Banker's draft

cherry76

I made an offer to a house and I was talking to the person who will be doing the conveyancing about how to pay. She said, they will accept bankers draft. My money is with NW and I have just read on their website, they do not offer this service. What other option do I have as I will need to pay about £290,000 in cash for the property? Thanks

Premier_2

Most banks will provide a brankers draft - they look very similar to a cheque but drawn from the banks own account. There is a charge for this usually about £10-£12 ... Yes NatWest charge £12

Obtaining a banker's draft £12

http://www.natwest.com/personal/save-and-invest/savings/g6/rates.ashx

You just ask for one at the counter - and ensure you have enough money in your account for the value of course.

cherry76

Currently, Nationwide does not offer this service. If you wish to transfer a large sum of money immediately, please view the following question:

How do I transfer money using a CHAPS payment (priority one off payment)?
this is what I get from their website. I wonder what method other buyers are using to pay? Thanks

Premier_2

Ah, NW = Nationwide ,... well they are not a bank

When I was asked by my solicitor to pay by bankers draft, I was given the alternative to pay by normal cheque, but that would need to be paid in advance to the solicitor to ensure the cheque cleared. (6 working days, now)

I guess ask the solicitor what he would be prepared to accept ilo a banker's draft. I'm sure he'd prefer something other than cash.

LandyAndy

Premier wrote: »

Most banks will provide a brankers draft - they look very similar to a cheque but drawn from the banks own account. There is a charge for this usually about £10-£12 ... Yes NatWest charge £12


http://www.natwest.com/personal/save-and-invest/savings/g6/rates.ashx

You just ask for one at the counter - and ensure you have enough money in your account for the value of course.

Halifax do them for free.

Can't you ask them to pay by BACS transfer (3 days) or CHAPS (same day)

LandyAndy

Premier wrote: »

Ah, NW = Nationwide ,... well they are not a bank

When I was asked by my solicitor to pay by bankers draft, I was given the alternative to pay by normal cheque, but that would need to be paid in advance to the solicitor to ensure the cheque cleared. (6 working days, now)

I guess ask the solicitor what he would be prepared to accept ilo a banker's draft. I'm sure he'd prefer something other than cash.

You can't give your solicitor cash because of the money laundering regulations.

cherry76

Thanks, NW chap cost £20. I will ask the solicitor whether they will accept a cheque paid 7 days in advance to make sure it is cleared otherwise pay NW the £20 for immediate transfer.

Premier_2

LandyAndy wrote: »

Halifax do them for free....

They might be free to you, but they say they charge £10 to those of us 18 and over

Getting a banker's draft £10 per draft (free if you are under 18)

http://www.halifax.co.uk/bankaccounts/understandingcharges.asp
http://www.halifax.co.uk/bankaccounts/bankaccountcharges.asp

ginvzt

Nationwide provides 'Corporate cheque' which is accepted as banker's draft in most places. We did it when our LA requested to be paid by banker's draft. Ask, they will probably accept it. Don't know the limit though.

cherry76

Thanks, do they charge for issuing corporate cheque, I read the limit is £10,000, more than that you will have to ask CS.

LandyAndy

Premier wrote: »

They might be free to you, but they say they charge £10 to those of us 18 and over

http://www.halifax.co.uk/bankaccounts/understandingcharges.asp
http://www.halifax.co.uk/bankaccounts/bankaccountcharges.asp

Things must have changed in the last two years. I stored the proceeds of my sale in a Halifax Instant Saver account for a short while. When I needed to pay my solicitor for my new purchase I went to my local branch and asked for a bankers draft and was told the normal counter cheque that they provide FREE OF CHARGE is a bankers draft. Sure enough it said bankers draft at the bottom and was treated as such by my solicitor. Perhaps it was because I was getting it from a savings account rather than a current account.