Bank transfer from car buyer

[Ganglandboss]

I have just advertised my dad's car on Fleabay. I put it on yesterday on a 7 day listing with a buy it now option. It has been snapped up almost instantly by somebody who appears to be a trader. If they are who they appear to be, they have a website that appears to match reputable dealer, and the premises look legit from Google street view.

They want to pay by instant bank transfer on collection. I know from experience of transferring money to my mates that the cash shows instantly in the account, but I know certain types of transaction can show up on the account, but can be reversed. I am reasonably comfortable they are legit, but they are some distance away if something goes wrong.

Is this a secure way to receive payment?

Thanks.

[Integroo]

It is as secure as it comes.

[grumbledoak]

I think all electronic forms of transfer can be reversed. Some of them a surprising amount of time after the fact.

[largespiced]

Its the best way IMO to receive payment

[Integroo]

grumbledoak said:

I think all electronic forms of transfer can be reversed. Some of them a surprising amount of time after the fact.

I'm not so sure. I transferred a five figure sum to a new savings account recently and I had to spend twenty minutes on the phone to fraud prevention at my bank as they made very very clear the transaction was irreversible.

[Mr Pointy]

Ganglandboss said:

They want to pay by instant bank transfer on collection. I know from experience of transferring money to my mates that the cash shows instantly in the account, but I know certain types of transaction can show up on the account, but can be reversed. I am reasonably comfortable they are legit, but they are some distance away if something goes wrong.

Is this a secure way to receive payment?

Yes but be aware that it's not unusual for transfers to be held fo security checks once you get over a few thosand & it can take a few days to go through. If that happens tell the buyer to come back when you have the money.

[UpTheIron]

Mr Pointy said:

Yes but be aware that it's not unusual for transfers to be held fo security checks once you get over a few thosand & it can take a few days to go through. If that happens tell the buyer to come back when you have the money.

Despite forewarning my bank they held my transfer when I was sitting at the dealer. 20 mins later on the phone to them it was released and appeared in the dealers account.

[227bhp]

Do it. Just don't let the car go until you've seen it in your bank account, it's irreversible so once it's there that's it.

[Ganglandboss]

Mr Pointy said:

Yes but be aware that it's not unusual for transfers to be held fo security checks once you get over a few thosand & it can take a few days to go through. If that happens tell the buyer to come back when you have the money.

There's not much chance of that; it's a sh*tty little Toyota Yaris!

Thanks for the responses everyone!

[Trevor555]

grumbledoak said:

I think all electronic forms of transfer can be reversed. Some of them a surprising amount of time after the fact.

Correct, but only by the bank in cases of fraud.