safest method of accepting payment ?

[Boog]

I am in the process of selling a car out of the country. The buyer is using a broker in canada to finish the deal. We are at the point of him sending down payment money. I think I'd like him to bank wire the money to my account. He asked for my information to facilitate the transfer. With all the thiefs and scammers out there I am hesitant to proceed with this. We've all heard the horror stories of taking your name and account number and printing up checks and opening credit accounts and ruining folks.
What is the safest method to go with this?

[mongocanfly]

I've had good luck using paypal..

[Boog]

I've heard of paypal but know nothing about it. My sister has a pp account. Is there any protection against fraud with it?

[mongocanfly]

https://www.paypal.com/us/webapps/mp...y-and-security

[mongocanfly]

I use paypal for all my ebay buying and selling...no complaints..

['63GENIII]

Pretty sure there is some sort of fraud protection on PP although Ive never tried to fraudulently purchase something on PP so I can't say for sure.

In '05, I sold a 21 Window Ragtop Bus to a buyer in the UK. I too was really suspicious as I had received many Nigerian scam emails which most of us have seen in one form or another.

Long story short, I opened another separate account at my bank, used the "new" routing number and pertinent info, received a wired payment, promptly transferred the money to my "primary" account and then closed the "dummy" account. Once the money is wired to you, its yours unlike a cashiers check which can be altered or falsified.

As soon as the transfer was complete, the transport company was given the green light. They picked up the bus and the title at the same time.

[Indian113]

I had my Bank set up a account just for that kind of transfer. I only use it to receive and send money there is never a balance in it very long.

[Boog]

I would have thought a bank to bank wire transfer would be the safest but a banker told my sister today it's way risky since you give your buyer your name and account number which they can use as mentioned above to create checks and open accounts etc.
I see there is some purchase protection with pp but motorized vehicles are not covered.

[LockDoc]

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I too set up a separate account for my PP transactions. I don't know anything about wire transfers but it seems like if you did it like 63GENIII said it would be pretty safe. If you immediately closed the second account after transferring the money over to your primary account, what could they do with the info? I guess I would go talk to the bank and ask those questions.

LockDoc

[davischevy]

Originally Posted by Boog

I would have thought a bank to bank wire transfer would be the safest but a banker told my sister today it's way risky since you give your buyer your name and account number which they can use as mentioned above to create checks and open accounts etc.
I see there is some purchase protection with pp but motorized vehicles are not covered.

That's the reason for setting up a new account with little money in it.

We use wire transfer a lot. It should be hard for someone to transfer money out of your account, because you have to submit a signed form authorizing the bank to send money.

WE bought a dozer a few years ago in Channelview, TX. The guy we were dealing with was in south Florida and talked with a heavy accent. The whole deal seemed to good to be true, but we had all the proper paper work, picked up the dozer and all seemed good to go.

A couple weeks later the bank called and wanted to know if we had faxed a form authorizing the transfer of a good some of money to Russia.

Somebody had faxed a form from a number in Florida with our CEO's signature on it. They had copied the signature on the contract we sent the seller for the dozer and created a form authorizing the transfer to Russia.

[mongocanfly]

openeing and immediately closing a account sounds like a great idea..
unless your in a hurry couldn't a money order work also?..I've received payments with those before..

[Boog]

Larry that's what I am talking about. Once they have sent the wire money to the account name and number given you can quickly close that account but they still have your name and info to use to create checks and stuff. Buy things all over using your ID. With the account closed of course there will be checks bouncing all over with your name on them.
Eldon had a similar experience as you where someone had created checks with his account routing numbers. They were made up like payroll checks and were cashed at 5 or 6 different places in Tx and Ok. Most likely cashed using fake IDs too.

[Boog]

What is the $ limit on money orders? Once upon a time a bank cashiers check was good anywhere but now days technology has made it easier to create a fake one. That's why I thought a bank to bank transfer was the best bet but maybe not.

[davischevy]

Checks fake or not, don't clear until the money is withdrawn from the account it is written on. If there is no money in the account, no problem.

As far as someone getting your routing number, that is the risk you take anytime you write a check.

I have come to distrust cashiers checks because they are so easily faked.

When I bought the K10 in California a while back I paid with a cashiers check. I told the guy what bank to call and the branch address. I encouraged the guy to look up the phone number on the net and who to ask for to check the authenticity of the cashiers check.

He asked me later why I did that. I did it because I could have given him any phony number and have somebody say "sure the check is good". By going to the banks website and getting the number himself, he was sure he had a real bank.

[davischevy]

Originally Posted by Boog

Larry that's what I am talking about. Once they have sent the wire money to the account name and number given you can quickly close that account but they still have your name and info to use to create checks and stuff. Buy things all over using your ID. With the account closed of course there will be checks bouncing all over with your name on them.
Eldon had a similar experience as you where someone had created checks with his account routing numbers. They were made up like payroll checks and were cashed at 5 or 6 different places in Tx and Ok. Most likely cashed using fake IDs too.

Did the bank honor those checks? Was it Eldon's loss?

[In The Ten Ring]

Don't forget to actually speak with the bank for their opinion.

[Boog]

That worked out well for you then.
No, Eldon's bank was notified and it was taken care of. Thankfully it was stopped right away. I don't remember if my wife caught those checks or the bank did.

[In The Ten Ring]

I have never sold anything abroad. I prefer personal checks when dealing with out-of-state people but nothing works as good as cash. I always allow a few days for a check to clear the bank before I allow renters into my property. If a check bounced after they rented, I'd prosecute to the fullest extent of the law.

[Boog]

There are risks with good ole cash too. Counterfeiting.

[In The Ten Ring]

In my business, it's hard to find anyone not above board. It is a niche market though with a narrow operating window during the year. It's the spring, summer, and fall people that get shady.

[In The Ten Ring]

Have you seen my enforcers? This is just one of many.

[Coley]

I've made a couple of major U.S vehicle purchases from Canada.
Given the suspicion levels that surround the distance when buying from 'afar', I've always got a bank (certified) money order and express couriered it to the seller.
It was just a few bucks but they always seemed to be more comfortable with it. We had to wait a few days while the bank got comfortable with it...which was no real skin off my nose.
Perhaps bring that method up with him....if he has the funds its easy to do. It will simply be deposited by you at your bank....they just hold it for a couple of days to clear.
He can send it guaranteed next day courier (Fed-ex, etc)....good investment in my books.

Good luck tho' either way.
Coley

[61_FL_Apache]

I would work thru your bank. They will know the best and safest way to transfer.

I also have had no issues with paypal.

[4x4k30]

I have used paypal with never a problem on over 600 transactions with paypal the money is there for sure they may charge 3/4percent but worth any penny .now that I said something good about it I am sure that I am fixing to have trouble.. oh yea if you ever hear word regards in a email its fake who the hell says that in America