Deposits and first months rent

TimTim

I'm finally getting around to looking at my first rental place and had a look around various places in Dublin and I've found something which seems nice at a price I'm willing to pay.

However when speaking with the landlord, they want the deposit and first months rent upfront in cash and after that it would be bank transfers for the rent. I had asked what about getting them a bank draft instead but the answer was that they prefer cash.

From what I could tell everything else seemed fine and this was the only thing which stood out as odd to me. Is this normal or typical and I'm just being paranoid?

djimi

People are getting wary of fake bank drafts these days. I cant actually remember how I paid the deposit and first month, but if you dont want to hand over a bundle of cash then maybe suggest a bank transfer? Should be perfectly acceptable to anyone.

beauf

Why not do it all as bank transfers?

TheDoc

I know my current place I handed over deposit in cash, and we operated rent via monthly bank transfers.

I'm flexible in that regard and the amount wasn't too much for me to get overly worried about. I got a receipt which is important. Make sure to get a written receipt dated and signed. Don't just hand over cash

At the moment I'm still flexible, but considering I'm looking at deposit + first rent totalling about €2500, I'd be insisting on bank transfer.

To be honest it should be more appealing to prospective landlords. Considering I work 9-5 I can't get to a bank, and I can't take 2k out of an ATM. But I can transfer it immediately. Part of the sort of toolkit I have at the moment to try swing landlords.

"I can have the deposit with you while your beside me if you want?"

Joys of mobile banking

Eldarion

TheDoc wrote: »

"I can have the deposit with you while your beside me if you want?"

Joys of mobile banking

Very much this. Mobile / Internet banking these days makes it a no brainer to go down the transfer route. Visual confirmation, money is usually cleared within 24 hours, there's a paper trail, everyone should be happy.

drumswan

Which bank allows you to add a payee and immediately transfer 2k+ to him?

El_Dangeroso

drumswan wrote: »

Which bank allows you to add a payee and immediately transfer 2k+ to him?

Bank of Ireland sends a confirmation number via phone and allows one off tranfers of up to 3K.

Sun in Capri

Under no circumstances would I pay by cash.

murphaph

El_Dangeroso wrote: »

Bank of Ireland sends a confirmation number via phone and allows one off tranfers of up to 3K.

But the money won't get to landlord's account until next banking day.

TheBandicoot

To clarify, people on here always say to "have your deposit and first month's rent ready" when viewing places these days. Do they mean have it ready in cash or something else?

The two places I rented when I was a student, we paid in cash. However the second place, when the deposit was returned it was in 4 separate cheques to each of us we were told not to lodge until the LL had the money in the account, a couple of weeks later(already 2 weeks since end of tenancy)..

djimi

murphaph wrote: »

But the money won't get to landlord's account until next banking day.

That should be sufficient for anyone.

murphaph

djimi wrote: »

That should be sufficient for anyone.

Indeed. I was just pointing out that's it's not instantly transferring money to the LL like cash, but I would prefer not to take several grand in cash from someone either....anyone could know about the transaction and be waiting outside in the bushes

A bank transfer is the only way if both parties have any sense, but I wouldn't give anyone keys until the money had cleared in my account.

TimTim

Cool, thanks for all the feedback folks. In the end I didn't go through with it as I found somewhere else nearby that is slightly cheaper and so I'm looking at that place instead (one of the joys of not being rushed into moving)

Glad to see I'm not just overly paranoid!

jon1981

Bank transfer ...always! At least you have a track record of it then!

coffee_cake

I would always do bank transfer. Aint no way I'm carrying that amount of cash anywhere

runawaybishop

bluewolf wrote: »

I would always do bank transfer. Aint no way I'm carrying that amount of cash anywhere

This^^. I would not be happy with that cash lying around.