Howe Posted 4April, 2017 Report Share Posted 4April, 2017 Is there a better method of payment other than Cash that allows settlement to be executed on the day of sale?Bank cheques, Direct deposit and EFT all need to be cleared before you release the car. Link to comment Share on other sites More sharing options...
D2000 Posted 4April, 2017 Report Share Posted 4April, 2017 If doing on a weekday your bank should be able to do an immediate EFT for a slightly higher than normal fee. Also, I don't see why a bank cheque necessarily needs to be cleared Link to comment Share on other sites More sharing options...
MARTY Posted 4April, 2017 Report Share Posted 4April, 2017 I thought a bank cheque was as good as cash? Link to comment Share on other sites More sharing options...
Stu Posted 4April, 2017 Report Share Posted 4April, 2017 Just sold a car, payment was bank cheque, cleared instantly but don't know if there are variations to that Link to comment Share on other sites More sharing options...
D2000 Posted 4April, 2017 Report Share Posted 4April, 2017 I thought a bank cheque was as good as cash?bank cheque can be cancelled by the customer. But as far as I know (not very far just conversation with St George when they issued a bank cheque in my name on behalf of their customer who was buying a car from me - I literally went to the bank with the guy) there needs to be a reason, eg lost it. Not sure if you rights would then be against the bank in addition to the customer if it was cancelled on false basis Link to comment Share on other sites More sharing options...
MFX Posted 4April, 2017 Report Share Posted 4April, 2017 When I bought my Cayman S, I went into a branch with the seller and transferred the cash right there over the counter, instant transfer. Link to comment Share on other sites More sharing options...
D2000 Posted 4April, 2017 Report Share Posted 4April, 2017 Just sold a car, payment was bank cheque, cleared instantly but don't know if there are variations to thattypically they don't clear instantly Link to comment Share on other sites More sharing options...
Cars And Coffee Byron Bay Posted 4April, 2017 Report Share Posted 4April, 2017 Even bank cheques take 24+ hours to clear. And they can be cancelled. Inter-bank transfers to 24+ hours also. Intra bank transfers should appear immediately.However, later this year instant payments between bank accounts will be possible within Australia (even globally). As soon as you send money from your account, you will get a notification from the recipient that they have received it. New banking systems and customer apps are coming your way.So selling a car in person will become SO easy. Link to comment Share on other sites More sharing options...
symsy Posted 4April, 2017 Report Share Posted 4April, 2017 SWIFT money transfer.. clears normally in an hour Link to comment Share on other sites More sharing options...
firstone Posted 4April, 2017 Report Share Posted 4April, 2017 I used bank cheque to purchase. Went into my bank with the buyer to get it. Went into his bank and watched him present it. He has the money and I can't cancel it as it has been presented. Drive with a smile. Link to comment Share on other sites More sharing options...
James P Posted 4April, 2017 Report Share Posted 4April, 2017 SWIFT money transfer.. clears normally in an hour Correct.. when i sold my GT3 the buyer did a (domestic telegraphic transfer) & funds were cleared in my account instantly Link to comment Share on other sites More sharing options...
Howe Posted 5April, 2017 Author Report Share Posted 5April, 2017 Thanks Guys, it would seem that SWIFT seems to fill the requirement. Link to comment Share on other sites More sharing options...
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