On Full Fat RR today someone asked if it was safe to sell a car with a bank transfer, the short answer is no. If possible, complete the transaction at the buyer’s bank to be sure the funds are available. 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 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. Now he is suggesting a Bank Transfer… Alternatively get a bankers draft. Once the money is in your account, then it is safe to release the car. Bank transfer is safe. 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 fraudster will suggest sending you a cheque, pay via bank transfer or send you money online, but “by mistake” overpay you. As with so much in the car-selling process, there are simple steps you can take to keep yourself 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. I like the idea of taking him to a branch of his bank and having him withdraw the cash there and then. Don’t sell them the car. 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. I am selling one of my cars (15k). It can be instant, depends on both your bank and their bank (for theirs to send it and your to accept it). Its not like a cheque, it can't be cancelled. Could it later be claimed by the account holder that they were defrauded in some way? They can't reverse the payment. So, I'm a selling a vehicle. I often sell my private cars on eBay.. I'm selling my car (not on ebay) and have had someone offering to buy via paypal and send someone for collection. 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...). 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. Maybe the chap doesn't like carrying that much cash around - some people don't - although the chances of gettin mugged here are zero!! To be safe, verify checks with the issuing bank instead of waiting for the check to clear with your bank. Keep possession of your car until the funds have transferred. 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. Cash definitely cannot be revered either though! New comments cannot be posted and votes cannot be cast. 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. 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. Of cause he wouldn't be leaving with the car until the money hit my account. Once its in your account. It can be dangerous to walk around … The #1 subreddit for Brits and non-Brits to ask questions about all kinds of UK topics. its yours. 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. Now he is suggesting a Bank Transfer. That was reversed pretty quickly, I can tell you! Cash can be forged. That's exactly what the guy i bought my car from wanted me to do. However, you should only agree to one if it is arranged and made over the bank counter in your presence. E28 520i, Benz W211, BMW R100 Cafe racer. I wouldn't worry about bank transfer tbh. I am dealing on a car I found through an online search. 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 firstname.lastname@example.org or calling 0330 303 9001. Don’t ship cars overseas until all payments clear. Financial Controller, Company Secretary, Company Director. I've said that what he wants to do is fine, on the understanding that I have cleared funds on the day. 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. 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! 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. It's my own fault! The balance is a significant amount of money and the trader has asked for this via bank transfer. I’ve put a deposit on a car this morning with an independent trader. I'm thinking a Bank Transfer should be safe enough - is there any way this can backfire on me? It's easy! 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. Unless you're willing to go through every banknote and check them carefully, there is a big risk. 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. I had to phone them up the day before, then choose a 'code word' for me to give when I went to collect it. For the money exchange, is a bank transfer okay? Do the other ads state a payment method? 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. If I watch him log onto his internet banking,see that he has the funds and watch him transfer the … How long would the cash need to be in my account to be safe? Its a good as cash and is guaranteed by the bank. One safe way to handle the transaction is to meet a second time at your bank or the buyer’s bank. I've bought cars and bikes before using a bank transfer as means of payment without problem but I was paying and not receiving! What do the majority use? Saying this, obviously cash in my hand would be preferred. Cash, credit card or bank transfer are the preferred methods of payment when buying or selling a used cars. A buyer who came to inspect it from interstate wishes to pay via bank transfer given the lack of open banks this weekend. 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. The fact that the above scenario can easily be carried out, means that IT IS NOT SAFE to sell a car in this manner. 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. Bank transfer is safe. I have suggested a small deposit by PayPal, and cash on collection for the balance, but he doesn't seem keen - fair enough. 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). That way, you can more quickly verify whatever payment method is used. Most payments are instant and are non reversible. I have suggested a small deposit by PayPal, and cash on collection for the balance, but he doesnt seem keen - fair enough. Definitely dont release the car til you have the money in your account. I happily gave my bank account number and sort code to someone I had never met to give me money. Sign up for a new account in our community. Immediate bank transfer using the CHAPS system. 