Safe way to accept payment for a car

retiredbanker1

IMO CHAPS is the safest as the sending bank makes its ID checks either in branch or on the phone. The payment may well be made as a faster payment because of the amount but what you need is reassurance that your buyer is genuine - go into his bank with him and see him transfer the funds - do not release the keys or documents relating to the vehicle until YOU can see the funds in your account (however persistent your buyer might be).

HillStreetBlues

Tom2023 said:

eskbanker said:

Tom2023 said:

Because a bank transfer can be recalled for up to 121 days what other options are there to accept £20,000 for a car sale?

Out of curiosity, where did you get that 121 days from?

My bank manager

I wouldn't know what a genuine one looked like.

eskbanker

HillStreetBlues said:

Tom2023 said:

eskbanker said:

Tom2023 said:

Because a bank transfer can be recalled for up to 121 days what other options are there to accept £20,000 for a car sale?

Out of curiosity, where did you get that 121 days from?

My bank manager

I wouldn't know what a genuine one looked like.

          

Brewer21

I've usually accepted a bank transfer (last time for £8k) from two separate accounts (husband and wife) when I sold a car. Immediately the payments hit the account I transferred both into another account I hold. I'll do the same when I sell my current car, that's an imminent sale hopefully.

born_again

Brewer21 said:

I've usually accepted a bank transfer (last time for £8k) from two separate accounts (husband and wife) when I sold a car. Immediately the payments hit the account I transferred both into another account I hold. I'll do the same when I sell my current car, that's an imminent sale hopefully.

You do realise that if the person tried to claim back, the fact you have moved the funds makes no difference..