Taking cash for a car

inabina

selling my car for 3,500 and wondering should I insist on a draft instead of cash? reality is a draft could be fake too unless I call the bank but even banks wont give info to validate a draft over the phone. there is always a chance of forgeries but is it fair to insist on a draft instead given the relatively low sum of money....or what advice would anyone have to ensure the cash is genuine.
Thanks!

biko

You could deposit the money with the buyer? Or perhaps counterfeit detection pen.

Atlantic Dawn

I would take cash any day over draft, if it's a saturday the sale takes place deposit it at your post office.

coylemj

Could you meet the buyer at his/her bank and have the clerk hand the draft direct to you? That's probably the safest way to accept a large payment of a few thousand or more.

If accepting cash, ask the buyer to bring ID and note the details such as driving licence or passport number. Bring a friend to drive you home or to the bank to lodge the cash and meet in a public place.

Gophur

A Bank will take up to 5 working days to clear a draft for payment. So, for those 5 days, will you hold on to the car until the draft clears? Will the buyer be prepared to wait for the draft to clear?

P.C.

Cash is king!

For that amount I would only take cash. Have someone with you when the deal is done. Take your time to count the money, and have the person with you count it to make sure you did not miss anything.

GLWS.

Mr Magners

I sold a car for €8,500 cash a few years ago and sat in the car with the purchaser for quite a while counting it and checking notes every so often with a counterfeit checker pen.

Takes ages and can be a little awkward sitting with a stranger for that long while doing it but better a little awkwardness than being caught short after the fact when you have zero recourse.

unkel

Meet in your bank. Your friendly banker will count the money and check for forgeries for free

And if all is well stick it straight into your bank account ready for immediate withdrawal if you wish...

Aln_S

I'm in a similar predicament at the moment. Heading over to England to buy a car, but the seller wants the money cleared into his account on the day (Saturday)

Could I go into his bank and pay money into his account by laser? I don't really want to bring 20k cash, though it might be the only option.

sdanseo

Aln_S wrote: »

I'm in a similar predicament at the moment. Heading over to England to buy a car, but the seller wants the money cleared into his account on the day (Saturday)

Could I go into his bank and pay money into his account by laser? I don't really want to bring 20k cash, though it might be the only option.

Laser has a maximum limit of €1,500 a day.

darragh o meara

Aln_S wrote: »

I'm in a similar predicament at the moment. Heading over to England to buy a car, but the seller wants the money cleared into his account on the day (Saturday)

Could I go into his bank and pay money into his account by laser? I don't really want to bring 20k cash, though it might be the only option.

Carrying that kind of cash to the Uk brings its own problems. Got stopped by customs a few years back with 12 k sterling and spent a long time with them explaining what I was doing with that amount and where I got it.

To the OP 3.5k is grand to take in cash. I've done it loads of times. Just ne sure to have somebody with you and also a checker pen to check the notes and you should be fine.

dshamrock2000

I'd only take cash, i nearly got caught out with a draft a few years ago when i wa selling my laptop, buyer tried to give me the draft, only problem was that it was for a few hundred quid more than i was asking, he wanted the difference in cash back to him, I actually rang the bank it was drafted from and gave them the details of it and it was real, I then got a call back to say although it was real, the buyer had somehow impersonated the account holder to get the draft drawn up, had i agreed to give him back the difference i would have been out of pocked for the difference given and also the total of the draft that i would have lodged into my account, aswell as being a laptop down, if he hadnt of been greedy and given me the draft for the amount i wanted then i would have definatly been out of pocket.

sdanseo

darragh o meara wrote: »

Carrying that kind of cash to the Uk brings its own problems. Got stopped by customs a few years back with 12 k sterling and spent a long time with them explaining what I was doing with that amount and where I got it.

To the OP 3.5k is grand to take in cash. I've done it loads of times. Just ne sure to have somebody with you and also a checker pen to check the notes and you should be fine.

Just did a double take on the amount, and the above is QFT -

Maximum amount of cash you can move into or out of Ireland without a customs declaration is €10,000.

Soarer

sdeire wrote: »

Just did a double take on the amount, and the above is QFT -

Maximum amount of cash you can move into or out of Ireland without a customs declaration is €10,000.

Ahhh, the free market eh?!

Jimdagym

Soarer wrote: »

Ahhh, the free market eh?!

It's anti-moneylaundering in fairness. You also can't make a cash payment over 10k AFAIK. I borrowed to clear finance before and a stipulation of the repayment was that there had to be less than 10k cash in the transaction for the same reason. The rest had to be draft, or cheque.

Aln_S

Thanks.
Cash is not really an option... too messy to get counted and take out of the bank etc.

I am going to do a Faster Payment from a UK bank account. Its pretty much instant.

bbam

Jimdagym wrote: »

You also can't make a cash payment over 10k AFAIK.

I made a €17K cash payment once, the chap said it would be easier for his accountant , seriously I thought reading a cheque would have been easier on the accountant but who was I to argue :rolleyes: