Bank Draft security ?

HI all. IM selling my van privately to upgrade.
I've asked at bank about the safety of bank draft and they put me off. They said that they can take weeks to clear if the amounts are larger (like they would be with a MH deal) and the buyer could cancel the draft after handover leaving the seller pretty screwed!!
I'm going to ask for electronic transfer or cash.
I've sent electronic transfer a few years ago for a car and it was quick(ish) but cant remember exactly how quick.

So questions are:
1 are drafts a bad idea unless fully cleared (prob an obvious yes)?
2 how quick are bank transfers these days?

Thanks

If dealing with cash, I have read of people exchanging the cash by getting the buyer to pay directly into your account at your branch of the bank. This stops forgeries and also is safer from a robbery point of view. Perhaps a little inconvenient but a genuine buyer should understand your concerns.

Payment by electronic transfer can be a few hours, again a genuine buyer should understand the perceived risk. I think you used to be able to pay for a faster service, but surely your bank can explain how safe and how quickly this can be carried out. I often notice transactions on my account which do not show as fulfilled until the next day.

Some people even advise moving the money to another bank account as soon as it is shown as credited to yours.

Davy

Electronic transfer.
Safe, quick, no hassle.

It’s indusyry standard for transfer of larger amounts in any transaction.

Shouldn’t be an issue with genuine buyers.

I don't know what bank or what qualifications the person you were dealing with has .but a bank draft will be issued and the money is then blocked from the account and held by the bank, they are quarantining that the money is available by issuing the draft. and unless that person lodges the draft to their own account there is no way for them to withhold the money. A draft would be a joke otherwise.
An example, my wife got a draft to pay for laser eye surgery some years ago and then on the day while on the train couldn't find it. I called to the bank to get a new one and was informed that it would take six weeks for the draft to be canceled in case it had been used and not lost. I then said to issue me with another and was told that then there would have to be enough money in that account to cover both drafts., so we were going to be out of pocket for twice the amount.in the end, I told them to F---off, and paid for the surgery on my credit card which they accepted once I could prove my credit limit was enough to cover it. The next morning we found it and went in the bank to show them it was not cashed but they still would not budge, when the money became available I went in and withdrew everything and closed the account.

If the buyer gets a Bank Draft from a bank in which you have an account, lodgement to that account will be immediate, that's how I paid for my wagon.

With reference to the previous post, don't do a transaction in a carpark, meet at the bank, lodge the draft and confirm its authenticity before handing over keys.

I would never again use a Bank Draft, I paid for our van with a Bank draft and told the Lady that I bought it from to phone me when it was cleared and I would collect it. I had my money parted, the Van was sitting on the side of the street in Fermoy for well over a week before it cleared, I actually transferred the insurance off the old one on to it while I was waiting in case anything happened to it and it was the longest week I ever put down.

Yes, I don't know what Bank she lodged it in.

I sold my last van privately and took a deposit in cash. I wanted the balance to be transferred electronically but the buyer arrived with cash. I didn't relax until it was counted and paid into the bank. Electronic transfer is the way to go... transfer an initial amount, confirm it has arrived and transfer the rest.

I just bought a MH in Germany. I did a bank transfer to the dealer for circa €30,000 and it took 3 days with no issues. You can pay €25 to have the transfer completed within 24hrs. The transaction is traceable, so my recommendation in order to give some comfort to the buyer is to write on the deposit receipt that "ownership of MH XXXXX transfers" on receipt of the balance to your account number.

Best of luck.

Dominic

Check 3 days and it’s cleared if u can wait 3days and the seller can wait 3 days no probs make a deal with eather the keys or the log book when the check clears deal done

anything I've bought has been cash... It's a great way to feel extremely vulnerable until it's handed over