Selling car - Is it safe to accept bank transfer

Jorell00

Hi all,
I'm selling my car this evening and the buyer wants me to go to his house and he will transfer the money via online banking while I am there. Obviously I will wait for the money to show in my account before I hand over the keys. I just wanted to know if this is safe as it's a few thousand pound.
Is there any way he can request the money back from my account?
I'm just a bit scared as it's a lot of money. Any comments appreciated.
Thanks
Jorell

DUTR

You are selling the car, accept payments on your terms, the car before my current one, I transferred the money across to the owner, but then he had my money and his car for a few hours, but all went well with the transaction.

Jorell00

I will make sure the money is in my account before I hand over the keys, I just a bit worried he could request the money back from my bank account.
Maybe I'm just being a bit paranoid, but it's a lot of money.
Jorell

NeverEnough

Take your own smartphone or laptop and login to your bank after the buyer says he has made the transfer. Once you can see it in your account you know it has been done. It isn't foolproof i seem to remember that money can be recalled, so perhaps you need to check with your bank before concluding any transactions and handing over keys.

mrcow

Just tell him you want cash.

Bank transfers can be reversed.

benjus

What happens if the money doesn't show up within a few minutes? (faster payments usually go through instantly but are not guaranteed to do so, then there's the possibility of a problem with the bank's systems). In a rather extreme case, I transferred money from one of my accounts to another and it disappeared for over a week.

mrcow

Oh - and tell him to bring the cash to your house (and have some people with you).

Don't go to a stranger's house and expect to leave your car on the premise that they will transfer the money.

The whole thing stinks.

getmore4less

Be pain if faster payment does not work that evening

Biggles

mrcow wrote: »

Just tell him you want cash.

Bank transfers can be reversed.

No, Faster Payments cannot be reversed. This board is littered with threads that say, "I sent money to the wrong account by mistake and the bank tell me they can't get it back"....

BACS payments could be recalled but (IIRC) only prior to the money reaching the payee's account. But, as the OP wants the money tonight, we are only talking FPS.

chanz4

also cash can be as bad, what if the notes are fake

jonesMUFCforever

Biggles wrote: »

No, Faster Payments cannot be reversed. This board is littered with threads that say, "I sent money to the wrong account by mistake and the bank tell me they can't get it back"....

BACS payments could be recalled but (IIRC) only prior to the money reaching the payee's account. But, as the OP wants the money tonight, we are only talking FPS.

What if the buyer has hacked into somebody's account and is sending an innocent victim's cash into your account?
Be sure to ask to see a lot of ID and as someone else has said do not go to the person's house alone