How to Transfer Money Easily?

[Porsche_monkey]

This must be a common problem, but I don't know how to resolve it.

I am planning to travel long distance, across the 49th parallel to buy a Porsche. I've had a local Pelican member drive the car and he says it is okay. Now I need drive there, confirm that everything is okay, then pay for the car imediately so I can head home with my new purchase.

A certified check is no good, because the sale might not go through. Cash is not practical or safe. I do not expect the seller to accept a personal check from me. I will be out of state (actually out of my home country), so I will not have access to my own bank to certify a check or prepare a money order.

Western Union? Other ideas?

I want to be able to have the funds transfrerred safely within one hour, to our mutual satisfaction.

[spiff]

Best of luck on your purchase. Amex travellers cheques? Or is it possible to put a deposit on your credit card and then cash out an advance at a local bank once you get there (even the buyer's bank to have the cash deposited directly into his account)?

[Super_Dave_D]

I would call my bank and see whats needed. I think its pretty easy but dont know the timing of a wire tansfer, of course both banks need to be open. I perform wire transfers daily but its between large businesses.

I do know you need three things to wire money

Recipients Bank Name
Account Number
ABA number

[imcarthur]

David nailed it. Call your bank. I did a transfer for my car but I walked in & 'ordered' it. I had the necessary info as above & I also had the phone # & bank manager's name. I confirmed the transfer with her within 2 hours, I believe.

Have you fixed a price or is it PPI dependent?

Ian

[1973911s]

You could get a loan with capitalone, use there check to pay for it. Pay it off in a month, and it would all be done.

Michael

[widgeon13]

I paid for mine by transfering funds from my Fidelity acct to the sellers Fidelity acct and it took about 5 minutes and everyone was happy.

You should be able to arrange a wire transfer to his bank, just get his bank routing number beforehand and advise your bank what you will be doing and it should go smoothly, not sure how long it will take but should be possible in hours.

[47silver]

could you use paypal?

[Zef]

I bought my 911 in USA...from Canada.I made a transfer via www.escrow.com .The money is kept in trust and they wait for your OK to send money to the seller. To stay safe...the seller and the buyer can`t get both the money and the car in the same time...

[Porsche_monkey]

Originally posted by imcarthur
David nailed it. Call your bank. I did a transfer for my car but I walked in & 'ordered' it. I had the necessary info as above & I also had the phone # & bank manager's name. I confirmed the transfer with her within 2 hours, I believe.

Have you fixed a price or is it PPI dependent?

Ian

We have agreed on the price. My friend, who drove the car, gave it a pretty thorough going over, so I know what I'm getting. I'm not interested in haggling for two hours to save a few hundred bucks. The car is fairly priced. I will pay the agreed on price provided he has all the paperwork I need to get back into Canada.

I'm reluctant to use a bank because I expect to arrive Saturday morning. I might be able to wire transfer the funds via the internet from his office.

[Kevin Stewart]

I would still get a PPI i got burnt the same way, Kevin

[Porsche_monkey]

Originally posted by 47silver
could you use paypal?

Paypal goes onto my credit card, I'd be over my limit. I'm married.

[dad911]

You should be able to return a bank/certified check if you don't use it. Check with your bank.

[c911s]

Go to your bank and get a US $ draft payable to the owner for the purchase price.
The funds leave your account on purchase of the bank draft.
If car is as assumed, give to owner upon transfer of ownership papers, bill of sale etc.
If not, you have the draft which you can redeposit to your account if you so desire.

[c911s]

You should check with CDN customs of requirements for entry into Canada.
There are procedures to be followed. Normally it takes 3 days to clear a car for entry, checking for liens, etc to bring a car into Canada; paper work required prior to the 3 day limit.

[Blackie911]

Payment is only one issue. If you plan to import from USA into Canada there are many hoops to jump through before the fact- you can't just show up at the border with a car to import. Do a Google search to ascertain the many ducks to line up...

[Nutmeg911]

I just sold a car two weeks ago, no not my 911, and the buyer did a wire transfer from his bank to mine and it was in my account within minutes and this was in the afternoon. The thing that I did to confirm the transfer was that I asked the buyer for the Federal Reference number on the transfer because the money goes from your bank to the Federal reserve to his/her bank, so if it takes a while he/she can confirm the transfer with the Federal Reference number buy calling his/her bank and talk to the wire transfer service customer assistance and give them the Federal Reference number and they can confirm the transaction before it posts in the account. Might save some headache and waiting around.

[Nutmeg911]

OMG I just read my own post I made the person your buying the car from look like a hermaphrodite. Its late I'll be more careful in the future.

[rnln]

international money order, Money wire as someone stated above, Paypal... many way but there will be no "perfect" way.

[Porsche]

Bank check?

[Wayne 962]

Cash is king...

-Wayne