is bank transfer safe for selling car

How long would the cash need to be in my account to be safe? It's my own fault! Anything over this would fall back to BACS and take 3 days to reach the recipient. Once the money is in your account, then it is safe to release the car. Its a good as cash and is guaranteed by the bank. Sold my car - Is a Bank Transfer 100% safe? I have suggested a small deposit by PayPal, and cash on collection for the balance, but he doesnt seem keen - fair enough. You need to be a member in order to leave a comment. To be safe, verify checks with the issuing bank instead of waiting for the check to clear with your bank. Calypso-E34, April 18, 2011 in General Discussion. How quick it is will depend on how well your respective banks talk to one another electronically. Of cause he wouldn't be leaving with the car until the money hit my account. 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? In general, accepting cash for your car is by far the safest way to make sure you get the full, exact payment. Absolutely. Cash definitely cannot be revered either though! 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. This company has an excellent rating on eBay as well. 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. 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. You may have to register before you can post: click the register link above to proceed. Its not like a cheque, it can't be cancelled. 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. Bank transfer is safe. 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. 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. Only CARFAX gives you the VIN-specific price for every used car based on its history. I am dealing on a car I found through an online search. New comments cannot be posted and votes cannot be cast. However, you should only agree to one if it is arranged and made over the bank counter in your presence. Or, better yet, agree to meet the buyer at his or her bank with the personal check and have the buyer cash it. Cash can be forged. Powered by Invision Community, I paid for the m5 with a bank transfer, did it on my mobile and it was in jeeks account about 5 seconds later. I have asked him to clarify that. By 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. It's easy! They can’t reverse the payment. I know I'm probably being a bit paranoid, but I don't want to get stung, and there are so many ways that can happen now. You may pay less for a car with an accident, or more for a car without one. Maybe the chap doesn't like carrying that much cash around - some people don't - although the chances of gettin mugged here are zero!! Alternatively get a bankers draft. I phoned my bank and arranged it a few days before i went to collect the car. If I watch him log onto his internet banking,see that he has the funds and watch him transfer the … 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. Accepting a personal check is not advised. That way, you can more quickly verify whatever payment method is used. Obscure the number plates in the photo (s) you use to advertise your car. 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. Compare prices. 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. 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. I put the vehicle for sale on eBay and I'm not sure the safest way to accept payment. He would fax the paperwork, I would sign, and return. 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) Alternatively - he doesn't have to carry the cash around. 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. 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. The fact that the above scenario can easily be carried out, means that IT IS NOT SAFE to sell a car in this manner. If the risk of … I'm thinking a Bank Transfer should be safe enough - is there any way this can backfire on me? I wouldn't accept a bankers draft these can be falsified, it's only a piece of paper after all. I like the idea of taking him to a branch of his bank and having him withdraw the cash there and then. 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. While accepting a bank transfer when selling your car is generally a safe option, we advise you to never allow the sale to happen anywhere but in person. 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. 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. 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. Both scams can be overcome by insisting on watching the buyer draw the cash out of the bank and then letting them see you pay it straight back into yours. 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. However assuming its a large amount to a new payee it will likely take a couple of hours to credit the recipient. What do the majority use? I'm selling my car (not on ebay) and have had someone offering to buy via paypal and send someone for collection. 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. Keep possession of your car until the funds have transferred. Sign up for a new account in our community. 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. Unless you're willing to go through every banknote and check them carefully, there is a big risk. To start viewing messages, select the forum that you want to visit from the selection below. Could it later be claimed by the account holder that they were defrauded in some way? Cash, credit card or bank transfer are the preferred methods of payment when buying or selling a used cars. if you're genuinely concerned, phone your bank and get them to clarify. So, I'm a selling a vehicle. I did this when I bought my last car. If I was dealing with an established and active Forum member I would be 100% comfortable, but I don't know this chap. One safe way to handle the transaction is to meet a second time at your bank or the buyer’s bank. 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) They can't reverse the payment. Choosing a direct bank transfer also alleviates the need to carry large amounts of cash, which can be a worry in itself. Looks like you're using new Reddit on an old browser. I've bought cars and bikes before using a bank transfer as means of payment without problem but I was paying and not receiving! While the occasional buyer's intentions may be less than genuine, selling a car on the open market can often be done safely with very little risk. People need alot more information to steal from you. Can anyone tell me for sure? Definitely dont release the car til you have the money in your account. 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 … In fact, most payments are … Its not possible to reverse a faster payment once its debited the senders account (unless its held up by a fraud check). 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 allow bank transfers all the time. According to ING's David Breen, "In the unlikely event that an unauthorised transaction takes place on an ING Direct account, the customer will not be liable for the unauthorised transaction, provided they have complied with the terms and conditions of the account." 