!! Selling my car - can bank transfers be reversed?
Discussion
Guys - would appreciate some advice. I could be selling my car this afternoon - cheap BMW. Advertised on Autotrader yesterday. There's a foreign guy who wants to buy it ASAP and then ship it back to Romania. He first offered cash but now says he's happy to make a bank transfer (which I would prefer as cash could be counterfeit).
But could the bank transfer be reversed after he takes my car?
Thanks
But could the bank transfer be reversed after he takes my car?
Thanks
https://fmpglobal.co.uk/blog/how-long-do-bacs-paym...
There are different types of 'transfer'.... speak to your bank, as advised above
I suggest making sure there is some signed paperwork to back up the transaction and the name of the buyer on that matches the name on the transfer.
There are different types of 'transfer'.... speak to your bank, as advised above
I suggest making sure there is some signed paperwork to back up the transaction and the name of the buyer on that matches the name on the transfer.
Edited by Canon_Fodder on Friday 6th May 11:56
wax lyrical said:
Guys - would appreciate some advice. I could be selling my car this afternoon - cheap BMW. Advertised on Autotrader yesterday. There's a foreign guy who wants to buy it ASAP and then ship it back to Romania. He first offered cash but now says he's happy to make a bank transfer (which I would prefer as cash could be counterfeit).
But could the bank transfer be reversed after he takes my car?
Thanks
If he's offering to pay with cash, that must mean he's willing to meet you in person to pay you?But could the bank transfer be reversed after he takes my car?
Thanks
Just arrange to meet him at your local bank, where he can hand you the cash at the counter, and you can both watch the cashier count it and credit it to your account. Rules out any potential for fakes.
I did this with a new Rolex purchase, where I paid the seller at my bank, after we both collected the watch from the authorised dealer.
When I bought a new car recently from a main dealer they insisted on the money being transferred the day before I collected the car.
This is perhaps related to the blog post in the link I posted above. Where BACS transfers can be reversed, this can only be done on the day they're made (day 1)
This is perhaps related to the blog post in the link I posted above. Where BACS transfers can be reversed, this can only be done on the day they're made (day 1)
On my banking app it clearly shows if money has been transferred to my account (i.e. not pending, it's IN my account), at which point it can't be reversed by the other party. I'd be happy enough with that, although personally would probably take the cash as it'd get used to pay builders!
Signed receipt + photo of transaction, and I wouldn't worry about it.
I had a guy buy a old BMW sight unseen, said he'd show up at 8pm Friday to pick it up to send it to Lithuania. At 7:45 he came, took one look at the car, asked for the keys and V5, gave me all the cash and was off. It was going on a truck with 5 others that weekend. Foreign buyer with plans to export the car is not necessarily dodgy or scam - it's big, legitimate, business as our used cars, particularly premium brands at higher mileages, are *very* cheap compared to mainland europe.
Signed receipt + photo of transaction, and I wouldn't worry about it.
I had a guy buy a old BMW sight unseen, said he'd show up at 8pm Friday to pick it up to send it to Lithuania. At 7:45 he came, took one look at the car, asked for the keys and V5, gave me all the cash and was off. It was going on a truck with 5 others that weekend. Foreign buyer with plans to export the car is not necessarily dodgy or scam - it's big, legitimate, business as our used cars, particularly premium brands at higher mileages, are *very* cheap compared to mainland europe.
clockworks said:
If he's offering to pay with cash, that must mean he's willing to meet you in person to pay you?
Just arrange to meet him at your local bank, where he can hand you the cash at the counter, and you can both watch the cashier count it and credit it to your account. Rules out any potential for fakes.
Do this. If he’s dodgy then no way will he go to a bankJust arrange to meet him at your local bank, where he can hand you the cash at the counter, and you can both watch the cashier count it and credit it to your account. Rules out any potential for fakes.
Much appreciated! Canon_Fodder said:
When I bought a new car recently from a main dealer they insisted on the money being transferred the day before I collected the car.
This is perhaps related to the blog post in the link I posted above. Where BACS transfers can be reversed, this can only be done on the day they're made (day 1)
I had to do the same (Pay the day before collection)This is perhaps related to the blog post in the link I posted above. Where BACS transfers can be reversed, this can only be done on the day they're made (day 1)
I was informed that this was due to some transfers taking up to 24 hours to show in the recipients bank (they wouldn't release the car without cleared funds) rather than the possibility of it being able to be reversed.
Oilchange said:
BenB91 said:
Call your bank to confirm, but I don't think so.
Ha! Hilarious.When was the last time you tried that?
Yes it can be reversed!
The bank didnt trust its own security.Went into my bank and next day it went back, nobody told me. Screamed and shouted but made no difference and car was over a hundred miles away. It got sorted only because the guy used an alternative bank, truly shocking by the bank should have sued..
The bank didnt trust its own security.Went into my bank and next day it went back, nobody told me. Screamed and shouted but made no difference and car was over a hundred miles away. It got sorted only because the guy used an alternative bank, truly shocking by the bank should have sued..
I was always told couldn't be reversed, then I bought my 370z privately and transferred the guy the money. I left with the car when the money showed in his account. Next morning I had loads of missed calls and texts off him, my bank had somehow reversed the money as they thought it was fraud.
Obviously all sorted after I spoke to banks fraud team but understandably the seller was very stressed.
Obviously all sorted after I spoke to banks fraud team but understandably the seller was very stressed.
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