High value sale -ok by next day?

ANGLICANPAT

I believe bankers cheques  are now little used as too easy to forge and still have to go through security anyway ,  so  once a person has viewed and wants to buy a  £12k physical item   from you ,I presume  the safest method of payment is visiting a bank and the buyer ,with you in tow, can draw out  purchase money in cash   (presumably pre arranged with bank)  and you pay same straight into your own account . If there is no bank anywhere practically near, then how safe would it be  to do an online  bank to bank transfer (presumably fast payment)  but not let the person take the item until the next day . My understanding is that the money is recallable until after the end of a banks working day. Is that correct please and how would that work at weekends , would you have to make collection after the Mondays banking day finished?  Im after   the safest way to sell and let go an item  so Im not left scammed. Any advice welcome. Thanks

Daliah

With a bank transfer, you can still get scammed after 24 hours if the buyer says they never received the goods or the goods were faulty etc etc. You might not lose your money but your account could get blocked and it might take quite some time before you get it unlocked.

Cash drawn from a bank in your presence is less prone to scams, though you might get mugged with £12k in your pocket, and you will have a job explaining to your bank where you got the cash from when you want to deposit it.

There is obviously also the other side of the deal. As the buyer, how can they be sure they get the goods if they pay you by FP or in cash?

Have you asked your bank what they suggest?

ANGLICANPAT

No I havent  asked yet  since I  dont hear that well on the phone and we have no banks near , but I will get to one soon. Item not on sale yet.. Cash exchange in bank  wouldnt be queried if dealt with by the teller surely?. 
  I would have a job explaining why I received  12k in my account from this person  if I didnt give him the item , and if I did give him the item  I would get a receipt off the seller before they removed the item.?

Daliah

If the transactions took place in the same bank, with both parties being present, no cash would be involved as they could process a transfer electronically. Though dependent on the bank, you might have to make an appointment to do this.

I don't know whether a receipt from the seller, or from the buyer, would be worth the paper it's written on. Some sort of a contract witnessed by an independent 3rd party (e.g. a solicitor, a cleric, a business Director etc), might be ok. 

DorsetDave3

I have just asked my bank [1st Direct] the same question. In essence in my discussion with them the answer was there is NO guarantee especially if if you want to do the sale more or less straightaway.

Cash could contain fake notes and although they said a faster payments bank transfer is safe  in that just giving your sort code and account number out, there is no guarantee that the payment  can't be reversed if the buyers bank asks for the money back.

 Perhaps something for this website to sort out for us all

eskbanker

DorsetDave3 said:

Perhaps something for this website to sort out for us all

How do you believe this could be 'sorted out'?

born_again

ANGLICANPAT said:

No I havent  asked yet  since I  dont hear that well on the phone and we have no banks near , but I will get to one soon. Item not on sale yet.. Cash exchange in bank  wouldnt be queried if dealt with by the teller surely?. 
  I would have a job explaining why I received  12k in my account from this person  if I didnt give him the item , and if I did give him the item  I would get a receipt off the seller before they removed the item.?

Of course it would. That is the whole point of the AML questions.
You would also both have to bank at the same bank. So in your case HSBC.

Just take the faster payment option. 

ANGLICANPAT

I did mean  same bank  born_again , and I did actually mean cash since the notes coming from the bank, I thought would already be checked.  The  bank having been warned  this was probably goiing to happen ,  would know the money was coming out to finance an item , and  would therefore have no reason to query me immediatly payingback  in the same money, 

ANGLICANPAT

Thanks all. 

Daliah

ANGLICANPAT said:

I did mean  same bank  born_again , and I did actually mean cash since the notes coming from the bank, I thought would already be checked.  The  bank having been warned  this was probably goiing to happen ,  would know the money was coming out to finance an item , and  would therefore have no reason to query me immediatly payingback  in the same money, 

If it were as easy as withdrawing a wad of cash from one account and deposit it straight away into another, the money launderers would have a field day.