Best way to transfer large sum for private sale.

rjk

rjk

rjk

Caporegime
Joined
8 Aug 2007
Posts
25,380
Hi

My stepfather is purchasing a classic Mustang soon. Deal agreed and the car checks out.

The car is in the region of £50k and he is paying a small deposit via bank transfer shortly.

For the balance on collection day, what is the best method to do the transfer to a private seller as an instant (or close to instant as possible) payment for this sum of money.

Asking specifically because the car is a great distance from home and due to the type of car he will need to arrange transportation and a trailer. He wants to be on site for the collection also for peace of mind.

Any feedback welcome.
 
Bank Transfer. Although I'd probably call the bank a few days beforehand to advise you'll be transferring £50k otherwise they'll likely block it. Most dealers will happily take Debit cards too. (Assing it's not a private sale)
 
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I don't mean to derail the thread, but has he purchased this kind of car before? I only ask because I've seen so many people get burned by supposedly restored and immaculate Mustangs. I remember looking at one £45k+ example at auction and the panel gaps were all over the place. Terrible job. Easy five-figure sum to put it right. Alas, most people just saw a shiny Mustang that looked cool.

But yea, bank transfer – and, as MissChief suggests, give the bank some warning. I've run into stumbling blocks with regards to the maximum quantities you can move in one hit to a new account, so it might be worth asking about that as well. :)
 
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I agree with bank transfer, but call them. We are buying a house (so need to transfer the deposit) and my maximum daily limit is £25k - worth checking in advance so that you don't get caught!
 
Even pre warning doesn't always work, I pre warned HSBC I'd be making 3 large transfers on consecutive days and they fraud checked me every time, had to call them and authorise after payment. In my experience the transfer is either instantaneous or its not. If its not arrived after a few minutes call your bank as they will have placed a hold on it while they check stuff.

As its over £25k you'll probably have to phone them anyway, and sometimes they charge you for the privilege absolute sharks.
 
200sols said:
I'd probably be wary if someone wanted to drop me £50k in cash, it makes no sense in today's world.
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Only way I would do it is if they came to the bank with me and we put it in together. But what’s the point, it’s messy and a hassle.

I would also be very weary about having such large sums in the house and people knowing about it. You don’t know if they would make some attempt to come back for it, or tip someone else off about it, or if the notes are forged etc.

It’s just messy.
 
I see there are no budding Arthur Daley's here today then....;) Christ if I had EVEN mentioned a bank transfer for some of the cars I have bought I'd have been lynched.
 
Just not worth it, I know someone (family member) that sold a car, had a large sum in the house (10’s of thousands) which was then placed in a safe in the attic and was then robbed the following day.

Almost like a coincidence.
 
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rare said:
Just not worth it, I know someone (family member) that sold a car, had a large sum in the house (10’s of thousands) which was then placed in a safe in the attic and was then robbed the following day.

Almost like a coincidence.
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yeh then claimed on house insurance ?
 
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