Its a telegraphic transfer that the bank do. Once its been set in motion and the cash is in your accounts it cannot be taken out as its debited directly from the payees account.I use it for payments all across the world for large sums of money and its as good as hard cash from the bank its self.

Dont take a draft or large sums of money as this can also be moody. Drafts are very easily forged and the only way to be sure is to watch the bank teller draw it up, its also as good as cash and cannot be stopped.

K:)

Don't really have the time to read the entire thread, but if I were you I'd not take a bankers draft unless you're absolutely sure of the person. As it isn't cleared funds until it's cleared in your account.

Best bet unless it's a lot of money for the MX5 would be cash.

But if you try and pay anything for than £5k into your account in cash they'll want to know why. Best to spread it around or sit on it at home for a bit if you want to avoid hassle.

If he banks with the same bank as you offer him internet access at your house and get him to transfer the money their and then this is what I did when I sold my Patrol and it was very simple.

Edited 30 January, 200917 yr by Allams Skoda
rubbish spelling

Don't really have the time to read the entire thread, but if I were you I'd not take a bankers draft unless you're absolutely sure of the person. As it isn't cleared funds until it's cleared in your account.

Best bet unless it's a lot of money for the MX5 would be cash.

But if you try and pay anything for than £5k into your account in cash they'll want to know why. Best to spread it around or sit on it at home for a bit if you want to avoid hassle.

If he banks with the same bank as you offer him internet access at your house and get him to transfer the money their and then this is what I did when I sold my Patrol and it was very simple.

It is less than 5k anyway. I thought someone said previously not to let anyone use your pc/internet for bank transfer as it will not show up????

Is it ok to do bank transfer or not???? Or is it only ok if you are both using the same bank??

I have sent him an email saying i am not keen on the bankers draft unless i go with him to a local bank to get it. Did tell him i will accept cash.

If you are with the same bank it will go instantly, and then phone your bank and ensure the money is cleared. If you are with different banks it will take 3-4 days to clear.

I'd just ask for cash if it's less than £5k, if he's genuine he won't have a problem with this. Also make sure you aren't alone in the house and ensure that he arrives alone. Keep an eye on where he has come from, it isn't uncommon for them to give you the money and then once you are outside handing them the keys their mate will sneak in and grab the money.

If you are with the same bank it will go instantly, and then phone your bank and ensure the money is cleared. If you are with different banks it will take 3-4 days to clear.

I'd just ask for cash if it's less than £5k, if he's genuine he won't have a problem with this. Also make sure you aren't alone in the house and ensure that he arrives alone. Keep an eye on where he has come from, it isn't uncommon for them to give you the money and then once you are outside handing them the keys their mate will sneak in and grab the money.

I know he is getting someone to bring him, don't see how i can make him come alone, however i take the point of keeping your eye on people. I always take/have someone with me when selling/buying myself. Is it possible to call my bank on a Saturday/Sunday to check that the money is in if i do a bank transfer? I think it is as i am sure i have done something like that before.

He is driving 3.5 hours to come and look at it, if he is to be believed. I always try and take the reg no. of anyones car that they travel in too.

Update for you guys. Had a bit of email tennis all day now with the possible buyer. Told him i was really only interested in cash. All seemed ok then i have just received an email saying that he is only allowed to withdraw 300-500 quid a day from a nationwide account. Surely You can get more than this out if you go into the branch? Thats always been my experience anyway. I recently popped into natwest during my lunch break and drew about 5k out without even giving them any prior warning. He also wants to come sunday, which i have pointed out is not going to be very good weather where i am. In fact it is forecast snow showers. Reckons he works nights so weekend is really the only time he can come. He may be telling the truth but i am not sure on the bank withdrawl amount. Still seems a bit fishy.

You can withdraw whatever you want if you give the bank notice of said amount.

If it was me I would take a deposit via chq in post Monday/Tuesday and tell him you want cash and to come when he has the money.

I take it he has a bankers draft for the full amount and is not going to haggle with you?

Is PayPal an option or is there a limit on the amount? I've only ever used

it for less than £200. If you can use PayPal then he can do a direct transfer from his bank and you should both be safe, I think? It might cost him a bit though.

Otherwise, the £500 limit he's talking about is just cash machine surely? He can get as much money out of the bank as he wants – it's his money. I wouldn't go bankers draft at all, especially on a weekend when you won't be able to check with his bank/branch. I feel for you roblatus, it's a horrible thing to have to worry about being scammed so much money, but that's the way of the world unfortunately.

I would get cash, in the day, in the week, so you can nip to a bank and get it checked before he takes the car. If he really wants the car he'll book a day/night off work surely?

Don't reallly know what else to suggest. Sorry

Good luck though

All seemed ok then i have just received an email saying that he is only allowed to withdraw 300-500 quid a day from a nationwide account. Surely You can get more than this out if you go into the branch? Thats always been my experience anyway.

Display article - Nationwide Building Society

£300 from machine, £500 over the counter without ID

For Nationwide Branch Cash withdrawals over £500 (under £10K - my comment)

Please give your branch a minimum of 48 hours notice (requests may take up to 72 hours - we recommend checking with your branch in advance) and present one piece of ID (either your passport or your driving licence with paper counterpart) when collecting the money

Had another email saying he will come next weekend, can't come in the week due to working nights and the person who is bringing him works with him so he would need to take a shift off too if they come in the week. He says he is going to get the cash sorted out for next weekend. I sort of think that if he was a scammer he would have probably given up by now, but i will probably only know for sure if he does come next week with the cash. I need to get me one of those pens for checking bank notes with. lol

When I sold my fabia, the buyer ordered the cash to be available at a bank local to me on a saturday morning. When he arrived at my place, we drove down to the bank together and made the withdrawal together. I knew the cash was real and then we went back to mine to do the paperwork.

I also had no problems paying in the £12k at my bank, even though I was waiting outside when the bank opened and said, "I've got to get this paid in quick as I'm late for work"!

Get him to bring cash during bank opening hours, most are open Saturday am. Alternatively the post office allows deposits into some current accounts (definitely Barclays, not sure which others). Go together and pay the money in, that should get round the forgery problem.

Goddamit you guys are suspicious!

I sold a car once on ebay, and because the buyer used the same bankers as me his internet payment went through pretty much immediately, and I had the funds showing on my account.

Hope sale goes through OK - if not there's lots of people on here who have seen it and might pass the word around for you.

Just to let you all know.

I have sold the MX5.

To my dad.

He currently has a MK1 Eunos and knows my car very well anyway. I took £500 less than i was advertising it for but my dad has done me plenty of favours over the years so its nice to return one.

I am keeping his Eunos in my garage til the weather gets better then its going up for sale.

Now i need to find a car for around the 10k mark that fits the bill.

Thanks to all of you for the advice and help offered.