Accepting payment from Car Sale in France

I’m in the process of selling my car on Laboncoin and have been informed by them not to accept payment due to potential fraud by Western Union, Pay Pal, or Mandat Cash (Money order). As there is quite a large sum involved can anyone advise me on what to accept rather than a large amount of Euros

Banker’s draft which you could take to the bank along with the purchaser is pretty fraud proof.

Alternatively wire transfer but only release the vehicle once it’s cleared, unlikely your buyer would go for this though.

In a similar situation a few years ago… I went to my Bank and asked their advice… Can’t honestly remember how we did it in the end… but it was not cash… Banker’s Draft I think (or similar) … and we took that plus the buyer into our Branch, where payment was confirmed/cleared.

why not ask your own Bank…can’t hurt, can it. :wink:

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Cash is not allowed over 5k I think

I think the top limit on cash might be going even lower… I have heard talk of 1K limits… but not sure what this applies to…:wink:

Yep - cash limit for any transaction in France in 1.000€

Ask for a bankers draft - the issuing bank normally provides a verification phone number for the recipient to use - due to large number of fake bankers drafts!! Alternatively use an online transfer (SEPA) and hand the keys over when the money is in your account - normally pretty quick same day.

Yes agree with first bit, that seems to be the accepted method, however, SEPA funds may appear in your account and not be cleared! I wouldn’t do that.

Really - how come James? Personally I’ve never had one ‘reversed’ - can that happen?

I’m not certain, but I believe so, needs some investigation!

‘Generally’ you need to have cleared funds in your account to make a SEPA transfer (in fact all French bank virements use this method - under 50.000€!). So…I’d assumed they’re a done deal i.e. no cleared funds = no transfer.

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I stand by my Post. Talk with your local branch.

My branch was, at first, more interested in the car we were selling :smile: than my doubts and fears about payment… but we followed their advice and all went well.

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You may be right but I have an uneasy feeling…

You’re right James - SEPA credit transfers can indeed be recalled under certain circumstances - there’s a whole rule book on it (to much to wade through!)

According to the SEPA Credit Transfer Rulebook version 4.0, a bank can recall a SEPA credit transfer if it is a duplicate, is technically incorrect, or has been triggered with fraudulent intent

However - the creditor is supposed to be asked for authorisation…

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Well found, good to know :+1:

So the only really safe way is to accept cash, but that’s not allowed, brilliant!
Mind you, I sold a car and few years ago and received a bank cheque. The buyers bank phoned me ( I did verify it was their bank) to check it was for what was asked for, and the amount. I was quite happy with this as it prevented any haggling and I got the full amount.

Now then Mark… the only really safe way is to go and discuss with your Bank…:innocent:

Definitely NOT a bankers’s draft! These are often stolen or forged & strangely, banks can debit your account with the money anything up to a year after the draft was paid in. Plus they will not confirm that the draft you have is one the branch wrote! Electronic transfer to your account is the best way - the banks will not transfer money that is not in an account.

Too funny… :confounded:

When I bought a car last year I transferred the money to the seller through my online banking App. It could not have been simpler. The only hiccup was an email from my bank explaining that their security department were interested to know what the large amount of money that had arrived in my account one day and disappeared the next had been used for. I replied with a photo of the car. I got a smiley face in return.

From through google translate-

Victims of fake bank checks

On the day said, you return the property sold in exchange for a nice check that the purchaser deposits in your hand. However. A few days or weeks later, a letter from your bank tells you that the check is a forgery and that it takes back the amount from which your account has been credited. How is it possible ?

Faced with the mistrust of individual sellers, the crooks have left the field of coarse scythes that can be detected with the naked eye of any layman to embark on the industry of the fake bank check, extremely well made as shown by these two A few years ago.

In exchange for a check, a man had surrendered his car and kept the gray card as security, at least he believed it. But when his bank informed him that his check was false, the scammer had vanished with the vehicle.

Another case was that of a woman who had sold her vehicle by informing the purchaser that she would only give it to her when the bank check was actually cashed in her account. Shortly afterwards, her bank account being credited with the sum indicated on the banker’s check, the owner had handed over the vehicle to the buyer. A few days later, his account was debited with the same sum. An error from the bank? Not at all. His bank, after careful scrutiny, had discovered that the bank-check, drawn on a bank which really existed, was a forgery.

Ha Ha.