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18 replies to this topic | 34 praises

#1

Posted 23 January 2018 - 12:58 PM

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Hi guys,

 

I am getting a car from a local AD, and I am about to make the payment tomorrow. I was told that I could do an inter-bank transfer instead of cheque/cashier's order, is this a standard practice?

 

Just want to avoid any possible traps.

 

Thanks,

00



#2

Posted 23 January 2018 - 01:08 PM

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i have done IB transfer before, but not for downpayment, for which i used a cheque. btw my dealer was a PI. should not be a problem. 

 

however if you are not comfortable with it, can always go back to using cheque/cashier's order. 


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#3

Posted 23 January 2018 - 01:26 PM

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Thanks for the answer!



#4

Posted 23 January 2018 - 05:59 PM

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Maybe can try 10cent coins..


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#5

Posted 24 January 2018 - 11:38 AM

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IB got record and trace-able but problem is how you know that's AD account not salesperson's?


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#6

Posted 24 January 2018 - 03:42 PM

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IB got record and trace-able but problem is how you know that's AD account not salesperson's?

 

This was exactly what I worried about yesterday. But I eventually decided to go with IB before I personally going down to sign the final Sales Agreement. It appeared to go well right now.

 

It is more about trust of your sales person I think.



#7

Posted 24 January 2018 - 03:44 PM

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Use cheque and cashier order safer.


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#8

Posted 27 January 2018 - 05:52 PM

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Hi guys,

 

I am getting a car from a local AD, and I am about to make the payment tomorrow. I was told that I could do an inter-bank transfer instead of cheque/cashier's order, is this a standard practice?

 

Just want to avoid any possible traps.

 

Thanks,

00

use credit card. In turn, the points can be converted to air miles and petrol voucher 


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#9

Posted 27 January 2018 - 07:17 PM

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ask for company's bank account details on company letterhead with authorised signatory.

 

 


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#10

Posted 29 January 2018 - 10:55 AM

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use credit card. In turn, the points can be converted to air miles and petrol voucher 

 

Thanks, maybe I should have put myself more clearly in first place.

 

I have already made a $10k deposit with my credit card and that is the maximum amount allowed. I subsequently made another XXk for the balance payment, via IB transfer. It is so far so good as I already got my final sales agreement with the official receipt number for both 10K and xxK payment.

 

I think it is considered as mostly safe when you are dealing with AD. Not sure about PI though.

 

Anyway, thank you for the advice. And thanks to all.



#11

Posted 29 January 2018 - 11:17 AM

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Just ask to use cashiers order la. Why risk it?


That is all.

#12

Posted 31 January 2018 - 09:43 AM

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Just to draw a conclusion to this topic :) I already got my car, everything's good.

 

Thanks all for the advice, and I agree with you that cheque/cashier's order is better/safer option, especially when dealing with someone you don't have 100%% trust.


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#13

Posted 09 March 2018 - 09:47 PM

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err how you do the IB?

just use FAST transfer?



#14

Posted 10 March 2018 - 07:06 PM

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FAST transfer can do up to 100k each day Which I’m sure. Or 200k?
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#15

Posted 10 March 2018 - 08:43 PM

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FAST transfer can do up to 100k each day Which Iâm sure. Or 200k?

i think limit is 50k?
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#16

Posted 10 March 2018 - 08:56 PM

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Nope, FAST limit increased to 200k since Feb 2018.


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#17

Posted 10 March 2018 - 09:31 PM

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i think limit is 50k?


Daily limit is $250,000 for local bank transfer for POSB

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#18

Posted 09 April 2018 - 11:35 AM

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I usually use cheque for downpayment. Some of my friends they said some companies allow credit card. Dunno real or not.



#19

Posted 09 April 2018 - 12:24 PM

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I usually use cheque for downpayment. Some of my friends they said some companies allow credit card. Dunno real or not.

Can but depends on your credit limit.
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