Selling a vehicle via EFT

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grim101

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Im selling a vehicle privately and the person is going to pay via EFT from Absa to FNB when he gets here.

How would I know definitely if the money is in my account?
 
I am not sure with ABSA but perhaps there is a reference ID that you could phone their support desk with to check that it was actually processed?
 
As PhireSide said, you can check the reference number, but I wouldn't hand over the car until you see the money in your account.
It could take a few minutes or up to a day to reflect.
 
The only other option would be to have him do the EFT in front of you or on your laptop/computer but not everyone would feel comfortable with doing that unfortunately
 
I'd be very very weary. And make sure the money is true and in your account before releasing the vehicle etc.
 
Same here. Only hand over the car once you can withdraw the money from your account.

Does ABSA have a pay & clear function?
 
He says I can go check in the bank if the money has cleared.

When I see the money in my account and can transfer it to another account, that means its available?
 
Does ABSA have a instant pay option?

Capitec and FNB does.

So if I pay someone with instant Capitec payment (cost R10), the money will reflect in their account at another bank within seconds.
 
Doesn't ABSA have the instant pay where the money clears kind of instantly.
 
Certainly wait until your bank confirms the funds are cleared. Also, if it's a large transaction, try to establish how traceable he is ... make some enquiries about his place of residence and work, etc.

Lastly, don't forget to do all the paperwork. Agmnt of sale (voetstoots). Change of ownership forms, reg cert, etc, etc.
 
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Arthur said:
Certainly wait until your bank confirms the funds are cleared. Also, if it's a large transaction, try to establish how traceable he is ... make some enquiries about his place of residence and work, etc.

Lastly, don't forget to do all the paperwork. Agmnt of sale voetstoots). Change of ownership forms, reg cert, etc, etc.
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Thanks I will do that. And he said he is willing to wait untill the money is showing in my account.
 
ABSA has a facility called "immediate interbank payment" - ask him to select this when he makes the payment
 
grim101 said:
Thanks I will do that. And he said he is willing to wait untill the money is showing in my account.
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Sounds like he's a dinkum bloke. There still are many good people around. He's certainly trusting you by being prepared to part with his money before taking delivery.
 
Last year I was the Buyer, I took the Seller to my Bank (Standard Bank), he was with FNB, I paid extra money (I think R250 or so), teller did transfer right there, indicating the money will be in his account by close of business, he walked out happy, I walked away with the keys. There was no way that I could do a reversal, I think...

Also completed the transfer of ownership docs whilst we were dealership who completed the roadworthy and license disk for me, the same day, had to wait a day for license disk.
 
Arthur said:
Sounds like he's a dinkum bloke. There still are many good people around. He's certainly trusting you by being prepared to part with his money before taking delivery.
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He will come view it tomorrow and then do the eft.

The few bad people makes everyone wary!
 
Hemi300c said:
I'd be very very weary. And make sure the money is true and in your account before releasing the vehicle etc.
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Sorry, but this is one word that people need to get right. Weary is when you tired. Wary, as per below, is when you are cautious and suspicious of something.

grim101 said:
He will come view it tomorrow and then do the eft.

The few bad people makes everyone wary!
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This one thing that makes me wary as well. He wants to come view it, and then do the EFT right there and then and take the car it seems?

Nope. Even EFT's can take a few days between banks to clear. Even if he shows you he is doing an instant payment does not mean he has the funds. You need to make sure you have communication with your bank to confirm the funds are there.
 
Splinter said:
Sorry, but this is one word that people need to get right. Weary is when you tired. Wary, as per below, is when you are cautious and suspicious of something.



This one thing that makes me wary as well. He wants to come view it, and then do the EFT right there and then and take the car it seems?

Nope. Even EFT's can take a few days between banks to clear. Even if he shows you he is doing an instant payment does not mean he has the funds. You need to make sure you have communication with your bank to confirm the funds are there.
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I will be logged into my account to see when it shows and if it is available?
 
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