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Old 02 November 2010, 06:36   #11
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pay cash into bank

Last car I bought was a cash purchase for more than 10K.

It worked for both of us but I had met the seller a couple of times before we did the deal. I suggested that I bring the cash, during working hours, and we pay it into his bank. This has to be the safest way all round.

As it happens he wasn't able to take the time off work and trusted my face!

The RIB I paid for with a Bankers Draft - again after having met the seller a couple of times. The bank managed to date it incorrectly which caused a bit of consternation on a Saturday morning!

In almost all of my purchases i've met the vendor at least once before arranging payment and collection. He's been able to decide if he trusts me and also vice-versa.
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Old 02 November 2010, 06:43   #12
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When I bought my present Ribcraft the prelims were done by emails and phone and the final deal was done at his home in Yokshire, to protect us both I organised a bankers draft for 90% of the deal and took cash so I had room to negotiate. it work to everybodys satisfaction and saved me carrying a large amount of money!!
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Old 02 November 2010, 07:04   #13
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To be fair how much is a "large amount of cash" ....
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Old 02 November 2010, 08:04   #14
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My two pence worth, Cash is good, get him to go to your bank and deposit it with you - If possible take someone Large with you...

Still be wary of dodgy notes - I have had the bank write to me 10 days after deposit telling me they were fake (that cost 80 and BANK charges too!!)

Also be very wary of Bank drafts - some forged ones doing the rounds, these also can take a while to come back from the bank..

Same with direct bank transfers, sometimes they look like they have cleared and then bounce a day or 2 later.

I may sound bitter, but all of above has happened to me at some point!!

Mike
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Old 02 November 2010, 08:05   #15
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To be fair how much is a "large amount of cash" ....
As far as money laundering regulations, it is 2k..
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Old 02 November 2010, 08:54   #16
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Thanks for the views / advice.
I can't get time off work in the week whilst the bank's open, so that's not an option.

I suppose I'm quite surprised that someone is offering cash and is prepared to buyit without a viewing first.

The buyer didn't know I had a bit of a trip when the offer was made & originally suggested meeting on a weekday.

Maybe I've become unduly cynical & suspicious, just seems a bit too easy.
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Old 02 November 2010, 08:55   #17
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Originally Posted by bingomike View Post
As far as money laundering regulations, it is 2k..
2K? that seems very low!?

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Old 02 November 2010, 09:01   #18
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Thanks for the views / advice.
I can't get time off work in the week whilst the bank's open, so that's not an option.
many banks have a city centre branch open on a sat am.
Quote:
I suppose I'm quite surprised that someone is offering cash and is prepared to buyit without a viewing first.
he's not - if when he turns up to collect its a searider covered in duck tape he'll walk away. he is probably just trying to show he is serious and worth the time to show him.

I'd suggest most dodgy cash deals are not about forged notes or stolen money - but more likely to be laundering drug money. That is a conscience not a banking issue then!
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Old 02 November 2010, 11:40   #19
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Cash

Quote:
2K? that seems very low!?
Money laundering regulations regarding accepting cash payment relate to businesses but I am not aware they apply to private individuals but I may be wrong.

From what I remember if a business wishes to accept cash payment for high value items they must register with HMC&E. They define a high value sale as in excess of 15,000 or the equivalent in any other currency.

If you have no good reason to suspect he is money laundering then as a private individual I am not sure it is technically your problem.

If it were me my greatest concern would be that some of the notes may turn out to be forged. From my experience some bank branches are very laid back about accepting largish cash deposits whilst others take forever checking every note whilst queues back down the street and customers stress levels turn platinum.

Take another method of payment then as others point out you may end up with an iffy bankers draft.
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Old 02 November 2010, 12:56   #20
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I think your right to be careful, especially if the person is coming from abroad, .... if he is bringing cash then you should take him to the bank to pay it in to your account before handing over the boat, the bank can check wether the currency is genuine etc.

Other angles to consider, if they are coming from abroad, which countries ? One scam is a buyer will gain a entry visa into uk on pretence of buying something with cash usually just under the amount you are allowed to import etc, and then once visa obtained will enter the country and dissapear.

Other angle could be money laundering.

Be wary
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