Payment Guide
How should you take payment for your car?
When it comes to selling your car, taking the right precautions during payment is one of the most important steps to keep yourself safe.
1. Bank transfers (transferencia electrónica):
- The safest and fastest way to receive payment is through a SPEI transfer, which works in real time between banks in Mexico. Always confirm that the funds have arrived and are available in your account before handing over the car or documents
2. Cash payments (efectivo):
- Cash is still common in Mexico, but it comes with risks. If you agree to cash, arrange to meet the buyer at your bank branch. The bank staff can verify the authenticity of the bills and deposit them directly into your account, reducing the risk of counterfeit money
3. Cheques or banker’s drafts (cheques de caja):
- These can be secure, but you should be cautious. Obtain the buyer’s official ID (INE, passport, or driver’s license) and proof of address before accepting. Make sure the cheque has fully cleared with your bank – not just “in process” – before handing over the car or signed ownership documents (factura, tarjeta de circulación). Genuine buyers will understand this waiting period
4. Escrow or third-party services:
- In some cases, an escrow service can be used, where a trusted third party holds the funds until both sides complete their obligations. If you choose this route, make sure the company is legitimate and properly registered in Mexico
5. Always issue a receipt (recibo de pago):
- No matter how the payment is made, always provide the buyer with a signed receipt and keep a copy for your records. This protects both you and the buyer in case of future disputes