How do you pay a main dealer for a car ?

I Just been reading on my online banking and it looks like good news

Payment limits


When making payments to other parties from your Internet Banking account, your daily payment limit is £25,000.

Your payment limit amount can be a combination of the following:
•Bill payments
•Payments to individuals
•New standing orders
•Travel Money
•The value of any increase in a standing order.

Payment limits are calculated at the time you request a payment and not when the payment actually leaves your account. For example, if you set up a standing order today which is to leave your account on the 2nd of each month, the amount is part of today’s £25,000 limit and not the limit for the 2nd when the payment leaves your account.


*The payment limit for Under 19s account customers is £500.
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I just done a BAC's transfer for mine straight to the dealer, then had a nervous wait for them to confirm the transfer. :eek::D
 
Last time I did it i rang my bank first to give them a heads up. Then paid by debit card.
 
Cash is taboo these days due to money laundering laws but as said just stick it on your debit card. I've put a lot more on debit cards in the past, never had an issue, same with big bank transfers.
 
I bought a car in 06 and paid £7.5k by debit card but I spoke to my bank beforehand.

Last year I paid £35k for a car by making 3 transfers of £10k and one of £5k over several days.
 
Although you have a £25k daily limit on internet transactions I would advise checking if this applies to faster payments. Bear in mind that even if you can do a £25k transaction via online banking it may not necessarily get processed as a faster payment and thus could still take a couple of days to clear.

Personally I'd pay via debit card but make sure you have a mobile phone with you and setup as contact detail for your bank in case it gets held.
 
It's only 40 quid to pay by CHAPS. But if you do the branch manager has to sign off on the xfer and then literally anything that goes wrong is their fault (misrouting etc.)

Did it with the deposit on my house, worth the peace of mind.
 
[TW]Fox;29933802 said:
All these suggestions - just use a debit card!
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No no, this needs to be complex, it needs to have a business case and 5000 different perspectives. Have faith, they'll get there in the end....well most of them will.
 
I threw the £200 deposit on my credit card and the near 15k remaining onto my bank card. Went through first time with no issues at all

FluffySheep
 
There's no point in phoning most banks before the transaction. The fraud systems are all automated so they won't be able to tell you in advance if it will get rejected. As above, just make sure your mobile number is your main contact number and you have your phone handy.
 
For a dealer, Id pay by debit card for convenience, but instant bank transfer for private sales.. Cash is hard to get in large amounts from a bank, and people distrust it due to counterfeiters.
 
I rang my bank day before telling them I have just transfered a load a dosh and it will be going out next day - Came to pay dealer with debit card and refused twice - while sitting there my mobile went off and it was bank asking if I had tried to make a big payment - They are so stupid banks - made me look a fool in front of sales person.

You can't even pay with cash now.
 
I just put my debit card in the machine, type my PIN in and put the receipt in my wallet. It doesn't need to be harder than that.
 
Raymond Lin said:
I put £2k on my credit card and £6.4k by debit card and the rest was my trade in.

I had enough to cover it all on debit card but it is smarter to put a small sum on credit card for the protection.
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I was told by the lady in the bank when I mentioned paying a small portion of something (think it was a holiday deposit) on my CC i was protected, she said just pay on your Debit card as the protection is the same as my card is a Visa debit.
 
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