Advice on Sale of item

[AlanD]

Thehub did an article a while ago re a vault or some payment system which is exactly what you need. Guy pays money into an account as soon as amount is there seller gets notified and then can release the goods. or something like that.

This^^...Klaar. Safest way as far as I am concerned when dealing with such large sums.

[amr63]

Important feature of the vault is that the buyer cannot reverse the transaction without your consent. Otherwise he/she takes possession of your bike & then cancels the payment

 

edit: @ R30+0.5% it's going to cost you R530... cheap peace of mind. But if the seller changes his mind about the deal it's going to cost him/her R50+R5/R100 i.e. R5050 to get his/her money out of the vault!!

 

[Allrounder]

I would say meet up in the bank. if it is a zuma shopper he won't pitch. 

[Harryn]

Hi Everyone

I am in the process of selling a bike to someone (Not a hub member)

And to be honest I am a little unsure about the Sale all together..

Long story short,What is the safest way of payment?(Value R100k)

Cash?Cash deposit in bank?EFT?

Thanks in advance

A 100K cash deposit is a reportable transaction under FICA. This means the deposit will be flagged by your bank, and be reported as a potentially suspicious transaction to the Financial Intelligence Centre.

[V12man]

A 100K cash deposit is a reportable transaction under FICA. This means the deposit will be flagged by your bank, and be reported as a potentially suspicious transaction to the Financial Intelligence Centre.

What's the lower limit on FICA alerting cash transactions? just curious.

[Harryn]

What's the lower limit on FICA alerting cash transactions? just curious.

I cant remember off hand - its either 15k or 25k. I will check tonight and pm you [emoji106]

[26er]

A 100K cash deposit is a reportable transaction under FICA. This means the deposit will be flagged by your bank, and be reported as a potentially suspicious transaction to the Financial Intelligence Centre.

Interesting

[pe3nguin]

The prescribed limit in terms of section 28 of the Act is currently R24 999.99. Deposits breaching this threshold are reported

[koukie]

This.

Another option, open up a simple savings account and have the money go in there, then transfer into your main account once cleared.

Just curious, why would you want to open up a separate account? Surely they cant do anything with your bank account number? A lot of people have my banking details as I send them invoices for work done.

 

Once you log in to your account and the money reflect it should be enough or not??

[pellieg]

Just curious, why would you want to open up a separate account? Surely they cant do anything with your bank account number? A lot of people have my banking details as I send them invoices for work done.

 

Once you log in to your account and the money reflect it should be enough or not??

you can reverse a online transaction,  so what some guys do is, transfer the money , you get a sms, the money shows in your account but cant be used yet, 

you give them your bike and tomorrow they reverse the transaction ,

so you are without a bike or the money 

 

best to get a eft and wait for it to actually clear , 

[rock]

who buys a 2nd hand bike for R100k?

 

For that money I want the LBS's owner to give to me a foot massage while they remove the spoke protector.

 

EFT, hopefully its the same bank and it will reflect immediately.

[popcorn_skollie]

money shows in your account but cant be used yet, 

 

Elaborate.

I've never seen money reflecting in ones account which can be reversed unless it was a cheque. I've seen transactions which were good enough to generate a proof of payment despite confirmation of such payment actually being released. Like 2 step verifications etc. Or where more than one user has to authorize the same transaction before money is actually released. But generally speaking. If someone transfers money into my account and I see it reflecting in my bank balance I'm confident it cannot be reversed.

[Rocket-Boy]

Elaborate.

I've never seen money reflecting in ones account which can be reversed unless it was a cheque. I've seen transactions which were good enough to generate a proof of payment despite confirmation of such payment actually being released. Like 2 step verifications etc. Or where more than one user has to authorize the same transaction before money is actually released. But generally speaking. If someone transfers money into my account and I see it reflecting in my bank balance I'm confident it cannot be reversed.

The old scam was to setup a payment and print out the audit note for it but never release it.

Unless its a cheque the amount will show in the available total(there are normally two totals)

 

The other option that was mentioned already is to open a savings account and deposit it into that then transfer to your main acc when it is cleared.

[eddy]

People modify payment advices to show that the payment was a transfer of funds or cash deposit, when the payment was actually made by cheque.

 

You receive a POP and the funds appear in your account, however when the cheque is subsequently dishonoured, the transaction is reversed.

 

Be careful.

[Ed-Zulu]

My golden rule remains: if I can move the money from either of my cheque or savings accounts then and only then is the transaction done

[eddy]

My golden rule remains: if I can move the money from either of my cheque or savings accounts then and only then is the transaction done

 

Even if you are able to move the funds the bank can and will reverse the credit to your account if the original cheque is dishonoured.