Joz Posted 8November, 2023 Report Share Posted 8November, 2023 Ok, my son is selling his car not a Porsche. Selling it privately. But my question is what is tha safest way to transact a payment ? Cash is king but electronically what is the safest and fastest method. Pretty much he doesn’t want to be scammed and give away his car without payment secure in his bank account. We don’t do this often enough these days or even to confident enough to try without making a mistake. So I’m here for your vast knowledge and advice. Oh the cars about $12k so not cattle stations but to a 19 year old student it’s his life savings. Thanks in advance 😊 Quote Link to comment Share on other sites More sharing options...
WB997.2GTS Posted 8November, 2023 Report Share Posted 8November, 2023 Being its only 12k then they give him cash, or have it transferred into his bank account. Once the money is in the account they get the car. Joz and Harsh 1 1 Quote Link to comment Share on other sites More sharing options...
MFX Posted 8November, 2023 Report Share Posted 8November, 2023 I agree. Straight transfer. When the money is there, they get the car. Joz and Harsh 1 1 Quote Link to comment Share on other sites More sharing options...
Peter John Posted 8November, 2023 Report Share Posted 8November, 2023 -Cash in hand -Cleared funds into your account -Bank Cheque as good as cash but for your piece of mind that it’s not fake meet at a bank and have teller deposit it for you when you’re both there together. sjm and Joz 1 1 Quote Link to comment Share on other sites More sharing options...
TwoHeadsTas Posted 8November, 2023 Report Share Posted 8November, 2023 7 minutes ago, Peter John said: -Cash in hand -Cleared funds into your account -Bank Cheque as good as cash but for your piece of mind that it’s not fake meet at a bank and have teller deposit it for you when you’re both there together. My understanding is that a bank cheque can still be cancelled, which is why the banks won't immediately treat it as cleared funds. Struck this the other day when we sold our caravan and was paid by bank cheque.... Oszko direct payment is best way if the buyer's bank allows a transfer of the full amount. I know of several non-major banks who have a limit of $5k. Cash wins of course !!!! Joz 1 Quote Link to comment Share on other sites More sharing options...
911rox Posted 8November, 2023 Report Share Posted 8November, 2023 1 hour ago, TwoHeadsTas said: My understanding is that a bank cheque can still be cancelled, which is why the banks won't immediately treat it as cleared funds. Struck this the other day when we sold our caravan and was paid by bank cheque.... Oszko direct payment is best way if the buyer's bank allows a transfer of the full amount. I know of several non-major banks who have a limit of $5k. Cash wins of course !!!! Correct... apparently dealers pay extra to clear customer bank cheques immediately. Typically bank cheques take 3 days to clear. Definitely cash or direct transfer with agreement that the car will be handed over once funds clear. Quote Link to comment Share on other sites More sharing options...
Yeatesy Posted 8November, 2023 Report Share Posted 8November, 2023 Cash can be counterfeit and bank cheques can be canceled so Electronic Funds Transfer is the safest option. i work for a Toyota dealership and it’s our preferred payment method and I also sell cars privately for friends and the buyers are always happy to pay by EFT. Joz 1 Quote Link to comment Share on other sites More sharing options...
LeeM Posted 8November, 2023 Report Share Posted 8November, 2023 EFT in person so they can show you the transfer, and get their drivers license details, take a photo of it and them and any vehicles they use. You can't be too careful these days Joz, 3legs and Yeatesy 3 Quote Link to comment Share on other sites More sharing options...
3legs Posted 8November, 2023 Report Share Posted 8November, 2023 I'm going through the exact same thing at the moment. Sold my 928 and the buyer is flying in on Saturday to pick it up. He has deposited $1k into my bank ( as a deposit and not one of the major 4 banks ) which came through straight away and he wants to pay the rest over 3 days ( Wed, today and tomorrow ) however since the bullshit outages we had yesterday the deposit he did yesterday ( over $10k ) still doesn't show on my account. He provided a receipt from his bank showing the money has been transferred. As I write this still nothing so I will be contacting him soon and telling him if the full amount isn't showing by tomorrow morning then don't bother getting on the plane to pick it up Saturday. No money, no keys end of story. MFX, Joz and Yeatesy 3 Quote Link to comment Share on other sites More sharing options...
