How safe is etransfer - selling big items?

[BobsYourUncle]

With all the scams, swindlers etc out there, just thought I'd throw this out for anyone who may know more than I do:

For over 20 years I have had a totally rebuilt 348 Tri-Power for a 58 Impala. I always wanted to find a 58 Chev convertible for it, but never did. I just sold the engine on Kijiji yesterday. The buyer lives in the next province from me, so I have not met him. Everything was done by email.

He sent me a sizable deposit by etransfer to hold it until he can drive out and pick the engine up, at which time he will etransfer the balance. Ok, sounds good.

The question I am pondering is: How safe is etransfer? Funds are in my account. Can these be scammed? Can it be reversed somehow? I am leery of any transaction with a stranger for large amounts of money. Everything seems fine, but I believe in being very careful with Kijiji transactions.

Anyone have real life experience with this?
(Not looking for wild guesses - I can do those myself)

Thanks.

[free_radical]

BobsYourUncle wrote:
With all the scams, swindlers etc out there, just thought I'd throw this out for anyone who may know more than I do:

For over 20 years I have had a totally rebuilt 348 Tri-Power for a 58 Impala. I always wanted to find a 58 Chev convertible for it, but never did. I just sold the engine on Kijiji yesterday. The buyer lives in the next province from me, so I have not met him. Everything was done by email.

He sent me a sizable deposit by etransfer to hold it until he can drive out and pick the engine up, at which time he will etransfer the balance. Ok, sounds good.

The question I am pondering is: How safe is etransfer? Funds are in my account. Can these be scammed? Can it be reversed somehow? I am leery of any transaction with a stranger for large amounts of money. Everything seems fine, but I believe in being very careful with Kijiji transactions.

Anyone have real life experience with this?
(Not looking for wild guesses - I can do those myself)

Thanks.

Why not go thru the bank? Much safer imo.

If you know his name maybe you could find out all about him and where he lives etc.
Google has info on everyone.

[free_radical]

SoonDockin wrote:
If you do opt to have the transaction in front of the police station, do not tell them about any cash trading hands. Never know if they will confiscate the funds. Personally I prefer to do it in a bank or right on the steps of my bank.

Hes in Canada ,police here dont steal honest people money.

[Grit_dog]

In the case of something not very expensive, like an engine, I'm not sure why he couldn't pay the balance in loonies. I mean, what is it, a couple grand, tops?

But good luck getting a real world review of online funds transfers from a group of senior citizens....

[time2roll]

BobsYourUncle wrote:
As mentioned, I already have a sizeable deposit by etransfer

Yes. Low risk for the recipient.

Sending money is a bigger issue and that is on the buyer.

[SoonDockin]

If you do opt to have the transaction in front of the police station, do not tell them about any cash trading hands. Never know if they will confiscate the funds. Personally I prefer to do it in a bank or right on the steps of my bank.

[BobsYourUncle]

As mentioned, I already have a sizeable deposit by etransfer

[Bird_Freak]

If he is coming to pick it up have him bring cash. No problem.

[time2roll]

afaik when using these transfer services like Zelle and maybe Kijiji that it is difficult to reverse or dispute the transaction once it is sent. Generally the sender needs to be very cautious that the recipient can be trusted to follow through.

Beware if somehow they overpay and want an immediate refund.

Verify dispute options with the service or your bank.

[PButler96]

Just makes sure the buyer is not a Nigerian Prince.

[BobsYourUncle]

wanderingbob wrote:
Have him send the money to me and I will forward it to my banker in Nigeria and then I will send you a certified check and an offer to extend the warranty on your auto , all at no charge to you ! P.S , how is your supplemental insurance ?

That's awesome, thank you!! I'll get right on it! :B

[wanderingbob]

Have him send the money to me and I will forward it to my banker in Nigeria and then I will send you a certified check and an offer to extend the warranty on your auto , all at no charge to you ! P.S , how is your supplemental insurance ?

[bgum]

Cash and carry at bank or police station.

[pianotuna]

Zelle is not available in Canada as far as I am aware.

I've used payline by ice for many years and never had a problem. It is credit union based.

[LouLawrence]

Transfers like Zelle or similar are very safe and is a transfer to/from your bank. No worries. Wire transfers as well are very safe. You can call your bank or check your account online to see if the money has arrived. If you have concerns you can call your bank and make sure that transfer is safe.

[Old_Days]

I do not trust any of that stuff, I will meet the person at my bank and bring cash. Also meeting in front of your police station works well.