accept a wire
Asked by Pattig1234 Feb 13, 2019 at 09:27 AM about the 2011 BMW 3 Series 328i xDrive Sedan AWD
Question type: Car Selling & Trading In
Should I accept a wire transfer?
2 Answers
Only if you are the seller. Has the buyer inspected the vehicle in person or sent a representative to look it over? I'd be wary of buyers who buy vehicles unseen. Are they paying in full? Wire transfers are usually pretty safe, AFAIK they can't be reversed. Ask your bank representative if it is safe or what protections are in place to receive money. Avoid buyers who want to pay a little up front, then pay off the balance with a check. Even certified checks can be faked. Avoid buyers who want to pay over your asking amount, then expect YOU to pay for the shipping by wiring money to a third party. But as long as they are paying your agreed price by wire, I think you are safe.
Talk to your banker about this. Mine told me to open an account just for the transfer and to move the money out as soon as you get it. Close the account afterwards.