Any Australians here that know how the banking system works ?
 

Hi I am just trying to find out how the Australian banking system works.

If I sell something to somebody from Australia, And they want to pay by check, Is it true that they have to have the money in their bank accounts before a cheque is issued so this means that the check cannot bounce or be flagged as fraud at a later date.


Cheers

nope total bullshit

unless of course they give you a bank cheque

Bank cheque, yes. You pay the cash (or have it in your account which the bank draws from) and the bank issues the cheque. A bank cheque is as good as cash.
Personal cheque, as anywhere, there's nothing stopping you writing a cheque for $1,000,000 even if you don't have the funds.

Ok thanks guys. It works the same as over here in the UK, so the guy is talking bullshit as he said it would be a Personal cheque

Cheers

For a bank cheque they need to have the money in the account and the cheque is issued from the bank, for a regular check its issued by the person so they dont, However i believe a australian bank cheque can only be deposited into another Australian bank account but im not 100% sure. Wire transfer would be a better option imo.

Cheers :thumbsup

Yup tell him to shove the cheque right up his clacker!

getting played again ....

so many scammers online... I always check when I think something is not right before doing any transactions with people

I use to get checks from the USA and they take 4 weeks to clear. Some reason they have to send the check back to the USA then have the check sent back again. BS way but makes it fraud proof. However, I have had a couple of checks bounce and then the bank changers me $35 which is even more BS.

This is one thing i've never understood. If I deposit a cheque that bounces - why is it me who pays? It's the payee that is in the wrong.