Selling e-bike online.

[BikeDude01]

Hello all, looking at potentially selling my Trek PowerFly FS 4 625 (2021)

I’m reluctant to accept cash as I have no way of checking the authenticity of the notes, however I agree that my paranoia is probably higher than it should be on this matter! So the only other option is an online/bank transfer. Were the preferred method here, PayPal or just a straight bank transfer? And then the point is raised: should I wait for the funds to be in my account before letting the buyer leave with the bike as sometimes it takes more than two hours for funds to clear. So this may mean the buyer has to hang around whilst the the bank transfer takes place.

And I presume selling it on here the preferred choice over eBay?

I’m probably being overly cautious here but good to get the he thoughts of the form.
Thanks

 

[congerball]

Bank transfer. Whenever I do one it’s almost instant…there is no 2 hour wait

 

[Karve]

I usually ask for cash as with modern notes and a cheap UV light checker you can be pretty sure you get real ones. 10 mins learning what to look for https://www.bankofengland.co.uk/-/media/boe/files/banknotes/take-a-closer-look.pdf will have you covered. Test a few, take your time, and feel the rest as you count them. Modern plastic notes are way harder to fake than the old ones.

Last sale chap wanted to bank transfer while coming to meet. Was quick... 10 mins but I would 100% wait for it to hit your account. If they want the bike they will wait. I think buyers can with their bank raise a complaint that they have been scammed and try and get it back but its hard and needs ton of evidence and very Infrequently works. The bank offers a refund rather than pulling it form your account.

I covered my self by printing a purchase doc / receipt that we both signed took a pic of me and him with the doc and the bike before he left. Gave him a copy of both. I think me being diligent in the sale reinforced to him that I was a sensible seller and gave him confidence in the sale process, so good for both of us.

 

[steve_sordy]

Poke around on eBay every day for a week or so beforehand, looking at the sort of bike you will be selling. This to establish what sort of prices people are asking, what sort of effort being put into descriptions etc. Then on Friday, eBay will send you deals for sellers. They will be things like 80% off variable selling fees. This greatly reduces but does not totally eliminate the cost of selling. You will still have PayPal's fees to pay (or the eBay equivalent if you have signed up to that). If eBay don't send you anything in an email, then take a look around their website and look for where they publish them. Someone on here may know, I don't.

Then you need not worry about whether the payment is fraudulent, or any time delay etc.

I once opted for a £2k cash deal to avoid fees, but it had never occurred to me that the cash might have been counterfeit. I got away with it on that occasion.

If you opt for cash, then the passing of counterfeit currency is such a serious offence that the buyer will try very hard to avoid identification. Therefore, ask to see their passport and also take their photograph. If they say they don't have a passport, then insist on other photo id such as a driving license.

When I sold my last bike, the buyer - who arrived by train, asked me to take him to the nearest branch of his bank where he withdrew the cash and gave it to me. No fear of dodgy notes there!

 

[steve_sordy]

Bank transfer. Whenever I do one it’s almost instant…there is no 2 hour wait

They might leave your account instantly, and maybe even arrive instantly if the other guy's bank is the same as yours, but what about different banks? My own bank does not guarantee that the transfer will happen even the same day if it is not their bank the funds are going to. I too have not experienced any delays, but that is for normal day-to-day banking when paying utilities, credit cards and so forth. I have never paid anyone by bank transfer who was stood in front of me waiting, so I have no idea how "instant" it actually is.

 

[VWsurfbum]

Very instant, recently have done this via two different banks.

I took cash recently, hate having cash for the above reasons but that what he brought, the postoffice were very dubious when I was paying money in. a couple of grand in cash is very dodgy nowadays

 

[volts]

Where I live we have something called instant transfer and a bank transfer using this type only takes 10 seconds or so before you see it on your account. I'd never let someone take my bike before I knew the money was transferred.

 

[Bomble]

There is a bank transfer scam where they have a fake banking app. They put your details in as you watch, it then says the funds have left their account.
They then basically wait, arguing that as you have seen the funds leave their account you should give them the bike.
Apparently they are very persuasive and convincing. I advertised my Rail and had loads of people trying it. The dumb ones never asked a question about the bike but their first question was “ do you take bank transfers.”
As soon as you say they don’t take the bike without cleared funds, all messages stop.

 

[Expidia]

I only do cash for both the last two ebikes I sold. Make out a bill of sale (I always ad in "as is" too) and snap a pic of their license and his vehicles license plate too. Make out two of them if you don't have access to a copy machine.

I recently sold a Garmin for $250 and used PP Goods and services. I got a notice from Paypal that if I don't submit my social security number to them once my sales total above $600 (I don't know if that is within a calender year) they will begin to either hold back taxes or report my sales or something to that effect.

That'sall BS. I will only deal in cash from now on.

* that UV light checker is a great idea. Last bike I sold for $2400 and he gave me 24 $100 bills and I hold my breath each time I add some of the bills to my account at the bank. I'm ordering one right now.

** I still have this UV light somewhere that I bought when we owned a dog that I used to spot for urine on our rugs. Can I use that UV light to check for bogus bills? What about using that marker pen I see them swipe a line on the bills at banks and stores?

 

[steve_sordy]

Very instant, recently have done this via two different banks.
--------------

That's good to know, but I will confirm it with my bank next time I'm passing the branch (if it's still there!)

 

[Zimmerframe]

That's good to know, but I will confirm it with my bank next time I'm passing the branch (if it's still there!)

I offer a testing service for this if anyone is interested.

Just PM me for my bank details, I offer accounts in 130 different currencies if you wish to test alternative destinations.

