Selling high value item URGENT advice needed

sarahblaneuk

My dad is selling a high value item to someone who has travelled over from ireland to collect. She has said she wasn't comfortable carrying so much cash on her and would prefer to do a bank transfer and then colect the item. She is travelling into the city centre to set up the transfer and then will come and collect the item in a few hours. Is this a safe way to carry out the transaction? and will the money be in his account immediately? Please someone help before my dads parts with his item.

theonlywayisup

In a word no.

A bank transfer can be recalled, certainly within the same day with HSBC. Other banks have other rules.

If she is not happy with carrying that much cash. Arrange to meet at a bank so she can hand it over in the bank and he can pay it into his account.

kremmen

theonlywayisup wrote: »

In a word no.

A bank transfer can be recalled, certainly within the same day with HSBC. Other banks have other rules.

If she is not happy with carrying that much cash. Arrange to meet at a bank so she can hand it over in the bank and he can pay it into his account.

+1 ^^^^^^. Good advice.

Paul

sarahblaneuk

Thank you, i've passed on your reply to my dad.

theonlywayisup

Please make sure he doesn't give her any benefit of the doubt. This is how scammers work.

Make sure he gets cash and nothing else. Not even a deposit of cash and the rest another way. The bank won't mind her withdrawing it and handing it over to him, mores the point, nor should she.

Good luck.

soolin

The bank transfer is not clear until the bank closes for business on the day it is paid in- so as above, suggest they meet in a bank where buyer can withdraw the money and then seller can pay it in.

vax2002

They are different rules in place for international transfers with some recalled up to 21 days later.

sarahblaneuk

Thank you all for all your advice after passing them on to my dad, he accepted a bankers cheque. I dont know much about them but he assured me it was as good as cash.

diet_pepsi

Was he 100% sure that it was a genuine bankers cheque? i.e. not stolen or fake? (he would need to double check with the bank issuing it).

If it's genuine, then it can't be stopped, so as good as cash.

GabbaGabbaHey

sarahblaneuk wrote: »

Thank you all for all your advice after passing them on to my dad, he accepted a bankers cheque. I dont know much about them but he assured me it was as good as cash.

If they are genuine, then that's true. However, like just about any other piece of paper, they can be (and are) faked.

soolin

sarahblaneuk wrote: »

Thank you all for all your advice after passing them on to my dad, he accepted a bankers cheque. I dont know much about them but he assured me it was as good as cash.

As per th eother responses, if your Dad is middle aged or so then his knowledge is out of date. A few years back bank cheques/drafts were virtually cash and they were always recommended for buying cars etc.

Then they became easy to forge, or more commonly got stolen by the book load and now are rarely used by banks as there is very little point in them as they still need to go through the system to clear against fraud.