What is the safest way to ensure payment when selling a car ???
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What is the safest way to ensure payment when selling a car ???
As the thread says
I have heard loads of stories about bogus cheques and bankers drafts etc
So what is the best way ? Who has done this in the past safely ?
I know cash wins but if its a large amount (over 7k i am told) the banks suspect you of money laundering !!!
So facts please, not guesses or opinions
Cheers
Steve
I have heard loads of stories about bogus cheques and bankers drafts etc
So what is the best way ? Who has done this in the past safely ?
I know cash wins but if its a large amount (over 7k i am told) the banks suspect you of money laundering !!!
So facts please, not guesses or opinions
Cheers
Steve
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Bank transfer that's been in your account for over 24 hours, it cannot be taken back then by the senders bank (fairly sure), or real folding money
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The bank staff will probably ask you in conversation what the money is from, my girlfriend used to do this when someone paid in £2,000 which is well below the Bank of England's guide amount..... Take the buyer with you to pay it in, when you explain that its from the sale of your car nothing more will come of it.
Simon
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You are quite right Steve the banks get a tad funny about large amounts of cash. And assuming you're talking about the cash from the sale of your tasty motor I wouldn't fancy a trip to the local High St with that type of cash in my jeans.
Bankers Drafts ARE safe providing you are on the ball. Easy way to check is to contact the issuing bank of the draft. They can confirm the number and value, who its made to etc. Most people forget that the draft is drawn from the banks own funds and not the individuals account. As such if you satisfy yourself it is genuine there should be no problems!
Bankers Drafts ARE safe providing you are on the ball. Easy way to check is to contact the issuing bank of the draft. They can confirm the number and value, who its made to etc. Most people forget that the draft is drawn from the banks own funds and not the individuals account. As such if you satisfy yourself it is genuine there should be no problems!
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Thanks for the advice. Looks like the guy who has just been will have the car and just for good measure we both bank with the same bank ! albeit different counties, but I was hoping I could do some sort of electronic transfer as the bank should be able to verify the transfer 100%
Steve
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Originally Posted by Steve777
Thanks for the advice. Looks like the guy who has just been will have the car and just for good measure we both bank with the same bank ! albeit different counties, but I was hoping I could do some sort of electronic transfer as the bank should be able to verify the transfer 100%
Steve
Steve
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CHAPS is the safest way. It's a same day E-transaction. Costs a few quid but worth it from personal experience!
Bankers draft is fine BUT you MUST ring the bank to confirm the validity of the draft or you can be had! A fav trick of conmen is to arrive late after the banks have closed.
Simple rule: The car IS NOT released until you can SEE the money in your account!
NS04
Bankers draft is fine BUT you MUST ring the bank to confirm the validity of the draft or you can be had! A fav trick of conmen is to arrive late after the banks have closed.
Simple rule: The car IS NOT released until you can SEE the money in your account!
NS04
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