 | Home > Off Topic > How do you exchange monies when buying/selling? |
 
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| Hairysteve Member Since: 15 Jun 2015 Location: Surrey Posts: 692   
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Electronic bank transfers are quick and safer than walking around with $$
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31st Jul 2015 7:06am |
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| blackwolf Member Since: 03 Nov 2009 Location: South West England Posts: 17492 
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I think (but I may be wrong) that banks are rather suspicious of people paying in large cash sums because you are nowadays presumed to be money-laundering, the banks are legally required I believe to report cash deposits above a certain amount to 'the authorities'. I have no idea what the amount is though.
As a seller, I would be wary of accepting a large cash payment now unless I had been present when the bank issued the cash to the buyer, since I believe that there are significant numbers of forged notes in circulation. I don't know that I would recognise a good forgery. Personally (as a seller) I would now require an electronic transfer and then wait long enough for my bank to assure me that the funds had successfully and irreversibly reached my account before handing over the item. Remember that being paranoid doesn't meant that they're not out to get you! |
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31st Jul 2015 7:43am |
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| ian series 1 Member Since: 17 Nov 2014 Location: south Posts: 3127 
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Deposit first, after viewing.
Then bank transfer every time! I recently brought a series 1 where the guy would only accept PayPal, and wanted paying before I even saw the LR! It all seemed very dodgy, as I was a large sum of money. But we got there in the end, turned out good. I've always done transfers, but this guy was told PayPal is the safest. Cash was king, but even that can cause problems now due to money laundering. Once you happy with what your buying, do a Transfer  80" 80" 86" 88" 90"
Wanted, Forward Control Anything considered. |
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31st Jul 2015 8:22am |
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| Bears Dad Member Since: 09 Dec 2011 Location: Aylesbury Posts: 43 
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How long do you wait for a transfer to go through so that you're satisfied its in your account... and, as a buyer, would you be happy to transfer first and then wait to get your vehicle?
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31st Jul 2015 8:52am |
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| TJ101 Member Since: 30 May 2007 Location: Taunton Somerset Posts: 3750  
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As said Bank Faster payment system,, on line,
Just bought the Audi,, a few hundred miles away Send a tenner to there account to "open" the line up, Rented a car, drove to view, Borrowed his wifi,, Send the funds (one phone call received from my bank for security due to the amount) Drove it home 15 minutes later after the seller had checked his account The faster payment system, is the best thing the banks have done for the public for years !!! California F1, 75th 110 "Kermit", 50th Ann V8, 90 V8 Hybrid, 55 Series 1 Main Brian James Trailer Dealer for South West UK |
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31st Jul 2015 8:53am |
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| JJ Member Since: 18 May 2009 Location: Winchester Posts: 932 
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Paypal with a credit card. You then have the credit card company in your corner should things go wrong. Paypal will also help but only in some circumstances.
Faster payment if you are happy with the vendor and are 100% sure everything is ok. |
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31st Jul 2015 9:25am |
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| Iggle piggle Member Since: 10 Sep 2014 Location: Wales Posts: 378 
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Agreed This is the way to buy & sell in today's modern age 100% safe, once the money is showing in your account it cant be reversed also don't be worried about giving you bank account details out as apart from putting funds in your account there is nothing else they can do with them I trade all over the world & have no problem giving out our bank details to anyone (even Nigerians!!) |
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31st Jul 2015 11:26am |
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| Birdy Member Since: 07 Oct 2011 Location: Côte d'Azur Posts: 869  
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Cash if possible. Second-hand Defender? We’re talking peanuts: I sold my last one for thirteen grand and I simply walked round the corner to the local branch of the buyer's bank and the cashier transferred it from his bank to mine in my presence. I sold a motor caravan for twenty five and the buyer came round with stack of readies. For buying euros I play off Thomas Cook with the Post Office with the travel agent in my local department store with Barclays and recently got fifteen thousand quids’ worth from the travel agent - paying with cash I withdrew from my Barclays next door. For big transfers (my last was 153,000 euros to Holland towards my new boat), DON’T accept what your local branch says, make ‘em phone through to their FX brokers.
Look after the pennies and the pounds take care of themselves. Peter |
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31st Jul 2015 12:53pm |
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| gilarion Member Since: 05 Dec 2013 Location: Wales Posts: 5111  
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My bank RBS allows you to draw out £1999.99 without a problem. £2000.00 and above you have to have I.D. unless someone at the bank knows you. I do not know if all bank branches are the same but withdrawing sums of over ten thousand from my branch has to be ordered for pay out the next day. If you are known to the bank and have good history with them you can pay in any amount without suspicion, however according to my branch paying in sums of over fifty thousand needs explanation. For those who like Welsh Mountains and narrow boats have a look at my videos and photos at.. http://www.youtube.com/user/conwy1 |
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31st Jul 2015 1:41pm |
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| ken Member Since: 18 Aug 2009 Location: Banging Birds with my bitches !! Posts: 4328
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Its a sad world that cash doesn't work any longer
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31st Jul 2015 1:44pm |
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| Iggle piggle Member Since: 10 Sep 2014 Location: Wales Posts: 378
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it is very sad! Cash is king etc
just a word of warning, cash can come back & bite you in the bum some days/weeks later if found to be fake by the clearing house when depositing large sums the bank clerk will mark the band to identify that cash to your deposit obviously they should pick up any fakes at the time but if they don't the clearing house will & your account will be debited |
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31st Jul 2015 2:13pm |
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| Projectblue Member Since: 22 Nov 2011 Location: Devon Posts: 1096 
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Why use cash any more?
Cash was used because internet banking didn't exist and before money laundering regs. But now dealers really don't like cash, no one wants to travel with ten grand in a rucksack on a train (done that a few times, never relaxed the whole time) and there's the problem of counterfeit notes. I just bought a car with a grand on the credit card, and the rest by debit card from a dealer. The credit card bit means I have the credit card company to protect me if there is a problem, and the debit card was instant, just as TJ101 did with his purchase. Private seller there's no credit/debit but just use the paypal small amount for a deposit and BACS the balance. If you trust the seller (130 from Matt at FCX) just BACS the amount the day before. New project and it's green: www.projectoverland.info |
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8th Aug 2015 10:38am |
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| Projectblue Member Since: 22 Nov 2011 Location: Devon Posts: 1096
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Oh - watch out for BACS on values over £10k. Banks have a habit of 'withholding for security purposes'.
What that means is it leaves your account, but doesn't go straight to the receiver. It sits in the Bank, earning them interest whilst they ostensibly "check" it out. Which is BS in my opinion, but another topic entirely  New project and it's green: www.projectoverland.info |
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8th Aug 2015 10:48am |
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