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.

[ol_Bombero-JC]

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]

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

[Grit_dog]

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

[Grit_dog]

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.

[Grit_dog]

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.

[BobsYourUncle]

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.

[fj12ryder]

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.? 🙂

[blofgren]

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

[dedmiston]

I deleted some of the US vs CA nonsense.

Let's keep the politics out of this.

[joebedford]

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]

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]

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.

[BobsYourUncle]

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.

[Jack_Diane_Free]

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.