Paying for Goods in Cash (£25k)

KevWal

Hi

I wish to buy a large item, from a person I don't know, and have agreed a price of £25k. I have the money in my high street bank current account.

What's the best way to exchange money for goods both with a formal trail for the money and no opportunity for the person or goods to disappear?

Bankers draft doesn't work as the buyer wants cleared funds before he will release the goods.

Cash doesn't work as it gives me no proof that I have paid.

The seller banks with Coutts, so no option to visit a branch and pay money into his account.

Does any one have any suggestions please?

Thanks very much
Kevin

Lokolo

A CHAPS transfer will be same day transfers, but will come at a price.

themull1

Could you not pay via a solicitor? they can then supply proof of payment?

KevWal

Lokolo wrote: »

A CHAPS transfer will be same day transfers, but will come at a price.

Ok, same day as in hours, or as in a full day? What happens if at the end of the day the seller says 'sorry still not got the money yet'?

Thanks
Kev

Lokolo

KevWal wrote: »

Ok, same day as in hours, or as in a full day? What happens if at the end of the day the seller says 'sorry still not got the money yet'?

Thanks
Kev

http://www.financial-ombudsman.org.uk/publications/ombudsman-news/42/42_automated.htm

More info one there. It is gaurenteed to be done same day, nothing to do with time during. So you could do it at 9am and the money not arrive until 5pm for instance.

They cannot be recalled though.

As above, a solicitor might be the best option, but they would use CHAPS transfer anyway, but it would give extra protection from you and the buyer.

[Deleted User]

solicitor at least would issue a receipt in case of the other side not providing the goods

Funkyfreddy

KevWal wrote: »

The seller banks with Coutts, so no option to visit a branch and pay money into his account.

I woud still expect them to have a regular sort code and account number just as anybody else would.

With that info you could transfer via online banking or pay in over the counter. I have in the past had reason to hold a Coutts account holders paying in book and paid regular cheques into that account at NatWest.

FF

pvt

Kev,

For that amount of money you might want to consider a professional escrow service. An escrow agent will act as an independent middle man and provide both sides with an audit trail of the transaction.

Try your own, or the seller's, bank as they may offer such a service.

[Deleted User]

Why not make a video of you exchanging the cash and goods, and put it on youtube for all prosperity?

PhenoM

Solicitor, Escrow or Over the counter in that order. That's how I would do it. Esp. since you don't know the person.

barak

KevWal wrote: »

Hi

I wish to buy a large item, from a person I don't know, and have agreed a price of £25k. I have the money in my high street bank current account.

What's the best way to exchange money for goods both with a formal trail for the money and no opportunity for the person or goods to disappear?

Bankers draft doesn't work as the buyer wants cleared funds before he will release the goods.

Cash doesn't work as it gives me no proof that I have paid.

The seller banks with Coutts, so no option to visit a branch and pay money into his account.

Does any one have any suggestions please?

Thanks very much
Kevin

Sounds extremely dodgy to me. You are paying somebody you don't know and don't trust £25k for some "goods" :eek:

How do you know he banks at Coutts? Because he told you so? Why no option to visit a branch? Did he tell you that too? You could use NatWest or RBS as suggested by Funkyfreddy. If not, then Coutts do have branches -
http://www.coutts.com/locations/

Do you know that he owns the "goods"? I hope it's not a Porsche.....