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Depends on how much money involved. When I purchased my current van I paid by electronic transfer using on-line banking.

When I sold my old van for less than £5k I asked for cash.

HTH

I wouldn't trust a bankers draft as there are forgeries to be had. Too many people are scammed with fake drafts. Like others have said, either cash or a direct bank transfer into your account, and don't release the an until the money is in your account and "drawable" ie it is a cleared balance.

Don't use paypal as it is subject to fees and chargeback, don't take a cheque unless the buyer is prepared to ait FOUR clear working days for it to become cleared funds (it's a fallacy that cheques clear in three days, they can still be stopped/bounced up to midday on the fourth day) And if you take cash, count it and watch out for dud notes -ones that don't look/feel quite right.  

Quote: Originally posted by exessexmum on 24/2/2011

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I wouldn't trust a bankers draft as there are forgeries to be had. Too many people are scammed with fake drafts. Like others have said, either cash or a direct bank transfer into your account, and don't release the an until the money is in your account and "drawable" ie it is a cleared balance.

Don't use paypal as it is subject to fees and chargeback, don't take a cheque unless the buyer is prepared to ait FOUR clear working days for it to become cleared funds (it's a fallacy that cheques clear in three days, they can still be stopped/bounced up to midday on the fourth day) And if you take cash, count it and watch out for dud notes -ones that don't look/feel quite right.  

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Quote: Originally posted by HEJC72 on 24/2/2011

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Cash or direct transfer into your bank account.
Even then I would allow a couple of days before releasing the van to give you time to check with the bank that the money has arrived safely in your account.

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If you are paying  a substantial sum into your bank in cash (over £8000) then the bank will need to do all sorts of checks to make sure that you are not money laundering.

The Buyer will no doubt want the van when he pays, even if his cheque has not cleared. You will have a different view. 

One option may be a Bankers Draft which is a cheque from your Bank and not your own bank account. It’s as good as the actual cash but there is still a potential risk (albeit slight) as folk have indicated above.  Another option may be a CHAPS payment. You and the seller tell your respective banks that you want to make a deal via a CHAPS transaction just a few days before you are to release the van. On the day of sale you both go to your Bank and the buyer gives you a cheque which you pay in and then you both go off and have a cup of coffee for an hour or so whilst the Bank does the electronic transfer of the monies. Best to ask the bank how long it will take. Then back to the Bank and the Bank will confirm that the money has been transferred into your  account and you hand over the keys. A fee is payable, around - £20-30ish.

Phil

Please be advised to go & see your bank manager. Ask him/her to explain the Clearance Cycle Calculator to you. You may be surprised how long after you've paid a cheque in the funds can still be claimed back by the payee.

I sold a vehicle & banked a cheque for a lot of money on the 10th of a month. The buyer wanted to get his hands on the lorry to put it to work & I asked the bank when I should hand the vehicle over.

The manager took me to his office & printed off a Clearance Cycle Calculator detaling my transaction & showing the dates when the funds would be SAFE in my acount & couldn't be recalled by a stopping of the cheque. detailed as follows.

Paid in on 10th. Cleared for Value (will earn interest) on 12th) Cleared for Withdrawal  on 14th. (Funds still at risk until Cleared for fate)

Cleared for fate on 19th. (Funds safe in my account & can only be returned with  customers express permission)

Through no fault of his own, the cheque did get stopped on me, had the manager not given me this information, my lorry would have been 350 miles away. The payment did get sorted but I was so pleased I hadn't simply given it 3 days & handed over the keys.

I'd get the funds transferred straight into your account if I were you. As long as you transfer funds before the cut off time which WAS 2pm, the funds will change accounts same day. Check with your branch to make sure the transfer is going to be same day, they'll tell you what their cut off time is.

BB

My suggestion avoids the risk Basilbrush has highlighted. The buyers bank will not deal with the CHAPS transfer unless there are clear unfettered funds in the Buyers account. If the CHAPS payment does not go through you know there and then in front of the buyer and you keep the van. This method is an expedited clearance

Phil

There is a cut off time for same day transfer though Phil. On the day I made a transfer it had to be done by 2pm. This was Sept 2010 so it may have been changed by now. I'd advise anyone to tell the bank what they intend doing & ask what time is the latest for same day transfer.

BB