Quote:
Originally posted by Shuie
A bank wire is as safe as can be. As soon as the money hits your account it cant be taken back.
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Almost true. Most banks will reverse a wire no-questions-asked upon request by the wire initiator within 24 hours after issuance. For this reason, I wait 24 hours after the funds post to my account, before sending bill of sale and title overnight.
You should also look at the wire remittance advice when the funds post, to ensure that the initiator name matches the buyer's name (which you have surely validated) in some way. If the buyer has seized control of someone's bank account and is using it to make fraudulent purchases, you don't want any part of that.
Last sale-by-wire that I did was international - it went smoothly but I spent about 3 hours on the phone with my bank covering all the fraud-prevention bases. Something else I did was open up a brand-new checking account in which to receive the funds. The bank set it up so that the new account was not associated/linked with any of my other accounts. As soon as the wire posted, I withdrew the money in cash, waited 24 hours, DHL'ed the sale documents, and closed the new account.