Saturday Bank Transfer
Discussion
I'm looking to buy a car privately in a couple of weeks time and will be picking it up and paying on a Saturday. Has anyone done a bank transfer on a Saturday for >£20K and it appeared in the recipients account straight away? My concern is that I go there, transfer the money and it doesn't appear in the seller's account until the next working day! This would be a big problem as the car is in Scotland and I am flying there to pick it up.
Spoke to my bank and they said it "should be fine", although this doesn't completely fill me with confidence......
Spoke to my bank and they said it "should be fine", although this doesn't completely fill me with confidence......
I tried to do this recently and found the limit on my account was £10,000 per day transfer, and a Saturday or Sunday transfer came out of Monday's 10k transfer limit.
Check for your bank here to see what the limit is
http://www.fasterpayments.org.uk/
so what I done was transfer some money into another bank account and made the payments to the seller via 2 different bank accounts. 1 of the payments went through straight away, the second payment was delayed by about 2 hours due to hitting fraud detection thing and I got a call from the bank to confirm that I sent the money and my account was not hacked.
Check for your bank here to see what the limit is
http://www.fasterpayments.org.uk/
so what I done was transfer some money into another bank account and made the payments to the seller via 2 different bank accounts. 1 of the payments went through straight away, the second payment was delayed by about 2 hours due to hitting fraud detection thing and I got a call from the bank to confirm that I sent the money and my account was not hacked.
Excuse me for being dim but from http://www.fasterpayments.org.uk/about-us/transact... - which column refers to debit cards - for example if buying from a dealer?
Edited by Simpo Two on Thursday 19th November 10:44
Simpo Two said:
Excuse me for being dim but from http://www.fasterpayments.org.uk/about-us/transact... - which column refers to debit cards - for example if buying from a dealer?
faster payments and debit card payments are 2 completely different types of payments so faster payments do not apply to a debit card payment 
Ozzie Osmond said:
Banks and the NHS - two supposedly "customer facing" activities which continue to abuse their power by not providing full service at the weekend.
If Tesco, John Lewis, McDonalds and your local petrol station can do it, how come these people can't?
Depends on what you mean by 'full service'. The major UK banks are part of a worldwide clearing system, so to provide a full service you'll need to persuade many other countries to start working 7 days a week.If Tesco, John Lewis, McDonalds and your local petrol station can do it, how come these people can't?
desolate said:
Pay on Friday?
If you do a faster payment online it will tell you when it will be credited. However is there really any additional risk in sending the money the day before?
Although the seller is a PH'er, I have never seen the car, never met him before and he may actually be based in Nigeria.If you do a faster payment online it will tell you when it will be credited. However is there really any additional risk in sending the money the day before?
I went into my bank and they said I could transfer up to £25K online and it will go through within 2 hours.
Maybe it depends on the bank.
I bought a car in May, and before arranging collection on the Saturday my bank told me the transfer could be done on a Saturday. But when the seller and I went to the bank to make the payment, they told us the funds would not arrive in his account until Monday.
Fortunately, he was happy that the transaction had been made and let me take the car. But even if your bank says they can do it, it's not necessarily true. Maybe it depends where the source and destination accounts are held.
(I'm with Natwest, so if you are and they've said they can do it - be suspicious).
I bought a car in May, and before arranging collection on the Saturday my bank told me the transfer could be done on a Saturday. But when the seller and I went to the bank to make the payment, they told us the funds would not arrive in his account until Monday.
Fortunately, he was happy that the transaction had been made and let me take the car. But even if your bank says they can do it, it's not necessarily true. Maybe it depends where the source and destination accounts are held.
(I'm with Natwest, so if you are and they've said they can do it - be suspicious).
strattonkillick said:
I sold a car on a Saturday, the chap used my PC to make a transfer and it was in my bank within thirty minutes. Faster payments run every day.
Depends on the amount - most banks have limits for daily transfers. Mine did, which meant I couldn't pay that way (and personally, I would never ever log into my bank account on somebody else's PC).Edited by davek_964 on Friday 20th November 13:31
Gassing Station | Finance | Top of Page | What's New | My Stuff