Can they not do a transfer into your account on the Monday? I wouldn't pay for something I hadn't seen, but if I was prepared to travel the distance this buyer is obviously happy to do then I'd have thought they'd be happy to either come over on Friday or sort it between the banks to do a transfer on Monday.
When I bought a vehicle, I paid the guy by transfer & it got goofed up by the bank because the department who authorises transfers had a cut off time & went home before authorising my payment. With this in mind, I'd be inclined to confirm the system will work between the two branches & then you'll both know what to expect.
I was talking to a man recently who reckoned he went to see a vehicle, did the deal & went to the bank with the vendor, transfered the payment there & then & drove the vehicle home. I couldn't do that with mine & it was all because of a glitch in the bank. I'm going to be selling a vehicle shortly & I'll be making sure my bank is on the case this time. Their stupid cut off thing could cost me an important sale.
Quote: Originally posted by Surfer01 on 21/6/2010
Go for cash as even a banker's draft can be forged. Very suspicious that someone from England wants to buy in NI. That alone would start to ring alarm bells.
Why would that ring alarm bells? If I am selling my van cheaper than anyone on the mainland, would it not make sense to come over and buy it if it is what they want?
I am not 100% sure if things will go ahead. No contact with them today. I phoned last night and said I wanted cash or come over mid week and we could go to bank. They can only make it on Sunday so cash it will be. Time will tell if they are as serious as they have made out.
Quote: Originally posted by millermicm on 21/6/2010
Quote: Originally posted by jasie on 21/6/2010cash is the best in your situation
you can do "faster payments" with some banks, but there are limits to this. Some banks have a £1000 limit and anything over is not instant and same as writing a cheque. if using this method you will need to check the limtis with both sending and your receiving bank.
a bankers draft is no differnt to a hand written cheque it is basically being drawn from the Banks own account rather than the customers own account (i.e. the customer has given his money to the bank to put in the banks own account)
bankers draft are no more secure than you or me writing a cheque out contrary to popular belief. and yes these are a lot of fraudulant copies out there.
The customer has given the money to the bank and they will not terurn it if they have issued a bank draft - it is a secure means of receiving payment if it is genuine. Some are not!
As has been said, contrary to popular belief bank drafts are not a secure form of payment, they can be stopped and the money be returned to the customer, in fact there is no secure means of transferring monies by bank and certainly not by PayPal, any bank payment or card payment can now be reversed should the payee provide an adequate reason to do so.
Theoretically only cash can not be taken back, but make sure you have a reader and a safe to put it in - or a key to your bank's overnight safe!
------------- Caravanning is a way of getting a cheap holiday out of an expensive hobby
detector pens are the best way of telling counterfiets, even the UV doesnt work on all of them (but does on 95% of forgeries)
I dont know how much you are asking, but look at it also from their side, I wouldnt be that keen on rolling up at a strangers house with large amounts of cash, its not like I could go to the bank either, the cash machines have a £300 daily limit for my bank.
bank transfer depends on the bank, mine takes 3 days!!! (leaves my account instantly though)
According to the BBA (British Banking Association) - the voice of all banks operating in Britain Bank Drafts are guaranteed if genuine Quote:
"Bank drafts are cheques drawn by a bank usually on its own Head Office. Payment is guaranteed provided the draft is genuine and has not been lost or stolen. If it is fraudulent or conterfeit it will not be paid.
Drafts go through the normal clearing process like any other cheque and if you are offered a bank draft in payment, don't release the goods until you are sure the draft is genuine and has been paid.
If you are selling a car or similar expensive item, beware of the who turns up without notice after the banks have closed – usually a Friday. If the "buyer" offers a bank draft, already made out in your name for the full asking price and wants to take the item straight away (usually he/she says that they live at the other end of the country and are travelling back home that night or the next day), it is highly likely that you could be the potential victim of a fraud attempt.
Ask yourself whether the situation seems logical – would you for instance go to the trouble of getting a bank draft to buy an item without even checking its condition – or even whether it was still for sale? Better to have lost a sale rather than the item itself.
There are alternative ways of transferring money, such as via CHAPS same-day electronic transfer of funds between UK banks. This may be more expensive though check with your bank first about cut-off times for receiving value on the same day. For more details see the information sheet on Understanding the Cheque Clearing Cycle (see link below)."
Cash is probably the best but do check the notes. They may feel offended but you'll feel a lot worse if they turn out to be forged lol. I used to feel notes to see if they were real when i worked in a shop. Forgeries are usually thinner.
Sometimes you just have to put your faith into people and hope for the best. Also trust your instincts, if its telling you not to put your trust in them or something feels wrong then say "no".
Well, I have sold my caravan to a lovely couple who travelled over from Sheffield last night. They came to my house today and i did a "4 hour " handover. I got cash which looks ok. Used a pen on it. They are delighted and so am I! Result
Sold our van 10 days ago, they paid a large amount in cash.
Their bank said they could do a transfer bank to bank, but would take 3 days to reach mine.
They wanted the van in 2 days (going away) so I accepted cash.
I was a bit apprehensive about accepting a large amount in cash (could be fake) but checked the buyer out, address and all that with proof etc beforehand.
The money was banked within 15 mins of them driving away with the van, all good and two very happy couples, them and us
Hi Mick, only problem for us was that because the £20 note has changed over the last couple of weeks we had 3 old notes amongst the cash. Building society wouldn't accept them but my bank would. So all in all still happy.
Paul
So if you have a stash of cash under the floorboards you better check the £20 notes quick!
I'm with Barclays on line, so was my customer and they had no problem transferring £9,000 to my Barclays account straight away, but there may be limits.
My granddaughter is with lloyds and transfers money to me instantly, but the difficulty here can be that Lloyds security rings you on your home phone number to give you a code which must be typed in to authorise the payment (if it's the first time a payment is made to that account). So no good using anothers computer away from home.
I suggest you talk to your customer and both talk to your banks to see what might be feasible.
I was very fortunate that my customer didn't want to take the caravan away immediately. In fact we stored it for 3 weeks for them.
Bit of a shame it has come to not being able to trust anyone and all the checks that have to be done when 99% of people like Paul found out were genuine nice people and the other 1% make it so difficult and stressful for the rest of us.
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Topic: Best and safest form of payment?