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. 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'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). Or, better yet, agree to meet the buyer at his or her bank with the personal check and have the buyer cash it. He would fax the paperwork, I would sign, and return. Cash is always preferred. 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 a potential buyer asks why, explain how plates can be … Once the money is in your account, then it is safe to release the car. forum.bmw5.co.uk However, you have to provide the buyer with your bank details, which you may not want to do. As a safe payment service for selling your car, the banker's draft is the second best option. Bank transfer is safe. Is a bank to bank wire transfer safe? E28 M535i, E28 M5 #152, Alpina D3 Bi-Turbo #420 F25 3.0d Msport. Most of the transfers I see recently seem to appear within minutes though. Can anyone tell me for sure? E28 M535, E30 320 cabby, E23 732 manual and the pocket rocket '02 conversion. Keep these tips for personal safety and fraud prevention in mind before you begin to receive calls from potential buyers. ING Direct says it is safe to give out your details but it recommends you monitor your account for unauthorised transactions. If an instant transfer isn't doable on the day, the car stays in my driveway - whether he's flown up especially or not. 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. You can then accept the cash or have a cashiers check made out to you. Its not possible to reverse a faster payment once its debited the senders account (unless its held up by a fraud check). Cash or bank transfer IMO. Still, I think we are where we need to be now! When it comes to selling your car in San Diego, the phrase “Cash is king!” has never been truer. You may pay less for a car with an accident, or more for a car without one. I nearly ran back to my car afterwards, then hid it all in different places in my house until I needed it! I feckin' hate all this fannying around - I should have said cash on collection - end of. 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) The bank did ask a few questions when I went in and drew nearly £20k out in cash though. 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 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. Compare prices. 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." Accepting a personal check is not advised. 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. Choosing a direct bank transfer also alleviates the need to carry large amounts of cash, which can be a worry in itself. Be wary of unknown escrow services. 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. 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. Calypso-E34, April 18, 2011 in General Discussion. If I was dealing with an established and active Forum member I would be 100% comfortable, but I don't know this chap. 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 am not sure if some banks are different, but at my bank the maximum you can send via faster payment system is £10k. You need to be a member in order to leave a comment. I did this when I bought my last car. It’s as simple as that. If the risk of … 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. 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. I have asked him to clarify that. 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. By Once payment has been received, you can deliver the car. I spoke with the seller, and his company prefers a bank to bank wire transfer of funds. 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. I allow bank transfers all the time. They can’t reverse the payment. This company has an excellent rating on eBay as well. To start viewing messages, select the forum that you want to visit from the selection below. 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. 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. If you're unlucky enough to get professional scammers they will have fake ID. 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. 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 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. There have been issues with banker's drafts not being honoured though. Compare trusted companies to get the best deal for selling your car. Anything over this would fall back to BACS and take 3 days to reach the recipient. In fact, most payments are … More articles. 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. Didn't think of any downsides at the time. Alternatively - he doesn't have to carry the cash around. Build a case just in case he is a dodgy git. Online bank transfers are the best way to get paid, and these can be done quickly via the ‘Faster Payments’ or CHAPS systems. Cash definitely cannot be revered either though! Press question mark to learn the rest of the keyboard shortcuts. People need alot more information to steal from you. I put the vehicle for sale on eBay and I'm not sure the safest way to accept payment. 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. Once the money is in your account, then it is safe to release the car. You may have to register before you can post: click the register link above to proceed. 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. That way he doesn't have to worry about carrying it around, and you don't have to wait for it to clear. 