General > General Technical Chat

Cheques being phased out in Australia by 2030

<< < (31/59) > >>

TimFox:
Similarly here in the US, when going to the real-estate transaction "closing", where all papers are exchanged between parties, the required payment (from me, the purchaser) had to be a "certified check", where the bank certified that sufficient funds were in my account, and sequestered them until the check was presented for payment.
They told me to bring one written for a certain value, and then gave me a normal check for the relatively small amount owed back to me.
A "cashier's check", on the other hand, is one that I buy from the bank, which issues it against its own account.
Both are valid on their face, and difficult to fix if you should lose it.

coppice:

--- Quote from: Bicurico on October 10, 2023, 08:11:58 pm ---I used cheques in the past when buying or selling a house.

The cheques are authenticated by the respective bank, warranting that the respective funds have been captivated.

Paying in cash is not allowed for payments over 2000 Euro (here in Portugal) and hence these cheques are the only real secure way of transfering funds against a signature in the ownership papers.

Electronic transfers take one day so seller and buyer would have to trust a lot in using this.

--- End quote ---
For big amounts a direct account to account transfer seems to be the usual thing these days. Most people with on-line banking can do that directly from their phone. In the UK you now get alerts from your bank for big amounts, to confirm its really you, and that you aren't taking this action under duress. Then it goes through on the spot, and you can check with the other party that it arrived.

SiliconWizard:
Again contrary to cheques, direct bank transfers are always limited in amount per transaction or per day (depending on your bank and conditions). This amount varies *a lot* depending on the bank, freakingly so even. For my 2 banks, the default max is from 1 to 10. Yeah.  :-DD Sure you can always ask to get a higher max, permanently or temporarily, but this is often not modifiable via your bank app (contrary to your cards for which you can now do this with most banks within at least a certain range). So you have (usually) to call your banker. Very nice.

This is something you usually don't realize until you, precisely, need to transfer a "big" amount.

coppice:

--- Quote from: SiliconWizard on October 11, 2023, 12:57:58 am ---Again contrary to cheques, direct bank transfers are always limited in amount per transaction or per day (depending on your bank and conditions). This amount varies *a lot* depending on the bank, freakingly so even. For my 2 banks, the default max is from 1 to 10. Yeah.  :-DD Sure you can always ask to get a higher max, permanently or temporarily, but this is often not modifiable via your bank app (contrary to your cards for which you can now do this with most banks within at least a certain range). So you have (usually) to call your banker. Very nice.

This is something you usually don't realize until you, precisely, need to transfer a "big" amount.

--- End quote ---
The daily limits are usually adjustable. I set my daily limit on line to an extremely high value in preparation to buy this house. At the right time I transferred hundreds of thousands of pounds to our solicitor, without any other preparation. It was immediately in their account. I then set the daily limit lower, to reduce the risk of anything bad happening.

SiliconWizard:

--- Quote from: coppice on October 11, 2023, 01:13:05 am ---
--- Quote from: SiliconWizard on October 11, 2023, 12:57:58 am ---Again contrary to cheques, direct bank transfers are always limited in amount per transaction or per day (depending on your bank and conditions). This amount varies *a lot* depending on the bank, freakingly so even. For my 2 banks, the default max is from 1 to 10. Yeah.  :-DD Sure you can always ask to get a higher max, permanently or temporarily, but this is often not modifiable via your bank app (contrary to your cards for which you can now do this with most banks within at least a certain range). So you have (usually) to call your banker. Very nice.

This is something you usually don't realize until you, precisely, need to transfer a "big" amount.

--- End quote ---
The daily limits are usually adjustable. I set my daily limit on line to an extremely high value in preparation to buy this house. At the right time I transferred hundreds of thousands of pounds to our solicitor, without any other preparation. It was immediately in their account. I then set the daily limit lower, to reduce the risk of anything bad happening.

--- End quote ---

That sounds nice. Your bank is probably better than mine. I bet there is a significant difference depending on the country anyway.

Navigation

[0] Message Index

[#] Next page

[*] Previous page

There was an error while thanking
Thanking...
Go to full version
Powered by SMFPacks Advanced Attachments Uploader Mod