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Best way to receive money

Selling a vehicle

Hi, not exactly tax  but hoping you can help me. 

We have a campervan for sale and a potential buyer. 

He wants to pay by bank transfer on the day at our bank. This makes sense as he will want the keys PDQ after giving us his dosh. 

Is this more risky than cash (which I can also understand him not wanting as carrying that sort of money doesnt make sense from a risk perspective either) 

Your advice is greatly received! 

 

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25th Feb 2019 10:03

No the bank transfer is not more risky than cash. You will obviously need to find a way of seeing that the money has arrived in your bank account before handing over the keys, but presumably in these days of online banking that will be a doddle.

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to johngroganjga
25th Feb 2019 10:26

Thanks.

Yes, we shall go to the bank together and check the money is in first.

Sad day but we need something smaller :(

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to Kaylee100
25th Feb 2019 10:40

Kaylee100 wrote:

Thanks.

Yes, we shall go to the bank together and check the money is in first.

Holding hands and wearing flowers in your hair?

You seem to be locked in a time warp. What's wrong with checking on your phone?

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to andy.partridge
25th Feb 2019 12:06

I am stuck in a time warp! That and not trusting anyone!

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25th Feb 2019 10:46

Last time I sold a car the buyer did a bank transfer on my own computer in my lounge I recall. Just use your common sense. (If they don't um and ah a lot about the car and demand at least 10% off the asking price they will probably be a fraudster.)

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25th Feb 2019 12:27

Also don't give him your bank details in advance 'so I can get the transfer set up with the bank'.
You'll find that it'll be a cheque paid in somewhere which will bounce up to a month later.

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to Wanderer
25th Feb 2019 12:37

Yes, that's what I am concerned about. Things "bouncing".

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to Kaylee100
25th Feb 2019 18:39

It will show "Faster Payment" on the description when it comes in

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25th Feb 2019 12:37

Your Bank should be able to tell you exactly what was paid in ie if a cheque, faster payments, etc and what recourse there is.

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to Cheshire
25th Feb 2019 12:43

Problems is a lot of bank tellers will trot out the normal 'a cheque takes three days to clear after which you are okay to draw the funds'.

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to Wanderer
25th Feb 2019 12:51

Agree with that, but you can get definitive answer on whether or not a cheque is paid, but I will guarantee now that most bank staff at that level have no idea you can do it!

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25th Feb 2019 12:53

Say you will only accept a 'faster payments' or CHAPS transfer or cash. With the former two - YOUR Bank can tell you if it has been paid by that method (and that therefore it cannot be a recalled payment).

With the latter you may have problems paying it in if its over a certain level, given the old KYC/MLR issues.

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25th Feb 2019 17:45

'tellers' haven't heard that word in years - do they still have those caps with a peak and still sit behind metal grills waiting to be robbed?
These days they are called 'customer focused interaction professionals' a term they learnt from HMRC...

Take the cash, stick it under the bed - no Fifties mind, they are too easy to forge.

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to memyself-eye
25th Feb 2019 18:11

memyself-eye wrote:

These days they are called 'customer focused interaction professionals' a term they learnt from HMRC....

You can, at least, change banks if you are unhappy with them. That's the problem with HMRC. They are suffering from monopoly malaise.

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25th Feb 2019 19:47

There used to be a form of cheque you could get the buyer to obtain from their bank which cannot be cancelled/recalled.
As far as I know any electronic payment or ordinary cheque can be recalled by the issuing bank quite a few weeks later.

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to Marion Hayes
25th Feb 2019 20:51

Presume your mean a bankers draft. Those are guaranteed cheques, cannot be stopped.

Would suggest caution as some building society type banks issue cheques on behalf of clients which clients will say are bankers drafts when they are not. (Some folk will tell you anything!). Such can be stopped.

Drafts- pretty rare these days.

Banks have strict rules on bouncing. Problem with bouncing cheques was it was always notified via the post, so snail mail involved and hence the days/week long delays.

Electronic cannot be stopped once it has hit your account, except poss non faster payment standing orders, which can be recalled up to midday on the day it hits (although I think that rule has now been dropped).

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to Marion Hayes
26th Feb 2019 02:31

Those things (bank drafts) can be forged though...

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