Safest Way to Send Huge Amount of Money

newbiesh on 27/05/2017 - 18:46

I'm buying new apartment I have to pay around 10% of the price.
What is the safest way to do this?
the seller solicitor has advised direct credit.
I was thinking of a cheque perhaps ?
whats the safest way to do this? thanks,

Financial

Comments

  • retiredfeline on 27/05/2017 - 18:48
    +1

    DD might run into bank or credit union withdrawal limits and you have to ask for temporary rise. Bank draft, usually a fixed price like $10.

  • [Deactivated] on 27/05/2017 - 18:51
    +2

    Send by eneloop

  • djones145 on 27/05/2017 - 19:01
    +7

    Bank cheque usually

  • atris17 on 27/05/2017 - 19:08
    +2

    Bikies……Bodyguard lol

    I transfer the cash to the solicitor trust account

    • newbiesh on 27/05/2017 - 19:21
      +1

      Yes thats what I suppose to do, but in what way? Deposit or cheque

      • Peter Enis on 27/05/2017 - 20:55
        +1

        Bank transfer is the way to go, but like others have said you may have to get an increase - my bank classifies anything over $5k (from memory) as an Upper Payee (up to $100k) - takes a day to get them raised to the higher limit.

        If you don't trust a bank transfer to your solicitor, then you need to find another solicitor!

      • atris17 on 27/05/2017 - 21:32

        I deposit via online banking. Keep the receipt and email it to them too

  • someguycalledpaul on 27/05/2017 - 19:27

    We went into the bank and asked that they perform a TT - supposedly safer than a DD. Bank Cheque also works.

    Not really sure why but i think TT provides more visibility especially intrabank transfers.

    paul

  • Kangal on 27/05/2017 - 19:27
    +5

    Convert the money into a high-value item, then hide inside some headphone casings

  • Diji1 on 27/05/2017 - 19:51
    -1

    Buttcoins.

  • Qroozn on 27/05/2017 - 20:21

    Bikies

  • bobbified on 27/05/2017 - 20:32
    +1

    If you're chinese, then cash.

    • [Deactivated] on 27/05/2017 - 20:40

      Lots of rmb

    • retiredfeline on 27/05/2017 - 21:48

      Tins of powdered milk.

  • captobvious on 27/05/2017 - 21:17
    +1

    Briefcase of $100s

  • whooah1979 on 27/05/2017 - 21:55

    Safest Way to Send Huge Amount of Money

    How much is huge? Five or six figures?

  • garetz on 28/05/2017 - 03:37

    cashiers cheque

  • Gershom on 28/05/2017 - 05:14

    Wells Fargo strong box with shotguns.

  • Baysew on 28/05/2017 - 10:48

    Why are you paying direct to sellers's solicitor?

    Wouldn't you be dealing with your own solicitor?

    • newbiesh on 28/05/2017 - 11:05

      I have to pay to the seller's trust account, HWL Ebsworth.

    • newbiesh on 28/05/2017 - 11:07

      I'm not sure, my solicitor said I have to pay to their trust account, how does it normally work?

      • Baysew on 28/05/2017 - 11:42

        You said "their" account, please be specific - your solicitor's bank account or the sellers?

        Anyway - How To Pay

        Option 1. Use the pay anyone feature on internet banking.
        You may need to raise the "daily maximum" amount you can pay to someone else. You may need to make the payment of a number of days. Be very very very careful in putting in the BSB and Account Number.

        Option 2. Your bank account may have a cheque book facility. This is old school but contact your bank, most likely it will be free. Seeing it is only a deposit you are paying, a personal cheque won't be an issue.

        Option 3. Bank cheque. Some banks allow you to order this via internet banking, others you will need to go to branch. There will be a fee.

        Option 4. If the solicitor uses the same bank as you. You could go to a local branch and ask the teller to transfer from your account to the solicitor's bank account.

        With options 2 & 3 you could take cheque to a branch of solicitors bank and get teller to credit account.

        PS be very very careful that you use the correct account numbers!

        • newbiesh on 28/05/2017 - 13:25

          Thanks.
          By their I meant sellers solicitors trust bank account

  • John Kimble on 28/05/2017 - 11:27

    What are you afraid might happen? Just do what they say to do. The risk is pretty low when property, trusts and solicitors are involved usually. It's not Gumtree or eBay…

    • newbiesh on 28/05/2017 - 11:37

      well im confused.
      i suppose to be sending it to my own solicitor but now sending to their seller solicitor.
      thanks

      • whooah1979 on 28/05/2017 - 11:48

        i suppose to be sending it to my own solicitor but now sending to their seller solicitor.
        thanks

        your solicitor or their solicitor. it doesn't matter as long the receiver issues a receipt stating the item and amount.

        • newbiesh on 28/05/2017 - 13:25

          Thanks.

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