It's easy! The bank did ask a few questions when I went in and drew nearly £20k out in cash though. It helped that I went to the guys address to see and buy the car, and i had his full name and details, so if something was illegal about it, at least I had details to pass on. The term "wire transfer" is often used for various electronic transfers that aren't necessarily as instant or safe as bank wire transfers, as described above. 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. Saying this, obviously cash in my hand would be preferred. Of cause he wouldn't be leaving with the car until the money hit my account. if you're genuinely concerned, phone your bank and get them to clarify. E28 M535, E30 320 cabby, E23 732 manual and the pocket rocket '02 conversion. Immediate bank transfer using the CHAPS system. 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. Lesson: If a buyer offers a certified cheque, go to the bank with the buyer and explain that you need to confirm the cheque is legitimate, or ensure the bank makes the full transfer of funds. It’s as simple as that. As with so much in the car-selling process, there are simple steps you can take to keep yourself safe. Cashier's checks can be forged- PayPal payments can be reversed and disputed- even cash can be counterfeited- but a direct transfer is, literally, money in the bank. Financial Controller, Company Secretary, Company Director. To start viewing messages, select the forum that you want to visit from the selection below. When it comes to selling your car in San Diego, the phrase “Cash is king!” has never been truer. I am selling one of my cars (15k). There have been issues with banker's drafts not being honoured though. No legitimate buyer is unwilling to go to a bank with you. Compare prices. its yours. Once the money is in your account, then it is safe to release the car. In general, accepting cash for your car is by far the safest way to make sure you get the full, exact payment. I would then wire the money. Bank transfer is safe. 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. When I sold my Boxster he paid by bank transfer and it was a bit of a pain sitting round waiting for up to 2 hours for it to show so he could drive the car away. PayPal and Western Union scams are rife. 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. Keep possession of your car until the funds have transferred. If you're unlucky enough to get professional scammers they will have fake ID. You need to be a member in order to leave a comment. He would fax the paperwork, I would sign, and return. Also different banks allow different limits and I know ltsb allow 2000 to 2500 to be transferred on this method. Bank transfer done same day from the sellers kitchen table may not show on his account directly and even if it does, he may be aware of the fact that is is possible to have a same day transfer reversed if you are quick enough on the phone. 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. E28 520i, Benz W211, BMW R100 Cafe racer. 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? Only CARFAX gives you the VIN-specific price for every used car based on its history. I nearly ran back to my car afterwards, then hid it all in different places in my house until I needed it! 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). Something along the lines of a postal order might be safer. Accepting a personal check is not advised. 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 … The balance is a significant amount of money and the trader has asked for this via bank transfer. Didn't think of any downsides at the time. 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. If you are considering selling your car, one of the decisions you have to make is how you’re going to go about selling it. Most of the transfers I see recently seem to appear within minutes though. 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. Is a bank to bank wire transfer safe? New comments cannot be posted and votes cannot be cast. You can then accept the cash or have a cashiers check made out to you. A bank transfer is fast, easy and safe. Its not like a cheque, it can't be cancelled. If the risk of … Sold my car - Is a Bank Transfer 100% safe? To be safe, verify checks with the issuing bank instead of waiting for the check to clear with your bank. That was reversed pretty quickly, I can tell you! 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. From what I make out, a bank transfer is just that, its a transfer of funds with no specific purpose (if that makes sense - a debit/credit card payment has to be authorised by the bank and then sent - a bank transfer is initiated by the account holder) I'm thinking a Bank Transfer should be safe enough - is there any way this can backfire on me? Don’t ship cars overseas until all payments clear. Cash can be forged. However assuming its a large amount to a new payee it will likely take a couple of hours to credit the recipient. 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. Looks like you're using new Reddit on an old browser. The fraudster will suggest sending you a cheque, pay via bank transfer or send you money online, but “by mistake” overpay you. Cash definitely cannot be revered either though! There is absolutely NO "buyer protection" with a direct wire transfer- absolutely all of the risk is on the buyer. forum.bmw5.co.uk 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. If I had a local buyer I would, and have been, asking for cash. 