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

Famous Engineering Entrepreneurs, Suvarna News Anchors, Roi Calculator Excel Formula, How Does Yucca And Pronuba Moth Depend On Each Other, Grohe Blue 31541000, Happy Morning Music Wake Up, Ontikoppal Panchangam Today, Fertilizer Companies In Kenya, Dodge Ram 1500 Laramie, Brian Tracy Email, If We Hold On Together Piano, Payette County Elected Officials, Play Wow From External Hard Drive, Noun In Swahili,