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-   -   Selling the RV and Wire Transfer (https://www.irv2.com/forums/f84/selling-the-rv-and-wire-transfer-529612.html)

Stiltner 03-22-2021 09:18 AM

Selling the RV and Wire Transfer
 
Hello Everyone,

So I'm selling my rig so that I can upgrade.

The buyer is sending a wire transfer from his bank to mine.

At what point should I feel comfortable giving the buyer the keys?

Bank states that it takes 1-3 days to post payment to the account.

I done this with real estate, but have never been on the receiving end of the transaction.

R.Wold 03-22-2021 09:30 AM

I bought a car this way and the seller received confirmation that the funds were in his account and available within about 20 minutes of when I got confirmation that the wire transfer had been sent. I’d just go by what my bank says - as soon as they say the funds are good, I’d be comfortable releasing the title.

bobmar 03-22-2021 09:34 AM

Not til you see it in your account and your bank says itís ok to spend it!

Scooter 03-22-2021 09:35 AM

I would be cautious. A wire transfer, I think....can be cancelled. Why not wait a couple of days and see if your $$ is in your account...and cannot be cancelled.

wolfe10 03-22-2021 09:36 AM

Ask your banker that question-- better source than us!

arcaguy 03-22-2021 09:37 AM

I would be perfectly comfortable handing the keys over as soon as you get confirmation of the wire transfer. Why it takes 2-3 days is beyond my comprehension, wire transfers should be immediate credit. That said if it's a big bank then it might take longer, I've only worked in relatively small banks.

Stiltner 03-22-2021 10:16 AM

Thanks for insight. You qualified what I was thinking.

MSHappyCampers 03-22-2021 11:07 AM

I would not turn over the keys and title until my banker tells me the money is in my account! JMHO :thumb::D

chuckbear 03-22-2021 11:20 AM

A caution on wire transfers. Give your bank information to the buyers BANK only and not to the buyer. Also confirm that the info you are giving is indeed to the bank. Turn over the keys once you have confirmation from your bank that the funds are available to you. I was a yacht broker for many years and did a lot of sales using wire transfers. Chuck

R.Wold 03-22-2021 11:30 AM

.....in the account AND available for withdrawal.

Solo_RV_Guy 03-22-2021 01:02 PM

Quote:

Originally Posted by Stiltner (Post 5682722)
Hello Everyone,

So I'm selling my rig so that I can upgrade.

The buyer is sending a wire transfer from his bank to mine.

At what point should I feel comfortable giving the buyer the keys?

Bank states that it takes 1-3 days to post payment to the account.

I done this with real estate, but have never been on the receiving end of the transaction.

The question is why your bank takes 24-72 hours to post to your account; the transaction, the actual wire transfer, takes very little time once initiated.

You might call up your bank and ask the Head Cashier about their policies and explain your use case. Let us know how this sorts out.

theroc 03-22-2021 01:27 PM

I have used wire transfers on many occasions. Every domestic wire transfer I've been involved in, either on the sending or receiving end, has been done the same day ...usually within an hour or two. Once the funds hit the receivers bank, the funds are available immediately. There is no "clearing time" that is associated with other types of ACH electronic transfers. Once the funds are in your account, it's essentially a done deal as it signifies that your bank has accepted the funds. At that point, nothing can be cancelled, etc. It's a pretty difficult task to attempt to cancel a domestic wire transfer regardless but once your bank accepts the funds, it's complete.

The reason some banks (both outgoing and incoming) may charge a fee for a wire transfer, is that it really does have additional protocols that help make it more secure and efficient than an ordinary electronic transfer.

The last time I sold an RV on a private party transaction, I handed the title over immediately once seeing the funds in my account. We were all sitting down having coffee waiting for the funds to hit after they got back from their bank (he had the wire transfer receipt in his hand). I was online on my phone and we could all watch to see when the funds hit my account.

We all were prepared to spend several hours together if that's the time it would take. We agreed to do additional "walk arounds," pre-delivery explanations, and they were happy to use that time to ask additional questions, etc. while we waited. However, the transfer took less than an hour ...somewhere between 30 and 45 minutes from what I remember. The one to three days is primarily precautionary to foreign wires.

Once seeing the funds in my account, we finished up the paper work but all of it was essentially already prepared. I helped them load and get things prepared --also answered a few more questions but they were eager to get underway.

Being able to monitor your bank account online in real time is something we didn't have in decades past ...I'm an old fart.

arcaguy 03-22-2021 04:47 PM

Quote:

Originally Posted by chuckbear (Post 5682941)
A caution on wire transfers. Give your bank information to the buyers BANK only and not to the buyer. Also confirm that the info you are giving is indeed to the bank. Turn over the keys once you have confirmation from your bank that the funds are available to you. I was a yacht broker for many years and did a lot of sales using wire transfers. Chuck

Why the secrecy on the bank and account number? Anyone you have ever given a check to has that information. Is there some harm that can be done with that information??

Winemaker2 03-22-2021 05:01 PM

Quote:

Originally Posted by wolfe10 (Post 5682760)
Ask your banker that question-- better source than us!

Absolutely
I talked to my credit union doing a wire transfer and they said it was NOT cancellabled once executed (without federal criminal intervention).
Wire transfer is abso,Utley the safest method for transfer. Some swear by certified checks but they are not guaranteed by anyone!


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