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 like the idea of taking him to a branch of his bank and having him withdraw the cash there and then. Thing is, his name and the name on the PayPal account the deposit came from don't match - his Emails are from a very British sounding name, and the PayPal deposit account holder is an Arab sounding name. In fact, most payments are … I have suggested a small deposit by PayPal, and cash on collection for the balance, but he doesn't seem keen - fair enough. This was about a year ago I last looked up the details tho... OK, the chap has sent a Â£200 deposit via PayPal gift, which I have. 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. 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. Still, I think we are where we need to be now! Press question mark to learn the rest of the keyboard shortcuts. The fact that the above scenario can easily be carried out, means that IT IS NOT SAFE to sell a car in this manner. I went and saw my bank manager first and gave me some reassurance and also said they would monitor my bank account to make sure everything was ok. I've said that what he wants to do is fine, on the understanding that I have cleared funds on the day. Cash definitely cannot be revered either though! Personal Check After Selling a Car. Cash, credit card or bank transfer are the preferred methods of payment when buying or selling a used cars. If a potential buyer asks why, explain how plates can be … 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. One safe way to handle the transaction is to meet a second time at your bank or the buyer’s bank. Compare trusted companies to get the best deal for selling your car. Unlike a personal cheque which can be written without the buyer having any of the funds necessary to pay it, a banker's draft is a guarantee from the bank of your buyer that the cash exists in their account and will be paid out to you on demand. If it is over £10k, then you can transfer it via CHAPS (by phoning or going into your bank), but they will usually charge you to do this and it only guarantees that the money will reach the recipient the same day if it is requested before a certain time on that day. Online bank transfer is one of the safest ways to pay as it avoids handling large amounts of cash and the problems associated with cheques. Once the money is in your account, then it is safe to release the car. Keep it simple - IMO - avoid Paypal - and bank transfer... if your worried about the possibility of the buyer reversing the transaction once hes taken the car, get him to sign a reciept when he comes to collect it. Cash or bank transfer IMO. You'd just call the police and report the car as stolen? That way he doesn't have to worry about carrying it around, and you don't have to wait for it to clear. I've bought cars and bikes before using a bank transfer as means of payment without problem but I was paying and not receiving! If he makes excuses I'd consider pulling out of the sale. It went very smoothly though, bank transfer went through quickly and he only gave me the keys when he was happy the money had gone through. I often sell my private cars on eBay.. However, you should only agree to one if it is arranged and made over the bank counter in your presence. I put the vehicle for sale on eBay and I'm not sure the safest way to accept payment. Now he is suggesting a Bank Transfer. I’ve put a deposit on a car this morning with an independent trader. How long would the cash need to be in my account to be safe? 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. People need alot more information to steal from you. Once the money is in your account, then it is safe to release the car. Alternatively get a bankers draft. Is a bank transfer safe for selling a car? Cash is always preferred. I have suggested a small deposit by PayPal, and cash on collection for the balance, but he doesnt seem keen - fair enough. Do the other ads state a payment method? Ok but now you say the person will still eventually get the money..however, the fraudulent purchaser has already on-sold the car for CASH, closed their bank accounts & left the country. I had to phone them up the day before, then choose a 'code word' for me to give when I went to collect it. Knock up a nice wee contract to sign, get ID from the guy and hey... take pictures of him with the car (farewell to the car...). How quick it is will depend on how well your respective banks talk to one another electronically. I wouldn't accept a bankers draft these can be falsified, it's only a piece of paper after all. ING Direct says it is safe to give out your details but it recommends you monitor your account for unauthorised transactions. If possible, complete the transaction at the buyer’s bank to be sure the funds are available. Its not possible to reverse a faster payment once its debited the senders account (unless its held up by a fraud check). Or, better yet, agree to meet the buyer at his or her bank with the personal check and have the buyer cash it. I bought a car privately last year and I ended up drawing it all out and paying in cash to save messing around with the bank. Online bank transfers are the best way to get paid, and these can be done quickly via the ‘Faster Payments’ or CHAPS systems. What do the majority use? For the money exchange, is a bank transfer okay? 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. So if they send it on this means then they can't get it back without your banking getting involved etc. They can't reverse the payment. I wouldn't worry about bank transfer tbh. 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.