9er Posted 8November, 2023 Report Share Posted 8November, 2023 OSKO the money, on the spot, very convenient and safe. https://www.canstar.com.au/transaction-accounts/osko-payment-platform/ Yeatesy and Joz 2 Quote Link to comment Share on other sites More sharing options...
sleazius Posted 8November, 2023 Report Share Posted 8November, 2023 15 minutes ago, 9er said: OSKO the money, on the spot, very convenient and safe. https://www.canstar.com.au/transaction-accounts/osko-payment-platform/ Another for OSKO. NAB has it built in. I've paid for cars into the hundreds of thousands sitting in some dudes kitchen (that I'm buying the car from) on a laptop. The seller sees it hit their account immediately. The only downside is on the rare occasion that the sellers account can't accept an OSKO payment. Yeatesy 1 Quote Link to comment Share on other sites More sharing options...
Joz Posted 8November, 2023 Author Report Share Posted 8November, 2023 Yes on one occasion I had to wait 3 days for Osko to appear in our account. 3legs 1 Quote Link to comment Share on other sites More sharing options...
Peter John Posted 8November, 2023 Report Share Posted 8November, 2023 Sounds like we can’t trust cash bank cheque osko. Well we can some of the time not all of the time! Quote Link to comment Share on other sites More sharing options...
tomo Posted 9November, 2023 Report Share Posted 9November, 2023 Always get the transaction reciept from the transaction page emailed to you. Quote Link to comment Share on other sites More sharing options...
Harsh Posted 9November, 2023 Report Share Posted 9November, 2023 2 hours ago, Peter John said: Sounds like we can’t trust cash bank cheque osko. Well we can some of the time not all of the time! bitcoin? micknine01 and Yeatesy 2 Quote Link to comment Share on other sites More sharing options...
MFX Posted 9November, 2023 Report Share Posted 9November, 2023 I also did one when I bought a Cayman 7 years ago. I transferred the deposit and flew from Sydney to the Gold Coast to pick it up. I went into my bank with the buyer and transferred the funds over the counter with him standing next to me to confirm. 3legs 1 Quote Link to comment Share on other sites More sharing options...
TwoHeadsTas Posted 9November, 2023 Report Share Posted 9November, 2023 1 hour ago, MFX said: I also did one when I bought a Cayman 7 years ago. I transferred the deposit and flew from Sydney to the Gold Coast to pick it up. I went into my bank with the buyer and transferred the funds over the counter with him standing next to me to confirm. That's pretty much what I did when I bought my C2 Quote Link to comment Share on other sites More sharing options...
sleazius Posted 9November, 2023 Report Share Posted 9November, 2023 OSKO anecdote: When the payroll person was sick, we'd OSKO pays to everyone (80 or so people) there were 3 people for whom it never worked. Probably another 5 who had it delayed (anywhere from minutes to hours). Generally speaking the delays were with people who were in credit unions. The people whos accounts could never receive it were just random big 4 banks, but always the same person. Quote Link to comment Share on other sites More sharing options...
TwoHeadsTas Posted 9November, 2023 Report Share Posted 9November, 2023 Bank of Us, a local Tassie Bank has a limit of $5k for Oszko payments, not a lot of use, you have to setup multiple payments....... Quote Link to comment Share on other sites More sharing options...
tomo Posted 9November, 2023 Report Share Posted 9November, 2023 3 hours ago, TwoHeadsTas said: Bank of Us, a local Tassie Bank has a limit of $5k for Oszko payments, not a lot of use, you have to setup multiple payments....... Tied up with the Government mate I would get out of there. 😀 Bank of us is the accredited lending services provider for MyHome. MyHome is a Tasmanian Government initiative aimed at assisting eligible home buyers to build or purchase a home to live in. Quote Link to comment Share on other sites More sharing options...
sjm Posted 9November, 2023 Report Share Posted 9November, 2023 Bendigo Bank’s osko can transfer up to $30k. At least it was 4 years ago when i checked. Quote Link to comment Share on other sites More sharing options...
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