Selling Car - Buyer Wants Bank Transfer - Safe?

th92

Hello, long time lurker here.

I just sold my car, I wanted cash but the buyer is asking can we do bank transfer as it will take a long time to count all the notes ( The car was sold just over over £11,000 ) the guy seems genuine but just a bit weary as it's a lot of money.

I have never used bank transfer so i'm unsure how safe is it for me?

Can the buyer tell his bank that it wasn't authorised and do some sort of chargeback? Any way the guy can scam me?

Anything I should watch out for?

Thanks :beer:

vikingaero

Find out if you both bank at the same bank. That will make a transfer a lot easier.

If not a transfer is pretty safe compared to a dodgy cheque or forged bank draft.

Ask your bank for their recall procedure to see if and when and how long someone could potentially reverse a transaction. Generally once a transfer is made it cannot be recalled easily.

JoeA81

Firstly, once a transfer has been completed there is no way the buyer can get the money back (see the current accounts forum for tales of people typing in the wrong account numbers in their online banking transactions and accidentally paying the wrong people - and then really struggling to get the money back!).

I would say that a bank transfer would be preferrable for both of you. Do you really want to be walking around with 11k in cash?! With cash there is no record that the transaction took place, but at least with a bank transfer there is a record that he paid 11k into your account. I expect that is why he wants to do it this way, just in case there is any query about the exact amount paid to you. With cash, who knows if a mistake might be made, but with the electronic transfer the amount is there to see in black and white.

Also I think it is quite a hassle to withdraw 11k in cash from your bank. All sorts of forms to be filled in probably!

Just wait until the money is in your account before releasing the car.

neilmcl

Also, banks are a bit wary handling that amount of cash due to money laundering rules. I've used bank transfers before as a seller and its been very convenient but I've never released the vehicle until I see the mony in my account. The major banks changed their procedures over a year ago now so that most bank transfers take place on the same business day.