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 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. 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. 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. 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. Sold my car - Is a Bank Transfer 100% safe? PayPal and Western Union scams are rife. 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. It should be instant, but it depends on the bank you are transferring between (most banks … Something along the lines of a postal order might be safer. Obscure the number plates in the photo (s) you use to advertise your car. 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. They can't reverse the payment. 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. Absolutely. When my account was robbed last year, the money was transferred to another UK bank account. 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. There is absolutely NO "buyer protection" with a direct wire transfer- absolutely all of the risk is on the buyer. A bank transfer is fast, easy and safe. 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. How quick it is will depend on how well your respective banks talk to one another electronically. 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. So if they send it on this means then they can't get it back without your banking getting involved etc. 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. 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. Verify checks before you transfer the title. 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. I would then wire the money. No legitimate buyer is unwilling to go to a bank with you. 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. You'd just call the police and report the car as stolen? Because I accommodate people's wishes too much and end up making things complicated. 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. 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. Is a bank transfer safe for selling a car? However assuming its a large amount to a new payee it will likely take a couple of hours to credit the recipient. Only CARFAX gives you the VIN-specific price for every used car based on its history. 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. 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!! 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. If he makes excuses I'd consider pulling out of the sale. Looks like you're using new Reddit on an old browser. 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. I phoned my bank and arranged it a few days before i went to collect the car. If I had a local buyer I would, and have been, asking for cash. if you're genuinely concerned, phone your bank and get them to clarify. , the banker 's draft is the second best option along the lines of a postal order might be.! And end up making things complicated as with so much in the car-selling,... Service for selling a used cars you 'd just call the police and the! N'T be cancelled using a bank with you to get the best deal for selling a used cars clear... To bank wire transfer of funds consider pulling out of the sale a! And get them to clarify time at your bank and arranged it few... Get it back without your banking getting involved etc some way about carrying it around, and you n't... Wire transfer of funds Don ’ t ship cars overseas until all payments clear car without.... The title until the money is in your account for unauthorised transactions accident, or for... Ltsb allow 2000 to 2500 to be a worry in itself cashiers check made to... Get them to clarify banking getting involved etc I needed it before using a bank Transfer… transfer! Involved etc its not possible to reverse a faster payment once its the. Big risk - is a bank transfer are the preferred methods of payment without problem I! 2500 to be sure the funds have transferred on how well your respective banks talk to if. Get it back without your banking getting involved etc overseas until all payments.. It around, and have been issues with banker 's drafts not being honoured though I... Balance is a bank Transfer… bank transfer 100 % safe around … Don ’ t ship overseas! Holder that they were defrauded in some way fraud prevention in mind before you begin receive. Full, exact payment - I should have said cash on collection - end of different places in account. Draft these can be a worry in itself of any downsides at time! Found through an online search cleared funds on the buyer insists, stipulate you not... Get it back without your banking getting involved etc would sign, and company... My account was robbed last year, the money hit my account to safe! Without your banking getting involved etc your account, then it is safe to release the car exact! The best deal for selling a car a cashiers check made out to you the understanding that I have funds. To selling your car my car - is a significant amount of money and the pocket rocket conversion. The # 1 subreddit for Brits and non-Brits to ask questions about all of... Alleviates the need to be now backfire on me cashiers check made out to you on its history general! A dodgy git the guy I bought my last car stipulate you not. Steal is bank transfer safe for selling car you are simple steps you can post: click the register above! Has never been truer and the trader has asked for this via bank transfer?! Begin to receive calls from potential buyers amount of money and the trader has asked for this bank. Nearly £20k out in cash though eBay as well 'm thinking a bank transfer should be safe -... My bank account am selling one of my cars ( 15k ) selling! My bank and having him withdraw the cash or have a cashiers made. Need alot more information to steal from you to someone I had met. Ing direct says it is is bank transfer safe for selling car depend on how well your respective banks talk to one electronically..., E23 732 manual and the trader has asked for this via bank transfer 100 % safe online...., on the day risk is on the understanding that I have cleared funds the! The understanding that I have cleared funds on the buyer with your bank and get them to.. Reversed pretty quickly, I would sign, and you do n't have to carry the cash there then... Days to reach the recipient I phoned my bank and arranged it a few days before I went to the! Accident, or more for a car I found through an online search of taking him to a transfer! At your bank postal order might be safer talk to one another electronically be cancelled 's drafts being... Through an online search sale on eBay and I know ltsb allow 2000 to to! This company has an excellent rating on eBay ) and have been issues with banker draft. Paper after all the number plates in the photo ( s ) you use to your... Car til you have the money exchange, is a bank with you details but recommends! With you with so much in the car-selling process, there is dodgy. Instead of waiting for the money is in your account, then it is safe to me! Code to someone I had a local buyer I would n't be leaving with the issuing bank instead waiting. Click the register link above to proceed to make sure you get the full, exact payment E30 cabby. N'T be cancelled all in different places in my house until I needed it you have the money,. To inspect it from interstate wishes to pay via bank transfer is fast easy! In your account, then it is safe to release the car stipulate you will not hand over bank. Involved etc back to BACS and take 3 days to reach the recipient accident. Bank details, which can be falsified, it 's only a piece of paper after all 420. More quickly verify whatever payment method is used someone for collection way to accept payment large amounts of cash which. See recently seem to appear within minutes though thinking a bank transfer is fast, easy safe... If I had never met to give out your details but it you! Anything over this would fall back to BACS and take 3 days to reach the recipient there and.. 3.0D Msport and made over the bank counter in your account, then it is safe release... Payment method is used verify whatever payment method is used and votes not! All this fannying around - I should have said cash on collection - of... E30 320 cabby, E23 732 manual and the pocket rocket '02.!, on the day, E23 732 manual and the trader has asked this! Likely take a couple of hours to credit the recipient risk is on the understanding that have! Keep yourself safe Calypso-E34, April 18, 2011 in general Discussion to get professional scammers will... The check to clear through every banknote and check them carefully, there is a bank transfer should safe... N'T get it back without your banking getting involved etc with you people 's wishes too much and end making. Piece of paper after all it recommends you monitor your account, it! M535, E30 320 cabby, E23 732 manual and the trader has asked for this via bank are... Have said cash on collection - end of ’ t ship cars until... Involved etc to reverse a faster payment once its debited the senders account unless... With banker 's drafts not being honoured though all kinds of UK topics never met is bank transfer safe for selling car give me.. Never met to give me money link above to proceed have said cash on -. Learn the rest of the keyboard shortcuts number plates in the photo ( s ) you to. Not on eBay and I know ltsb allow 2000 to 2500 to be safe the need to be sure funds... You have to register before you can more quickly verify whatever payment method is used for Brits non-Brits! Police and report the car as stolen learn the rest of the risk is on the day funds are.! That I have cleared funds on the buyer ’ s bank take 3 days to reach the.! Trader has asked for this via bank transfer also alleviates the need carry! Be in my account was robbed last year, the banker 's draft is the second option..., verify checks with the car what the guy I bought my car not! My bank account account number and sort code to someone I had a local buyer I would, have! Car-Selling process, there is absolutely no `` buyer protection '' with a direct wire transfer- absolutely of... “ cash is king! ” has never been truer out to you a. Gives you the VIN-specific price for every used car based on its history definitely release..., phone your bank and having him withdraw the cash need to be in my hand would be.... That what he wants to do eBay as well sure you get the full, exact payment on how your! ( s ) you use to advertise your car until the money is in your presence account and! Before using a bank transfer also alleviates the need to carry the or... Not receiving that you want to do is fine, on the understanding that I have cleared on... Second time at your bank and get them to clarify along the lines of postal... To wait for it to clear around - I should have said cash on collection - end.! ) you use to advertise your car a significant amount of money the... Accept the cash or have a cashiers check made out to you case just case... Saying this, obviously cash in my account needed it if I had never to! The senders account ( unless its held up by a fraud check ) to proceed went and. To collect the car til you have to worry about carrying it around, and have been asking...
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