Question about wire transfer to bank acct

914/6now911 · 03-17-2005, 07:28 PM

I just sold a 911 on eBay and even though I said I wouldn't sell overseas, a guy from Germany bought it. He says he has a friend who will come with a trailer and haul it away; no hassle for me. He is asking for an acct number to wire funds to. I have never received $$ this way. Can anyone tell me how this works and more importantly, is there any way I can get ripped off? I've seen the posts about the Nigerian dudes and their "check for more than the purchase price" scam. My buyer seems legit. Thanks

bryanthompson · bryanthompson's Garage

I'd call the bank.

john70t · 03-17-2005, 08:15 PM

Keep the buyer up to date and make sure it clears. Also it wouldn't hurt to get the haulers info....

Evans, Marv · 03-17-2005, 08:58 PM

I had a wire transfer done about a year ago for a sizeable amount of money. The company it came from was a reputable U.S. company, so I wasn't apprehensive about it. If I remember correctly, I had to give the account number - otherwise the transfer couldn't be made into the account. You can tell your bank you are expecting the transfer for X amount of money and not expecting any other similar transactions, and ask them to notify you before any transfers are made out of your account.

914/6now911 · 03-17-2005, 09:09 PM

Thanks for the replies. I called my bank's 24hr 800 number. The guy i spoke to said he wouldn't recommend a wire transfer. He said the buyer could deposit funds but could also withdraw funds from my acct. I e-mailed the buyer and told him to Paypal the funds.

RallyJon · 03-17-2005, 09:45 PM

Wire transfer is the safest and most reliable method (other than wads of $100s). I can't believe you'd take PayPal, given their history of reversing a payment on the slightest complaint from the buyer.

You give the buyer your bank's ABA number and account name and number. Having that information in no way gives the buyer any ability to take money from your account. You should call the guy you spoke to's boss and tell him to hire a new guy for you to speak to.

KFC911 · 03-18-2005, 04:22 AM

Quote:

Originally posted by 914/6now911
Thanks for the replies. I called my bank's 24hr 800 number. The guy i spoke to said he wouldn't recommend a wire transfer. He said the buyer could deposit funds but could also withdraw funds from my acct. I e-mailed the buyer and told him to Paypal the funds.

You must have been speaking to their help desk in India...that's bs...

stomachmonkey · 03-18-2005, 06:19 AM

I personally would not give out my routing info to a stranger but wire transfers are one way and safe. I would, open a new account, get the transfer. Pull the cash as soon as it's in. Close account or leave close to zero balance if you want to use the account in the future..

Do not let car go until you have the cash in hand.

Get receipt for car being picked up, include the guys name, address, and driver's license #.

Scott

gaijindabe · 03-18-2005, 06:21 AM

I hate to be negative, but this is sounding like a scam. There are so many scammers out there, and the scams get more and more sophisticated. This German fellow just happens to have a friend here, in SoCal, with a trailer? How convenient.

So the friend is going to come pick it up? Let him wire transfer the money to his friend, and have the friend bring cash. Not a check, not a certified check, but cash. Not travelers checks, but cash. And for good measure, sign over the title at your bank, AFTER the cash is deposited.

KFC911 · 03-18-2005, 06:28 AM

As I posted on the other related thread, there is nothing top-secret about your bank account's routing information...it's printed on every single check you've ever written. A wire transfer into your account is absolutely safe and is the only way to ensure you haven't been scammed...(and NO, they can't withdraw funds). Anything else can be forged...cash, traveler's checks, cashier's checks, etc.

914/6now911 · 03-18-2005, 06:35 AM

I did find it strange that the bank guy (Wells Fargo) said that the other party could then withdraw from my account as well as deposit. That doesn't pass the common sense test. But, as i said, i've never done a wire transfer before so i felt i had to go with what my bank was saying. I would go to a branch today and ask, but last night i sent an e-mail to the buyer saying to pay via Paypal. He did that this morning, but the funds are "pending". He sent an e-mail saying he is transferring funds to Paypal and for me to wait for them to clear. Could be suspicious, but i plan on waiting for the funds to appear, then immediately request a withdrawal. After that happens i would release the car. Only hangup in my mind is that when i request a check from Paypal, it can take a week to get it. I wonder if the funds are unavailable (if the buyer tried to call Paypal claiming fraud) as soon as I request the withdrawal? Thats my only fear in that scenario, is that i request the check, think I'm safe, release the car, then the buyer contacts Paypal to stop the transaction

gaijindabe · 03-18-2005, 06:48 AM

Quote:

Originally posted by KC911
As I posted on the other related thread, there is nothing top-secret about your bank account's routing information...it's printed on every single check you've ever written. A wire transfer into your account is absolutely safe and is the only way to ensure you haven't been scammed...(and NO, they can't withdraw funds). Anything else can be forged...cash, traveler's checks, cashier's checks, etc.

