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Old 03 November 2010, 10:38   #31
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Thanks for all the advice and views - always interesting to see the scope!

As a private seller I'm not that keen on a paypal account - I don't really buy & sell stuff.

Transferring money by bacs at the time doesn't guarantee the payment - it still has to "clear" which could take a few days.


Seeing the boat then taking the buyer to deposit the cash in the nearest bank would be great if the nearest one was closer than 8 miles away (not open at weekends) and would the bank pick up on the notes at once?

I think the biggest risk on reflection is counterfeit notes - doing a pre-meet, then meeting again to do the exchange doesn't really lessen the risk of this.

Meeting at the buyer's house, or confirming their address prior to the tranaction is probably the best security. I'm happy with cash as a medium!
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Old 03 November 2010, 10:54   #32
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My most recent rib purchase was for quite a few thousand pound and the guy insisted i do it by bank transfer.

I didn`t like the idea as the bank could only say that the money would go in to the Sellers account between 10.00am and 5.00pm.

To be sure the guy didn`t run off with the money and the boat, would have meant me sitting next to the boat, possibly for a whole day, till the funds appeared in his account.

He would not take cash or bankers draught for fear of fraud and i wouldn`t do bank transfer as i wasn`t prepared to camp out next to boat all day.

In the end i had the idea of putting the boat in a secure marina and together we informed them not to release the boat to either of us, until we both contacted them to agree that the transaction had taken place.
On the day of sale the vendor sent by fax, a signed proof of sale and i sent a signed proof of purchase. (signatures & fax numbers had been previously agreed with marina).

Sounds drawn out but then both parties were Scousers!
Turns out he wasn`t a boat thief and i`m not a fraudster!

The marina charged a day`s mooring fees 25
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Old 03 November 2010, 12:53   #33
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Quote:
Originally Posted by lakelandterrier View Post
As a private seller I'm not that keen on a paypal account - I don't really buy & sell stuff.
paypal is OK for a deposit but not really sensible for the full transaction (fees quite high, only verified sellers (and buyers?) will be able to do large transactions and there is the risk that the buyer claims a week later that it is credit card fraud/he never received it etc.
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Transferring money by bacs at the time doesn't guarantee the payment - it still has to "clear" which could take a few days.
You are right about bacs. However Chaps which usually costs about 20 will be same day cleared funds (this is how people buy and sell houses) - but is usually not "instant", just by the end of the day. Most banks also take part in "faster payments", although there may be a cap (10k?) on these, in theory they are same day although for new transfers some banks insist it is next day (the trick here is it transfer 1 a few days before then the transfer on the day is not a new transfer). Faster payments usually take less than an hour to appear in the recipients account. Obviously with all these things you need the buyer to be willing to pay through the bank and for him to know how to do these things.

Quote:
Seeing the boat then taking the buyer to deposit the cash in the nearest bank would be great if the nearest one was closer than 8 miles away (not open at weekends) and would the bank pick up on the notes at once?
you'd be best asking the bank that question - but can you not take the boat to the bank?
Quote:
Meeting at the buyer's house, or confirming their address prior to the tranaction is probably the best security. I'm happy with cash as a medium!
the biggest percieved risk to the buyer is the boat is stolen, the police recover it (possibly charging him with handling stolen goods) and he has no come back since he can't prove where he bought it - so if I was the buyer, and as paranoid as you, I'd want to pick the boat up from your house.
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Old 03 November 2010, 13:51   #34
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i have sold 2 Boats where the buyer as paid a cash deposit wanting to collect the boat a week later Great
I then get a phone call saying they would like to collect a bit sooner and that they will pay the balance in Cash
i told him i dont want cash, i want a direct bank transfer.
i have never heard from or seen the buyer since. i sent reg delivery letters
but they where returned.
Maybe i was lucky, but trying to explain to HMRC where the cash came from would be a lot more hassel than waiting around for the bank to tell you the moneys been transfered,
if it could be proved that the cash was from ill gotton gain then i think i am right in saying you could lose the cash and the Boat.
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Old 03 November 2010, 14:09   #35
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I can't believe so many people are scared to death of cash! I use cash for just about everything, it's quicker, easier and safer. Who's ever filled their car up with petrol then gone to the counter and your cards decided it's not going to work anymore? I get wound up standing in the supermarket queue for hours while everyone spends forever typing in pin numbers and waiting for receipts etc. Buying expensive items I always ask for cash discount and 9 times out of 10 I'll get it. And it works great when negotiating cars, bikes etc, people go weak at the knees when you flash a big wad of tenners under their nose!
I think you'll find most people who are trying to offload counterfeit notes will do it in very small amounts somewhere busy ie supermarkets etc where people don't have time to check properly. Most dodgy money will have the same serial number throughout so it's not hard to confirm when you're receiving large amounts.

Nothing else is foolproof, even bankers draft which used to be regarded as safe as houses is now used to rip people off

I recently bought a Rangerover L322 for 5 figures, the guy who was a car dealer wouldn't take anything other than cash. Met him in a carpark, handed over the cash and he handed over the keys, job done
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Old 03 November 2010, 14:57   #36
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Originally Posted by martini View Post
I can't believe so many people are scared to death of cash! I use cash for just about everything, it's quicker, easier and safer. Who's ever filled their car up with petrol then gone to the counter and your cards decided it's not going to work anymore? I get wound up standing in the supermarket queue for hours while everyone spends forever typing in pin numbers and waiting for receipts etc. Buying expensive items I always ask for cash discount and 9 times out of 10 I'll get it. And it works great when negotiating cars, bikes etc, people go weak at the knees when you flash a big wad of tenners under their nose!
I think you'll find most people who are trying to offload counterfeit notes will do it in very small amounts somewhere busy ie supermarkets etc
Well put....

More and more its seems its the banks who are the most scared of cash.......money laundering etc.....but it also costs them too. Transporting cash around everywhere (and having to manipulate it) is far more expensive for them then having us do everything in the virtual world by electronic transfer etc.... So if it means that i can still be an inconvenience to my bank by using cash then !!!

PS, thanks for the offer of a lift the other day (even if you didnt make it across), much appreciated.

Simon
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Old 03 November 2010, 15:34   #37
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Transporting cash around everywhere (and having to manipulate it) is far more expensive for them then having us do everything in the virtual world by electronic transfer etc....
And yet when you do transfer electronically they still charge you what it would cost for G4 to drive to the other bank

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PS, thanks for the offer of a lift the other day (even if you didnt make it across), much appreciated.
No worries, I'm sure we'll cross paths (or wakes!) next season
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Old 03 November 2010, 15:49   #38
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I use cash for just about everything,
No income tax,
No VAT,
No money back,
No guarantee.
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Old 03 November 2010, 15:56   #39
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no income tax,
no vat,
no money back,
no guarantee.

gst
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Old 03 November 2010, 16:09   #40
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Crikey, I thought you lived in a low risk everyone leaves their keys in the ignition part of the world.
I do, here I wouldn't worry about it. How many forged Falklands notes have you ever seen
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