There are many options to transfer money, both online and in person. Let’s take a look at the benefits of each.
Deposits
Requesting or offering deposits for items on the site is not recommended. However, some sellers do request one. Never pay a deposit on a vehicle you haven’t seen in person. If you have seen it and you are not completely comfortable leaving a deposit, it may be best that you should move on to another deal.
Cash
Mostly cash is often the safest option for sellers because it’s the hardest to fake. However, in some cases it’s not impossible. If you are accepting cash for a large purchase, make sure you know how to recognize counterfeit currency.
Consider the situation and decide what’s best for you, because carrying cash as a buyer can have its own risks and can be less convenient.
Cheque
Cheques are easier to fake than cash, and there’s no guarantee that they won’t bounce. However, the safest option is to ask for a certified cheque and go to the bank with them to cash it before you give them the item you sold.
Preferred Secure Cashless Payment Methods
As a safe alternative to carrying cash, consider choosing your preferred third party cashless payment method (at your own discretion). Secure cashless payment methods include electronic money transfers. Never mail a cheque or wire money to sellers. Services like Western Union or MoneyGram should be avoided. Typically, scammers will use these services and will even falsify documents from a legitimate company. It’s best to avoid them entirely and keep things local.
Money Transfer/Western Union/MoneyGram
Wire transfers are easy to fake, and hard to verify. If you decide to accept payment through one of these methods, don’t give them the item until you’ve been able to confirm with 100% certainty that the funds are in your account.
Note: If any buyer sends you an electronic transfer and then asks you to move some of the funds somewhere else – especially if they require the funds to be moved before you actually receive the money – don’t do it! This is likely an SMS scam.
