Selling Car Query - Payment Options for Easter Weekend

Smiley82 on 20/04/2019 - 12:07

Quick question - hopefully!

We are selling our car online (car sales) and have a buyer who wants to collect over Easter weekend. He says he can’t get hold of cash or a bank cheque due to banks being closed. Warning bells!!

Car is low value - $5k.

He wants to pay a deposit of $1,000 and the rest by bank transfer, which will clear on Tuesday. I said no way. Cash or bank cheque only.

He’s mentioned PayID. I’m wondering whether this is an option but have read scams about this too. We have never used it before, not sure about him. Our bank does have it though.

I think it’s best to walk away and wait for another buyer, but just wanting to make sure I haven’t over looked any secure payment option.

Thanks!

Automotive

Comments

  • pao2x on 20/04/2019 - 12:25

    PayID is OSKO payment or New payment platform… instant bank transfers. Generally safe as you can see the transfer in a few seconds into your bank account

    • John Kimble on 20/04/2019 - 12:44
      +9

      But some institutions might not let the first transfer to a new payee above a certain amount to go through instantly (depending on their fraud rules).

      • Smiley82 on 20/04/2019 - 14:58

        Yes this was my concern. We’d set it up ages ago but it’s never been used and I read the first time you use it they can do a 24 hour hold, so we still wouldn’t be able to see the money.

        • Okayy on 21/04/2019 - 18:17

          Get 1k cash and rest 4k in each transfer. It works for me when I go got above 1k transfers.

        • Zonty on 22/04/2019 - 00:48
          +1

          First thing when you sell car u need fill up transfer form. You make sure you got his driving licence and selling value is match what you sell for ( do not put less value) reason for it all bank hold money for 1 or 2 days . If buyer dispute transaction you should have enough evidence it was correct. Only massed up when buyer try to give few $ more for putting under value and he get chance dispute transaction.also put time when fill up form because want make sure when he drive away after that time if any fine comes up will be buyer responsibllity.

    • wizzlesticks on 22/04/2019 - 17:47

      Don't risk PayID. I was actually the sender of funds using this method. Both sending and receiving bank said they accept it. Sent through, everything looked fine, and even confirmed the receive's name once I had entered their mobile. Said funds had transferred, but the next day the funds mysteriously reversed. My bank could not even provide an explanation for it. Ended up paying by PayPal.

      Edit: At other times I have used PayID and it worked fine. Never got an explanation for why it didn't work on that occasion.

  • ego22 on 20/04/2019 - 12:44

    how is he paying the $1000 deposit?
    payid is just a faster bank transfer

    • Smiley82 on 20/04/2019 - 14:58

      He was going to bring cash. $1000 is his max daily limit at the ATM.

      • ego22 on 20/04/2019 - 15:13
        +4

        its not the daily limit. u can increase the daily limit on all the bank aps in seconds.

        • resubaehtgnolhcs on 20/04/2019 - 17:09
          -6

          It's an ATM limit - not bank transfer limit!

          • ego22 on 20/04/2019 - 18:23
            -2

            @resubaehtgnolhcs: u can raise or lower your daily atm limit on the aps.

            • pegaxs on 20/04/2019 - 18:39

              @ego22: Went looking for it on my banking apps and can’t find ATM limits. Only adjust the bank transfer limits.

              • ego22 on 20/04/2019 - 18:44
                -3

                @pegaxs: it should definitely be there.
                my gf can change it on her westpac and i can change it on my comm bank ap

              • [Deactivated] on 20/04/2019 - 21:49

                @pegaxs: Try on a computer not the app

              • DarwinBoy on 21/04/2019 - 21:16

                @pegaxs: Look under the cards and it should be an option there as the limit applies to your card, not your account.

            • resubaehtgnolhcs on 20/04/2019 - 19:31

              @ego22: It's not there on any of my banking apps (2 different banks). My understanding was that the banks set these limits themselves.

              Ps. I didn't neg you

            • Zonty on 22/04/2019 - 00:51
              -1

              @ego22: Nope not sure about that because ATM has limit too. No one refilling $$$ when you. Withdraw big money.

      • JIMB0 on 21/04/2019 - 08:59
        +2

        You can take out $2000 a day via EFTPOS.

  • horice on 20/04/2019 - 13:05
    +1

    Just a thought
    Have you a Auspost agency (newsagent and the like) nearby
    Could withdraw from his account then deposit to yours

    • Ocker on 20/04/2019 - 13:13

      I think AusPost agencies are closed until Tuesday

      • horice on 20/04/2019 - 13:17
        +3

        I mean LPO's like some newsagents and such
        Bank@Post system should work
        It is a straight withdrawal and deposit -The LPO wouldnt even need to make the cash

        • dcep on 20/04/2019 - 13:23
          +1

          got limit … like NAB 2k/day

          anz pulled out

    • Smiley82 on 20/04/2019 - 14:58

      Not that I’m aware of, but a good thought!

