What's best ..bank draft ???!?
 

Selling a truck to a guy from Utah, not sure which is the safest way to do business with this guy.
Need a little advise on how to receive my money.
How this thing should work etc.

Thanks for taking time to read / respond to this thread..Mb

Bank drafts can be forged but you can also verify their legitimacy before releasing the goods. Before you give him the truck, go to your bank and have your bank call his bank and verify the draft is legit BEFORE they deposit it to your account. It works better if you set this up in advance by talking to your bank so you are sure both banks are open and you have verified the other bank's phone number off the web, not the bank draft you receive.

The other option is to have him wire the funds from his bank to yours. Those are guaranteed funds.

Final choice is Cash, but again you need to ensure it isn't counterfeit.

Have you talked to this guy?

Call me paranoid but i don't trust people who buy vehicles sight unseen, granted i don't really have the full story. For me most time its just scammers i get off Kijiji. All i can say is err on the side of caution before you send any goods.

Cash is good when dealing with someone from another country. Or gold bullion.

As said, bank drafts can be faked, and your vehicle will be long gone when your bank charges your account back for the full amount, plus an NSF fee to add salt to the wound.

The only problem with an electronic transfer is you are giving up banking info to a stranger. I never feel comfortable doing that.

I have to admit that this crossed my mind as well. One of the common scams is that the buyer "overpays" with phony funds and you send the difference back in valid funds... They get your vehicle and change.

X2 on wire transfer

Definitely wire transfer, doesn't matter if you give out bank account number, they can do nothing with it. Just like a cheque, bank account info is on every cheque. Bank drafts can and do get faked..... had a friend sell an escalade with bank confirmation that all was clear, 2weeks later no funds. Made the news in Calgary.

How much are we talking about? In most cases I'd say cash. I bought a boat for $25,000. Went to the local bank, got cash, put it in the guy's hand. Tell him to do that. I'm afraid I don't know the intricacies of an American getting Canadian cash. He can't bring a lot (in either currency) over the border without declaring it and all the hassle that goes with that.

Im used to the one where they are unavailable to view it but take your word and will give you full price and get their moving company to come box it up and take it away for you free of charge.
:thinking-006::scared0018:

Our company does a lot of web sales.
One thing that always alerts us to fraud is cross border (even provincial).
I would think that there would be lot of used trucks, at likely great deals in Utah, just because of the much greater population base.
Why is he going to all the trouble of buying from Edmonton.
Unless you know the guy...or your truck is something rare I would be very leery.

Guys

It may be a scam and you do have to be careful but I and others have bought a ton of vehicles from the states and brought them up to Canada when the dollar was at par. We always went down to see them, unless it was from a dealer we had dealt with before and trusted, so one thing to watch for is if the buyer is buying privately, sight unseen that is a BIG red flag.

With the U.S. dollar being 30% more than Canadian it is not hard to believe that someone would be willing to buy one here and take it to the States. $25,000 Canadian is only $17,500 U.S.. There are Americans buying pickups and heavy equipment up here every day, especially at the auctions and taking them south to make the money on the dollar spread.

You could use an escrow service - but will cost a fee. Protects both buyer and seller.

http://pages.ebay.ca/help/pay/escrow.html

how about a letter of credit?

So I recently sold an item to someone in Montana. My RBC branch wouldn't accept a USPS money order ( even though USPS said they would). We had to do a wire transfer. His bank charged him $25 my bank charged me $17. So I lost a bit ( I didn't realize this initially), but it was the only way to go. Not sure if the service charge is related to the total amount being wired, but you can include that in your negotiation.

P

I wire transfer to my suppliers in the States. Relatively easy to set up and guaranteed to be legit.

I am actually sitting outside the bank waiting for my wife to come with a bank draft. We purchased a motorhome today for $17,000. The buyer wanted cash. $100 bills. We called the CIBC in Lloydminster and they told us they could get us $5000. Maybe $7-8000 if it was a "good cash day". I felt uneasy taking $17K with me anyways so this works out.

I had to make an appointment with my bank a week in advance to take out 40.

I have learned to make appointments as well. Its annoying having to drive all over Calgary, Okotoks, and High River, Getting 5k from each bank.

Ya I think that's what we might do in the future. Take out our budget in cash and have it on hand. On a side note, drove the 2 hrs to pick up the motorhome after looking at yesterday. Thank god it poured before we got there. Windshield leaking, water coming in through the corner, slide all of a sudden doesn't go in. Thanks but no thanks. Walked away, saved $17K and a lot of headaches.

Good on you !!

(It's also best for it to have been raining for abit
when shopping for houses/Properties,
for avoiding the above 'motorhome surprises' too.)

Probably has a lot to do with the US dollar . 30% makes a difference. Lots of trucks etc. moving south every day for this reason

So that sign at the boarder, if you have over 10,000 Canadian in Monterey instruments. It INCLUDES bank drafts, cheques, cash, and all other monetary instruments (debit cards etc)

I was coming back from the USA with some cheques for our us company, our accounting is located in Canada. So figured I better declare.

Had a chat with the boarder agent at YYC After. He said thanks for declaring but it's a joke rule. No one declares what the should. As most people have access to 10k or more. But if you got 10k in your bank account your supposed to declare it crossing both ways.

They'll never hassle you for this, only cash to help eliminate drug payments. But I found it interesting.

And to the OP. Don't use PayPal if that comes up!

Sent from my SM-G920W8 using Tapatalk

Just use an transfer through your online banking. The only details exchanged are email address or phone number. Literally takes 20 minutes at the most to go though

Just remember that a wire transfer takes two days. First here to Toronto, then from TO to New York, then from New York to their bank or the reverse if selling here. Learned that the hard way.

We can do that here but few U.S. banks offer that function. On top of that most transfers of this type are maxed at $2,000.

Western union

False.

Can't do email money transfers across border, unless the banks changed since last year. And even then EMT have a $$ limit.

Always meet face to face, if you are nervous meet in a bank or some place similar, though if you are worried passing on the transaction is the smart move.

And cash is always king.

I know there is a limit I bought a suzuki samurai last year and had to do 3 transfers. I just called the bank and let them know what I was doing. Mind you this wasn't across a border.