What is your preference when it comes time to paying for a horse (as a buyer or seller), cash, cheque, wire transfer, bank draft, money order? So many options. Obv some issues with personal cheques if person is paying and picking up the horse in the same day. My first inclination is cash, but maybe not a good idea to carry around $15-20k?
Check if it is someone I know/trust and money order if not well known.
Cashiers check or the animal doesn’t leave.
I’ve had a seller refuse to accept a cashier’s check as it could be easily forged (according to her). She would only take a personal check and then I had to wait for it to clear for her before I could pick up the horse. Otherwise, I’ve always done the cashier’s check when buying. When I sold one last year, I took a personal check but I held the papers til the check cleared. But they were local and I was able to kind of check them out and felt ok about it.
For $15-20k it might make sense to get a lawyer involved and have the money held in escrow (especially if you have concerns about trusting the other party).
Wire transfer. It’s quicker.
[QUOTE=horsepoor;8054326]
I’ve had a seller refuse to accept a cashier’s check as it could be easily forged (according to her). She would only take a personal check and then I had to wait for it to clear for her before I could pick up the horse. Otherwise, I’ve always done the cashier’s check when buying. When I sold one last year, I took a personal check but I held the papers til the check cleared. But they were local and I was able to kind of check them out and felt ok about it.[/QUOTE]
I think she’s confused. A cashier’s check is more secure than a personal check, which may bounce. I don’t think it’s a bad idea for the seller to make sure it cashes out properly before the horse leaves the property, though.
OP: Money order is for small amounts of money, same as cash. Normal people won’t feel safe walking around with $$$$ in cash in their wallet. Cashier’s check is the preferred method of payment, IMO, although I think it’d be more complicated in the five+ figures.
[QUOTE=arapaloosa_lady;8054336]
I think she’s confused. A cashier’s check is more secure than a personal check, which may bounce. [/QUOTE]
She wasn’t confused. It was something that she dealt with professionally. Merely reporting it to say, not everyone is cool with cashier’s checks.
When I bought a horse from the US, I did a wire transfer.
Locally, I normally use a business cheque, but if the price is low enough I am ok with paying cash…but, I like the paper trail that a cheque or transfer has. Cash is harder to prove.
If selling locally we accept cash or personal cheque (or etransfer, cashiers cheque or money order). If it is a personal cheque from someone I don’t know, then I get a copy of their driver’s license. It’s a federal offence to buy something with a bad cheque, so I am not that worried as long as I have proof of ID. I also put in all contracts that the bill of sale is governed by the laws of MY province.
Wire transfer. Cheap, easy, good paper trail for buyer and seller.
G.
Wire transfer.
Cashiers cheque is a common scam these days. I wouldn’t want to accept one as a seller.
My preference as buyer or seller is wire transfer. That way everyone knows that the “money is good” AND there is a paper trail.
I don’t like handing over that much cash, I can’t PROVE that I delivered it.
With advent of electronic banking, most personal checks clear in a day. It’s not like the old days when a bank put holds that lasted many days or over a week on a personal check.
Well it depends, if the person is local and you or the trainers know or are familiar with the parties involved then a cashier’s check from a bank should be acceptable but there are those cashier check scams these days. For a large chunk of change especially if it might be out of state or country, then wire transfer would be the way to go,
The three times I’ve bought, two were personal checks (one in the full amount - this was 1993, one was payments over a few months until I could get him up here). The other was a money order overnighted so that he could be picked up by the hauler a few days later.
My BIL is an attorney. He was representing a lady on check fraud. Knowing her past history, he required her payment be made through a cashiers check…It was fake. This was over 10 years ago.
Wire Transfer is a safe and secure method.
Wire transfer.
Most people these days, including me, prefer a wire transfer, but I didnjust buy a horse for a client who wanted a cashiers check, something to do with her bank and fees or something. As a seller, wire transfer, as a buyer, whatever the seller wants.
Wire Transfer in the best in my opinion. I also like cash but that is harder when its over 5k.
I have used/taken Paypal before. I have also taken personal checks. I only do personal checks from people I trust and know. I cash/deposit and they get horse. Simple.
Wire transfer, although hand to God HSBC delayed the closing on my house by swearing up down and around again that a wire transfer from an in-state bank would take “several days to clear,” and, I swear this I true, suggested as an alternative that the transferor drive 7 hours from one end of the state to the other with cash because “cash clears right away.”
It was easier to just wait than to try to explain banking to them.
For international sales a wire transfer is preferred, and I won’t let the horse go, until the wire in in my account. For local sales, I typically say Certified Cheque or Money order, but have taken a personal cheque from people if it is local…or the horse isn’t leaving right away. For US (international sales) a personal cheque can take over 30 days to clear, so that’s not an option.
