Horse purchase - payment method and receipt?

[Bernster]

Exciting times ahead as new horse has passed his vetting. It’s been a few years since I bought a horse and things have changed in terms of payment methods. Idiot question - what’s the best way to make payment and what form of receipt do I ask for?

I‘ll be collecting on Saturday and it’s a 3.5 hour drive. Seller will obv want payment before I load him up for home. But I don’t want to pay in advance without knowing I’m def getting the horse, if you know what I mean. Not that I think the seller will do a bunk, but still...

 

[Roxylola]

Bank transfer at the point you arrive?
Just be aware banks have certain amounts they sometimes put a hold on and occasionally they don't go straight away. Generally on line is better than phone banking for that, but it might be worth speaking to your bank first

 

[Elf On A Shelf]

When I sold The Wee Coloured Job the new owner was on the phone to the transporter as he arrived. The transporter confirmed pony was as described, she then hit the "send payment" button on her computer. The Wee Coloured Job ate grass on the driveway for 5 mins whilst I confirmed the money had transfered then off he popped on the truck.

 

[Flowerofthefen]

I bought my horse nearly 4 years ago. I transferred the money on the Friday and collected on the Saturday. I didn't actually know his old owners but knew of them so not total strangers. Congrats on new horse!!

 

[Bernster]

Thx. I was wondering how quick a bank transfer might be. And if I’d be hanging around for hours waiting for it to clear! I’ll call my bank to check but hopefully that will do the trick.

 

[stormox]

Take cash? Thats all Ive ever done...

 

[Bernster]

Take cash? Thats all Ive ever done...

Cough, in this market that might be challenging ?

 

[stormox]

Cough, in this market that might be challenging ?

Yes I suppose so - Ive only ever bought youngsters....but at least you can get luck money if you pay cash!!

 

[Kizzy2004]

Most banks are now on the faster payments system which is pretty quick(rather then chaps which was same day you just couldn’t predict when).

For a large amount though I would speak with your bank and ask them to set up the recipient in advance (most banks now have a check when adding a new payee that checks the account name against the sort code and account number matches). Let them know the amount being transferred too otherwise it may get flagged as a fraud and get blocked

 

[Leafcutter]

Bank transfer when you collect, it’s always been really quick when we’ve done it, just make sure you can get a signal at their yard!

 

[dogatemysalad]

Most banks are now on the faster payments system which is pretty quick(rather then chaps which was same day you just couldn’t predict when).

For a large amount though I would speak with your bank and ask them to set up the recipient in advance (most banks now have a check when adding a new payee that checks the account name against the sort code and account number matches). Let them know the amount being transferred too otherwise it may get flagged as a fraud and get blocked

Good point. The bank recently stopped us making a payment for £6k and even after they'd phoned us and we confirmed it was genuine ( 1000 questions!) Their fraud dept verified it but forgot to get the payment through the system. Very frustrating.

I prefer the old days of paying for horses in guineas with a roll of banknotes.

 

[Spottyappy]

I brought mine with cash last year. But, even that isn’t as safe as it should be, as there are fraudulent notes around!
bank transfer by faster payment is usually immediate, but can take up to 2 hours, so you do need to allow time for it to be delayed. And, if it’s an unusual payment for you, it maybe that your banks fraud department do question it too, so be prepared for that.

 

[Bernster]

Banks says up to 2 hours but to call after 1 hour to chase it up. Doesn’t seem to be anything I can do in advance to speed up the process. Bankers drafts are apparently no longer a thing, I’m feeling old ?

 

[HopefulHorse1971]

We bought our new horse a month ago, paid by bank transfer the day she was due to arrive and then their horsebox broke down and she arrived the next day. We bought a 3.5 tonne horsebox yesterday and transferred the money to the owner's bank account while standing in their yard.. Transferred immediately.

 

[Inda]

I paid by BACSand got a written receipt confirming the next day

 

[Midlifecrisis]

What about half by bank transfer day before and rest in cash on collection?

