The ways of money when buying and selling

[the white rabbit]

Maybe more IB, dunno.

I have been doing more buying and selling of late and I wonder how folks approach this.

For example, I obught a car from an independent spcialist. He likes electronic banking, and so I got his bank details, I knew his address and was happy to transfer in a heap of money before collection.

I bought a GPS, electronic transfer out, didnt know sellers address. It didn't work :pale:. He sent the funds back immediately, he had to trust I would return the unit.

I just sold a bike, buyer collected one evening and gave me a huge wad of notes. They were used and had bank bands on. So I guess it wasn't likely they were fake, although as it was evening how would I know?

I am just about to buy a bike from an individual. I like electronic transfer as it is easy. I will know the sellers telephone number and address by then. Or I could send a checque, but either way of course he will want cleared funds before I take it away. In this case gut feeling is all is good, based on evidence I have.

So based on these 'real life experiences' what do others do, and most importantly what do you do to avoid the worst happening? The good old banker's draft (but don't loose it :rolleyes:)?

[the white rabbit]

Base your replies on real-life things you have done, by the way. We all preach the way to do things, but rarely practice what we preach...

[SoulKiss]

Maybe more IB, dunno.

I have been doing more buying and selling of late and I wonder how folks approach this.

For example, I obught a car from an independent spcialist. He likes electronic banking, and so I got his bank details, I knew his address and was happy to transfer in a heap of money before collection.

I bought a GPS, electronic transfer out, didnt know sellers address. It didn't work :pale:. He sent the funds back immediately, he had to trust I would return the unit.

I just sold a bike, buyer collected one evening and gave me a huge wad of notes. They were used and had bank bands on. So I guess it wasn't likely they were fake, although as it was evening how would I know?

I am just about to buy a bike from an individual. I like electronic transfer as it is easy. I will know the sellers telephone number and address by then. Or I could send a checque, but either way of course he will want cleared funds before I take it away. In this case gut feeling is all is good, based on evidence I have.

So based on these 'real life experiences' what do others do, and most importantly what do you do to avoid the worst happening? The good old banker's draft (but don't loose it :rolleyes:)?

Bankers Drafts are one of the most faked things out there............

Electronic Transfer is best - some banks even do same day as standard now (when Vixis puts some cash in to my account electronically it happens in minutes and thats Natwest to LloydsTSB).

Alternatively, go to your bank, take out the cash, then go to his bank and pay it in to his account - thats instantaneous (well when you pay it in)

Depends on him giving you his Sort Code and Account Number, some people are reluctant to give that out (point out that that information is on every cheque they have ever written if they have doubts)

[the white rabbit]

(point out that that information is on every cheque they have ever written if they have doubts)

I know, that always puzzles me. :lol:


So there is no real way around those few hours when someone has your money and you don't have the goods other than the element of trust? Other than the march to the bank with the cash?

[Stu]

Cash is king!
I do bank transfers for small things. (And large things where trust is not in doubt)
To buy a vehicle by transfer I wouldn't do it until I'd seen the vehicle, so you could instruct it from their house & wait for them to receive the funds & ride/drive off?

[Spiderman]

I dont accept large amounts of cash without checking its all legit, banks bands and banks mean nothing sadly. All to easy to repace a majority of the notes in the bundles with fakes.

Get yourself a small UV light like they use in bars/clubs or a Money tester" pen, which works on a similar principle iirc.

But yes i agree that electronic transfer is easier and safer of course.

I did what SK said when i bought some boots off fleabay, i needed them asap so i asked the guy for his bank details and went into a branch near me and paid in cash. Emailed the fella and he used his internerdy banking to see money was there. hey presto :)

[the white rabbit]

so you could instruct it from their house & wait for them to receive the funds & ride/drive off?

Tis the best way if the banks are compatible.

[Stu]

Tis the best way if the banks are compatible.
And office hours :(

[theshed]

simplist way to check without offending is to run your fingernail across the words BANK OF ENGLAND on a real one it is embossed fakes are only printed, thats what must shopkeepers will do nice and quick can do it without looking no-one offended

[Spiderman]

simplist way to check without offending is to run your fingernail across the words BANK OF ENGLAND on a real one it is embossed fakes are only printed, thats what must shopkeepers will do nice and quick can do it without looking no-one offended

I never understand why anyone would be offended by checking money. If they didnt fake it then why be upset by someone checking it?

The guy who's money i checked once was offended but then again it was well over £10k in 20s and 50s so he was only offended cos he had to sit there bored while i checked every single note, lol.

[the white rabbit]

I never understand why anyone would be offended by checking money. If they didnt fake it then why be upset by someone checking it?

The guy who's money i checked once was offended but then again it was well over £10k in 20s and 50s so he was only offended cos he had to sit there bored while i checked every single note, lol.

The last batch I had I delivered to the wife in another room while I did the paperwork. Its a PIA though.

[Spiderman]

True, its a time consuming pain but better than ending up with a load of usless paper that resembles money eh?

So how much did the wife pocket and say it was out by? ;)

[tigersaw]

I like to pay with cash, I take a witness and insist they count and check it in front of me, then get a receipt.
Equally I like to receive cash.
I just dont like electronic transfers, you just dont see the cash, and wonder if it will dissappear as fast as it appeared. Electronic fraud worries me too, with good reason, I lost a huge amount of money once by bank fraud (which I got back fortunately after 2 weeks), and since the bank (well the India help centre anyway) was the culprit, not a lot can be done to prevent it.

[Dan]

Cash when buying, cash when selling.

End of.

[Tim in Belgium]

Cash for me, bikes, cars, beer, women, no scrub that last one. Always do the receipt thing though, and I only do it if I know where they and/or their family live.....

[Demonz]

Electronic transfer was the last transaction selling my scooter a few weeks ago. Guy turned up and transferred it into my account after checking we bank with the same bank - so all instant. Prior to this mainly cash notes.

[kwak zzr]

Electronic transfer was the last transaction selling my scooter a few weeks ago. Guy turned up and transferred it into my account after checking we bank with the same bank - so all instant. Prior to this mainly cash notes.

with large amounts of money this is the best way, no need to handle cash and just a quick phone call to the bank and its all sorted, no dodgy notes either.