Why do you suggest that paying for a car by electronic transfer can be risky?
I have just sold my car for £21,500. The purchaser banks at the same bank as I do (HSBC) and has suggested making an electronic transfer, which I was happy to accept until I read your article on receiving payments where you state that such payments can be recalled up to two years afterwards. I contacted HSBC to ask about this and they have never heard of it. The link embedded in your FAQ doesn't explain why such payments can be reversed so long after being made. Cash now seems the best way to go but I'm told that a local branch of HSBC is unlikely to have that amount of money available for the purchaser to withdraw and hand me to pay in. A cheque will take too long to clear. Please can you explain to me why I should avoid accepting an electronic payment?
Asked on 16 June 2010 by jezza b
Answered by
Honest John
That might be okay, but I was merely repeating police advice which is particularly in reference to bank transfers from overseas. More here: www.honestjohn.co.uk/faq/accepting-payments
Tags:
money transfers
selling
Similar questions
My son in law has advertised his Honda Accord in Autotrader and has been offered the full price of £7,000, sight unseen, by a buyer in Guernsey. He has sent a bank draft for this, plus £4,000 shipping...
I’ve sold my classic Citroen DS to someone in Doncaster and the car is in Exeter. How do we safely conclude sending/receiving funds and car?
The dealer buying my car has asked for my bank details so that he can deposit a small amount of money prior to the actual sale. Is this safe? I know you said that sellers should ask for cash, but the dealer...
Elsewhere on 