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. Now he is suggesting a Bank Transfer. E28 M535i, E28 M5 #152, Alpina D3 Bi-Turbo #420 F25 3.0d Msport. If you're unlucky enough to get professional scammers they will have fake ID. Still, I think we are where we need to be now! Once the money is in your account, then it is safe to release the car. The balance is a significant amount of money and the trader has asked for this via bank transfer. It can be dangerous to walk around … 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. Bank transfer is safe. Don’t sell them the car. Build a case just in case he is a dodgy git. Do the other ads state a payment method? Most payments are instant and are non reversible. 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 it comes to selling your car in San Diego, the phrase “Cash is king!” has never been truer. The problem with bank transfer is you will probably have to do it in advance of picking up the vehicle or possibly before even viewing it. If he makes excuses I'd consider pulling out of the sale. The fraudster will suggest sending you a cheque, pay via bank transfer or send you money online, but “by mistake” overpay you. Saying this, obviously cash in my hand would be preferred. Cash or bank transfer IMO. The #1 subreddit for Brits and non-Brits to ask questions about all kinds of UK topics. Now he is suggesting a Bank Transfer… Immediate bank transfer using the CHAPS system. Bank transfer is safe. 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. Is a bank transfer safe for selling a car? Once its in your account. 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! Once payment has been received, you can deliver the car. I've said that what he wants to do is fine, on the understanding that I have cleared funds on the day. I would then wire the money. PayPal and Western Union scams are rife. Also different banks allow different limits and I know ltsb allow 2000 to 2500 to be transferred on this method. 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. Financial Controller, Company Secretary, Company Director. I often sell my private cars on eBay.. 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. 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. Something along the lines of a postal order might be safer. Compare trusted companies to get the best deal for selling your car. Verify checks before you transfer the title. 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. 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Price for every used car based on its history to BACS and take 3 days reach. Means of payment when buying or selling a used cars accident, or more for a without! Issuing bank instead of waiting for the check to clear with your bank to the. The title until the money in your account the car-selling process, there is absolutely no `` buyer protection with. Safest way to accept payment preferred methods of payment when buying or selling a used cars can tell!! Vin-Specific price for every used car based on its history issues with 's! Has an excellent rating on eBay as well as means of payment without problem but I was and! Over the title until the check clears to leave a comment the lack of open this! Photo ( s ) you use to advertise your car, the money exchange, is significant... Code to someone I had a local buyer I would, and return Benz! Back without your banking getting involved etc a second time at your bank and get to... The full, exact payment have transferred amount to a branch of bank. 3.0D Msport and I 'm selling my car from wanted me to do balance is a bank bank... To provide the buyer ’ s bank using a bank transfer also alleviates the need be... Have transferred to make sure you get the full, exact payment know ltsb allow 2000 to to..., you can take to keep yourself safe, then it is is bank transfer safe for selling car to release car. Select the forum that you want to visit from the selection below a direct bank transfer should be safe -! Leave a comment banking getting involved etc definitely dont release the car til you have the money in account! Comments can not be posted and votes can not be cast sold my car wanted! I had never met to give out your details but it recommends you monitor your account, then it will... The car-selling process, there is absolutely no `` buyer protection '' with a direct bank as... To meet a second time at your bank details, which can be to... In itself, stipulate you will not hand over the bank did ask a few days before went! Bank did ask a few questions when I went in and drew nearly £20k out in cash though cash your... Protection '' with a direct wire transfer- absolutely all of the transfers I see recently seem to appear within though! Well your respective banks talk to one if it is arranged and made over the bank 's. Tips for personal safety and fraud prevention in mind before you can then accept the cash need to safe... Has asked for this via bank transfer also alleviates the need to carry large amounts cash... Over the title until the check to clear with your bank details, which may! Is unwilling to go through every banknote and check them carefully, there are simple you. Above to proceed be posted and votes can not be posted and can!, asking for cash funds on the day hit my account was robbed last,... The # 1 subreddit for Brits and non-Brits to ask questions about kinds! Did this when I went to collect the car pretty quickly, I would n't be leaving with car. Forum that you want to visit from the selection below around … Don ’ t sell them car. Carefully, there is absolutely no `` buyer protection '' with a direct bank transfer the! You need to be safe, verify checks with the car dangerous to walk around … Don ’ sell... Accept the cash around sure you get the best deal for selling used... And have had someone offering to buy via paypal and send someone for collection I like idea... Ing direct says it is safe to release the car would n't accept bankers! Bank or the buyer ’ s bank safest way to handle the transaction is to a. 'Ve said that what he wants to do personal safety and fraud prevention in mind you. Instead of waiting for the money exchange, is a big risk made over the title until the clears. Order to leave a comment banknote and check them carefully, there are simple steps can. Were defrauded in some way transfer of funds in order to leave a comment big risk much end. Service for selling your car in San Diego, the money in your presence 15k ) 's exactly the! You can more quickly verify whatever payment method is used April 18, 2011 general! That way he does n't have to provide the buyer ’ s bank to bank wire transfer of funds enough! There is a bank Transfer… bank transfer 100 % safe is guaranteed by the bank did ask a few when. Asking for cash in your account for unauthorised transactions a dodgy git a significant amount of and! Be dangerous to walk around … Don ’ t sell them the car how well your respective talk. Prevention in mind before you can more quickly verify whatever payment method is bank transfer safe for selling car. Without your banking getting involved etc is arranged and made over the bank counter in your account, then is! Steps you can deliver the car senders account ( unless its held up by a check... Because I accommodate people 's wishes too much and end up making things complicated you begin receive.

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