Paypal for receiving a largish sum

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Paypal for receiving a largish sum
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AnneL

Joined: 28 Jun 2010
Posts: 42
Location: East Yorkshire

Posted: Tue Aug 27, 13 7:00 pm Post subject: Paypal for receiving a largish sum

I'm currently trying to sell my car privately and wondered if using Paypal was a safe/good option. I've used Paypal for E-bay and a few other purchases and it seems a safe choice.

Has anyone ever used Paypalfor largish sums?

I don't want to risk a personal cheque and thought that asking the buyer to use my Bank details for a transfer might not go down too well. Cash is an other option but it's a lot of counting for several thousand pounds.

Anyway has anyone any thoughts or experience of this?

Thanks Anne

Nell Merionwen

Joined: 02 Jun 2008
Posts: 16300
Location: Beautiful Derbyshire

Posted: Tue Aug 27, 13 7:05 pm Post subject:
banker's draft?

jamanda
Downsizer Moderator

Joined: 22 Oct 2006
Posts: 35057
Location: Devon

Posted: Tue Aug 27, 13 7:08 pm Post subject:
BACs?

AnneL

Joined: 28 Jun 2010
Posts: 42
Location: East Yorkshire

Posted: Tue Aug 27, 13 7:22 pm Post subject:
Any idea of how much a Bankers draft costs?

Nell Merionwen

Joined: 02 Jun 2008
Posts: 16300
Location: Beautiful Derbyshire

Posted: Tue Aug 27, 13 7:28 pm Post subject:

AnneL wrote:

Any idea of how much a Bankers draft costs?

I don't know but it would cost them not you as far as I remember.

AnneL

Joined: 28 Jun 2010
Posts: 42
Location: East Yorkshire

Posted: Tue Aug 27, 13 7:30 pm Post subject:
Just 'googled' Bankers Draft it's a cheque directly from Financial institution. Thinking back I think I did that years ago to buy a car from a Garage. It's a great idea can't think why I didn't remember it. Thanks Nell and Jamanda

henchard

Joined: 23 Aug 2012
Posts: 232
Location: Carmarthenshire

Posted: Tue Aug 27, 13 7:45 pm Post subject:

What's the problem with paying directly into your account?

I'd keep away from Paypal because of the fees and the possibility of someone raising a dispute after they have thrashed the car driving it home (I'm no expert on Paypal but think that they have a dispute procedure)

Personally I'd make it clear that you need cleared funds before releasing the car and offer them the option to pay

1. By cash
2. Bank transfer (and funds must be in your account before they can collect)
3. Possibly Banker's draft (but be aware that there are forged drafts going around)

see

https://www.autotrader.co.uk/safety_and_security/forged_bankers_drafts.jsp

4. Cheque and wait for clearance

Any legitimate buyer is going to recognise that you will not release until you have cleared funds and should be happy with that.

Shan

Joined: 13 Jan 2009
Posts: 9075
Location: South Wales

Posted: Tue Aug 27, 13 7:58 pm Post subject:
If you do a BACs, make sure they do a cash transfer. Do NOT accept a cheque deposited into your account. It is a common scam because the cheque initially clears and then a month later it bounces.

Rob R

Joined: 28 Oct 2004
Posts: 31902
Location: York

Posted: Tue Aug 27, 13 8:25 pm Post subject:
How does it bounce after a whole month? I don't understand. I thought cheques cleared after 3 or 4 days.

stumbling goat

Joined: 20 Jan 2009
Posts: 1990

Posted: Tue Aug 27, 13 8:34 pm Post subject:
I would go for a BACS transfer, cleared funds. Paypal, high fees and a dispute process which does not rely upon the truth just who is believed wins. Bankers Drafts - have been known to be forged or stolen. I would ask for cash, maybe even ask them to come to the bank with you, and let the bank staff count it out and pay it into your account, keep enough back for a cab home. sg

stumbling goat

Joined: 20 Jan 2009
Posts: 1990

Posted: Tue Aug 27, 13 8:37 pm Post subject:

Rob R wrote:

How does it bounce after a whole month? I don't understand. I thought cheques cleared after 3 or 4 days.

I understand that cleared funds is not the same as a cleared cheque? Something about the cheque may have funds to clear but it takes days for that cheque to be presented to the bank where the account where it drawn from is held, and then it can still bounce.

Any doubt? Check with your bank clerks.

sg

sean
Downsizer Moderator

Joined: 28 Oct 2004
Posts: 42219
Location: North Devon

Posted: Tue Aug 27, 13 8:38 pm Post subject:

Rob R wrote:

How does it bounce after a whole month? I don't understand. I thought cheques cleared after 3 or 4 days.

Funds are available after 4 working days (if you count the day you paid it in as zero but that's a different issue) but the cheque isn't actually 'cleared' until later than that. Can't remember exactly how many days it takes.

Penny Outskirts

Joined: 18 Sep 2005
Posts: 23385
Location: Planet, not on the....

Posted: Tue Aug 27, 13 8:43 pm Post subject:

Rob R wrote:

How does it bounce after a whole month? I don't understand. I thought cheques cleared after 3 or 4 days.

It actually takes around 10 to 14 days for the banks to sort it out between them. They allow us to draw on them after three working days because 99% of the time it's fine, or they are backed by a guarantee card.

Giving someone your bank account number, and sort code is a very standard thing to do, and there is nothing anyone can do with the details other than give you money.

It's always the preferable way to do it, after cash, and with digital payments so easy from online banking, most people shokd be able to do it.

( ex bank manager)

sean
Downsizer Moderator

Joined: 28 Oct 2004
Posts: 42219
Location: North Devon

Posted: Tue Aug 27, 13 8:48 pm Post subject:
Can tell you're ex. They don't issue cheque guarantee cards nowadays.

Penny Outskirts

Joined: 18 Sep 2005
Posts: 23385
Location: Planet, not on the....

Posted: Tue Aug 27, 13 8:53 pm Post subject:

sean wrote:

Can tell you're ex. They don't issue cheque guarantee cards nowadays.

you're right they don't

God I'm getting old!

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