Selling my bike=bank transfer?

[jmn]

Selling my bike tomorrow-buyer wants to pay by bank transfer. My bank says it takes at least 2 hours before the money shows on my account. Buyer is paying from a UK bank account. I will not be letting him take the bike away until the money shows up on my account-is this reasonable? Can transfers between UK accounts be recalled?

[steve1968]

I sold my MV a few weeks back on the Bank Holiday and although the money did come through that day it took more than 2 hours , the problem was his bank (Santander)holding the money despite it showing as left his account , took a few phone calls to make it happen , the money was still not showing when i let him take the bike , it came through about and hour later, probably 4 hours + from it leaving his account.

I had a similar experiance last year ( Santander again) when buying a car and had to return the day after , its not always as straight forward as you would think it should be .

If you can do it during opening hours i would be best to both go to the bank and make transfer or pay cash in .

[gwm]

You'll find the first payment between 2 UK bank accounts will take a while to process, but 2nd and subsequent payments will be instant using the Faster Payments Service. If you want the transfer to be done instantly, get the seller to transfer a deposit (even £1) before he comes to view the bike. Then he can transfer the rest while there and it should be instant.

I've done this before to save the hassle of cash and/or the wait.

[steve1968]

My buyer did exactly that, £110 the day before from 2 different accounts and it still wasn't straight forward .

[peteO]

heard 'rumours' of people selling and then bank transfers being recalled. dont know how true it is mind.

[BobSaunders]

If you're doing a bank transfer why not do it in cash on the day instead or pay a token £500 via bank transfer and the rest of the day in cash?

Suggest doing it at a petrol station with nice big HD quality cameras :-)

[peteO]

i dont understand why people dont just pay cash. or if its you thats unsure about getting 5k in £20 and £10 notes then tell the fella that you both go pay it in at the bank before he takes it. if he wants the bike shouldnt be too much of an issue.

[moanthebairns]

peteO said:

i dont understand why people dont just pay cash. or if its you thats unsure about getting 5k in £20 and £10 notes then tell the fella that you both go pay it in at the bank before he takes it. if he wants the bike shouldnt be too much of an issue.

Perhaps, if your handing over thousands on a Sunday, you risk the possibilities of someone coming and ransacking your hoose taking thousands when you're only covered for £500 in cash. Or to get mugged on the way to the bank.

just saying.

[peteO]

moanthebairns said:

peteO said:

i dont understand why people dont just pay cash. or if its you thats unsure about getting 5k in £20 and £10 notes then tell the fella that you both go pay it in at the bank before he takes it. if he wants the bike shouldnt be too much of an issue.

Perhaps, if your handing over thousands on a Sunday, you risk the possibilities of someone coming and ransacking your hoose taking thousands when you're only covered for £500 in cash. Or to get mugged on the way to the bank.

just saying.

you might also get run over leaving the house. the dog might also eat the envelope with the money in. theres millions of different if's and but's you can say for any scenario. but at the end of the day ive bought and sold a number of vehicles and cash has always been the preferred method for both parties.

[oilspill]

I take bank transfer and send bikes via courier. They can pay the courier cash (If I take a decent deposit) , but he then has to get extra insurance to carry the money.

[oilspill]

peteO said:

i dont understand why people dont just pay cash. or if its you thats unsure about getting 5k in £20 and £10 notes then tell the fella that you both go pay it in at the bank before he takes it. if he wants the bike shouldnt be too much of an issue.

if paypal was free, would cash still be preferred? cash can also be scary. We're supposed to be becoming more of a cash free society. Bitcoin would be nice, if it was stable.

[peteO]

oilspill said:

peteO said:

i dont understand why people dont just pay cash. or if its you thats unsure about getting 5k in £20 and £10 notes then tell the fella that you both go pay it in at the bank before he takes it. if he wants the bike shouldnt be too much of an issue.

if paypal was free, would cash still be preferred? cash can also be scary. We're supposed to be becoming more of a cash free society. Bitcoin would be nice, if it was stable.

yes because in my eyes the only way to be sure i'm not going to get scammed is cash preferably paid in to the bank with the buyer present.