How to pay someone large amount

Gromitt

JuicyJesus wrote: »

For that amount of money, is the CHAPS fee really too much to pay considering it offers almost guaranteed same day clearing direct to the beneficiary's account?

If your dealing with a solicitor, no. It's quick and gets the job done.

If your dealer with an individual, CHAPS can be tricky. Some people are very protective of their banking details, plus they might write them down wrong or the OP may read them wrong or type them in wrong, etc. Possible loss of £130K. If your going to send them a £1 test payment then you got the hassle of them checking and they might not know until the next statement (Not everyone has online/telephone banking).

A cheque is easy and gets the job done with the minimum of fuss. All you have to do is hand it over, and you get the bonus that they'll probably ask you in for a drink

brendon

Gromitt wrote: »

Some people are very protective of their banking details, plus they might write them down wrong or the OP may read them wrong or type them in wrong, etc. Possible loss of £130K.

I'm not sure many people are totally blase about a £130K transaction -- I'd certainly be sure to check the details over-and-over. Even if a mistake was made, it is likely to be picked up by the clerk.

pinkdalek

Gromitt wrote: »

If your dealing with a solicitor, no. It's quick and gets the job done.

If your dealer with an individual, CHAPS can be tricky. Some people are very protective of their banking details, plus they might write them down wrong or the OP may read them wrong or type them in wrong, etc. Possible loss of £130K. If your going to send them a £1 test payment then you got the hassle of them checking and they might not know until the next statement (Not everyone has online/telephone banking).

A cheque is easy and gets the job done with the minimum of fuss. All you have to do is hand it over, and you get the bonus that they'll probably ask you in for a drink

Firstly isn't this family? So why would there be concerns about giving bank details? Plus you contradict yourself, opting not to do a CHAPS because you are saying the other person is so evidently some sort of con-artist and is going to use it to steal identity, however you suggest sending a cheque which in itself gives the recipient the drawer's own personal bank sort code and account number.

Seriously get a grip on reality here, CHAPS payment would be the safest and easier method to transfer this large amount of money.

mgdavid

pinkdalek wrote: »

.......
Seriously get a grip on reality here, CHAPS payment would be the safest and easier method to transfer this large amount of money.

get a grip yourself
A cheque is equally safe, and much easier as it involves only the use of a pen and a stamp and a stroll to a postbox rather than a car and a bank branch that is open etc. Also as it is estate proceeds it is unlikely to be urgent. Why pay for an unnecessary service - -this is MSE after all .

rb10

mgdavid wrote: »

Why pay for an unnecessary service - -this is MSE after all .

The interest lost whilst waiting for a cheque to be delivered, taken to the bank and cleared will be more than the CHAPS fee.

CHAPS is the most cost-efficient method for this.

Dan-Dan

thanks all , the payee is bro in law , very close , so security isnt an issue , just the safest way of staying in control , i dread to think how to solve it if i send it to the wrong account or something , with a cheque i can hand it in person , he has already told his bank in branch that he has it coming

jeystone

somethingcorporate wrote: »

I'd suggest ringing/going into the bank to discuss it.

It will help minimise the chance of it being held up and investigated etc.

I wouldn't hold my breath..these !!!!! can't coordinate a !!!! up ina brewery

jeystone

Dan-Dan wrote: »

thanks all , the payee is bro in law , very close , so security isnt an issue , just the safest way of staying in control , i dread to think how to solve it if i send it to the wrong account or something , with a cheque i can hand it in person , he has already told his bank in branch that he has it coming

I thought paying in a large cheque was the primary fraud/laundering trigger....

pinkdalek

Paying in the cheque won't alert money laundering. The bank will ask the customer where is it from and will want to know future plans for it.

They will know from the customer's accounts and transactions that they are quite clearly not money laundering.

Dan-Dan

jeystone wrote: »

I thought paying in a large cheque was the primary fraud/laundering trigger....

As i say , the bank bro in law is with know it`s coming and he has an appointnment with the FA within the branch (Nationwide) thats his choice obviously

And it may well be a trigger but the moneys perfectly traceable so i dont see the issue