Safe method of transferring funds?

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mikejoyce

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Hi, looking from some sound advice please.
I am thinking of selling my mhome and am very wary of potential con artists when it comes to paying me .....
I’ve heard scary stories of people doing some form of online payments which they are then able to reverse after they’ve driven away!! Also not keen on cash due to counterfeit currency.
Please can you advise?
Thank you.
 
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bank transfers cant be reveresed nowadays.
Make sure it appears in YOUR account before you allow anything. A real buyer will be willing to wait 24 hours.

Under no circumstances allow them to show you on THEIR phone that the money has left them. classic scam that one
 
Upvote 1
Bank transfer at the bank checking the cash is in your account and then move it to a second account pronto.

A genuine buyer will be just as concerned as you are.

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Tombola said:
bank transfers cant be reveresed nowadays.
Make sure it appears in YOUR account before you allow anything. A real buyer will be willing to wait 24 hours.

Under no circumstances allow them to show you on THEIR phone that the money has left them. classic scam that one
Click to expand...

This real buyer would be very anxious and want to be sitting in the van when payment is being made!! I think when both parties are genuine then both parties are anzious as it's a lot of money and not something done on a regular basis. The swift method of bank transfers is fantastic. Instant and can be checked by the seller on their phone or PC to confirm receipt.
 
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I sold my van privately. When the buyer called up to view, I made it clear that I wanted to see photo ID when they arrived and I was going to take a photo of it. And I wanted to see their insurance before they could test drive it, which also confirmed their address. We agreed that if there was an accident, they'd pay the full asking price. I'd be in the passenger seat when they drove it and that was the only time they had the keys.

They transferred a deposit with a balance transfer and I confirmed that it had arrived in my account. They then transferred the rest a couple of days later when they picked it up.
 
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Insider said:
This real buyer would be very anxious and want to be sitting in the van when payment is being made!! I think when both parties are genuine then both parties are anzious as it's a lot of money and not something done on a regular basis. The swift method of bank transfers is fantastic. Instant and can be checked by the seller on their phone or PC to confirm receipt.
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Using banking apps, there's often a limit of about £15k per day that you can send. I think the guy that bought my van when into his bank with my details.
 
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When you set up a New Payee, the Bank should match the payee details [account & sort code number] to the details you have typed in, including whether it is a personal or business account. Even if it is a Dealer, AND, after the Bank has confirmed the Account & Sort Code details, there will be a warning 'Do you wish to proceed? The transfer cannot be recalled after it is made, and the Bank will not be responsible/liable for any fraud/criminal activity associated with the payment.'

Having elected to proceed, you will then be advised to let the transfer proceed at a slower pace, up to 24 hours, to allow the Bank's Fraud investigation Team to monitor the transactions and make further checks. You can waive this added protection.

I settled a PCP this week, where the largest car manufacturer in the world has its account at the same Bank that I use. The Account & Sort Code Number checks tallied, the Bank could see that I have had a Direct Debit mandate in favour of the Car manufacturer for 32 months, and the Bank STILL warned me that my transfer might be a scam ... I waived the 'extra protection' check, and have since had an email and, today, written confirmation that the Car Manufacturer has no further financial interest in the vehicle, so I now have unencumbered legal title to the depreciating German metal and plastic that sits outside our property ...

Steve
 
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Steve and Denise said:
Bank transfer is about the safest as already said also get landline number to check them out
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That would cause me difficulty as a buyer as I haven't had a landline for a good few years. I've still got a Trimphone somewhere.
 
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Tombola said:
bank transfers cant be reveresed nowadays.
Make sure it appears in YOUR account before you allow anything. A real buyer will be willing to wait 24 hours.

Under no circumstances allow them to show you on THEIR phone that the money has left them. classic scam that one
Click to expand...
To be double safe, once it is in your main account, transfer it to another account.
 
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The Lord Squid said:
That would cause me difficulty as a buyer as I haven't had a landline for a good few years. I've still got a Trimphone somewhere.
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In your case with your Trimphone, I'd suggest only accepting Pound Notes (or maybe 10 Bob notes?) :)

When I bought my motorhome, seller brought the motorhome over to my house, did the transfer on a Saturday Morning with the seller present, but it didn't clear until Sunday as was flagged as possible fraudulany payment. When I chased it up on the Sunday got asked questions like was the payment made under duress (no), have I seen the vehicle (yes, it is sitting on my driveway), etc.
Whilst a mite inconvenient, I appreciated the fact that the bank is taking steps to safeguard my money :)

When selling, I wouldn't take any payment that could be reversed (card, paypal, etc), or cash either unless could take it to the bank and pay it in with the buyer present. Bank Transfer via Faster Payment is the best way for sure.
 
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Tombola said:
bank transfers cant be reveresed nowadays.
Make sure it appears in YOUR account before you allow anything. A real buyer will be willing to wait 24 hours.

Under no circumstances allow them to show you on THEIR phone that the money has left them. classic scam that one
Click to expand...
don't allow them? if they start to show them their screen should you run away them? Maybe don't take what is shown as absolute proof I can understand but extreme not "allowing" then to show you?

PS. the seller of my Motorhome "allowed" me to show them my phone to show the payment ;) and they went away with the keys in my hand and the vehicle in the Driveway.

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marchie said:
I think the maximum amount for instant transfers is £10,000 per day.

Steve
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Depends on the Bank.
I paid £25k as an instant transfer last year
I received £12K as an instant transfer a month ago
 
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Hoovie said:
don't allow them? if they start to show them their screen should you run away them? Maybe don't take what is shown as absolute proof I can understand but extreme not "allowing" then to show you?

PS. the seller of my Motorhome "allowed" me to show them my phone to show the payment ;) and they went away with the keys in my hand and the vehicle in the Driveway.
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what ?
maybe you should read my post again
 
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Hoovie said:
Read it? I quoted it! :D maybe YOU should read your post again? ;)
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shame you dont understand it. Ill leave it there, for you and your erm "cash" ;)
edit: at least the OP can see my advice and act on it if they feel like.

cash ! :roflmto:

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Tombola said:
shame you dont understand it. Ill leave it there, for you and your erm "cash" ;)
Click to expand...
maybe you should reread MY post ;) ;);)

Don't worry, I'll "allow" you to do that even you you clearly can't understand it
 
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best let this thread get back on track from petty nonsense

Bye hoovie :h:
 
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Indeed Tombola so back on track we are ......
Dave and I just paid for our van via bank transfer - its secure and so long as the money is showing as received in an account it cannot be withdrawn after that - so its yours - like the point about not trusting someone else's mobile banking app though
I would check my own bank details
Safe as houses - worked for us (y)
 
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We bought a motorhome privately and payed £60000 split £10000 at a time the max payment the bank allowed at time. Paid the whole amount within 5 minutes. I guess it depends on your bank. I'm with the nationwide did it through the app.
 
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