  • dcep on 20/04/2019 - 13:13
    +4

    your bank has to have payid and you have to setup your payid 1st for him to payid you

    it's same as bank transfer but instant (not sure about 1st transfer mentioned above)

    but if you see the money in your account (not screenshot BS) , then you can move the money out before letting him drive the car away

  • smartazz104 on 20/04/2019 - 13:57
    +8

    Simple, once his bank deposit clears and you have the money, he can collect the car.

    • Smiley82 on 20/04/2019 - 14:57
      +2

      Yep, that was our reply. Cleared deposit or cash/bank cheque only. Too many risks.

  • [Deactivated] on 20/04/2019 - 16:07

    You can easily withdraw 5k cash at the Big 4 banks, just wait for Monday. It's open on Monday.

    • kerfuffle on 20/04/2019 - 16:19
      +1

      It's Easter Monday aka public holiday?

      • dcep on 20/04/2019 - 16:49

        Must be thinking Easter Friday

        • josetann on 20/04/2019 - 19:02
          +3

          Must be thinking Good Friday.

    • John Kimble on 20/04/2019 - 16:45
      -1

      Not really keepingup

    • Smiley82 on 20/04/2019 - 17:28
      +1

      Nope, banks are not open until Tuesday.

      • 2023 on 21/04/2019 - 21:50

        Are banks even open tuesday following easter monday, or is that banking holiday a thing of the past?

    • WreckTangle on 20/04/2019 - 18:40
      +1

      Public holiday on Monday. It better be cos i’m taking the day off.

  • resubaehtgnolhcs on 20/04/2019 - 17:11
    +2

    If he really wants the car, there's no problem with waiting until he has the money …

    • Smiley82 on 20/04/2019 - 17:33
      +8

      Yep, think it’s all just a bit of circumstance. He’s probably genuine but unfortunately it’s not worth the risk.

      We said no, unfortunately we need cash or cleared payment before he can take the car.

      • xuqi on 20/04/2019 - 17:49

        Your stance makes perfect sense.

      • josetann on 20/04/2019 - 19:05
        +1

        That's what I'd do. Let him know that if it cleared immediately he's welcome to pickup immediately. But you can't guarantee that, and thus strongly recommend that he wait until Tuesday when he can go to the bank in person.

        And do have him check about raising his limit on his ATM card. He'd need a bit under $2k per day ($2k today, $2k tomorrow, rest Monday).

  • Prince K on 20/04/2019 - 20:40

    Recent Personal experience with pay id
    Had a fellow ozbargainer pay id $1 to me and it went through instantly. However when he pay id $600 that took over 24hrs to reach my account. He called his bank and was told this is the case for payment over 500. He did another transfer this morning at 9am and it still hasn’t reached my bank as of now. So seriously don’t trust pay id or osko. 1st or 2nd payment still aren’t instant.

  • brokenglish on 20/04/2019 - 20:43

    It looks like you already know the answer. My only advice is, DO NOT GET TEMPTED!

    • Smiley82 on 20/04/2019 - 21:17
      +9

      Nope. I told the other half I’d rather sell the car to someone else for $500 less and actually see the money, than risk getting ripped off and getting nothing. No temptation whatsoever!

  • p1 ama on 20/04/2019 - 22:58

    He wants to pay a deposit of $1,000 and the rest by bank transfer, which will clear on Tuesday. I said no way. Cash or bank cheque only.

    Then the guy can collect it on Tuesday. If he refuses for whatever reason, it's probably dodgy.

  • GangGang on 21/04/2019 - 07:23
    +2

    Tell him to pay the deposit and come back on Tuesday for the remaining payment in cash. You will hold the car and have a buyer, he will secure the car and not have someone else purchase it this weekend.

  • Euphemistic on 21/04/2019 - 08:52
    +1

    $5k? Cash only for me.

  • brendanm on 21/04/2019 - 17:30
    +2

    $1000 deposit, rest in cash on pickup on Tuesday.

  • Herbse on 21/04/2019 - 18:41

    Why would anyone anything before having the money in hand?

  • berger on 21/04/2019 - 20:04
    +1

    Does Carsales offer a safe payment? PayProtect? It’s listed on all car adverts. Secure funds holding process

  • lachhelix on 21/04/2019 - 21:14

    Nah, just wait it out.
    There are also payid/osko transfer limits depending on the bank - for ING for example it's 1k per day so anything more than that and it's a normal bank transfer/standard wait times

  • superuser on 22/04/2019 - 10:56

    Cash only, double check with uv light.

  • pcw59 on 22/04/2019 - 11:31
    +1

    Red flag as soon as getting the money involves some story. See the full amount of money in cash or instant bank transfer before you hand over the car.

  • KangarooOz on 22/04/2019 - 12:56

    Most PayID (instant transfer) has a daily limit of $1000-$2000

  • Smiley82 on 03/05/2019 - 21:26
    +4

    Final Update. We obviously said no cleared funds, no car, we were actually leaving for Easter holidays on Sunday so it wasn’t going to work out waiting until Tuesday anyway, all good - we thought we’d just sell when we got back to someone else. Buyer said no worries and off he went.

    Got a message from a cash buyer on Saturday afternoon who collected and paid cash at 7:30am Sunday morning and we left for holidays at 8:30. Couldn’t have worked out better. Took some extra cash on holidays with us 😊

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