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 … For the money exchange, is a bank transfer okay? 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. Cash definitely cannot be revered either though! 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. I wouldn't worry about bank transfer tbh. 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. E28 M535, E30 320 cabby, E23 732 manual and the pocket rocket '02 conversion. I’ve put a deposit on a car this morning with an independent trader. It’s as simple as that. 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. How quick it is will depend on how well your respective banks talk to one another electronically. If possible, complete the transaction at the buyer’s bank to be sure the funds are available. In fact, most payments are … Once the money is in your account, then it is safe to release 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 it's PayPal Gift in his name. If I had a local buyer I would, and have been, asking for cash. As a safe payment service for selling your car, the banker's draft is the second best option. They can't reverse the payment. E28 520i, Benz W211, BMW R100 Cafe racer. Calypso-E34, April 18, 2011 in General Discussion. 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. 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. You can then accept the cash or have a cashiers check made out to you. Don’t sell them the car. More articles. Cash or bank transfer IMO. However, you should only agree to one if it is arranged and made over the bank counter in your presence. I wouldn't accept a bankers draft these can be falsified, it's only a piece of paper after all. 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." You'd just call the police and report the car as stolen? I have suggested a small deposit by PayPal, and cash on collection for the balance, but he doesnt seem keen - fair enough. 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. Sign up for a new account in our community. 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. 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. 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 am dealing on a car I found through an online search. 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 am not sure if some banks are different, but at my bank the maximum you can send via faster payment system is £10k. 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. This company has an excellent rating on eBay as well. Of cause he wouldn't be leaving with the car until the money hit my account. 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. Verify checks before you transfer the title. Its not like a cheque, it can't be cancelled. Absolutely. 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. 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. It can be instant, depends on both your bank and their bank (for theirs to send it and your to accept it). Financial Controller, Company Secretary, Company Director. I've bought cars and bikes before using a bank transfer as means of payment without problem but I was paying and not receiving! If 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? Could it later be claimed by the account holder that they were defrauded in some way? Definitely dont release the car til you have the money in your account. It's my own fault! 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 way he doesn't have to worry about carrying it around, and you don't have to wait for it to clear. 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. Its not possible to reverse a faster payment once its debited the senders account (unless its held up by a fraud check). So if they send it on this means then they can't get it back without your banking getting involved etc. 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. 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've said that what he wants to do is fine, on the understanding that I have cleared funds on the day. 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. So, I'm a selling a vehicle. If an instant transfer isn't doable on the day, the car stays in my driveway - whether he's flown up especially or not. 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. 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. 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. 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. Bank transfer is safe. Most of the transfers I see recently seem to appear within minutes though. 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