Hi..I am looking to buy a used car from a private seller. The car could be between 15k - 20k. I just need suggestions what is the most safe and secure way to transfer funds in this case. I am hesitant to transfer funds via bank before the car delivery & cash looks good option but such a large amount withdrawal is a pain. Open for suggestions who may have experience it recently .
Secure & Safe Mode of Payment to Buy a Used Car from Private Seller
kt007 on 31/08/2022 - 19:13
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Sometime Osko has 24 hours delay
And secret limits. CBA holds any amount over I think it was $2K for 24 hours, for up to a week after the first confirmed transfer to that account. So unless the seller also has a CBA account I'd rule that out
Thanks..thinking for that however noticed when doing for first time user it get credit the next day.
Use a bank cheque.
That’s other option I know..thanks.
My friend arranged to meet up with the seller at a bank. Both parties happy, filled out the paper work after at dept of transport.
Cash is King, just tell your bank you need 20K a week before and they will get it ready.
A bank cheque is also a good option if the seller accepts it.
I just did it elecrtonically
If theyre with the same bank its almost instant
If not
Transfer it to them
They hold car for 24 hours for funds to clear
Then complete the online transferThis is a MASSIVE risk for the buyer. The seller can do a runner. Maybe they don't even own the car? Goodbye $20,000 lol.
Not if you've confirmed their details and the address and have a picture of their license beforehand ;)
Stolen license?
@Drakesy: if you have seen the owner and the car and everything check out because many things can be fake in today's world.
So what if you have their licence? You'll have to go to court, wait months, potentially pay legal fees…. It's just not worth the risk.
$20k isn't that much to carry, if you withdraw them as $100 bills from the bank.
There are certain (marked) CBA ATM's which dispense $100 bills. Possibly, your bank may be able to give you $100 bills too if you ask them.
Osko. Instant transfer. Just check with your bank about how long it’ll take and if you need to adjust your limit to suit. Both log on to your bank, perform the transfer and wait for funds to appear.
I’ve done it twice, as a buyer and a seller. Buying, by the time my phone has refreshed screen the seller had money in their account. As a seller it took a couple of minutes to receive the funds.
Bank cheque is ok but a bit of a pain for both parties as both have to organise and visit and bank.
And trust me, for all the people saying “just get cash. $20k isn’t that much…” like (fropanity) it isn’t. It’s literally 20 bundles of 10 x $100 notes. That’s 200 x 100 notes to count through and make sure they are all there. I had a guy turn up and buy a bike recently for $8k, and 80 notes is a pain in the arse, let alone 200.
The other aspect of this is you are just asking to get robbed carrying around $20k in notes. Turn up with with 20 thick wads of 100 notes and get jumped because it was a setup. Or someone sees you getting that much cash from the teller, you might not make it across the car park before you get mugged.
Just go to the bank with the seller, get your bank to issue a bank cheque and get the teller to hand it directly to the seller. Walk down to their bank and let them deposit it right away. Fill out your transfer of rego, take the keys and be on your way.
Other way is, if you and the seller use the same bank, just get the teller to do a direct deposit. It will be instant if you’re with the same bank.
Carry around $20k in cash in public… (fropanity) me, some people are dumb.
A mate of mine sold a car many years ago for $3k cash on a Friday. He got broken into on the Sunday and the money was stolen. Not good if people know you have cash in the house. Never proved who did but very strong suspicion of the guy or his mates that brought the car.
You both drive to bank. Transfer the money. Finish the paperwork there.
Buy comprehensive car insurance while you wait. Drive your car to the post office to pick up your Dashcam that I know you ordered already.
I sold a Merc for 20K, buyer paid direct, a deposit of $5k, a few days later flew up to collect car, went to a building society they had $15K in cash ready in 50's and $100 notes, counting machine out of action so did it manually!, Drove to rego office and transferred the car over.
Can you not transfer rego online?
For anyone out there that doesnt want to deal with cash. I went into my bank 2 years ago to get a bank cheque for $30k with the seller of a car I was buying, the teller asked what it was for and then said its silly transferring money that way(old fashioned, have to pay for the cheque and could take a few days to clear depending on bank). She suggested to me and the seller to up my daily limit to account for the 30k for the day and to transfer using PayID (sending money via your online banking app/web to a mobile number/email).
The seller set it up on his app and I just sent $30k to his mobile number. 30 secs later it was in his account.
I have sold Cars and other things since using PayID and im still shocked so many people havent heard of it. The longest ive ever waited for payment to be in my account(these are cleared funds) was about 2mins which was very unusual but I never hand over anything or expect anything to be handed over to me before i see the money in my/their account.
Transfer on delivery?
Most banks support Osko which happens in seconds/minutes.
Vendor can check their account before leaving.
I did this a few weeks ago for $25k private purchase - worked out perfect, both parties happy.