We're about to sell the car and considering accepting an instant bank transfer...

dan2312

The buyer wanted to pay cash Approx £7300, no agreed price yet exactly, so i refused cash due to risk of forged notes etc.
I offered the £100 non refundable and he pay rest by cheque, so he offered to by an instant bank transfer which could do either saturday or today (friday)

I just wanted to know if there is anything sinister about an instant bank transfer, such as the cash could appear in my account and then disappear etc...

I don't wanna get fooled out of thousands of pounds.

Tammykitty

Instant bank transfer is probably the best for you if you won't accept cash.


I would never accept a cheque - it can bounce!

foxy-stoat

Bank transfer at your house watching them log onto their account (not the passwork bit) and then log onto your account to see the funds appear is the way I have done this in the past.

Take a photo of their driving licence as well, just incase.

You can check for forged notes with a pen, UV light and rubbing them on a piece of paper. If they pass all that then they are real, or very good fakes!

agrinnall

It's safe once it's complete, as long as you are sure the buyer actually owns the account that the money is being sent from, but the problem is there is no such thing as an guaranteed instant bank transfer. Most will be done within a few minutes, but up to a couple of hours is quite common, and the regulations (PSR2009 implemented 1 Jan 2012) only require completion by the end of the next business day - so if you start the process today the buyer could be waiting in your house until Monday evening!

Edited to add that foxy-stoat is right that a transfer within a bank is likely to be close to instant, and indeed was the method I used when I last sold a car 16 years ago (initiated in branch as suggested by Herzlos).

foxy-stoat

If they use the same bank then it is pretty instant...maybe get them to transfer £1 first and see if it takes seconds or hours.

dannyrst

I assume a company already exists that takes the payment from someone buying a car, checks it clears correctly, sends the money to the seller and gives them a call/text to say you can hand over the keys now? If not...gap in the market surely?

Nodding_Donkey

Escrow already exists but is also a godsend to scammers who find faking emails really easy.

benten69

Bank transfer into your account is BY FAR the safest method. It is VERY difficult for them to reverse. I took payment for my old car by PayPal GIFT (can't be reversed) for the initial £200 deposit, then the rest by bank transfer direct into my account from his girlfriends account & £500 cash.

That was 2 years ago and I've not had a single person come since trying to claim the money back.

Herzlos

If you're worried about transfer time, drive him down to the bank (ideally yours, put potentially his) and get him to pay in from there.

forgotmyname

As above get cash whilst in the bank and pay it straight into your account. But i would accept a bank transfer.

A cheque.. NOooooo

Fat_Walt

foxy-stoat wrote: »

If they use the same bank then it is pretty instant...maybe get them to transfer £1 first and see if it takes seconds or hours.

Only issue there is £1 may go instantly and there maybe a block on the large amount leaving the buyers account if he hasn't pre warned the bank.