Selling $30K Worth of Equipment through Bank Transfer?

clearview on 07/01/2021 - 12:03
Last edited 20/01/2021 - 11:45

Happy new year all,

I am selling a constructing equipment worth $30K on behalf of someone and the buyer is located interstate.

Buyer requested an invoice and transferring the money to Bank account.

Registration will be transferred to Buyer when I receive the money and they are hiring a truck to transfer the machine.

Therefore, I would like to know any potential risks?

Any thoughts will be highly appreciated?

Edit: we have received the money and the buyer organized a transportation.

Thanks everyone for the response.

Internet

Comments

  • neo on 07/01/2021 - 12:03
    +5

    Doesn't sound suspicious at all…

    • Muzeeb on 07/01/2021 - 13:20
      +2

      It's construction equipment not a macbook. How else do you propose they do it?

      • Quantumcat on 08/01/2021 - 10:20

        They could travel to OP and give him a bank cheque

  • AndyC1 on 07/01/2021 - 12:13

    You have been a member for a while, so you should have seen the scams come up and what to do about them.

    • Settero on 07/01/2021 - 12:17

      its 30k worth of construction equipment , how else would you expect this transaction to take place ?

      and i expect the equipment to be heavy for 30k hence the truck.

      i think in this case OP needs to be warned about the common scam but also given advise on how to minimize his risk, no business is going to cough up 30k in cash for equipment.

      • AndyC1 on 07/01/2021 - 12:21

        If OP can post then OP can also read and should have seen previous posts on scams.

        If you know there are common scams then you should advise on this as I have seen allot of different scam posts and they vary.

      • neo on 07/01/2021 - 12:30
        +1

        What's wrong with:
        - Face-to-face transaction
        - Hand over a bank cheque
        - Deposit bank cheque
        - Wait for bank cheque to clear
        - Transfer funds
        - Deliver item

        Many things can go wrong with this type of "buyer is located interstate". Are they a real person? Will they give you a real bank transfer screenshot? Too many unknowns.

        • whitelie on 07/01/2021 - 12:38
          +1

          They're waiting until they receive the money, not going off a screenshot….Funds cleared in the account, release the item to the freight company. Not sure why people think there's so many issues here. How else do you sell items/cars etc worth large amounts of money?

          • RockyRaccoon on 07/01/2021 - 15:05

            @whitelie: That said,

            1. the buyer transfers the 30K, and the OP heads off on all expenses paid trip overseas (upto 30k).

            2. The Buyer trusts our OP that the machinery is working and as described.

            The risk is high also for the buyer, so to me I wonder why they would risk that much.

            If I was the seller I would be cautious and walk away if the buyer changes any of the arrangement as promised.

  • brendanm on 07/01/2021 - 13:47

    Ozbargain thinks buying $30k worth of niche equipment is the same as buying an iPhone on gumtree.

  • Ryanek on 07/01/2021 - 15:21
    +1

    With bank transfers, it is important to wait for the funds to actually appear in your account (and not pending). Do not trust screenshots, emails or sms confirmations. There may be a small risk if the funds transferred is from fraud/stolen money - then that could be an issue.

    For such a large amount, I would be more comfortable with a bank cheque.

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