I am buying a car directly from the owner and want to pay the seller directly from my account to his (at a different bank). Is it possible to do so from my bank where he can get a receipt for the transfer? He lives far away and will not exchange the car for a normal check. What is the best way for me to pay for the car?
Unless you know the seller well and trust him and the transaction, sending money to his account at another bank may be a mistake. There are too many stories about buyers who have been scammed.
It is possible to have your bank wire transfer funds to the seller's account at another bank. You will need to know the bank name and location, plus the seller's account number and address. There will be a fee imposed by your bank, and the seller will be charged a fee by his depository institution.
Wire transfers cannot be undone. Once the funds are credited to the seller's account, you won't be able to retrieve them or stop the transfer, which occurs almost instantly, so be certain of the seller and your ability to take possession of the vehicle and its title before you close the deal.
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Unless you know the seller well and trust him and the transaction, sending money to his account at another bank may be a mistake. There are too many stories about buyers who have been scammed.