bank draft for rental

[abc31 Senior Member Find all posts View Profile Close abc31]

Has anyone had any experience with bank drafts? I answered an ad for a rent wish oy & the renter (from Canada) wants to send me a deposit in the form of a bank draft. I am not sure what that is. He said it is like a money order. I have only ever used paypal for rentals. Any opinions?

[Presley Senior Member Find all posts View Profile Close Presley]

I think a bank draft is a cashier's check. I would only send it if you bank can insure it somehow.

[ampaholic Senior Member Find all posts View Profile Close ampaholic]

Yea, Bank Draft is another way of saying Cashier's Check. If you have several weeks to months before check in - it may well be OK to accept a bank draft if it is for the correct amount.

A cashier's check has recourse - you can deposit it and wait for it to "clear" as long as you haven't delivered the product you'll be OK.

The one thing to watch out for is - that if it is a counterfeit - it won't bounce for a week or two or four after you deposit it.

Usually the clue to the "Nigerian prince scam" (which uses counterfeit Cashier's Checks) is that the scammer want's you to wire some "extra funds" or "overpayment" offshore where you will never see it again.

Wired money has no recourse - it is "gone, gone, gone".

[djyamyam Senior Member Find all posts View Profile Close djyamyam]

Has anyone had any experience with bank drafts? I answered an ad for a rent wish oy & the renter (from Canada) wants to send me a deposit in the form of a bank draft. I am not sure what that is. He said it is like a money order. I have only ever used paypal for rentals. Any opinions?

As others have noted, a bank draft is a form of certified funds. Although some others don't agree, I almost always request it unless it is a repeat renter (in those situations I accept a personal cheque). With Paypal cross border payments, there are additional fees for the receiver
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[Mybobalong Member Find all posts View Profile Close Mybobalong]

What djyamyam said is correct. The bank guarantees the funds on the draft so no worries there.Our Canadian banks usually use Bank drafts for North American funds.I use it sometimes to pay for my maintenance fees or for all inclusive fees. It may take a few days for your bank to clear the draft though.:-)

[mdurette Senior Member Find all posts View Profile Close mdurette]

All are correct - a bank draft is cashiers check.

I work for a bank and I would not accept it since it is out of the country and if you don't know the person.

You would be amazed at how many counterfiet cashiers checks are being used.

[gandalf252002 Senior Member Find all posts View Profile Close gandalf252002]

Not sure if this is available in the US or not, but as I noted you are in Canada you can always use Interac e-Transfer. Many of the large institutions are using this in addition to some credit institutions.

I have been using this for some of my rentals, and have been thoroughly impressed it as immediate as you can get.

As others have noted, a bank draft is a form of certified funds. Although some others don't agree, I almost always request it unless it is a repeat renter (in those situations I accept a personal cheque). With Paypal cross border payments, there are additional fees for the receiver
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[brucecz Moderator Find all posts View Profile Close brucecz]

Some US banks used to charge $20 to cash Canadain payments we got from renters and buyers .

Bruce

[djyamyam Senior Member Find all posts View Profile Close djyamyam]

Not sure if this is available in the US or not, but as I noted you are in Canada you can always use Interac e-Transfer. Many of the large institutions are using this in addition to some credit institutions.

I have been using this for some of my rentals, and have been thoroughly impressed it as immediate as you can get.

The Interac e-transfer is only available within Canada. There is no cross-border ability. I use it when I rent to someone in Cda.
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[djyamyam Senior Member Find all posts View Profile Close djyamyam]

Some US banks used to charge $20 to cash Canadain payments we got from renters and buyers .

Bruce

I've heard this as well. In fact, one of the resorts we own at requires us to use a credit card (and pay additional fees) because their bank won't process cheques of any kind from Canada
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[abc31 Senior Member Find all posts View Profile Close abc31]

Thank you for all of your responses. I guess it sounds o.k. since the rental is for March.