Buying a Used RV: How do I Properly Transfer Funds?
April 5, 2010 10:13 PM   Subscribe

I'm buying a used RV for $32,000.00. Help me figure out how to best transfer the funds to the seller, within the limitations below, in a way that is easy and trustable to the seller.

1. I am buying the RV in Maine, and the money is *argh* in a checking account from a small bank in Washington State (no out-of-state branches).
2. I know that this is a prohibitively large amount of cash to withdraw at the bank without prior notice, AND I guarantee that any bank will hold my check for a few days minimum before cashing it.

So here's what I'm thinking:
- Option One: I go to the bank of the seller, and ask them to call my bank, verify the funds, and put them on hold. My question to you: Is this trustable to the seller, IE will he feel safe with this arrangement? Is there a further option you recommend?

- Option Two: Instead, I do a wire transfer. My next question to you: If we walked into the seller's bank at 11:00am Eastern on this Friday, would we be able to do an immediate wire transfer? How long would it take?

Thank you!!
posted by Merlin144 to Shopping (6 answers total)
What is stopping you from obtaining a bank check?
posted by davejay at 10:37 PM on April 5, 2010

Best answer: How about opening a free checking account in your name at the seller's bank, wiring yourself the money to your own account tomorrow or Wednesday, and then just writing a check for cash on Friday, or writing the seller a check which he can instantly deposit on Friday?
posted by maxwelton at 11:06 PM on April 5, 2010

Another option which I've used is There's a fee, it will be a few hundred on that much money, but it's trustworthy and went off without a hitch for me.
posted by maxwelton at 11:09 PM on April 5, 2010

Best answer: Wire it.

If you were wiring $100, I'd recommend something else, but $30k? Wire it.

Find out/ask which bank the seller uses. Arrange with your bank to wire the money to the aforementioned bank. Pay what is your case a nominal fee.

Technically, the wire itself should be done pretty quickly, maybe an hour or two, can be quicker if you've notified the receiving bank ahead of time, ask to talk to the person in charge of wire transfers, they should be able to help you out.
posted by Sphinx at 1:33 AM on April 6, 2010

A cashier cheque is what I'd use. It's portable, you don't need to know the seller's banking information (just his name), and even one horse town credit unions know how to deal with them because they are used in real estate sales. It does mean going to your bank though and I'm not sure from your question if you are in Washington or Maine.
posted by Mitheral at 8:45 AM on April 6, 2010

Response by poster: Thank you!! And I wasn't clear - I'm in Maine, so there is no way to get a cashier's or bank check.

Sphinx - that is what I'm going to do. Glad to hear that it only takes a couple of hours.

MaxWelton - Great idea, I had not thought of that - but I'm not going to do it because it's a small bank in a small town. Too much work for an account I will never use again.
posted by Merlin144 at 11:43 AM on April 6, 2010

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