Best way to transfer large sum for private sale.
- Thread starter rjk
- Start date
make sure its a large branch for CHAPS payments. I know with my local Lloyds branch they cant do it in branch and any CHAPS payments dont go through until the next day as they have to send all the paperwork to the big main branch in the nearest city.
You can but they want it as a bank transfer. Presumably to avoid the fees that come with a debit card transaction. When you are spending £50k, a 2% fee is a material amount of money.
Last edited:
Soldato
- Joined
- 27 Aug 2005
- Posts
- 3,793
Bought my CTR for £27k couple weeks back, i called the bank previous day and they told me to phone through on the day and ask for the "high value payments" team. However, when i was waiting to make the payment there was a big queue which was not helpful. In the end i did two BACS payment from 2 difference bank accounts as 1 had a max limit of £25k
As some others have mentioned - I'd call your bank to make the transfer. Just over a week ago I attempted to transfer a rather small (in comparison figure) £5k to someone for a car. Immediately flagged as potential fraud, First Direct's anti-fraud people immediately called.
Got asked the most bizarre questions - so I failed security checks and had to contact their Customer Service to get everything moving. I did this - was told all was well, transfer back on. Money still hadn't arrived 2hrs later, contacted FD again, told everything was OK, called again later the same day, called the following morning to the question "Oh, didn't the CS staff tell you yesterday the transfer was cancelled and you'll have to initiate it again?"
Just make your life easier - call them and do the transfer with the over the phone so you pass security there and then.
Got asked the most bizarre questions - so I failed security checks and had to contact their Customer Service to get everything moving. I did this - was told all was well, transfer back on. Money still hadn't arrived 2hrs later, contacted FD again, told everything was OK, called again later the same day, called the following morning to the question "Oh, didn't the CS staff tell you yesterday the transfer was cancelled and you'll have to initiate it again?"
Just make your life easier - call them and do the transfer with the over the phone so you pass security there and then.
I was at the owners address and had just finished checking it over. There wasn't much risk. When I sold it a few years later the bloke who bought it payed in full 3 days before coming to see it! That seemed to me like he put a hell of a trust in me.
Soldato
- Joined
- 27 Aug 2005
- Posts
- 3,793
Transfer limit on one account and tell him to move the remaining amount into another account and make another payment? I recently paid a garage £25k on one account and the remaining 2k via another account.
Thanks for the advice all.
Sent him the thread and had a discussion. Looks like we are going down the route of a chaps payment as there is a branch of his bank close to the place we viewed the car.
Insisting on chaps with the seller so waiting for them to come back and agree now
Thanks for your help
Sent him the thread and had a discussion. Looks like we are going down the route of a chaps payment as there is a branch of his bank close to the place we viewed the car.
Insisting on chaps with the seller so waiting for them to come back and agree now
Thanks for your help
Any legitimate seller will be happy to go to a local branch with you, ensure your father has passport/driving license with him and account details for account he is transferring from, in branch it literally takes a few minutes. Yes make sure it is a CHAPs, the bank my advice the faster payment free service which 90% of the time will hit the recipient back account within two hours, but on occasion it can take 24hr.
If doing over the phone, make sure you start the conversion with you want to make a CHAPs payment, then take it from there.
CHASE is brilliant as their faster payment service is spot on, you can transfer 24/7 upto 25k, they will call you, authenticate within the APP and then confirm with you to do transfer and it is done, but many bank accounts can be much slower, so CHAPs is best, even better go in branch.
Looking forward to pictures of the purchase.
Last edited:
thanks for the advice all.
Car collected this week and the seller went out of their way to provide confidence.
Step Dad is over the moon with the car and is already working on it daily
I'll be going around this weekend to provide detailing services
Car collected this week and the seller went out of their way to provide confidence.
Step Dad is over the moon with the car and is already working on it daily
I'll be going around this weekend to provide detailing services
I got a loan for a car. Rang and told them I'd found a car and was transfering the money. They blocked it and asked me to call in with photo I'd.
I then made a complaint and they gave me all my travel costs to go there and back as well as £150 compensation. I was a happy man then. But I did have to do a 100 mile round trip twice.