Faster Payments Service okay to receive cash for a car sale?

[Mario149]

Anyone used this to receive money for a private car sale? It looks kosher and irreversible from my research but I just wanted to know people's experiences.

Is it actually instantaneous? i.e. 30 mins or so? Amount we're talking about is mid-£60Ks.

[shakotan]

Mario149 said:

Anyone used this to receive money for a private car sale? It looks kosher and irreversible from my research but I just wanted to know people's experiences.

Is it actually instantaneous? i.e. 30 mins or so? Amount we're talking about is mid-£60Ks.

Its just a normal electronic bank transfer. I can take up to 2 hours but as my experience goes it is usually within a few minutes even seconds. It is indeed inreversible apart from very select occasions where banks have to be involved and an investigation process completed. The seller can't just reverse the transaction.

[Simpo Two]

I might advise the bank first - just withdrawing £60K might set off some alarm bells.

[randlemarcus]

Mid 60 isnt a Faster Payment. Upper limit varies from bank to bank, but not that high. That's a CHAPS payment level, and it will cost the sender and be done at a random point between start of business and around 1430. There will be trust involved.

[Mario149]

randlemarcus said:

Mid 60 isnt a Faster Payment. Upper limit varies from bank to bank, but not that high. That's a CHAPS payment level, and it will cost the sender and be done at a random point between start of business and around 1430. There will be trust involved.

Purchaser's bank is Santander, limit appears to be £100K?

http://www.fasterpayments.org.uk/consumers/transac...

[randlemarcus]

Mario149 said:

randlemarcus said:

Mid 60 isnt a Faster Payment. Upper limit varies from bank to bank, but not that high. That's a CHAPS payment level, and it will cost the sender and be done at a random point between start of business and around 1430. There will be trust involved.

Purchaser's bank is Santander, limit appears to be £100K?

http://www.fasterpayments.org.uk/consumers/transac...

Crikey. Happy to be corrected, it was £20k odd last time I looked. They do like this, don't they? Is it because the end user does it all, so all cock ups are their fault?

[RikonLondon]

We took payment of a car yesterday in the same manner and the telephone banker gave a very good tip (assuming she is right!). She said accounts update on the hour so if a payment is made at X:45pm try on the next hour and the funds may appear otherwise check on the next hour. My concern is that funds may appear but we are not happy releasing a car until the funds have cleared.

[ctdctd]

I have done FP transfers from Santander in excess of £50K - not car related.

It won't go through on online banking.
You need to call them, get the third degree, then they call you and you get the fouth degree (!), then it goes through by FP.

Takes about 10 minutes, or it did for me.

[Sir Bagalot]

Best to call them to be honest. Setting up a small payment doesn't always work neither. Recently I set up a payment and paid £1. Next day I went to transfer £2.5K. Didn't go. Bank held it until the next day for security against fraud reasons. I wasn't happy, but they did up my ATM limit for the day to £2.5K so I could pay cash.

[red_slr]

Took £45k via FPS the other day for our car. It arrived within half an hour. Moved it straight away to another account "just in case" although bank advises us there is no way to take it back - made us feel better though!

[silver_lining]

I insisted on doing a faster payment instead of cash for a sale last weekend, for around £4k. Payment was submitted at 11pm on the Friday night but didn't come through to my account until 9am the next morning. This resulted in the buyer having to make an addition, long round trip to pick up the car the next night!

I think it's rare to take this long but shows that it's not always instant.

[red_slr]

In general (IME) FP should always be made before 3pm, if its made after that it often does not land till next day.
We pay our employees using FP and we have to make sure its done before 3pm. (I guess some banks differ)