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Selling high value item URGENT advice needed

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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.
:heart2:My gorjus twinnies are 2 years old:heart2:
:love:

:smileyheaBubba boy is 6 months old:smileyhea

Comments

  • 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
    kremmen Posts: 746 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    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
  • Thank you, i've passed on your reply to my dad.
    :heart2:My gorjus twinnies are 2 years old:heart2:
    :love:

    :smileyheaBubba boy is 6 months old:smileyhea
  • 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
    soolin Posts: 74,063 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    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.
    I’m a Forum Ambassador and I support the Forum Team on the eBay, Auctions, Car Boot & Jumble Sales, Boost Your Income, Praise, Vents & Warnings, Overseas Holidays & Travel Planning , UK Holidays, Days Out & Entertainments boards. If you need any help on these boards, do let me know.. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.All views are my own and not the official line of MoneySavingExpert.
  • vax2002
    vax2002 Posts: 7,187 Forumite
    They are different rules in place for international transfers with some recalled up to 21 days later.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • 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.
    :heart2:My gorjus twinnies are 2 years old:heart2:
    :love:

    :smileyheaBubba boy is 6 months old:smileyhea
  • 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.
  • 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.
    Philip
  • soolin
    soolin Posts: 74,063 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    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.
    I’m a Forum Ambassador and I support the Forum Team on the eBay, Auctions, Car Boot & Jumble Sales, Boost Your Income, Praise, Vents & Warnings, Overseas Holidays & Travel Planning , UK Holidays, Days Out & Entertainments boards. If you need any help on these boards, do let me know.. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.All views are my own and not the official line of MoneySavingExpert.
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