Sell car to overseas buyer - how to manage payment?

[V1J4Y (VJ)]

Hi All

My IS-F is up for sale and I have had lot of interest from the continent. Not much from the UK overall. It looks like Japanese sports cars sell very well and for quite a decent value out there. 

A chap from France is willing to come over to buy the car, this is fine but the main thing is how to deal with the payment?

I have proposed Transferwise but he has another solution in Paycar.fr. Looks fairly genuine and is an escrow service, instant transfer of funds. The price is too high to realistically consider carrying that large sum of cash. 

Does anyone have any experience or how best to ensure the payment is secure in this situation please? International bank transfers take a few days, can be reversed and also hit with quite high fees.

I guess the risk could be on either side, that the buyer starts the transaction before coming over...risk in not seeing the car yet or then the buyer is here and I can't confirm transfer of funds. 

 

Any help or views would be welcome, thanks in advance.  

[ISJason]

Hi I don’t have any experience in the field but what about PayPal?


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[Chris JJ]

Paypal has massive fees, so probably not an economical aproach. And can also be reversed if a dispute.

If you have an escrow service make sure that can't be reversed as there is some risk Patric with a translation in two languages

[Malc]

so how much real cash would be involved ?  if it's under £10,000 equivalent per person travelling to the UK then why not just bring the readies ?

Malc

[graham8370]

I'd be very careful. Cars I've sold in the past also generated lots of interest from overseas, also offering really good prices. All turn out to be scams.

[dutchie01]

you want to be 100% sure you get the money and he gets the car. Any European bank offers instant transfer service. This will cost a bit more but the money will be transferred from his bank into your account within 1 or 2 hrs. I suggest he inspects the car makes the transfer you both go for lunch and when your bakn confirms money in you release the car. Alternative is he takes the funds in the UK from his bankaccount in cash. If he has the money that will be possible maybe he will have to inform the local bank that is what will happen as he wants to buy a car but it is possible. he can than hand you the cash. Better even you both walk into his bank and he instructs his bank to transfer the sum into your account, you will get a confirmation and if this is done with instant service your bank will receive the money instantly.  

be very careful with any internet based money transfer service!