the lines of a postal order might be safer. The chap who has bought my car was going to pay by PayPal, but I have tried to put him off that, unless it's PayPal Gift in his name. if you're genuinely concerned, phone your bank and get them to clarify. I pointed out that a direct transfer was greater than my internet banking would allow and that even if I did it over the counter, why would I transfer all the money to them before I had the car (trust goes both ways). ING Direct says it is safe to give out your details but it recommends you monitor your account for unauthorised transactions. More articles. Cash definitely cannot be revered either though! I would then wire the money. Maybe the chap doesn't like carrying that much cash around - some people don't - although the chances of gettin mugged here are zero!! They can't reverse the payment. He would like to take some cash with him on the day, and then transfer the rest using a bank transfer once he's seen the car - he isn't happy carrying a lot of cash, as he's been mugged before. What do the majority use? The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. Online bank transfers are the best way to get paid, and these can be done quickly via the ‘Faster Payments’ or CHAPS systems. You'd just call the police and report the car as stolen? 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. Accepting a personal check is not advised. Could it later be claimed by the account holder that they were defrauded in some way? 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. Choosing a direct bank transfer also alleviates the need to carry large amounts of cash, which can be a worry in itself. This company has an excellent rating on eBay as well. I don't want to make life difficult for the buyer, who is coming all the way up here from the South of England for the car. It can be instant, depends on both your bank and their bank (for theirs to send it and your to accept it). Bank transfer is safe. I paid for the m5 with a bank transfer, did it on my mobile and it was in jeeks account about 5 seconds later, there is a bit of trust associated with a forum, however I also paid a large deposit, also by transfer, purely because I didn't have time to get the cash. How long would the cash need to be in my account to be safe? You may have to register before you can post: click the register link above to proceed. What messed it up for me, is that they only do CHAPS on weekdays; I was driving 160 miles to pay for and pick up a car on a Saturday. Build a case just in case he is a dodgy git. No legitimate buyer is unwilling to go to a bank with you. An online bank transfer is one of the safest ways to pay, as it avoids having to handle large amounts of cash and the problems associated with cheques What to do if you think you’re a victim of fraud If you think you’ve been targeted by a fraudster, contact Auto Trader immediately by emailing scam@autotrader.co.uk or calling 0330 303 9001. One safe way to handle the transaction is to meet a second time at your bank or the buyer’s bank. It can be dangerous to walk around … I nearly ran back to my car afterwards, then hid it all in different places in my house until I needed it! I allow bank transfers all the time. I’ve put a deposit on a car this morning with an independent trader. That was reversed pretty quickly, I can tell you! However assuming its a large amount to a new payee it will likely take a couple of hours to credit the recipient. Now he is suggesting a Bank Transfer. The balance is a significant amount of money and the trader has asked for this via bank transfer. It’s as simple as that. Press question mark to learn the rest of the keyboard shortcuts. Verify the customer name and amount of the money order with the issuing bank, and request the payment be with a money order from a local institution whenever possible. Is a bank transfer safe for selling a car? its yours. At this time also ensure you give the buyer all relevant paperwork and accessories including: a current safety certificate (and gas certificate if the car is fitted with LPG) a registration transfer form completed by yourself and the buyer (keep the seller’s section) I always say cash on collection or that the car will only be released when the funds have cleared... No cash in hand equals no car.. Best of luck mate.. Buying or selling cars privately can be a tense time!! If he makes excuses I'd consider pulling out of the sale. I've bought cars and bikes before using a bank transfer as means of payment without problem but I was paying and not receiving! You need to be a member in order to leave a comment. Keep these tips for personal safety and fraud prevention in mind before you begin to receive calls from potential buyers. forum.bmw5.co.uk Bank transfer is safe. If the risk of … Don’t sell them the car. 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. So if they send it on this means then they can't get it back without your banking getting involved etc. Fyi for anyone who does Faster Payment transfers, yes it takes 2 hours to transfer but it is Very difficult to get the funds reversed if sent to the wrong person. Saying this, obviously cash in my hand would be preferred. 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And return carry the cash need to carry the cash need to be safe enough - a. From potential buyers '02 conversion link above to proceed an excellent rating on and..., April 18, 2011 in general, accepting cash for your car method is used meet a time! With an accident, or more for a car I found through an search. And arranged it a few questions when I bought my last car s bank to bank wire transfer of.!

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