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How safe is etransfer - selling big items?

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.
2007 GMC 3500 dually ext. cab 4X4 LBZ Dmax/Allison - 2007 Pacific Coachworks Tango 306RLSS
RV Rebuild Website - Site launched Aug 22, 2021 - www.rv-rebuild.com
30 REPLIES 30

ol_Bombero-JC
Explorer
Explorer
PButler96 wrote:
Just makes sure the buyer is not a Nigerian Prince.


Buyer is a King! Just give him a call......

Here King, Here King!!

Woof.

:W

dedmiston
Moderator
Moderator
Grit dog wrote:
dedmiston wrote:
I deleted some of the US vs CA nonsense.

Let's keep the politics out of this.


Could you delete some of the other nonsense too? Lol


Watch what ya wish for. :B

2014 RAM 3500 Diesel 4x4 Dually long bed. B&W RVK3600 hitch • 2015 Crossroads Elevation Homestead Toy Hauler ("The Taj Mahauler") • <\br >Toys:

  • 18 Can Am Maverick x3
  • 05 Yamaha WR450
  • 07 Honda CRF250X
  • 05 Honda CRF230
  • 06 Honda CRF230

Grit_dog
Nomad III
Nomad III
dedmiston wrote:
I deleted some of the US vs CA nonsense.

Let's keep the politics out of this.


Could you delete some of the other nonsense too? Lol
2016 Ram 2500, MotorOps.ca EFIlive tuned, 5” turbo back, 6" lift on 37s
2017 Heartland Torque T29 - Sold.
Couple of Arctic Fox TCs - Sold

Grit_dog
Nomad III
Nomad III
fj12ryder wrote:
Grit dog wrote:
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....
Senior citizens. You mean like Warren Buffet, Peter Lynch, George Soros, et. al.? 🙂


No, I mean the “cash only I don’t trust the internet and I’m afraid of using the tanks in my camper” crowd.
2016 Ram 2500, MotorOps.ca EFIlive tuned, 5” turbo back, 6" lift on 37s
2017 Heartland Torque T29 - Sold.
Couple of Arctic Fox TCs - Sold

Grit_dog
Nomad III
Nomad III
BobsYourUncle wrote:
Grit dog wrote:
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....

Couple grand doesnt even cover the deposit to hold the engine, lol!:B

Extremely rare engine, near impossible to find, and all totally rebuilt by a pro rodder. Never run. It's worth a gob of change!
It was introduced in 1958, with triple carbs as an option, which mine has. It was superceded in 1961 by the 409 engine.


My bad….didn’t know how rare it was nor condition.
2016 Ram 2500, MotorOps.ca EFIlive tuned, 5” turbo back, 6" lift on 37s
2017 Heartland Torque T29 - Sold.
Couple of Arctic Fox TCs - Sold

Grit dog wrote:
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....

Couple grand doesnt even cover the deposit to hold the engine, lol!:B

Extremely rare engine, near impossible to find, and all totally rebuilt by a pro rodder. Never run. It's worth a gob of change!
It was introduced in 1958, with triple carbs as an option, which mine has. It was superceded in 1961 by the 409 engine.
2007 GMC 3500 dually ext. cab 4X4 LBZ Dmax/Allison - 2007 Pacific Coachworks Tango 306RLSS
RV Rebuild Website - Site launched Aug 22, 2021 - www.rv-rebuild.com

fj12ryder
Explorer II
Explorer II
Grit dog wrote:
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....
Senior citizens. You mean like Warren Buffet, Peter Lynch, George Soros, et. al.? 🙂
Howard and Peggy

"Don't Panic"

blofgren
Explorer
Explorer
Grit dog wrote:
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....


:B
2013 Ram 3500 Megacab DRW Laramie 4x4, 6.7L Cummins, G56, 3.73, Maximum Steel, black lthr, B&W RVK3670 hitch, Retrax, Linex, and a bunch of options incl. cargo camera
2008 Corsair Excella Platinum 34.5 CKTS fifth wheel with winter package & disc brakes

dedmiston
Moderator
Moderator
I deleted some of the US vs CA nonsense.

Let's keep the politics out of this.

2014 RAM 3500 Diesel 4x4 Dually long bed. B&W RVK3600 hitch • 2015 Crossroads Elevation Homestead Toy Hauler ("The Taj Mahauler") • <\br >Toys:

  • 18 Can Am Maverick x3
  • 05 Yamaha WR450
  • 07 Honda CRF250X
  • 05 Honda CRF230
  • 06 Honda CRF230

joebedford
Nomad II
Nomad II
Incidentally, I've always been leery of taking cash as it's so easy to counterfeit - Canadian $$ not so much but US $$ easier.

Most I've taken in cash was $6K for a motorcycle I was selling.

joebedford
Nomad II
Nomad II
I use eTransfer regularly but usually a few hundred dollars at a time. Never had a problem with it.

When we bought our RV in Florida, the dealer insisted on wire transfer which was no problem except that we were in, well, Florida not Ontario. Apparently for wire transfer you have to go into the bank to tell them you're going to do one in the near future (but we worked around that).

We were going to buy another RV in Florida for $10K. We kept going to TD Bank every day and withdrawing the max ($500) in cash. (eventually the seller re-neged on the deal - despite handshake and deposit paid in person). We had to buy the RV in order to get the lot it was sitting on.

I have heard that some CDN banks will not honour any guarantees if you do not use a hard to figure out security question. So if your money is scammed and your password is something like "123", you're on your own.

Johnny_G1
Explorer
Explorer
No problem here with the latest etransfer and it was done in minutes, as the money was in the account in less than 10 mins. quite a big one too in the thousands.
98 Mountain Aire 34' 210 Cummins Puller and 2001 dodge dully with all the toy's, 400 + hp pullin a 2001 32.5' Okanogan 5th wheel, new to us after 5 yrs with the 28' Travel Aire. Lots of fun.

Thanks for the input everyone.

I've never had an issue with etransfer, and I use it all the time. Fast and easy.
I'm not sure when he is going to be able to make the trip to pick the engine up. Its several hundred miles from here.

The arranged plan was to do the second half payment when he gets here.

From his point of view etransfer gives him a record of the payment too.
2007 GMC 3500 dually ext. cab 4X4 LBZ Dmax/Allison - 2007 Pacific Coachworks Tango 306RLSS
RV Rebuild Website - Site launched Aug 22, 2021 - www.rv-rebuild.com

Jack_Diane_Free
Explorer
Explorer
I have used etransfers for years for big items and small items. I never use cash or cheque. Cheque for instance is the most insecure method you can use. It shows your name, address, bank account number, branch and signature. All easy to copy. Set up your etransfers for direct deposit and it goes immediately into your bank account and is encrypted very well. The Canadian experience is much different than the US experience with major differences in the banking system. If you have the purchaser make the final payment in front of you using cell phone or computer it will be in your account the second he presses send and then you can release the engine. No need for going to police station or anything like that.