I've just sold my Class C motorhome. The buyer and I will be meeting at his bank on Monday. I asked to have a money wire transfer to my bank, which will be conducted in front of me. I would like to know if the transfer will show up immediately in my bank account? Or should just ask the buyer to withdraw the money and turn it over to me? Thx.
Money wire transfer
- Thread starter cgmartin
- Start date
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Tom
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It's not immediate, but the money usually shows up withing 24 hours for domestic transfers.
DearMissMermaid
Well-known member
Meet when the bank opens.
Typically the money shows up by that afternoon when the bank starts their new bank day. For instance if the bank's day ends at 1pm, and your bank ends at 2pm, then typically your money shows up just after 2pm.
Or you can just get cash or do half and half.
If you go later in the day, it may not show up until the next bank day at 2pm.
Typically the money shows up by that afternoon when the bank starts their new bank day. For instance if the bank's day ends at 1pm, and your bank ends at 2pm, then typically your money shows up just after 2pm.
Or you can just get cash or do half and half.
If you go later in the day, it may not show up until the next bank day at 2pm.
Ranger smith
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Ive had them show up in as little as 15 minutes and as long as 24 hours. Depends on your bank and how busy the banking transfer is that day.
John From Detroit
Well-known member
At my bank it takes a minimum of 3 hours. up to 25 hours
Rene T
Site Team
cgmartin said:
If the seller is willing to do that, that's the way I would go I think if you're only talking 10,000 or less. Any amount more than that, do the transfer.
Renet T, if the money is coming out of his bank account, what is the difference if it comes out in cash to me, or a wire transfer? It seems to me that if his bank has the cash on hand, it would be easier to just turn the money over to me on the spot.
Rene T
Site Team
cgmartin said:
Depends how much money we're talking about. I wouldn't mind walking around with $10,000 in my pocket till I got to my bank but I would never think of it with $100,000
Rene T
Site Team
ziplock said:
Those can be forged also but I suppose if you're at the buyers bank, you should be good to go. When I say forged, I've heard that if you accept a certified bank check away from the bank, it could be forged.
O
Oscar Mike
Guest
We just did the sale of our Winnebago. We went to the bank together and transferred the money from his account to ours. Easy peasy, lemon squeezy.
I assume you are concerned about fraud - Not that you want to grab the money and spend it in the next few hours.
I am super anxious when it comes to larger sums of money and even I would feel good about that if he/she is willing to do it in front of you at the bank. If they are both brand name banks, you won't have any trouble.
Enjoy!! Are you stepping out of Rving or getting a new RV?
I am super anxious when it comes to larger sums of money and even I would feel good about that if he/she is willing to do it in front of you at the bank. If they are both brand name banks, you won't have any trouble.
Enjoy!! Are you stepping out of Rving or getting a new RV?
KandT, no I will be retiring from the rv business. I saw no sense in only going out for 7 days at a time once a year and having the motorhome collecting dust. This was my second class C and I think the bug is now out of my system. I sold my rv in one day and got my asking price, so I went ahead and did it. I am 67 now, so I 've got to put my money in other ventures for when I start aging...like tomorrow. If you all see someone staring at you with jealousy out the window of a car as you drive by in your motorhome, it'll be me.
DearMissMermaid
Well-known member
I sold my Class C for cash.
When the buyer went to get the cash, her bank demanded to know what the money was for before they would issue the cash.
Holy cow.
I had no idea the bank could demand to know what you do with your money.
When the buyer went to get the cash, her bank demanded to know what the money was for before they would issue the cash.
Holy cow.
I had no idea the bank could demand to know what you do with your money.
They do that in the UK too and its not always a bad thing. My old teacher from primary school was being hustled and the bank called the police and the guy was charged......DearMissMermaid said:
https://www.thecourier.co.uk/news/local/fife/248564/bank-staff-snare-bogus-workman-trying-to-con-cash-from-fife-pensioner/
Tom
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Good catch by the bank employee.
Gary RV_Wizard
Site Team
In the USA, if a cash withdrawal amount is $10,000 or more, the bank has to file a "currency transaction report" with the federal government. The general category of the transaction is part of the report, so the bank will ask what the money is to be used for, e.g. pay a debt, purchase something, gift, etc. Wire transfer rules are somewhat different and the rules are more than I'm willing to try to summarize here.
https://www.irs.gov/pub/irs-utl/reporting_cash_transactions_and_foreign_financial_accounts.pdf
https://www.irs.gov/pub/irs-utl/reporting_cash_transactions_and_foreign_financial_accounts.pdf
Tom
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The reporting requirement for wire transfers of $10,000 or more has been in existence for 40 years that I know of, and who knows how long prior to that. It would seem to be long overdue for review & adjustment. Usually, the bank will handle the reporting.
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