If the buyer finds this unacceptable, walk away from the sale. Good luck. Once at the bank, tell the person who greets you what your intention is, namely that you are selling a vehicle, that you both have an account at the bank, and that you would like to transfer funds from the sellers account to the buyer's account. I pointed out that a direct transfer was greater than my internet banking would allow and that even if I did it over the counter, why would I transfer all the money to them before I had the car (trust goes both ways). And just got an email from a guy wanting to buy it & asking about my best price, I told him thats my best price & he agreed. Lesson: If a buyer offers a certified cheque, go to the bank with the buyer and explain that you need to confirm the cheque is legitimate, or ensure the bank makes the full transfer of funds. But in addition to the extra time and effort involved in advertising and showing your car for sale, you risk getting stiffed by a buyer who pays you with a hot check. Phishing emails from so-called car buying and selling websites requesting login and payment details for your card. I put the vehicle for sale on eBay and I'm not sure the safest way to accept payment. The balance is a significant amount of money and the trader has asked for this via bank transfer. Bank Transfers are common for European sales. Text messages expressing an interest in your car only for you to be charged at a premium rate if you respond by phone or text. Instead, they will insist on an electronic transaction via debit/credit card or bank transfer (well, after they have done their best to sell you their car finance offering). They will then transfer the funds from your account to theirs. I do nearly all transactions in cash. a) Form 29, Form 30 - Sale-Purchase Forms For RC Transfer in name of Buyer b) Form 27, Form 28 - NOC for Inter State Transfer (If applicable for selling car in other state) c) Form 35 - For Removal of Bank HP (to be submitted along with NOC, Original Smart Card & other vehicle documents) d) Form 32 - If Car Purchased in Auction (Applicable only if vehicle is purchased in Auction) Might be worth calling your bank so they can put a note about the transaction when it pops up as unusual - esp. Employees of Security Bank applying for their car plan benefit will be considered under Cash Sales.For LOG/Auto Loan, you must submit the LOG within 10 banking days. Transfer the Title. The transfer of car ownership will be done easily if the seller can provide the authentication code sent to his mobile phone registered with the Absher. A used car transaction is an exciting time for both buyer and seller. Last car I paid £10K with chip+PIN no issue at all. Someone posing as a car exporter, who asks you to transfer ‘shipping fees’ to overseas ‘buyers’. If your car has a security interest registered against it, such as a hire purchase, loan or lease agreement (check at PPSR search), you should have a strategy in place for removing it at the time of the sale.This may involve getting the payout figure at the date of sale and having the sale proceeds directed to the financial institution involved as part of the transaction. But remember, if you accept cash from a buyer you’ll end up with hundred or even thousands of dollars in your wallet and you’ll need to get to the bank ASAP. Wire transfer the money from your bank if you want an instant payment. In case you have leased a car from the bank to your name in KSA, you can transfer … Transfer of Car ownership from Bank to Individual. It is to state that I, XYZ of Cityville (s/o or d/o) (insert your father name) ID card holder #7898998776 (insert identity card number), transfer the ownership of my car, ABC, to Mr. GFH (s/o or d/o) (insert buyer’s father name) ID card holder #9898899876 (insert identity card number). To complete a wire transfer, you’ll give a dealer your banking information. How safe is accepting a wire transfer for payment on a car? To open an account, federal regulations require that banks verify your identity (among other things) and … For buyer protection though years old up to and including 12,000 lbs treat them in the Philippines 5.! Money goes from one bank to another, and have been, asking for cash transaction. S ) you use to advertise your car is by far the safest way to paid! Safe way of accepting payment, provided you select the service from a legitimate bank or attorney,! On my old car with a buyer, the title to the buyer chooses to pay by money.... 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