Paying for a new pony

[PonyclubmumZ]

We very nearly have a new pony and I am going to collect it tomorrow. How do you normally pay for a pony? I am slightly worried about taking thousands of pounds in cash out of the bank. Will a bank transfer work in time if I do it via phone when I arrive at the yard, can the YO see it in their bank account immediately?

Thanks

 

[ILuvCowparsely]

when I brought my pony I took cash - as you don't say how many thousand I guess a couple max then I would take cash but banks need a few days to get this sorted.

then I suggest bank transfer asap then you have a record of it with the bank as long as your confident with the sellers.

 

[PonyclubmumZ]

I am a bit worried that bank transfer might not happen immediately and I will be standing in the yard with my bank on speed dial! Anyone had any experiences of this.

My bank is open tomorrow and I have arranged for the cash I am just getting cold feet about that too.

 

[Floxie]

I paid by bank transfer the night before. Probably not advisable but I did get a pony out of it...

 

[Swirlymurphy]

You will need to check that the seller's bank will acknowledge receipt of the funds on a Saturday. If not, and you trust the seller, you can transfer today before collecting it, preferably also today. Or you take the cash with you. If you don't know the seller, then they are not likely to let the pony go without either a) seeing the money in their account or b) having the cash in their hand.

 

[only_me]

Cheque?

 

[SpringArising]

I wouldn't ever pay for a horse before I'd got it. I always pay with cash.

 

[southerncomfort]

I've always paid cash and always would to be honest. Much safer all round.

If you'd rather not, then I'd go for a bankers draft but think you have to pay the bank to draw one up for you.

Don't forget to get a receipt from the seller!

 

[CBFan]

Paypal? ... sounds daft but I recently bought a van this way my doofus of an Ex didn't think to check whether they would accept a card payment or not and... yes, you guessed it, they didn't so I paid with paypal. You get a certain degree of protection this way too. Check with seller beforehand though

 

[madmav]

I was going to suggest banker's draft but do they still exist. Also, if you both bank online, you could do the transfer of funds when you arrive. My bank seems to process them immediately. Don't think they'd like a cheque, unless you know them, as that can get cancelled after you've taken pony away.
But how exciting. A new pony. Best of luck.

 

[FfionWinnie]

Just take the cash and be careful with it.

 

[Fifty Bales of Hay]

I think if you do a bank transfer on a Saturday - it leaves your account and reaches the other account on the following Monday? This is for Barclays anyway.

I'd personally take cash, and I don't hand it over until the pony's in the trailer! Presuming I've been told they are good to load that is and I'd not seen it loaded before.

Paypal is another suggestion, although there would be substantial fees on a few thousands? Or can you pay that much over with family and friends so not getting the fees?

 

[Annagain]

Why not ask the seller what would work for them? They may not have wifi / phone signal where they are so a bank transfer may not be possible on the spot. They may not have access to online banking so although it should show up fairly quickly, they may not be able to see it. Paypal is good but you both need an account.

Could you get a banker's draft / building society cheque if you're bothered about taking cash? They're almost as good as cash as can only be drawn if you have funds in the account it's come from.

I wouldn't worry too much about carrying the cash though, it'll be locked in your car for most of the time and you'll only hand it over at the last minute. I'd write out a receipt in advance and ask them to check and sign it.

Enjoy the new pony!

 

[PorkChop]

Always take cash, safest way.

 

[Gloi]

I got paid for a pony by bank transfer last week. I'd never thought about it but the seller suggested it and did it the day before they picked the pony up. Worked fine. Better for me than people turning up with a wad of cash or having to wait for a cheque to clear before letting pony be picked up.

 

[rowan666]

ive always bought/sold with cash, easiest way i think, unless seller/buyer asks for alternative

 

[Boxers]

I sold a £4k pony a few years ago and the buyer pid by bank transfer. I told her I would not release the pony until I could see cleared finds in my account. She sent the money on a Frida and the bank told me it was not cleared funds until the Tuesday. Buyer was most upset but Imdidn't let her collect til Tuesday.

In your situation I would take cash now. If you do a bank transfer it will not show in her account more especially if it's frm one bank to another (within the same bank it would probably show ok).

 

[Gloi]

Mine showed in my account the same day that she did it.

 

[_jac_]

I recently sold my lorry by bank transfer and I was told by my bank that transfers of under £1000 clear immediately, over take 2 hours. The Saturday will probably mean it doesn't show until Monday morning. I would take cash

 

[Spottyappy]

Cash.
Bankers cheques do exist, and though are a guaranteed payment they don't clear straight away.
A bank transfer usually happens immediately but can take up to 2 hours to get from one account into another.

 

[hcm88]

I would take cash.

Bank transfers appear to leave your account immediately but not end up in the recipient's account for a few hours/next day especially if the amount is large. You'll have evidence of it leaving your account on your online banking page but they won't see it whilst you're there, and I wouldn't pay before you pick up!

 

[MagicMelon]

I always take cash and pay by same.

 

[Doublethyme]

Ask your bank, there is a type of transfer which is similar to an old fashioned bankers draft whereby it will immediately go from your bank and whilst it won't 'clear' the receivers account straight away, it is guaranteed by the bank so the receiver can be sure of the money. Something like that anyway as I sold a car and the buyers did this on a Saturday and I spoke to their bank to get assurance the money couldn't be taken back before it cleared/showed in my account.

 

[meesha]

I just paid cash, printed the advert and took it with me and got seller to sign with full address and amount. Have also paid £10k cash for a car, turned up, tried car they asked if we wanted to leave deposit but we had travelled miles so had full amount in cash, took a while for them to count but much the easiest way x

 

[Darkwater]

I paid for my most recent pony by bank transfer but we did it in advance of the day she was delivered to us, it was to a friend thought and i'm not sure I would have trusted someone I didn't know to do the same. My other pony was paid for by cash on collection, I think it is the easiest way and the seller will probably be happier taking cash than a cheque.

 

[Mariposa]

I've always paid cash for ponies, but the last pony I sold was paid for by bank transfer before they picked her up.

 

[ILuvCowparsely]

Just remember cash people nationwide only lets you get £ 300 per day unless you book it. Banks prob the same so you can't normally can't take over £ 1000 unless you give notice. Prob too soon as she getting pony tomorrow.........................

 

[Kaylum]

Whatever way you pay always get a receipt and make sure the money is traceable

 

[meesha]

Walked in to NatWest and withdrew nearly 3k with no notice

 

[popsdosh]

A lot of sellers do not like receiving cash nowadays. For one there is to much dodgy cash around and two depending on the amount you will need to account for where you received it from. There are facilities out there were you place your money in a holding account and the money is only released to seller on your say so ,once you give the ok its non returnable so the seller is guaranteed payment .
I do have to question what has happened to trust nowadays. You can actually show somebody that the money has left your online account and is destined for there's once its left your account it is not stoppable as your bank will have carried out the transaction when the money leaves your acc.