I want to purchase a 2nd hand car for $32k in a private sale - how would you get this transaction done?
I called ING and they confirmed that the OSKO limit is $1000 per day and can't be increased. Cash limit is just over 2k and can't be increased.
They seriously recommended using a pay anyone transaction which takes up to 2 working days and collecting the car upon receipt of payment.
I'm speechless that this was their advice - seems like a recipe for disaster!
Thoughts?
Which I think is free from ING.
+1 for bank cheque
Seller starts a new post: Should I accept a $32k bank cheque to sell my car?
OzB responds: No, cash only!!
If i was selling a car i wouldn't accept a bank cheque tbh.
Seller and buyer meet up at sellers bank. Seller cashes bank cheque on the spot, hands over car keys. Zero risk of a bad bank cheque.
Except……bank cheques are generally not negotiable
I like this idea - Im not from around these parts - if I get ING to spin up a bank cheque and the seller uses ANZ or someone is it still instant? Assume thats the point of a bank cheque?
@Davelovesdealz: AFAIK bank cheques cannot be reversed once it's been processed, so regardless of whether it's instant or not, there shouldn't be risk of non-payment if it's processed by the seller at the bank on the spot.
First I suggest you ask the seller what form of payment they'll be willing to accept. Being a private sale they will most likely want the payment in cash. Make sure you get a signed receipt from the seller. You can easily find free templates on Google.
gold bullion
I mean bitcoin would probably also work but dont fancy the fluctuations….
Make sure you have undertaken a full independent pre-purchase car inspection. There's no warranty or take backs from private sellers if it turns out to be a lemon or have an underlying issue.
You can go into a bank branch and make a payment transfer of any amount provided your show appropriate ID.
InB4 the "CaSh iS KiNg" crowd turn up and protest that bank cheques can be cancelled or that they can bounce.
For a $32,000 payment, that's literally 320 $100 notes or 640 $50 notes. It's a bank bag full of cash. And I very much doubt that any bank would just have a lazy $32k laying around in $100 or $50 notes, as most banks would need to order that amount in. (Not to mention depositing it would trigger an AUSTRAC event and waste even more time.)
Laid end to end, this would be 50.06m of $100 notes or 101.2m for $50 notes.
At an average thickness of 0.12mm, this would be a wad of notes almost 4cm thick in $100 notes or 8cm for $50 notes (NB: This is excluding any air gaps or imperfections)
It is 32 stacks of 10 notes in $100's or 64 stacks of 10 notes in $50's.
It would take the average person about 10 seconds to count a stack of 10 notes (pick up, remove band, thumb through). So it would take most people more than 5 mins to count all 320 $100's all out by hand or over 10 mins in $50's. (This is assuming they didn't miscount at any point.)
I called ING and they confirmed that the OSKO limit is $1000 per day
I dont think this is right. I have an ING account and use it to buy and sell motorcycles and parts. I am often Osko paying people or myself well over this amount. I think the biggest Osko I have done from ING was about $8k~ish.
Mod Note: Measurements edited as per request.
Laid end to end, this would be 5.06km of $100 notes or 10.12km for $50 notes.
i stopped reading after this
each note is 0.15m long
x 640 notes
that's 96m….
FWIW in these amounts i'm firmly in the electronic transfer bracket.
Laid end to end, this would be 5.06km of $100 notes
Damn! slipped a zero or two there somewhere. Hahaha. Seems I divided by 1,000 instead of 100,000, because it doesn't even match metres either :D
5056cm… oh yeah, km, divide that by 1000… HAHAHA. This is what I get for working mostly in microns and mm at work.
Christ, I wish I could neg myself sometimes.
On a side note, if all those notes were stacked up side by side, they would reach to a height of 20.8m for $100's or 41.6m for $50's. And to put it in perspective, 41.6m is about 2 and a half laps of the earths equator, or about 3/4 of the distance from here to the moon… give or take :D
What is that in Olympic size swimming pools?
This bank has an OSKO limit of 30k, so open an account just for that?
https://www.ruralbank.com.au/help-centre/internet-banking/os….
this is a great shout and the best option Ive seen so far - wonder if I can do it all online - Ill have a look
Purchased my car previously and did electronic transfer. The seller held the car for a day until it cleared then sent through the registration confirmation as soon as it did. Picked it up the next day.
Wasn't too keen on walking around with $20k worth of notes.
but what if the next day the seller/car is no-where to be found and you discover 'their house' was an AirB&B?
Then that is where you do your due diligence. Ask for a copy of the registration papers and to view their license. If these all match where you are looking at the car, no problem, if their license address says something, the rego papers address say something else and you are standing in front of an address that is on neither of those two documents, thank them for their time and leave.
fair point
You have controls,
Such as
A picture of their driver's license taken next to the guy's face (which should confirm their address - if you're at the place).
Registration papers
General judgement as well - ask them why they're selling, do your car background check, generally you're buying the seller, not necessarily the car. If it has any red flags then don't continue.
and it goes both ways
If i was selling a car and a random gave me a bank cheque and drove off with my car then what's your control in that case?
you're not going to hand over the keys if the money doesn't clear.
A bank cheque is guaranteed though, unless the other guy manages to call up and get it cancelled which is hard to do ..
Bank cheque same day with receipt or visit the branch and do an electronic transfer with you both present.
No chance of getting cash without notice to the bank as they will rarely keep that amount on hand and be willing to disperse it in one go unless it's a high volume cash branch. Also… Why would either the seller or you risk a convo arising on counterfeit notes? $50s and $100s.
I have never seen this suggested before, but regardless if I was buyer or seller I would ask which bank they use; then I would open an account in the same bank. Meet up at branch and get teller to transfer between the 2 accounts. Transfer would show up instantly instantly + 0 chance of fraud or reversal. Worth the small hassle of opening and closing a transaction account for that kind of money IMO.
Probably because it's a waste of time…. a bank check is sufficient, not every one is a scammer when you have to provide a copy of your license to transfer the car and obviously do a PPSR to make sure it's not encumbered
ING can certainly raise Daily Transfer Limit on account of your choosing, even temporarily if you make the request
Have you tried agile payment? Pay and receive the car by parts. Eg. $1000 for the wheels. Do it everyday and you should get a complete car by a little over 1 mth.
Your iteration is one day? Should be two weeks.
When I sold my car the buyer paid cash. Was fine, just went straight to the bank and deposited it
The cars worth $32k are you suggesting he pay cash 🤦
Yes that was about the amount of cash I received in my sale. Just count it out with the seller, takes about 5 mins, then go to the bank and deposit it, another 5 mins at the teller
I called ING and they confirmed that the OSKO limit is $1000 per day and can't be increased.
I find that hard to believe. I did a new car through a dealer and paid $44k via OSKO through Westpac. I had to increase my daily limit, but that was a Westpac setting.
As a seller I had the person deposit the $25k into my bank then I signed it over (pre osko)
I would for sure do it in a bank.
Also, what kind of bullshit is the Osko limit. I sold a $5k coffee machine last year and the buyer was using st George Osko and he transferred $1k, then upped his limit which went to something silly like $50k after some net bank verification messages.
My understanding of ING, after a long and helpful phone call last month, is a limit of $1000 per day for instant/same day OSKO transfer. You can increase your daily transfer limit to the amount you need on this occasion on the app or the phone but anything over the $1000 takes one business day to get to the seller’s account.
I bought a car this year for a similar amount. Saw the seller with the car at their house, discussed the price sitting at their kitchen table, I went to bank to make direct transfer to seller’s account and picked the car up the next day when the funds had cleared. It was stressful but worked.
Bank cheque