selling private car, transfer £10k+ from Lloyds to Barclays?

[p1tse]

if buyer is with Lloyds and seller is with Barclays, over £10k what's the best method to transfer;
In branch i.e. at Lloyds on a Faster Payment, BACs, Chaps etc.?

thanks

[Rick101]

Online transfer is likely the fastest and simplest.
Depends what you mean by best.

Sent 17K recently. Small payment first to check he had sent me the right details and I had input the right details.
Then sent the remainder.

I was buying from known specialist with a good reputation which also gave some surety.

Edit - Rereading sounds like you're the seller. Online payment best for you. Ideally done in your presence. Either way quick call to bank to check funds are showing before you release the vehicle.

Cheers

[anonymous-user]

What Rick said.

Get buyer to do it online in front of you (on your PC maybe).

Call your bank and check its in and that there is no way it can be taken back out or anything strange.

[Rick101]

I'd also suggest 2 copies of a receipt. Doesn't need to be anything flash, just a word document stating, make, model, vin number, price and terms of sale etc. Both sign and date both copies.

Cheers.

[anonymous-user]

http://www.theaa.com/resources/Documents/pdf/motor...

[p1tse]

Thanks

I thought online was limited to £10k?

Is there any difference in speed if online or in branch?
There's a branch near by so quite simple to pop in

[rallycross]

Also Lloyds sometimes limit faster payments to 24 hrs if you go above £2,500 so you may need 4 x payments of £2,500 from him to go same day ( ask him to check with Lloyds).

[SuperVM]

After two recent experiences I would not advise faster payment online. In both cases the transactions from the buyers' accounts were blocked for up to 24 hours in order to perform fraud checks, despite them having used various card readers. With HSBC, my buyer was able to phone through and confirm the payment was not reversible, but would not arrive in my account until the following morning. My second buyer was with Barclays or Lloyds, I can't remember which, and was able to cancel the online payment and make another over the phone, which arrived instantly. I'm with RBS (their online limit is £20k) and when I bought my RS4 I made a transfer online to Nationwide, which worked instantly.

[Hol]

Rick101 said:

I'd also suggest 2 copies of a receipt. Doesn't need to be anything flash, just a word document stating, make, model, vin number, price and terms of sale etc. Both sign and date both copies.

Cheers.

I always get them to put down the time of transfer on it too.
Having bought a car with outstanding parking fines many years ago, I am paranoid about the time/effort it takes to prove whom was driving and the last thing I want is for the new driver to get a speeding/parking ticket locally within an hour of purchase.


When we sold our last car in June, it was a working day and the buyer transfered the money immediately by phone and we checked our bank by phone to confirm it was there and could not be 'reclaimed'. Start to finish was under ten minutes.

[robinessex]

There are limits as to how much you can transfer via the internet. The trouble is, many bank websites don't make it clear how much, and wether the payment can be held to allow so called fraud checks. I've used a Debit Card in the past, but, again, if the banks computer thinks this is a dodgey payment, it can get suspeneded. Anyway, I thought that PH'ers are so wealthy, they have a personal banker who can sort out a rapid payment !!!

[ChasW]

Worth double checking with bank. When I paid for my car, albeit at a dealer, the transaction went through twice. I checked my bank account two days later only to find myself £25k overdrawn. Took 4 days to sort it out. Both parties were hopeless and I ended up getting compensation from the bank. The anti-fraud people make life really hard in circumstances like this.

[p1tse]

thanks all

will pop to branch and ask

[p1tse]

car has now gone to a nice couple

went to Lloyds who said they can only do CHAPS but only guarantted to show by end of the day.
So on to the iphone and did an online transfer, instant!

[McSam]

Glad to hear it went smoothly for you!

In case anyone else is looking for info, I'd recommend doing it in working hours if possible. Some banks will treat unusual large transfers as suspicious and not send them until they've rang you and confirmed it's legitimate, which for me with Santander can apparently only happen 8am-8pm Monday-Friday...

The transfer was completed fine in my account, was deducted from my balance as normal and I was given no indication of any problem - it just didn't show up in the seller's account. I was pretty lucky he was a trusting fellow PHer and let me take the car.. Santander called on the following Monday morning to verify the request.

This was only £900, too..

[p1tse]

thanks

it's going to be the reversal for me when i buy as it will be from barclays to another bank
barclays normal current account limit at £10k online whereas Lloyds is £25k
But I can do it in branch