 

[hobo]

I paid the deposit by BACS beforehand so that the link has already been verified, which meant that the rest of it went through smoothly on the day. My lady delivered horse to me and I paid as he came off the lorry.

 

[Bernster]

I paid the deposit by BACS beforehand so that the link has already been verified, which meant that the rest of it went through smoothly on the day. My lady delivered horse to me and I paid as he came off the lorry.

Similar here, I got the fraud warning for the first deposit payment which went through quickly so I know I have the owners details in my online app. Now it’s whether the higher amount gets flagged for extra checks which might delay things but it seems, from some of the replies above, that it should go through fairly quickly.

 

[webble]

I recently bought and paid by bank transfer when I collected. It did take a couple of hours to go through though just to warn you

Last year I bought a box and again it took a while. After half an hours wait the seller called her bank who assured her it was ok to let the box leave

 

[Annagain]

I paid by BACS the morning the transporter picked him up and had a receipt emailed back straight away, along with a video of him going onto the lorry. The transporter (friend of seller) then brought a hard copy which I signed and sent back with her. Transfer went through almost immediately and it wasn't an insignificant amount.

 

[AFB]

Bank transfer should be almost immediate - I paid via bank transfer whilst buying a horsebox as she wrote out a receipt, it was there when she checked 2 mins later.

If you're with one of the less mainstream banks or possibly some building societies (I think Nationwide) it could take longer, but high street bank to high street bank should be there straight away.

 

[Baywonder]

Oh never mind the payment method - what about the photographs?! ??

 

[Dyllymoo]

When someone bought my horsebox they did a bank transfer whilst we stood there, it cleared immediately.

That done….. how exciting!

 

[Annagain]

Bank transfer should be almost immediate - I paid via bank transfer whilst buying a horsebox as she wrote out a receipt, it was there when she checked 2 mins later.

If you're wish one of the less mainstream banks or possibly some building societies (I think Nationwide) it could take longer, but high street bank to high street bank should be there straight away.

I'm with Nationwide and never had a problem with payments taking longer. The first time you set up a payment you have to use the card reader which is a pain but once you've done that, it's immediate.

 

[Bernster]

Oh never mind the payment method - what about the photographs?! ??

Haha, I don’t want to jinx it so I’ll wait until he’s back at the yard and do a proper post. Not til Saturday arghghghghgh.

 

[Birker2020]

I'm with NatWest and have a card reader to set up new payees. Its a bit of a faff as you have to put your card in then it gives you a code to put into the card reader and then that gives you a code you have to put into the online banking app and most times I have to repeat the process twice for some weird reason.

So if you have to have a card reader to set up someone new then you need to make sure you've done it at home as you don't want to be messing around when you get there.

 

[webble]

Bank transfer should be almost immediate - I paid via bank transfer whilst buying a horsebox as she wrote out a receipt, it was there when she checked 2 mins later.

If you're wish one of the less mainstream banks or possibly some building societies (I think Nationwide) it could take longer, but high street bank to high street bank should be there straight away.

I'm with HSBC. They even called me re the box payment to check I had seen the box and it wasn't fraud. They relaxed when I said I was in the ladies kitchen drinking coffee

 

[Sussexbythesea]

I paid by BACS on the day I picked him up. On the receipt which was hand-written I asked for a date if transaction, name and home address of the seller, name and description of the horse and what the total payment included e.g. jumping saddle bridle and 3 rugs.

 

[Red-1]

I have paid some the night before, so I know the money is going to the right account. With my bank, from memory, it was anything over 9K that could be delayed.

 

[ycbm]

I have paid some the night before, so I know the money is going to the right account. With my bank, from memory, it was anything over 9K that could be delayed.

I paid part cash and £3k bank transfer for Deza and First Direct held it pending additional security. I was stood by the horse as they asked me time and again whether I was being coerced to make the payment, it was really annoying!
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