So if they send it on this means then they can't get it back without your banking getting involved etc. The fact that the above scenario can easily be carried out, means that IT IS NOT SAFE to sell a car in this manner. 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. You may have to register before you can post: click the register link above to proceed. Once its 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 … A bank transfer is fast, easy and safe. if you're genuinely concerned, phone your bank and get them to clarify. If a potential buyer asks why, explain how plates can be … 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. Keep possession of your car until the funds have transferred. 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. It can be dangerous to walk around … Cash is always preferred. You'd just call the police and report the car as stolen? Be wary of unknown escrow services. Most of the transfers I see recently seem to appear within minutes though. 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. However, you should only agree to one if it is arranged and made over the bank counter in your presence. I phoned my bank and arranged it a few days before i went to collect the car. 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. I'm thinking a Bank Transfer should be safe enough - is there any way this can backfire on me? 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. Once the money is in your account, then it is safe to release the car. its yours. New comments cannot be posted and votes cannot be cast. E28 M535, E30 320 cabby, E23 732 manual and the pocket rocket '02 conversion. It’s true if you deposit more than $10,000 in cash your bank has to report the transaction, but this shouldn’t be a concern as long as you keep the paperwork from the sale. As a safe payment service for selling your car, the banker's draft is the second best option. 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. 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. If I was dealing with an established and active Forum member I would be 100% comfortable, but I don't know this chap. I have suggested a small deposit by PayPal, and cash on collection for the balance, but he doesnt seem keen - fair enough. However assuming its a large amount to a new payee it will likely take a couple of hours to credit the recipient. 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. 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. 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. To be safe, verify checks with the issuing bank instead of waiting for the check to clear with your bank. Cash or bank transfer IMO. This was about a year ago I last looked up the details tho... OK, the chap has sent a £200 deposit via PayPal gift, which I have. I have asked him to clarify that. No legitimate buyer is unwilling to go to a bank with you. Accepting a personal check is not advised. People need alot more information to steal from you. It’s as simple as that. Maybe the chap doesn't like carrying that much cash around - some people don't - although the chances of gettin mugged here are zero!! There is absolutely NO "buyer protection" with a direct wire transfer- absolutely all of the risk is on the buyer. They counted it out, bagged it up and shoved it all through the counter, in full view of everyone else in the bank, which wasn't a nice feeling. I've said that what he wants to do is fine, on the understanding that I have cleared funds on the day. Now he is suggesting a Bank Transfer. I wouldn't worry about bank transfer tbh. Once payment has been received, you can deliver the car. Build a case just in case he is a dodgy git. It can be instant, depends on both your bank and their bank (for theirs to send it and your to accept it). I nearly ran back to my car afterwards, then hid it all in different places in my house until I needed it! I am dealing on a car I found through an online search. He would fax the paperwork, I would sign, and return. 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. Can anyone tell me for sure? They can’t reverse the payment. That way he doesn't have to worry about carrying it around, and you don't have to wait for it to clear. 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) 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. There have been issues with banker's drafts not being honoured though. PayPal and Western Union scams are rife. I often sell my private cars on eBay.. Bank transfer is safe. Obscure the number plates in the photo (s) you use to advertise your car. 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. E28 520i, Benz W211, BMW R100 Cafe racer. I had to phone them up the day before, then choose a 'code word' for me to give when I went to collect it. 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. Could it later be claimed by the account holder that they were defrauded in some way? Financial Controller, Company Secretary, Company Director. They can't reverse the payment. Cash definitely cannot be revered either though! Choosing a direct bank transfer also alleviates the need to carry large amounts of cash, which can be a worry in itself. It's my own fault! The easiest way for the both of you would be to take him to a local branch of his bank where he can withdraw the cash and hand it over. It should be instant, but it depends on the bank you are transferring between (most banks … The chap who has bought my car was going to pay by PayPal, but I have tried to put him off that, unless its PayPal Gift in his name. So, I'm a selling a vehicle. 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. Looks like you're using new Reddit on an old browser. I spoke with the seller, and his company prefers a bank to bank wire transfer of funds. Don’t sell them the car. They can't reverse the payment. I wouldn't accept a bankers draft these can be falsified, it's only a piece of paper after all. Once the money is in your account, then it is safe to release the car. 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. Calypso-E34, April 18, 2011 in General Discussion. 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 put a deposit on a car this morning with an independent trader. Definitely dont release the car til you have the money in your account. 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. Now he is suggesting a Bank Transfer… That way, you can more quickly verify whatever payment method is used. I feckin' hate all this fannying around - I should have said cash on collection - end of. In general, accepting cash for your car is by far the safest way to make sure you get the full, exact payment. Compare trusted companies to get the best deal for selling your car. How long would the cash need to be in my account to be safe? Sign up for a new account in our community. Its not like a cheque, it can't be cancelled. Absolutely. 