Safely Transferring Money - PeachParts Mercedes-Benz Forum

Adriel · #1 10-10-2016, 09:30 PM

Trying to work out purchasing a Mercedes to replace the one that was taken from us. Last time, Tram's wife and I did a credit union transfer. However, the seller not comfortable with this and understand Paypal takes a hefty chunk.

Is there any no to low cost options for transferring money?

Once complete, is there anything else need to be concerned with? Last time it was friends, so didn't ever think about any risks.

Thank y'all in advance for any help!

JB3 · #2 10-10-2016, 10:39 PM

Paypal a deposit, mail a cashiers check.

ThatOne · #3 10-10-2016, 10:49 PM

Quote:

Originally Posted by Adriel

Trying to work out purchasing a Mercedes to replace the one that was taken from us. Last time, Tram's wife and I did a credit union transfer. However, the seller not comfortable with this and understand Paypal takes a hefty chunk.

Is there any no to low cost options for transferring money?

Once complete, is there anything else need to be concerned with? Last time it was friends, so didn't ever think about any risks.

Thank y'all in advance for any help!

PayPal takes 3% or thereabouts, but it also has a few options for "no fee" transfers under certain conditions and limitations as well.

Adriel · #4 10-10-2016, 11:12 PM

Quote:

Originally Posted by JB3

Paypal a deposit, mail a cashiers check.

I totally forgot about cashiers cheques...

Thank you for reminding me.

Quote:

Originally Posted by ThatOne

PayPal takes 3% or thereabouts, but it also has a few options for "no fee" transfers under certain conditions and limitations as well.

Okay, thank you, will look into that. Do they still have coverage?

t walgamuth · #5 10-10-2016, 11:24 PM

A money wire transfer from your account to his is my preferred way.

ThatOne · #6 10-10-2016, 11:27 PM

Quote:

Originally Posted by Adriel

I totally forgot about cashiers cheques...

Thank you for reminding me.

Okay, thank you, will look into that. Do they still have coverage?

Coverage? Meaning some sort of buyer protection or dispute process? I don't know what might apply to what kind of transfer, I would suggest going to PayPal and checking it out to know the nature and extent of whatever status might apply.

As far as "cashier checks" I can't imagine anybody being foolish enough to accept that as a payment instrument that can't be unequivocally determined to be authentic before allowing someone to drive off with property.

Hell even Craigslist discourages the practice! Unless the vehicle owner can cash the check and receive the cash in hand at a bank of a branch it was drawn upon there is no way to know if it's legit, and if it's not a couple days afterwards any deposit into your bank account will be reversed screwing you or whoever deposits it into their own account.

The Nigerian Princes have all but destroyed the credibility of "cashier checks" that can't be cashed at the financial institution they appear to have been drawn on. The seller your involved with sounds skeptical about the perils of funny moneys.

Adriel · #7 10-10-2016, 11:32 PM

Quote:

Originally Posted by t walgamuth

A money wire transfer from your account to his is my preferred way.

Tom, mine too, but he doesn't want to give out his account number.

I just had an idea: what if he gave the credit union the information?

Adriel · #8 10-10-2016, 11:34 PM

Quote:

Originally Posted by ThatOne

Coverage? Meaning some sort of buyer protection or dispute process? I don't know what might apply to what kind of transfer, I would suggest going to PayPal and checking it out to know the nature and extent of whatever status might apply.

As far as "cashier checks" I can't imagine anybody being foolish enough to accept that as a payment instrument that can't be unequivocally determined to be authentic before allowing someone to drive off with property.

Hell even Craigslist discourages the practice! Unless the vehicle owner can cash the check and receive the cash in hand at a bank of a branch it was drawn upon there is no way to know if it's legit, and if it's not a couple days afterwards any deposit into your bank account will be reversed screwing you or whoever deposits it into their own account.

The Nigerian Princes have all but destroyed the credibility of "cashier checks" that can't be cashed at the financial institution they appear to have been drawn on. The seller your involved with sounds skeptical about the perils of funny moneys.

Thus most likely why I forgot about them: no longer used.

The issue is I am here and they are 1500 miles away. I am slow recovering, so not sure want to do a three to four day road trip...

ThatOne · #9 10-10-2016, 11:48 PM

Quote:

Originally Posted by Adriel

Thus most likely why I forgot about them: no longer used.

The issue is I am here and they are 1500 miles away. I am slow recovering, so not sure want to do a three to four day road trip...

Well the maximum PayPal is 3% so perhaps that's not as unmanagable as it might have first seemed but that of course depends on the amount of the transfer.

Another alternative is Western Union but it wouldn't surprise me if the fee ended up being more than PayPal.

