Secure transaction

enterprise

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What is the most secure way to accept payment for a boat?

If offered a bag of cash would you be worried?
Would it worry you if the purchaser wants to turn up with cash & take the boat there & then?

I assume the bank would want to know the source of this new found wealth.

Is it easy enough to walk into a branch & transfer funds with a guarantee that they will not be snatched back later?

I don't like doing large cash transactions so advice needed please.
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peterb26

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If you are offered cash in excess of £10k, then its your legal responsibility to notify the local police with the name and details of the buyer.

(Money Laundering Laws)

If you ask your bank to confirm to you that they have received Cleared Funds from an electronic transfer then that is safe.

One other way I have used with cars is to go with the buyer to their bank - then to stand beside then while they get the teller to draw up a bank draft, and have the teller hand YOU the bank draft. Do not let the teller hand it to the buyer - they could switch it for a dodgy one!
 

alt

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Why would ya be worried? Cash all the way, imho /forums/images/graemlins/wink.gif

When buying my current boat the seller was a bit nervous about cash, ended up paying by bank draft. When I got the draft, the bank gave me a serial number. The seller then rang the back and verified the draft was genuine by giving the serial number. Everybody happy as I wasn't driving around the UK with a big wad of cash
 

BillyBloater

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Cash is still the best way. Just tell the bank that you won it playing poker - none of their business anyway.

When you want to spend it just tell them you are paying off your gambling debts. Made me chuckle when I sold a house and dealt with the deposit.
 

l'escargot

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[ QUOTE ]
...If offered a bag of cash would you be worried?
Would it worry you if the purchaser wants to turn up with cash & take the boat there & then?...

[/ QUOTE ]
I most certainly would be worried.

How confident are you that you can spot counterfeit money?

Assuming it is genuine - what are the odds of you getting to the bank (assuming that you receive it at a time that the bank is open) from where you collect the money, with the cash intact and no bump on your head?

The safest way is direct bank transfer. You go with the purchaser to his bank and he asks the teller to transfer the funds to your account. You give the teller your bank details. The money is transferred electronically and immediately to your account. If you want even more proof, just phone your bank there and then for a balance. Costs about £20 and if you want to be magnaminous you can knock it off the purchase price. It cannot be recalled by the purchaser.

I recently bought a boat from someone who was scared stiff that my cheque would bounce, so I suggested that he found a foolproof way for me to give him the money (I refuse point blank to deal in cash for substantial amounts, which is what he was asking for) and this was the most secure way he could find.
 

MaltaBob

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Sorry, but those days ended a few years ago! FSA and all that, but in real terms cash is a NO NO.
It just ain't that simple, ask a Terrorist or Drug Dealer. The rules are designed to protect the innocent, and save big complications.
Only secure way thro the bank.
 

Sneds

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Have to agree, Chaps transfer costs £20 and goes through the same day.
I would be a little unsure about handling (counterfeit) cash.
 
D

Deleted User YDKXO

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Agree with lescargot. You have 2 problems accepting a large amount of cash. Firstly it could be counterfeit and secondly, your bank might not accept it if you try to deposit it in your account if it is above £10k. Go to the bank with the buyer and have the banknotes checked and show any document to the manager to prove the transaction is kosher in order that they accept the cash. Really a bank transfer would be a whole lot easier
 

lovezoo

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[ QUOTE ]

The safest way is direct bank transfer.... It cannot be recalled by the purchaser.


[/ QUOTE ]
Are you absolutely sure it can't be recalled? If the buyer is a fraudster and makes the transfer from someone else's account without their permission, what happens? The innocent account holder would want their money back, so would the bank eat the loss or try and grab it back from you?

I think I would be inclined to get it in writing from my own bank that once the money is on the account via CHAPS it can't be taken back. Might sound paranoid, but I got stuffed for £156 on ebay via PayPal and PayPal make sure its the customer who loses, not them every time - and PayPal is regulated by the FSA just like the banks.
 

Lakesailor

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If the purchaser happens to bank with the same bank as you you're quids in (sic)
I sold a car and the guy came up from Norfolk. As we were both Barclays customers we went into my local branch, they did some checks on him and his account, transferred the money across and Hey Presto. .............erm, can you give me a lift home? /forums/images/graemlins/grin.gif
 

gerbil

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I bought my boat using a bank draft and because I would be arriving to collect the boat after the bank had closed I telephoned the seller with the bank draft serial number when I collected the draft so he could contact the bank directly himself while it was still open to confirm the serial no. was genuine and had been drawn from my account and payable to him. That way when I turned up providing the serial matched all would be fine.

HOWEVER....the bank (RBS) would only confirm to him that the draft was genuine but would NOT confirm that it would be honoured when paid in by him as they could only confirm the funds were available in my account at the time the draft was drawn up but that those funds might be consumed by other late arriving debits or provious credits 'bouncing' between then and when the draft was paid in !!

No matter how much either of us protested to RBS that the whole point was that when the draft was issued the available balance would be reduced accordingly they just wouldn't budge!

In the end I think the seller could see I had gone out of my way to prove I was genuine and took the draft but I guess ensuring you do the handover during banking hours and by CHAPS etc whilst both stood at the counter is maybe the only way to go !

Dave
 
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