Cash on collection or bankers draft
Discussion
Sorry for the dumbass question...
Will be selling a vehicle soon, and am limiting payment options to cash on collection or possibly bankers draft.
I have not had a bankers draft, and everyone jkeeps saying that they are "as good as cash", that's fine, but how do I spot a faked one?
Vehicle is probably going to sell for about 3.5k so may be outside the comfort zone for actual cash.
Will be selling a vehicle soon, and am limiting payment options to cash on collection or possibly bankers draft.
I have not had a bankers draft, and everyone jkeeps saying that they are "as good as cash", that's fine, but how do I spot a faked one?
Vehicle is probably going to sell for about 3.5k so may be outside the comfort zone for actual cash.
Apparently, bankers drafts are fairly straightforward to fake, and not all that easy to spot.
Personally I'd push for cash and check a few random notes with one of those pens (about £4 from WH Smith and the like), or see if the buyer will accompany you to your bank to pay the draft in - might sound a bit over cautious but I'd rather not lose the car and the payment!
I'd expect to pay cash for a car purchase of under 5k ish anyway - I've never been offered anything other than cash when selling either.
Personally I'd push for cash and check a few random notes with one of those pens (about £4 from WH Smith and the like), or see if the buyer will accompany you to your bank to pay the draft in - might sound a bit over cautious but I'd rather not lose the car and the payment!
I'd expect to pay cash for a car purchase of under 5k ish anyway - I've never been offered anything other than cash when selling either.
arguti said:
i know if you do a free bill payment via HSBC the money gets transferred within 2 hours if not instantly.
i think the FPS (faster payment service) only works between the main high street clearing banks at present. This is certainly what I would offer a seller.
I am thinking of doing this way (have a Lloyds account that I know goes through instantly from Barclays).i think the FPS (faster payment service) only works between the main high street clearing banks at present. This is certainly what I would offer a seller.
Other poster - I love the pen idea, will pop in and get one tomorrow.
Famous Graham said:
When I sold my Honda, I met the guy concerned, he had a butchers at the car, then we went to a bank and he handed the cash over to the cashier. Once she had it, I gave him the keys, then she paid it into my account.
Simple.
Have to be honest, that's how I had always done it - safer for you, as the cash is verified and paid into your account. Safer for them as they are in a 'safe' location to transfer the money and are less likely to be defrauded themselves - don't forget that the buyer may be loath to carry cash/worried that *you* may do something!Simple.
j44esd said:
Famous Graham said:
When I sold my Honda, I met the guy concerned, he had a butchers at the car, then we went to a bank and he handed the cash over to the cashier. Once she had it, I gave him the keys, then she paid it into my account.
Simple.
Have to be honest, that's how I had always done it - safer for you, as the cash is verified and paid into your account. Safer for them as they are in a 'safe' location to transfer the money and are less likely to be defrauded themselves - don't forget that the buyer may be loath to carry cash/worried that *you* may do something!Simple.
Bank option may be the safest way I guess, we have a large town centre nearby.
Failing that, I am happy to take cash if they offer it.
If your banks are close together than it is drawn out of the buyers bank and you walk over to the other bank and pay it in to your bank.
I have done it this way several times.
The buyer just needs to arrange with his branch to pick it up at the branch near yours.
Nothing could be safer and simpler.
I have done it this way several times.
The buyer just needs to arrange with his branch to pick it up at the branch near yours.
Nothing could be safer and simpler.
Don't give me a load of b
ks about you could get mugged walking between banks either, it does not happen!
ks about you could get mugged walking between banks either, it does not happen!Muncher said:
You're absolutely mad if you accept anything other than: cash withdrawn from the buyer's bank and paid over the counter into your bank OR a CHAPS payment (which will involve a certain amount of waiting around and of course a charge).
Nothing else is secure.
While a CHAPs has a cost theres no way i'd go to buy a car then expect to go to a town centre and start moving cash about....last car i sold, the guy was at my house no more than 5 mins on collection day - no "follow me mate, the banks this way" nonsesne!Nothing else is secure.
Tiggsy said:
Muncher said:
You're absolutely mad if you accept anything other than: cash withdrawn from the buyer's bank and paid over the counter into your bank OR a CHAPS payment (which will involve a certain amount of waiting around and of course a charge).
Nothing else is secure.
While a CHAPs has a cost theres no way i'd go to buy a car then expect to go to a town centre and start moving cash about....last car i sold, the guy was at my house no more than 5 mins on collection day - no "follow me mate, the banks this way" nonsesne!Nothing else is secure.
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