I've found a car I like but I dont like the idea of handling over £100 in cash let alone £6500, whats the best way to hand the money over?
https://iasservices.org.uk/london
https://iasservices.org.uk/london
whats the best way to actually pay for a private car??
- Thread starter nightyard
- Start date
Pay a cash deposit and if you are registered for internet banking you can transfer the balance to another person's bank account. I completed a car purchase transaction on a Sunday afternoon and it took 20 minutes from the time it left my Lloyds TSB bank account before it was received by the seller's Santader bank account! The speed of this transaction shocked me. The funds were cleared immediately.
Bankers drafts are no longer guaranteed and take the same amount of time as a normal checque to clear - "cleared" takes 3 days and "paid" takes 8 days.
If its under £10,000 best way is electronic transfer through the Faster Payments system (FPS) - this is cleared and paid in 2 hours (usually under) if both banks are on the FPS (most banks are). No charge from the banks.
Electronic Funds Transfer (EFT) for over £10,000 costs £30; again is cleared and paid in 2 hours
Otherwise its cash - and beware of £20's as they are most common forgeries.
If its under £10,000 best way is electronic transfer through the Faster Payments system (FPS) - this is cleared and paid in 2 hours (usually under) if both banks are on the FPS (most banks are). No charge from the banks.
Electronic Funds Transfer (EFT) for over £10,000 costs £30; again is cleared and paid in 2 hours
Otherwise its cash - and beware of £20's as they are most common forgeries.
markeg said:
That's obviously what happened in my case as outlined above and is the safest and quickest way of completing a car sales transaction.
I phoned HSBC advance and put them on load speaker in front of the seller then transferred the amount straight away! Then the guy phoned his bank and they confirmed it going in!
Liverpool
Money transfers can be reversed if the account has been accessed fraudulently.
The ONLY safe way is to take the buyer to HIS bank, watch the buyer withdraw the cash, then take the cash to YOUR bank, watch the cashier check it for forgeries (banks do hand out the odd dud note BTW) and it's then in your bank.
Even if the other account has been accessed fraudulently there's no direct link to you/your bank.
It also has the benefit of the buyer not having to carry cash/banker's draft around (in case you're a dodgy seller).
The ONLY safe way is to take the buyer to HIS bank, watch the buyer withdraw the cash, then take the cash to YOUR bank, watch the cashier check it for forgeries (banks do hand out the odd dud note BTW) and it's then in your bank.
Even if the other account has been accessed fraudulently there's no direct link to you/your bank.
It also has the benefit of the buyer not having to carry cash/banker's draft around (in case you're a dodgy seller).
I wouldnt accept a bankers draft for my car.
Only way would be online/in the bank and making sure the cash was in my account and available before it left my possesion.
Or as i've done with a number of cars paid or been paid in cash and paid it into my account with the person there and then, bank have accepted it, job done.
Only way would be online/in the bank and making sure the cash was in my account and available before it left my possesion.
Or as i've done with a number of cars paid or been paid in cash and paid it into my account with the person there and then, bank have accepted it, job done.
Adamski said:
Yep - no longer a guarantee by the banks. FPS is the way to make payments - once paid and cleared there's no back tracking. You are supposed to allow 2 hours to clear, but most banks do it quicker.
Only proviso is some banks are not on the FPS system - make sure both banks are otherwise you will need the 8 days to ensure funds cannot be retracted
Correct, but as long as you pre-arrange the withdrawal and provide adequate ID, then there is no problem (unless you've got something to hide).markeg said:
If it is 'retracted' due to 'facility takeover fraud' or such then this money can then be removed from your bank account and you're part of a fraud investigation.markeg said:
That's why I listed the ONLY safe way previously.
Anyway enough of all this banter when you gonna pay me the £6500 