radiant00 1st Gear January 23, 2018 Share January 23, 2018 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 ↡ Advertisement Link to post Share on other sites More sharing options...
kdash Supersonic January 23, 2018 Share January 23, 2018 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. Link to post Share on other sites More sharing options...
radiant00 1st Gear January 23, 2018 Author Share January 23, 2018 Thanks for the answer! Link to post Share on other sites More sharing options...
UncleAtas Turbocharged January 23, 2018 Share January 23, 2018 Maybe can try 10cent coins.. Link to post Share on other sites More sharing options...
Si4dr 5th Gear January 24, 2018 Share January 24, 2018 IB got record and trace-able but problem is how you know that's AD account not salesperson's? 1 Link to post Share on other sites More sharing options...
radiant00 1st Gear January 24, 2018 Author Share January 24, 2018 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. Link to post Share on other sites More sharing options...
13177 Supersonic January 24, 2018 Share January 24, 2018 Use cheque and cashier order safer. Link to post Share on other sites More sharing options...
Sdf4786k Twincharged January 27, 2018 Share January 27, 2018 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 1 Link to post Share on other sites More sharing options...
Kangadrool Supersonic January 27, 2018 Share January 27, 2018 ask for company's bank account details on company letterhead with authorised signatory. 1 Link to post Share on other sites More sharing options...
radiant00 1st Gear January 29, 2018 Author Share January 29, 2018 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. Link to post Share on other sites More sharing options...
Kusje Supersonic January 29, 2018 Share January 29, 2018 Just ask to use cashiers order la. Why risk it? Link to post Share on other sites More sharing options...
radiant00 1st Gear January 31, 2018 Author Share January 31, 2018 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. 2 Link to post Share on other sites More sharing options...
freztoknow Neutral Newbie March 9, 2018 Share March 9, 2018 err how you do the IB? just use FAST transfer? Link to post Share on other sites More sharing options...
Chucky2007 Turbocharged March 10, 2018 Share March 10, 2018 FAST transfer can do up to 100k each day Which I’m sure. Or 200k? Link to post Share on other sites More sharing options...
kdash Supersonic March 10, 2018 Share March 10, 2018 FAST transfer can do up to 100k each day Which Iâm sure. Or 200k?i think limit is 50k? Link to post Share on other sites More sharing options...
Cheesey74 6th Gear March 10, 2018 Share March 10, 2018 Nope, FAST limit increased to 200k since Feb 2018. 1 Link to post Share on other sites More sharing options...
Chucky2007 Turbocharged March 10, 2018 Share March 10, 2018 i think limit is 50k? Daily limit is $250,000 for local bank transfer for POSB 2 Link to post Share on other sites More sharing options...
ntuc2018 3rd Gear April 9, 2018 Share April 9, 2018 I usually use cheque for downpayment. Some of my friends they said some companies allow credit card. Dunno real or not. ↡ Advertisement Link to post Share on other sites More sharing options...
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