Judes2308

Hello

We're in the process of privately selling our car (in Australia) and assuming we do get it sold at some point I'm wondering what is the best and safest way to receive the money.

In the UK I would have asked for a bankers draft or something, but not sure if they have that equivalent over here. Don't really want to accept a personal cheque in case it bounces all the way to the bank! Bank transfer or something?

Judy

Streaks

a bankers cheque is good as the money is taken out straight out of the account when the cheque is printed by the cashier (even though it still takes the usual few days to clear into the recipients account)

Timber Floor Au

WOW sight and sound will tell you a Bankers Cheque is the dodgiest way to be paid for something !!

We always use bankers cheques for large amounts, but !!

Theres a better way. If the buyer has got internet banking, they could deposit it straight into your account, full amount, avail immediately.

Takes about 24 hrs to appear as cleared funds i think

Ste

arkon

I've used bankers cheques a lot here and they are indeed accepted like cash. problem is you can run one off with a copy of photoshop and a colour laser printer. Not sure why people think they are safe. I seccond the internet transfer or failing that get cash. Or take a personal cheque and only release the goods once cleared.

Timber Floor Au

Yep

Always makes me laugh, and still havent got used to it... ppl say , we will pay cash !

Then they pay by Bankers Cheque !!!! argghh ( apparently thats called cash too !! )

arkon

I've had a few now and I'm buggered if I can tell if it's genuine or not. They just look like a slightly bigger cheque. Does make you wonder exactly how many people get ripped off using them.

Judes2308

Thanks folks, I'll try for the bank transfer if possible

The Bloke

What about the official bank stamp?

Rudi

I was told by the bank (Westpac) that a bankers draft should be treated the same way as a personal cheque. It is not guaranteed by the bank. You should allow the funds to clear into your bank before you release the car.

Rudi

Craig&Sam

Just to echo what has been said above. Take a bankers draft/cheque by all means, but do not treat it as cash in hand. Deposit it into your bank a/c and call your bank in 3/5 days to see if the funds have cleared. I unfortunately speak from experience. I was stung to the tune of £13,000 GBP 2 years ago. I sold my vehicle and accepted a bankers draft (stamp and all). I handed over the keys there and then, as I have done many times in the past. It was a week later I received a letter from my bank stating that the 'draft' had 'bounced', it was fraudulant!. By that time my vehicle had gone and of course so had my 13,000k. A harsh lesson learned. I now trust no-one with nothing, not the best attitude I admit, however it still stings. Yes this was in the UK but I dont think it will be much different in Aus. Please beware.

arkon

What about it? If you can scan it you can copy it. If I gave you a home made bankers draft, the chances are you would never have seen one like it before from that particular bank so how would you know it was genuine?

Stick to Cash or EFT, Bear in mind they have to go to a bank anyway and pay the fee to get a bankers cheque, so it's no harder and definately cheaper for them to withdraw cash instead. Plus you get to wallow in a big pile of cash for a few days.....Luvly jubly.

augigi

You can call the bank which issued the bank cheque and verify the cheque number.

pogsy

Apparently a Bank cheque can be cancelled by the drawer, our neighbour sold his boat and then 2 days later cancelled the Bank cheque before it had cleared in the other bank, returned the boat and the bloke who sold the boat could not do a thing about it, I think if you do accept a Bank cheque you need to pay for it to be express cleared.

Timber Floor Au

Im pretty sure unless you have legal grounds to do so, then cancelling a bankers cheque in itself is deemed as fraudulent. As you have received goods on the basis it is cash.

To cancel such cheque without justified reason, and the concession of the seller.. is i think illegal.

Perhaps check that out !

PLUS your statement is flawed.

Initially you say your friend sold the boat, then cancelled the cheque and returned the Boat.

Then you say the bloke who sold the boat couldnt do anything about it !


LOL make ya mind up mate

pogsy

Yes that is what I thought to, but my neighbour checked with his solicitor and that is what he told me so all I would say is ask your respective bank and see what they say.