I'm surprised the number of posts in this thread that appear to prefer cash to a wire. I can only assume it is because many people have never used a wire transfer. A wire IS cash and it usually only takes a couple of hours to show in the receiving account. Unlike even a cashier's check it cannot be reversed by the sender so the recipient knows the money can't be taken back unless he consents. If your wife isn't available to go the the bank to send the wire, most banks have over-the-phone wire capability with appropriate passwords, etc.
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"I am thinking a wire transfer. If I like the RV and authorize the sale, my wife could go to our bank to authorize a wire transfer.
My bank rep could then contact his bank rep to confirm the transfer was made.
Would this not be 100% secure on both ends?"
A wire transfer is the way to go. It is very simple. All you need from him is the routing number for his bank. You give your bank that number and 25 bucks and the money is sent right now. It might take a whole hour to complete.
With all the mistrust shown in these threads, it is amazing anything ever gets sold!
The buyer doesn't trust the seller. The seller doesn't trust the buyer. Neither trusts any financial institution. Cash is dangerous, cashiers/certified checks can be forged, wire transfers will get lost, etc.
From reading these types of threads, I can only recommend that you stay home, buy locally, and then only from close friends and relatives.
Of course, the bottom line is, talk to someone who KNOWS, like the people at your bank or Credit Union. THEY can guide you safely through the transaction, with little or no hassle!
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Withdrawing more than $10K in cash raises a flag with the feds - as does depositing more than $10K in cash. You'll be talking to the guys in the black SUV that shows up while the bank is taking its time to complete the transaction.
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Alan_Hepburn wrote: Withdrawing more than $10K in cash raises a flag with the feds - as does depositing more than $10K in cash. You'll be talking to the guys in the black SUV that shows up while the bank is taking its time to complete the transaction.
LOL, nope the bank will file a Currency Transaction Report (CTR) - no big deal if what you are doing is legitimate. The Men in Black don't show up until the bank files a Suspicious Activity Report (SAR).
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A bank draft note is good as gold. Check the goods you purcased, if you're happy, you and the seller go to any nearest bank and close the deal in 5 minutes. Hand them the cash or transfer funds to their account, have the teller witness the transaction, you're done and fully protected, most important, your purchase is secure. I would never wire money. Check, PayPal and Ebay advice on those practices.
janechucknicodemus wrote: I would say this.. IF you really want this unit. Get the cash, and go get it. That makes it simple for every one. I have used wire $$ and paypal for a lot of things,,cash speakes. Tell the seller you will bring him cash in 100's and ask how much of a %discount he will give you.
I would not hesitate to give a DIS FOR CASH, THE MARKET is too loose right now and they are asking probably way over whatit is actually worth.
My 2p
Cheers
Don't do it unless you want to take a chance at losing it. Flying with that much cash will raise the eyebrows of the feds, who might confiscate it for suspicion of being drug money. Go with the wire transfer instead. That keeps the feds happy as they know who sent the money, how much money was sent, and who got the money.
Your government at work..
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