jaydaniels
TY 4 Stroke Junkie
- Joined
- Dec 10, 2008
- Messages
- 654
- Location
- Bedford NS Canada
- Country
- Canada
- Snowmobile
- 2017 Sidewinder RTX
I'm from Canada and just bought a sled from the US this past spring. I used cash but it was a bit difficult to get. Many banks don't carry that much US on hand. I had to order it in advance. Then I had the worry of carrying around 6k for a few days. Bank draft is much safer for both as it can only be cashed by the seller. However, if you are concerned about it you can't go wrong with cash. Your the seller so do what makes you comfortable. Jut might take the buyer a couple days to get the cash.
mr.pitstop
Expert
I sold an atv in canada and told the guy from the beginning I wanted US cash only.. We met, he gave me the cash and everything was good to go. As long as you're sure the bank draft is good, it should be safe but nothing is as secure as cold hard cash...
I work in finance and I can tell you ....any piece of paper can be counterfeit....check...draft...certified whatever...also I can tell from personal experience Ive seen a certified check cancelled after the transaction is done even though its supposed to be the equivalent to cash it is not..
the only equal to cash is cash...
the only equal to cash is cash...
Wertles
Extreme
Please learn from my mistake. 8 years ago I was selling my motorcycle. I got a certified check from a US bank. I deposited it and asked how long it was going to take to clear. I returned two days later and was told it had "cleared." I withdrew money and all was good. Until....
6 days later I get a call from the bank. Turns out the check was a forgery. My bank account was frozen and I was told that I now owed them 4500 dollars. Long story short, after 5 years of fighting with collection agencies, lawyers and going to court, I ended up paying the bank the 4500 dollars.
Lessons I learned...
1. Money is available in your bank account in 48 hours but it takes 7 to 10 days for a check to clear, even a certified bank check.
2. In New York State, you are fully responsible for any bad check. The bank carries NO liability.
3. In God I trust. All others are required to bring cash.
If this guy is legit, he will have no problem bringing cash. It's not a big deal to order money.
6 days later I get a call from the bank. Turns out the check was a forgery. My bank account was frozen and I was told that I now owed them 4500 dollars. Long story short, after 5 years of fighting with collection agencies, lawyers and going to court, I ended up paying the bank the 4500 dollars.
Lessons I learned...
1. Money is available in your bank account in 48 hours but it takes 7 to 10 days for a check to clear, even a certified bank check.
2. In New York State, you are fully responsible for any bad check. The bank carries NO liability.
3. In God I trust. All others are required to bring cash.
If this guy is legit, he will have no problem bringing cash. It's not a big deal to order money.
Thanks for posted that. Your situation is exactly what I was expecting myself. I just going to tell him cash or no on the sled. The biggest issue is as your post above shows, is that even if the another oks it it means nothing till at least two weeks later. I can't accept anything but cash. Did u go after he person who sent you the bad check?
KevinS
Expert
How much cash can you legally bring across the border?
DoktorC
TY 4 Stroke Master
KevinS said:
$10k...
The sled is a good deal so tell him to stop pissin' around lol.
Wertles
Extreme
Everything including names were a fraud so i didn't know who to go after It's unfortunate that there are those few people who go out of their way to ruin it for everyone. Personally, I've gone to an all cash system but now I need to be concerned with counterfeit money. My local gas station was showing me their collection of fakes this summer. I wouldn't have been able to tell at all unless holding them closely to the real thing. I almost would rather accept a personal check at this point as long as I could see photo id. At least you know who they are and have their address.
Crazy Canuk
Expert
Bank Drafts are not a problem to return to the bank. As long as he has both copies, they will happily deposit the money back in his account. If he is worried about getting the cash out (bank not having enough US), tell him to go to a branch of his bank near the border, they usually have more US money on hand. Either that or just take CAD and add a few points to your price, we are right around par now anyway $1 CAD = 0.9957 US
yam177
TY 4 Stroke Master
Remeber to have ALL PAPERWORK in line so he can get across the border. I sell my race sleds to guys in Canada all the time. I have to ship a sale recipt letter or origin and other documents to the border 72 hours before they cross. Someone buying a sled from canada is realy not that big an issue but there always is some more hassel
Daranello
Suspended
I've bought 3 attak's 2 apex's and one Nytro all bank drafts. Never had a problem.
If your worried take the draft to the bank (one guys did with me) and pull out the cash
Xing the boader with cash is like carrying a gun. They think your unto no good
If your worried take the draft to the bank (one guys did with me) and pull out the cash
Xing the boader with cash is like carrying a gun. They think your unto no good
as the receiver of the draft/check whatever...make sure its during normal hours...google the bank branch to verify the existence and speak to a manager to confirm the authenticity at the very least...
Well if the us border patrol didnt have issue with bringing big amount of $ & not get there panties in a knot about a white guy with money. Guess what, cash can be fake also. With cash there is 0 paper trail, sometimes it would be nice if the North America had 1 form of currency. Our dollar as be pretty much par for awhile now. Hope the sale works out for both of you.
LiLAl
Extreme
I've never had an issue buying or selling with a bank draft. But there's always the exeption. Same with cash. Just recently a bank teller told me they don't check for counterfeit bills.
Ask the buyer the bank name and check their policies online. Before you accept the draft, ask for photo id (drivers license) and write down the number and his address. Or better yet, he needs a passport to enter the US.
The buyer may have a hard time cashing the bank draft now. From RBC's website:
http://www.rbcroyalbank.com/products/de ... rders.html
1) U.S. dollar drafts cannot be sold to non-RBC clients. U.S. regulations require financial institutions to know with whom they are dealing before any transaction is completed.
2) RBC is not able to cancel or stop a Bank Draft. If lost or stolen, a replacement or refund will need to be requested, and a Bond of Indemnity may be required from the purchaser.
Of course, if the draft is a counterfeit, policies mean nothing.
I bought a 2007 truck from a US dealer this year and had it shipped to upstate NY. I used a local foreign exchange company to exchange and wire the money. The exhange co requested a bank draft. They took photocopies of my id, and wanted a recent utility bill to verify my address.
Ask the buyer the bank name and check their policies online. Before you accept the draft, ask for photo id (drivers license) and write down the number and his address. Or better yet, he needs a passport to enter the US.
The buyer may have a hard time cashing the bank draft now. From RBC's website:
http://www.rbcroyalbank.com/products/de ... rders.html
1) U.S. dollar drafts cannot be sold to non-RBC clients. U.S. regulations require financial institutions to know with whom they are dealing before any transaction is completed.
2) RBC is not able to cancel or stop a Bank Draft. If lost or stolen, a replacement or refund will need to be requested, and a Bond of Indemnity may be required from the purchaser.
Of course, if the draft is a counterfeit, policies mean nothing.
I bought a 2007 truck from a US dealer this year and had it shipped to upstate NY. I used a local foreign exchange company to exchange and wire the money. The exhange co requested a bank draft. They took photocopies of my id, and wanted a recent utility bill to verify my address.
Ultrafrozen
Expert
Maxout01 said:
A certified cheque or bank draft is typically called a cashier's cheque in the States. As stated earlier, as long as it isn't forged it's like cash.
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