Then Transfer an amount of money you want to use as a test. You might want to try different amounts to see if there's any difference in how long the transfer takes - there are no limits and no hidden charges.

PM me again to tell me you've made the transfer. I then PM you back to say when the money has arrived and how long it took.

Easy, simple, safe ! It's a small (possibly) price to pay for peace of mind and knowledge

Thanks in advance.

 

[B1rdie]

If in doubt, use a swiss bank. What could be more trustworthy than a swiss bank?!? Errrr

 

[Growmac]

I sold my Merida thru Pinkbike. Mutual exchange of driving licenses (mine with street address blanked out), then quick video call to eliminate phishing. He sent a pound to check the transfer, then £500 deposit via bank transfer.

He wanted to pay cash, so we met in the carpark at the local Post Office. He checked the bike, then we left the bike with my friend while we went inside and paid the cash into my account. The teller was perfectly happy when he saw the duplicate receipts we had ready. Cash into my bank, both receipts signed by both of us so a copy each, everyone leaves happy.

 

[Expidia]

Regarding Paypal taxation for sales over $600 a year. If you use friends and family you get no Paypal protection, but their protection is BS anyway.

 

[MattyB]

Where I live we have something called instant transfer and a bank transfer using this type only takes 10 seconds or so before you see it on your account. I'd never let someone take my bike before I knew the money was transferred.

Yep, in the last few years here in the UK the times have really come down - even between different banks online transfers from a mobile app seem to take no longer than a minute now. The only exception is if I move stuff form a savings account with a challengeer bank into ny main current account (which is with one of the big high street names) those transfers sometimes take 20-30 mins, but I've not had one more than that in probably 2 years.

 

[BikeDude01]

I usually ask for cash as with modern notes and a cheap UV light checker you can be pretty sure you get real ones. 10 mins learning what to look for https://www.bankofengland.co.uk/-/media/boe/files/banknotes/take-a-closer-look.pdf will have you covered. Test a few, take your time, and feel the rest as you count them. Modern plastic notes are way harder to fake than the old ones.

Last sale chap wanted to bank transfer while coming to meet. Was quick... 10 mins but I would 100% wait for it to hit your account. If they want the bike they will wait. I think buyers can with their bank raise a complaint that they have been scammed and try and get it back but its hard and needs ton of evidence and very Infrequently works. The bank offers a refund rather than pulling it form your account.

I covered my self by printing a purchase doc / receipt that we both signed took a pic of me and him with the doc and the bike before he left. Gave him a copy of both. I think me being diligent in the sale reinforced to him that I was a sensible seller and gave him confidence in the sale process, so good for both of us.

Great shout on the note checker if the buyer arrives with a boot full of cash. Yes certainly would take the advice on waiting on the transfer to clear, good to know as i wasn't sure, on average, how long a transfer would take.

 

[BikeDude01]

Poke around on eBay every day for a week or so beforehand, looking at the sort of bike you will be selling. This to establish what sort of prices people are asking, what sort of effort being put into descriptions etc. Then on Friday, eBay will send you deals for sellers. They will be things like 80% off variable selling fees. This greatly reduces but does not totally eliminate the cost of selling. You will still have PayPal's fees to pay (or the eBay equivalent if you have signed up to that). If eBay don't send you anything in an email, then take a look around their website and look for where they publish them. Someone on here may know, I don't.

Then you need not worry about whether the payment is fraudulent, or any time delay etc.

I once opted for a £2k cash deal to avoid fees, but it had never occurred to me that the cash might have been counterfeit. I got away with it on that occasion.

If you opt for cash, then the passing of counterfeit currency is such a serious offence that the buyer will try very hard to avoid identification. Therefore, ask to see their passport and also take their photograph. If they say they don't have a passport, then insist on other photo id such as a driving license.

When I sold my last bike, the buyer - who arrived by train, asked me to take him to the nearest branch of his bank where he withdrew the cash and gave it to me. No fear of dodgy notes there!

Great shout on Ebay's deals as the sellers fees are super steep. I'll change my marketing prefs and hopefully gets a heads up. I did look on the site but there doesn't seem to be any deals at the moment for sellers - other than this one - Want to sell with 80% off variable eBay selling fees?* | eBay.co.uk

But its invite only.

 

[BikeDude01]

Yep, in the last few years here in the UK the times have really come down - even between different banks online transfers from a mobile app seem to take no longer than a minute now. The only exception is if I move stuff form a savings account with a challengeer bank into ny main current account (which is with one of the big high street names) those transfers sometimes take 20-30 mins, but I've not had one more than that in probably 2 years.

Good to know this, sounds like the bank transfer method is the best option.

 

[Pete M]

I recently sold my bike and would only accept cash, luckily I live a few doors down from a post office so paid the money in before I gave them the bike and the original receipt for any warranty claim, I also took a photo of their reg number.

 

[LeftItLancs]

I also took a photo of their reg number.

I did this and also took a picture of the buyer holding the bike.

 

[R2thek]

Hello all, looking at potentially selling my Trek PowerFly FS 4 625 (2021)

I’m reluctant to accept cash as I have no way of checking the authenticity of the notes, however I agree that my paranoia is probably higher than it should be on this matter! So the only other option is an online/bank transfer. Were the preferred method here, PayPal or just a straight bank transfer? And then the point is raised: should I wait for the funds to be in my account before letting the buyer leave with the bike as sometimes it takes more than two hours for funds to clear. So this may mean the buyer has to hang around whilst the the bank transfer takes place.

And I presume selling it on here the preferred choice over eBay?

I’m probably being overly cautious here but good to get the he thoughts of the form.
Thanks

Try Pinkbike to list your bike. Then PayPal or cash.