Withdraw 35k cash from bank

Shake&Bake

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Get someone to tag along with you on the day you wish to get the car.
This person should be a driver too.
Then either to with your or the other person's car to the seller.

Check the car out one last time and come to an agreement on the price, yada, yada.

If no EFT arrangement can be made, ask the seller to drive the car to the bank with you, possibly asking him to bring along someone else in another car.
Get to the bank, let him decide if he wants a Bank Guaranteed Cheque (drawn from the teller with him standing next to you) or if he wants cash - he can get that too - but there's a helluva cost associated with drawing those funds - so let him know that you're going to take it off the price of the car.

A bank guaranteed cheque is like R50 or something.

Hand over cheque or cash, take the keys and paperwork for the car.
Let him then leave with his buddy that drove in another car and you and your buddy go for coffee and then leave with your new car and the one you travelled with to get there.

In so doing - if the seller does want cash - he runs the risk of being robbed.

That's what I did with my CBR900.
No hassles. Klaar.
 

d0b33

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Joined
Jul 16, 2004
Messages
17,431
Get someone to tag along with you on the day you wish to get the car.
This person should be a driver too.
Then either to with your or the other person's car to the seller.

Check the car out one last time and come to an agreement on the price, yada, yada.

If no EFT arrangement can be made, ask the seller to drive the car to the bank with you, possibly asking him to bring along someone else in another car.
Get to the bank, let him decide if he wants a Bank Guaranteed Cheque (drawn from the teller with him standing next to you) or if he wants cash - he can get that too - but there's a helluva cost associated with drawing those funds - so let him know that you're going to take it off the price of the car.

A bank guaranteed cheque is like R50 or something.

Hand over cheque or cash, take the keys and paperwork for the car.
Let him then leave with his buddy that drove in another car and you and your buddy go for coffee and then leave with your new car and the one you travelled with to get there.

In so doing - if the seller does want cash - he runs the risk of being robbed.

That's what I did with my CBR900.
No hassles. Klaar.

Thanks, I guess that will be the plan then...
 

fdaniels

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Aug 16, 2006
Messages
898
There is a difference between a Bank Cheque and a Bank Guaranteed Check. A Bank Check is as good as cash. I was asked by Toyota to get one of those instead of the Bank Guaranteed ones because they are easy to forge.
 

waynegohl

Ancient Astronaut
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Nov 4, 2007
Messages
41,459
please, we don't wanna hear that something happened to you. There are lots of stories of people getting robbed after they withdrew money from a bank, i was a witness to one such event, rather do it in the bank or something.
 

JK8

Banned
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Jan 18, 2006
Messages
14,105
I withdrew 100k once, over the counter not from the atm.
Got charged R2000 for the withdrawal. Also don't keep the cash too long.

But don't go buy the car cash, sounds fishy. Eft it, when he confirms in his account take the car. If for some reason he runs and doesn't give the car, you can open a case against him using the money trail.
 

killadoob

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Jan 30, 2004
Messages
46,571
Yea JK is spot on, sounds dodgy man.

35k is a rather large sum of money to run around with and as mentioned there will be no paper trail if he screws you. If he is legit an eft would work.

Also if the deal seems too good it generally is.
 

Mantis

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Nov 2, 2005
Messages
883
UCT student was robbed of R40k once which they drew in Rondebosch to pay their fees. Unfortunately for them someone in the bank at the time of the withdrawal was a crook and followed them and well ...

I don't even carry more than R500 (maximum) on me these days. And the only reason I carry some cash at all is because not every little shop uses card machines
 

MR.C

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4,953
If the car dealer is reputable then he'll give you his (safe) options.
The bank chq seems the best option.
 

Shake&Bake

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As Aqua has made no mention if this is a private or dealership sale, I think we're all going off on a tangent wrt to advice and commentary given. :confused:

Mine have been along the lines of this being a private sale.
Any feedback on that Aqua?
 

the_don46

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Mar 27, 2010
Messages
493
I would do cash, EFT or cheque. Depending on what the seller wants. I wouldn't deduct my bank charges on the total sale as it's not the seller's problem if I incur costs coming up with the money to pay.

If it's cash or a direct deposit do it in the bank.

If it's a cheque, the seller may still want to ensure it clears before releasing the vehicle.

If it's an EFT you can at a cost make an immediate payment (at least with ABSA this is an option).

Say I'm the seller and you EFT the funds to me, if it's cleared you get the keys, until it clears you ain't getting the keys but I would be willing to draft a letter guaranteeing the deal is concluded and that the car will be parked in a locked garage, untouched until the money is cleared. Then you may collect.
 

sincerious

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May 12, 2010
Messages
143
If I was you I'd much rather take the seller into the bank with you & get the bank to transfer it into his account in front of him if you dont have access to internet banking. It will save you the risk & save him cash deposit fees
The other option is to get a bank guaranteed cheque
Er, yes they do!
A transaction at the teller is gonner cost him.
You're mad carrying amount that sort of cash ...
A seller who doesn't want to pay tax :)
+1 to all of the above and be very wary of any private seller or car salesman expecting you to deliver cash to wherever the car is being stored/displayed.
 
Last edited:

snail

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Feb 5, 2008
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1,395
Coming from a security industry let me warn you in advance,u say u wil pay in cash on a certain day,so the seller gets his mates 2 wait outside the bank and rob u as u exit,then they split the money so the seller gets a huge cash injection and gets 2 keep the car,and u r screwed.if the guy refuses an eft its usually 4 a reason so be careful in the future
 

zippy

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May 31, 2005
Messages
10,192
I planned on EFT but then again some people won't part with the car until it's cleared and within that time the car could be sold to someone else(with the cash) then I need to fight for a refund...



Good idea, I'll take bags with... lol looks like I'm robbing the place
I wouldn't trust them either. Walk away.
 

thriel

Senior Member
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Dec 9, 2008
Messages
781
FNB has "express clearing" meaning it gets cleared within 60 seconds to any bank.

i have used this facility myself, they do charge you for clearing but its the safest way.
 

rodga

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also dont call the bank before hand
could just lead to an inside job
 

d0b33

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Ok, I guess I'll tell the seller upfront I plan to pay via EFT because it's safer, if he refuses I'll go somewhere else... hope I don't lose out on a good deal though.

As Aqua has made no mention if this is a private or dealership sale, I think we're all going off on a tangent wrt to advice and commentary given. :confused:

Mine have been along the lines of this being a private sale.
Any feedback on that Aqua?

Yeah private sale.
 

LazyLion

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Mar 17, 2005
Messages
104,835
I plan on getting a second hand car and paying for it with cash, thing is I've never withdrawn more thank 5K from the bank in cash so nervous about this... are there any fees involved? (I'm FNB client) and are banks willing to part with that cash easily? any experience here?

Ja, definitely not a good idea. Avoid at all costs. But if you are resolved to do it, phone the bank ahead of time and take several friends with you.... armed if possible.
 
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