Can you wire into a regular domestic checking account (using the USA routing information) from overseas??

Otherwise, I would not trust paypal. Cash in hand my friend, then deposited in your bank, then sign over the car - the only way to be 100% sure you are not being scammed.

I know the dollar is weak, and some cars are finding their way back to Europe - but a one-off like this via eBay sounds fishy to me..

zachsbug · 03-18-2005, 07:16 AM

I did a wire transfer when I bought my car. My bank & the PO's bank did all the work. The PO never told me his account# or routing #. The banks did all that stuff.

gaijindabe · 03-18-2005, 07:24 AM

Quote:

Originally posted by zachsbug
I did a wire transfer when I bought my car. My bank & the PO's bank did all the work. The PO never told me his account# or routing #. The banks did all that stuff.

I think you bank and the PO's bank were both domestic. The scammers take advantage of getting cars out of the country before problems become apparent.

Domestic and international transfers are like chalk and cheese..

zachsbug · 03-18-2005, 07:30 AM

Yes both banks were in the states. The international thing could a little dicy. This is a prety good subject. I guess what I would do if I were to be in this situation is talk with my banker & get his recommendation, after all it is his job to know this stuff. There is also the difference in exchange rates to condsider I would think.

KFC911 · 03-18-2005, 08:14 AM

Quote:

Originally posted by gaijindabe
I think you bank and the PO's bank were both domestic. The scammers take advantage of getting cars out of the country before problems become apparent.

Domestic and international transfers are like chalk and cheese..

Are you sure about that? There's not much in the banking world that is USA only...how do you think I get my millions in & out of my Swiss accounts & the Caymans

! In any case, I'm sure the bank(s) would handle it with no problem, and imo it's still safer than potentially depositing bogus cash and losing out when the bank discovers it later. Although I'm not a banker, I have worked for two of the largest in the US, and both have a worldwide presence. I still think a wire transfer is the BEST way to protect all parties involved...

JeremyD · JeremyD's Garage

I wired transfered for my car, no issues. If you are nervous open a new account - give them the number, then close the account. Call the bank and tell them you are expecting xx,xxxx.xx on x date. no other wire transactions. Informing them in writing will give another degree of protection. I would do this 1000000 times before I would do paypal!

As far as the out of country transactions - I'm afraid this will be more commonplace as the dollar continues to fall. Remember all the folks that were getting deals on engines in europe a few years ago... well, they are getting their revenge!

gaijindabe · 03-18-2005, 08:54 AM

I have lived overseas and worked in international trade for 15 years..

IMHO - the whole Ebay "international buyer for my 911" thing is one big scam. Sure, bank transfers and letter of credit and all that make the world of international trade go 'round. But think about it, buying a commodity 911 (USA spec) and shipping it half-way around the world to someone who says they are in Germany is not worth the bother. Why not sell to someone within a days drive?

And this works both ways. Why would anyone overseas wire someone they dont know in the USA tens of thousands of $$$, with a promise to release a vehicle a freight forwarder/friend/whomever after the transfer is complete. It simply dones not make sense. Talk about potential for a scam..

The only folks who profit from the strong Euro/ weal dollar are professionals. They have agents here that will pay you cash on the barrel for the right car, then they can ship it home, get the paperwork done and re-sell for a profit. They have the banking, the shipping, the insurance, the customs clearance and all that figured out.

Bottom line, if you share PCA membership, a mechanic, or some kind of tie - sell it by certified check. Otherwise, face to face and with cash.

KFC911 · 03-18-2005, 09:03 AM

Quote:

Originally posted by gaijindabe
... sell it by certified check. Otherwise, face to face and with cash.

I still have to respectfully disagree on this one. If someone gave me a bogus certified check or a big 'ole stack of $100 bills, I personally wouldn't have a clue if any were worthless or not...how would anyone? If you're talking about large sums of money...wire it, or take your chances. To each their own...

gaijindabe · 10:19 AM

If I deposit a big stack of $100 bills, and get a deposit slip, that is pretty much it for me.

Our money is not as fancy as that overseas, but the new printing and striping technologies are pretty good. And I dont think too many scammers are involved in counterfeiting, and will stand there as you make a large deposit.. You really dont want Treasury Dept agents on your as$. Not in this lifetime..

In the USA, wire it whatever.... Anyone I have sold a car to in this country I have known their home address. I really dont worry about being scammed. This thread is about selling to an overseas buyer.

From overseas, I would not trust anyone I did not have an ongoing business relationship with. Too many scams, too many folks willing to part with their property with false pomises.. And once it is on board that ship, you are done! The car is re-sold, the container re-routed at the next stop, and you have no recourse...