[R7]

How safe is this type of transaction? I've got someone interested in one of my toys from the left coast and wants to wire transfer the funds?
I've never done this before

With a wire transfer we both go down to our banks, and get a banker from each bank in contact with each other (so the account numbers are kept between them). Then they will set up the wire transfer which basically instantly transfers money between two accounts through computers. Its the most effective way to send cash as its instant, no waiting for stuff to clear and it can't be recalled.

[Degsy]

It's cheaper than an escro company, but it is riskier.

I have wired tons of cash to the UK over the years (well,not tons, but several thousand or so).

You go to your bank, ask for a domestic wire transfer form and fill it out with the relevent details (bank routing number and account number) and the money gets transferred instantly.

Be aware, the 'banker' on his end of the phone might not be a real banker. Might just be a guy on the phone ready to get your account number and routing number so he can print up fake checks. He will already have your name and adress from the bill of sale. All it takes is a MICR printer. We have one here at work.

derek

[Jaynnus]

Originally posted by Degsy
It's cheaper than an escro company, but it is riskier.

I have wired tons of cash to the UK over the years (well,not tons, but several thousand or so).

You go to your bank, ask for a domestic wire transfer form and fill it out with the relevent details (bank routing number and account number) and the money gets transferred instantly.

Be aware, the 'banker' on his end of the phone might not be a real banker. Might just be a guy on the phone ready to get your account number and routing number so he can print up fake checks. He will already have your name and adress from the bill of sale. All it takes is a MICR printer. We have one here at work.

derek

Exactly.

And a wire CAN be recalled. I send about 20 domestic and international wires per month.

[R7]

Ok, so how do I KNOW this is a legit deal? It's a $5k transfer and this person seems legit and judging by the pictures he's requesting and looking over, seems very picky with his toys like me

[ultraTwist]

Tell him to either paypal you or send a registered check in the mail, otherwise find another buyer. Be nice.

[theothersean]

You could have him send the money western union and you would go to a western union location to pick it up. That way there , there is no bank account info being transacted.

Or have him send you a money order fed ex overnight.

He would have to pay up front for a money order.

[dave72370]

I was the buyer on a diesel generator last year and I wire transfered 5K to a guy in Florida. Worked great and had no Issues. It is even easier if you are both with the same bank

[R7]

Originally posted by theothersean
Or have him send you a money order fed ex overnight.

He would have to pay up front for a money order.

Money orders are the easiest to scam, as they take the longest to fully transfer

I'm going to check with my bank tomorrow and see just how secure and safe the transaction would be

[Jaynnus]

Go to the bank.

Open a statement savings account and deposit the minimum amount...say 10 bucks.

Use that account number and routing number to give him to send the wire.

When the money has arrived, withdraw the money and close the account before you ship the bike.

This way, you definately have the money and you never gave out your personal account information. The account number they will have will be invalid, and the only risk to yourself is $10.00.

[bbhzx10]

Tell him to bring cash and pick it up.
If he was really picky about his stuff he wouldn't buy a $5K item without seeing it in person.

[Currently]

I usually deal in US Postal Money Orders.

The US Marshall Service and the Postal Inspectors take a very dim view of INTERSTATE MAIL FRAUD and that is a felony.

I cover my butt with tracking numbers and use their Overnight Mail.

Since it is a federal offense, most people are legit or don't touch the deal if it is shady. I actually had a money order returned to me once because they would not cash it. I suspected something was not right and I ended up with hot merchandise and my money back.

The USPS may not be the fastest to resolve an issue but they carry some serious weight when it comes to fraud.

[ducatiboy]

Wire transfer is the way to go. The money is certified by the bank. I wire internationally, and domestically, NEVER had a problem, unless you count the guys saying, Hey, I wired it yesterday, lol Always wait til bank confirms incoming

[hessogood]

Where on the left coast is this guy? I know a lot of riders in the SJ area and a few down in so cal. I might be able to get someone to verify him. Where did you find him?

[R7]

I told the guy to forget the wire transfer. After asking for advise on what to do at my bank today, the safest and easiest way is for him to send me a bank check and let the check run through the banking cycle until it clears. If he goes for it, fine, if not I'll just wait for the next buyer

[ducatiboy]

Better let the check "cycle" for about 10 days. There has been quite a few FAKE bank checks floating around the country. I broker equipment throughout North America. I've seen 2 fake ones so far. You must leave it in the bank for about 10 days, and the funds have to process, if its bad, the bank comes back to YOU to try to collect. Wire transfers are the safest IMHO Good luck