The wire transfer is fine if the seller agrees, if both the seller and buyer are Bank of America customers, they can transfer money between each other's accounts very easily also. So that might be worth considering.

JB3 · #10 10-11-2016, 04:15 AM

Quote:

Originally Posted by ThatOne

Coverage? Meaning some sort of buyer protection or dispute process? I don't know what might apply to what kind of transfer, I would suggest going to PayPal and checking it out to know the nature and extent of whatever status might apply.

As far as "cashier checks" I can't imagine anybody being foolish enough to accept that as a payment instrument that can't be unequivocally determined to be authentic before allowing someone to drive off with property.

Hell even Craigslist discourages the practice! Unless the vehicle owner can cash the check and receive the cash in hand at a bank of a branch it was drawn upon there is no way to know if it's legit, and if it's not a couple days afterwards any deposit into your bank account will be reversed screwing you or whoever deposits it into their own account.

The Nigerian Princes have all but destroyed the credibility of "cashier checks" that can't be cashed at the financial institution they appear to have been drawn on. The seller your involved with sounds skeptical about the perils of funny moneys.

And whats so difficult about not releasing the vehicle until the check clears? This transaction is clearly taking place over distance. If he mails a check it is understood the check will need to clear. Simple.

If one lf his concerns is paypal fees at 3% being too much, a bank check represents the least amount of money spent on fees. Personally i would do 100% paypal if the seller objected to a wire transfer. Or i would paypal a deposit and pay cash in person when i picked up the vehicle. Lots of options.

t walgamuth · #11 10-11-2016, 07:13 AM

Quote:

Originally Posted by Adriel

Tom, mine too, but he doesn't want to give out his account number.

I just had an idea: what if he gave the credit union the information?

When I sold my old Ferrari to England I opened an account just for that. As the money came in I took it out and put it in my other account just to be safe. The guy who bought it sent money from several different countries. He was avoiding taxes somehow. It didn't matter to me as long as I got the right amount.

TX76513 · #12 10-11-2016, 09:50 AM

This is something that is part of the negotiation. If I am purchasing a car out of my area before the deal is made I ask - What the sellers acceptable means on paying are. Get that on the table too.

strelnik · #13 10-11-2016, 12:21 PM

Quote:

Originally Posted by Adriel

Trying to work out purchasing a Mercedes to replace the one that was taken from us. Last time, Tram's wife and I did a credit union transfer. However, the seller not comfortable with this and understand Paypal takes a hefty chunk.

Is there any no to low cost options for transferring money?

Once complete, is there anything else need to be concerned with? Last time it was friends, so didn't ever think about any risks.

Thank y'all in advance for any help!

I have an account with www.xoom.com, which was bought by Paypal but previously the child of a San Francisco bank. $5 to send up to $ 10,000 securely, used it for sending money to France, Germany, Sweden etc.

Adriel · #14 10-11-2016, 12:57 PM

Quote:

Originally Posted by JB3

If one lf his concerns is paypal fees at 3% being too much, a bank check represents the least amount of money spent on fees. Personally i would do 100% paypal if the seller objected to a wire transfer. Or i would paypal a deposit and pay cash in person when i picked up the vehicle. Lots of options.

Interesting to put this back on the seller, since I am the one not doing an in person sale.

I just don't think with my injuries, be safe to do a three day road trip by myself.

Quote:

Originally Posted by t walgamuth

When I sold my old Ferrari to England I opened an account just for that. As the money came in I took it out and put it in my other account just to be safe. The guy who bought it sent money from several different countries. He was avoiding taxes somehow. It didn't matter to me as long as I got the right amount.

Tom, I passed this on to the seller.

Quote:

Originally Posted by TX76513

This is something that is part of the negotiation. If I am purchasing a car out of my area before the deal is made I ask - What the sellers acceptable means on paying are. Get that on the table too.

Totally. If he doesn't want to do it, then there are other options out there.

Quote:

Originally Posted by strelnik

I have an account with www.xoom.com, which was bought by Paypal but previously the child of a San Francisco bank. $5 to send up to $ 10,000 securely, used it for sending money to France, Germany, Sweden etc.

I passed this onto the seller.

He works long hours, so during the week it so far been slower pace. He sent one back late last night saying fine with a credit union transfer, but still let him know the ideas provided on this thread. I want the seller totally comfortable as he will be the one packing the wagon and waiting for transport to arrive.

Thank y'all again for all the help!

ramonajim · #15 10-11-2016, 01:49 PM

The simplest solution is to put the transaction amount, in cash, into a cigar box. Seal it up good and tight, and mail it to me.

I'll take care of everything from there.