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