Best bank to make a Bankers Draft

Samsung7

Edit:

I have been told that the bankers draft to pay the (10,000 £) is acceptable. Is there some problem to make the bankers draft the same day on saturday? they also tell me it is not needed to make it at Natwest. If I make it on my bank (Nationwide) will it be free or cheaper? is there some bank that has charges less for this service? can I ask for a bankers draft to a bank which I dont have an account?



Hi, I am need of paying a large sum (10,000 £) to a letting agent (Gordon & Co). I was going to pay in cash, but they dont accept cash at the office.

So I have 3 options:

Bank Transfer
Bankers Draft
Cash to their account

I would want to know if I make go to a Natwest branch (Gordon & Co's bank), and make a bank transfer paying the bank in cash without me having an account there, on a saturday, will it show on their account inmediately or almost inmediately? (say 30 minutes or so)

If not, will it help if I open an account in Natwest just to make this transfer? could it be done everything in the same day?

The other option is Bankers Draft, but I am not sure if they want to accept, because even if it is guaranteed funds by the bank some people say that it takes 2-3 days to be cleared, and I need it to be clear the same day, or I will be unable to sign the contract that day.

Thanks in advance, as this is very stressful and although Gordon & Co seem a reputable company I dont want to end up losing my money in any sort of way.

pmduk

Do you currently have a bank account?

psychic_teabag

Samsung7 wrote: »

I would want to know if I make go to a Natwest branch (Gordon & Co's bank), and make a bank transfer paying the bank in cash without me having an account there, on a saturday, will it show on their account inmediately or almost inmediately? (say 30 minutes or so)

You're describing this as a transfer, but isn't it just a deposit ? AFAIK, when you pay into an account using a payment slip, they don't much care who is doing the paying, just where it's going to. So wouldn't this count as a cash payment into their account ? I'd have thought this would be independent of whether you have an account at natwest or not.

A bank transfer would be you sending the funds from your account to their account. £10k is the daily limit for faster payments out of natwest, but I assume you currently bank elsewhere, so different limits may apply. Note that Santander in particular seem to block payments while they perform security checks, so I wouldn't rely on them to do a transfer the same day.

Samsung7

Thanks for your replies. I have a bank account at Nationwide. The payment is just a bit more than £ 10k.

So, if I pay in cash that amount to natwest, will it come through the same day, or for security reasons it will be delayed?

Funkyfreddy

Samsung7 wrote: »

Thanks for your replies. I have a bank account at Nationwide. The payment is just a bit more than £ 10k.

So, if I pay in cash that amount to natwest, will it come through the same day, or for security reasons it will be delayed?

But be aware that the Business account you are paying in to at NatWest may well incur charges of £nn.nn per £100 cash over the counter.

Not something you would be aware of (its not your immediate concern/problem) but something that would appears on Gordons monthly account charges. You may want to check they are happy to accept payment by such means.

FF

Samsung7

Funkyfreddy, I will ask them before doing it. This charges are only if cash is paid over the counter or it is over all transfers?

Edit:

I have been told that the bankers draft is acceptable. Is there some problem to make the bankers draft the same day on saturday? they also tell me it is not needed to make it at Natwest. If I make it on my bank (Nationwide) will it be free or cheaper? is there some bank that has charges less for this service? can I ask for a bankers draft to a bank which I dont have an account?

Agricolae

If you want to make payment via banker's draft you'd need to get this done at your bank (i.e. Nationwide). However Nationwide do not offer banker's drafts as part of their services.

They offer something similar called a "Building Society Counter Cheque".

Please note that all Banker's Drafts and Building Society Counter Cheques are subject to the UK Clearing Cycle and can still be returned unpaid up to 6 working days after paying in.

Another option is to send a CHAPS payment in your Nationwide branch. This may cost you around £25 but if you make it before the daily cut-off time it's guaranteed to be in their account same day.

Samsung7

Agricolae, if I come up at Natwest and I pay in cash, will I avoid paying the £25 for the CHAPS?

What is more likely to be faster on the same day, a CHAPS or taking the cash and paying at the counter in a Natwest? the money should take no longer than 3 hours or so.

Agricolae

From the general content of your posts may I ask if you're an international student? I would normally say that paying in the money as cash would be the quickest (and cheapest) way of getting money into the account. Yes, you would be able to avoid CHAPS fees this way.

However, such a large amount being paid in, in cash, may cause the Natwest branch to carry out additional security checks. In the worst case this may result in the money crediting late to the letting agent's account. This is where the question about being an international student comes in. International students do pose a higher than normal fraud risk to banks due to their income being drawn from unknown sources abroad. As a result it is not surprising for international students to be asked additional questions about payments they make, and for delays to occur while details are checked.

In your situation I would choose CHAPS because I feel it is safer than carrying £10,000 in cash around with me. I would be happy to pay a fee for the service but of course it is your decision.