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I'm selling my daily and the buyer wants to pay via bank transfer.
This is something I've never done before, how safe are these to do? Can the buyer recall the transaction?
The buyer wants to collect tomorrow night so the banks will be shut.
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Its fine, I've bought and sold cars with bank transfers. Just make sure it shows in you bank before you let it go. I bought a car last year with a bank transfer and it took an hour or so to go through so had to sit around til he'd let me take it.
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1970 Porsche 911E 2002 Porsche Boxster S 2002 Peugeot Partner 1.9sdi
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Perfectly safe if you follow a couple of pointers. 1. Don't release the vehicle until the funds are in your account, this can happen out of banking hours so no issues there 2. They only need the bank name, account number and sort code to pay in, don't release security codes/passwords etc 3. If he purports to be a Nigerian prince who has £10k, a million dollars or whatever and he wants to stop his relatives/ex wife/government getting it so can he pay it into your account give you a fee and you refund him the change- It's a con, no really it is I've used this method a few times without issue although some banks systems can be a little slow at times.
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Needs a bigger hammer mate.......
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Jul 31, 2017 10:59:38 GMT
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For extra (or just some) reassurance you could call your bank I imagine they will confirm that it is safe I would be happy with a paypal gift payment. A lot of people have horror stories about chargebacks but if the payment is sent as a gift i'm sure there is no recourse Cash would be fine but if they want to use bank transfer there should be no problem
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bass
Part of things
Posts: 51
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Jul 31, 2017 11:05:09 GMT
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I would rather take the buyer to bank and have them withdraw the money from the cashier and hand it straight to me.
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Jul 31, 2017 11:08:56 GMT
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Thanks guys. It turns out he's a fellow dad from school so it's not like I can't find him if it goes wrong.
I normally deal cash only but he works 12 hr days etc.
I was just unsure if the payment could be recalled.
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Jul 31, 2017 12:26:38 GMT
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It can't be recalled. Its as safe a method as any way, once you see it on your balance its all yours. More chance of getting fake notes. Mind you I wouldn't go down the paypal route.
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1970 Porsche 911E 2002 Porsche Boxster S 2002 Peugeot Partner 1.9sdi
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Jul 31, 2017 12:44:27 GMT
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I always do a nominal transaction before hand, no more than £5 to create a link between the two accounts which means the money often gets transferred without a call from the bank to see if it's a scam or not.
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Ryannn
Posted a lot
Posts: 2,421
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Jul 31, 2017 15:49:10 GMT
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Paid for my last car via bank transfer in the guys front room. I hadn't done it before but he preferred it over cash. No issues.
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Jul 31, 2017 16:09:43 GMT
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Sold and paid for loads of cars this way, the one time it was for 7k I phoned the bank to check it had properly cleared lol.
Sold 1 car for 6k and he paid cash, did not enjoy that experience lol. No problem but sitting on 6k for 2 days when the buyer knows where you live and the fact the bank is closed until Monday isn't fun.
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njw
Part of things
Posts: 226
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Jul 31, 2017 16:39:15 GMT
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Its fine, I've bought and sold cars with bank transfers. Just make sure it shows in you bank before you let it go. I bought a car last year with a bank transfer and it took an hour or so to go through so had to sit around til he'd let me take it. I had a guy sitting around for an hour and a half once, it was a bit of pain because I was off out on the town and missed the train I wanted to catch, the guy had a three hour drive home and time was getting on but there was no way that car was leaving my possession until the cash was in my account! The guy was very understanding though and any decent buyer should be the same. The last time I got paid by bank transfer I gave the guy the keys, saw him off and then went out myself and didn't get around to checking if the cash was in my account until the day after. However, I know the guy well as he's done my mot's for years and he lives 5 minutes away but I definately wouldn't recommend doing this otherwise!
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Jul 31, 2017 17:03:37 GMT
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Last car I bought was paid with a bank transfer, I had a 3 hour wait before the seller saw it in his account. Car was local though so I'd driven home to make payment anyway but it was a bit of a wait!
Last non-ebay related payment i received by paypal I was changed >5%, wouldn't want that on a car sale!
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Jul 31, 2017 19:50:21 GMT
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Thanks guys, I think you've settled my mind.
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Jul 31, 2017 20:02:33 GMT
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I've taken a mate to buy a couple of cars that he's paid for by transfer, one took 30 min and the other just over an hour. We went for breakfast at a local cafe until we got a call off the seller that it had cleared and we could come and take the car.
Tbh I've prefer to sell a car by bank transfer because you know the cash you are receiving isn't dodgy. A friend once sold a load of fishing tackle on gum tree only to find later on that he had been paid with fake notes.
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craig1010cc
Club Retro Rides Member
Posts: 2,995
Club RR Member Number: 35
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Jul 31, 2017 21:39:43 GMT
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The only issue can be if it is coming from stolen details. Cash goes in and clears, your car heads off and then when it is flagged as fraudulent, the bank takes it back
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How big an issue is counterfeiting in the UK? Hardly ever hear of it here in NZ.
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Big enough an issue for them to start replacing all bank notes with plastic ones, and all £1 coins with ones with corners and holigrames on them try and stop it.
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