Help please - Sold car - Cash v Bank Transfer

mi33cupc@ke

Sorry I wasn't sure where to put this. I have just sold my car and the buyer is coming tomorrow to collect and pay. He has asked whether I would like cash or bank transfer (I'm guessing he means instant transfer). Which is the safest method in terms of being scammed etc? I wouldn't be able to tell a dodgy bank note I doubt, and as its quite a lot of money I would be there for some time checking each and every note, so I'm leaning towards a bank transfer. But can anyone please tell me how safe this method is?

saltnvinegar

Hi Jools

Personally when it comes to these things cash is king. If possible ask him to go with you to your local bank and get him to pay the cashier directly into your bank account then you don't have to worry about dodgy notes or counting either as the bank will do it for you!

I would always be wary of bank transfers especially if it involves a large sum of money and they are going to walk away with the goods they are purchasing!

SNV

GerrardUK

Hi,

Sorry to bump this thread, but I'm in a similar situation with regards to selling my car. I was just wondering if bank transfer would be the more secure way if it's from a bank that does fast payment, such that I would be able to confirm the money was in my account before handing over the keys? As far as I'm aware, once the transfer has gone through there's no way to cancel or reverse it?

I would be grateful if someone could confirm that my thinking is correct.

andys15

GerrardUK wrote: »

Hi,

Sorry to bump this thread, but I'm in a similar situation with regards to selling my car. I was just wondering if bank transfer would be the more secure way if it's from a bank that does fast payment, such that I would be able to confirm the money was in my account before handing over the keys? As far as I'm aware, once the transfer has gone through there's no way to cancel or reverse it?

I would be grateful if someone could confirm that my thinking is correct.

Depends which banks. Ask what bank they are with, and then phone youre bank and see.

chevalier

i may be wrong but i thought that it was possible to reverse a payment if it is asked to be done on the same day. so check with you bank

Hax

Many banks have limits on the amounts that can be sent via faster payment - so you need to check this too.

You can checkout the support that different banks have for faster payments on this website

Percy1983

Last time I sold a car they did a bank transfer but I arranged for them to pick the car up the following weekend so it was sitting in my account a good few days before.

It would seem that since they are asking how you would prefer payment they probably are geniune, usually scammers insist on one method of payment (to of course complete the scam).

winner12

If I were you I would wait to handover keys until its cleared in your account it could leave his today and not arrive in yours until friday

puppychick79

Couple of ways this can be done and either a BACs payment takes 3 days to appear in your account or a CHAPS which is same day (at a charge normally between £15-30 depending on your bank but even still some can take a good few hours to come through) Or as someone has suggested take them to your local bank and get them to pay the cash in there or cash in hand if your confident not dodgy notes.