Selling Car - Payment through bank transfer.

[Nathan]

I have called him back and he tells me the reason to come today is that he only has one car and his wife was to bring him. He said he can come on train tomorrow and me to meet him, which sounds fair. He said he would like to sort it
Before bank closing which is reassuring. He sounds well educated and a decent chap. The killer bit...my Ghanaian friend tells me the buyer has a Nigerian name

I ll play it by ear tmw and speak to the bank with him next to me.

 

[ci_newman]

IIRC the limit for fast-pay is £10k. Best to call your bank in the morning and discuss your options

 

[[TW]Fox]

IIRC the limit for fast-pay is £10k. Best to call your bank in the morning and discuss your options

It varies with each bank but very few have a limit that low these days.

 

[MooMoo444]

If he's offering to pay instantly without even test drive or showing any interest in the car then it screams dodge.

Leave it while you can.

 

[Regy53]

I tend to only buy cars this way and I have never had a problem including buying from a dealer for a car value of 15k.

Instant payment into your account. You can watch him do it from his bank.

 

[ChrisD.]

I bought my A5 with a bank transfer into the sellers account. Went straight in, no issues at all.

 

[Trifid]

It varies with each bank but very few have a limit that low these days.

As I understand it £10k is the daily limit for faster payments with all banks and you have to use CHAPS for higher payments.

My personal preference is the buyer arranges to withdraw in cash from their own bank with the seller present. We walk round to the sellers bank and the buyer deposits into the sellers account.

 

[Muncher]

So much bad advice in this thread, if you don't know what you are talking about do not dish out misinformation.

There are only two methods of payment which are safe to accept for a car. One is cash which is paid in over the counter to your bank and the other is a CHAPS payment, but there is a small fee for this and the precise time at which the payment moves is difficult to anticipate so for a car would leave everyone in limbo for a while.

 

[ChrisD.]

As I understand it £10k is the daily limit for faster payments with all banks and you have to use CHAPS for higher payments.

The limit depends on the bank.

http://www.paymentscouncil.org.uk/resources_and_publications/faster_payments_value_limits/

 

[Trifid]

The limit depends on the bank.

http://www.paymentscouncil.org.uk/resources_and_publications/faster_payments_value_limits/

Good table. I blame the bad advise Natwest and Nationwide gave me! Might be worth creating a Santander account just for their generous limit.

 

[ChrisD.]

I've been with Santander since 2011 or so, never had an issue with them. My business bank is with them as well.

 

[Nathan]

Lovely bloke. Car sold for a healthy sum.

 

[Housey]

CHAPS payments are simple. I've sold cars for significant amount using this method (50Kish) and it was simple.

 

[--Mike--]

Lovely bloke. Car sold for a healthy sum.

Just out of interest, which payment type did he use and was there any delays? Thanks

 

[Nathan]

Fast Payment inside the branch and was in my account in minutes. We were told by Santander that it could have taken up to 16 hours but it's usually instant.

 

[--Mike--]

Cheers. I take it that was between two different banks?

 

[Nathan]

Yes hsbc and Santander

 

[mikeh501]

The other copper bottomed method is for both parties to walk into one of theirs bank branches and the server can get them to do the payment directly into the account using the parties debit cards including entering the PIN number etc. Its also free, and cant be reversed.