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. 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. I allow bank transfers all the time. I am not sure if some banks are different, but at my bank the maximum you can send via faster payment system is £10k. Sold my car - Is a Bank Transfer 100% safe? If I had a local buyer I would, and have been, asking for cash. In fact, most payments are … How quick it is will depend on how well your respective banks talk to one another electronically. 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!! Bank transfer is safe. On Full Fat RR today someone asked if it was safe to sell a car with a bank transfer, the short answer is no. I have suggested a small deposit by PayPal, and cash on collection for the balance, but he doesn't seem keen - fair enough. Press question mark to learn the rest of the keyboard shortcuts. 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 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). 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. Is a bank to bank wire transfer 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. Its not possible to reverse a faster payment once its debited the senders account (unless its held up by a fraud check). For the money exchange, is a bank transfer okay? 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. 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. 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 an instant transfer isn't doable on the day, the car stays in my driveway - whether he's flown up especially or not. However, you have to provide the buyer with your bank details, which you may not want to do. I'm selling my car (not on ebay) and have had someone offering to buy via paypal and send someone for collection. I would then wire the money. Cash, credit card or bank transfer are the preferred methods of payment when buying or selling a used cars. 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 put the vehicle for sale on eBay and I'm not sure the safest way to accept payment. 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. When it comes to selling your car in San Diego, the phrase “Cash is king!” has never been truer. Most payments are instant and are non reversible. 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. Of cause he wouldn't be leaving with the car until the money hit my account. 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...). If you're unlucky enough to get professional scammers they will have fake ID. When my account was robbed last year, the money was transferred to another UK bank account. 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. That's exactly what the guy i bought my car from wanted me to do. To start viewing messages, select the forum that you want to visit from the selection below. 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. You need to be a member in order to leave a comment. 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). Do the other ads state a payment method? 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 transfer is one of the safest ways to pay as it avoids handling large amounts of cash and the problems associated with cheques. I happily gave my bank account number and sort code to someone I had never met to give me money. Anything over this would fall back to BACS and take 3 days to reach the recipient. If I watch him log onto his internet banking,see that he has the funds and watch him transfer the … Cash can be forged. 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. You can then accept the cash or have a cashiers check made out to you. More articles. Only CARFAX gives you the VIN-specific price for every used car based on its history. Saying this, obviously cash in my hand would be preferred. 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. Alternatively get a bankers draft. One safe way to handle the transaction is to meet a second time at your bank or the buyer’s bank. If possible, complete the transaction at the buyer’s bank to be sure the funds are available. By Immediate bank transfer using the CHAPS system. E28 M535i, E28 M5 #152, Alpina D3 Bi-Turbo #420 F25 3.0d Msport. Online bank transfers are the best way to get paid, and these can be done quickly via the ‘Faster Payments’ or CHAPS systems. Also different banks allow different limits and I know ltsb allow 2000 to 2500 to be transferred on this method. Personal Check After Selling a Car. What do the majority use? 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? 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 like the idea of taking him to a branch of his bank and having him withdraw the cash there and then. 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! Is a bank transfer safe for selling a car? 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. You may pay less for a car with an accident, or more for a car without one. Because I accommodate people's wishes too much and end up making things complicated. The fraudster will suggest sending you a cheque, pay via bank transfer or send you money online, but “by mistake” overpay you. The balance is a significant amount of money and the trader has asked for this via bank transfer. The bank did ask a few questions when I went in and drew nearly £20k out in cash though. Bank transfer is safe. 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. If the buyer insists, stipulate you will not hand over the title until the check clears. 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. As it's likely to be a large sum of money, I would go into a branch of my own bank to talk through the safest methods with them rather than taking a risk that some scammer has found a way to get the transfer reversed. If he makes excuses I'd consider pulling out of the sale. 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 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. Verify checks before you transfer the title. 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. 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. That was reversed pretty quickly, I can tell you! 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. Bank transfer is safe. This company has an excellent rating on eBay as well. Don’t ship cars overseas until all payments clear. 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