Bank Transfer Limit

Bank Transfer Limit

Author
Discussion

KungFuPanda

Original Poster:

4,324 posts

169 months

Thursday 16th October 2014
quotequote all
I'm looking at selling a car privately valued in the region of £15k - £20k. I'm Manchester based and the buyer is travelling from down South to hopefully do the deal.

The seller mentioned taking cash up but I'm worried about money laundering regs. As and when I go to buy a replacement vehicle I presume questions will be asked by the garage if I turn up with cash.

I suggested that an online bank transfer would be ok. The seller is with Lloyds and I'm with NatWest. I presume this would be instantaneous. Would there be any secondary security checks given the amount?

jcborden

215 posts

201 months

Thursday 16th October 2014
quotequote all
Worth checking with your bank as some have faster payment limits of 10K and there is nothing worse than the buyer having arranged the transfer but it not having arrived in your account - makes for an uncomfortable situation.

Under 10K is usually no problem although they still say it can take up to a couple of hours to appear.

I brought a motorhome and took 8K cash and did a £9999 transfer at the sellers home on advice from my bank.....we both waited patiently, did the paperwork, drank tea and it still hadn't turned up. In the end the seller was exceptionally trustmg and let me take it away - the money turned up in his account two days later - so much for faster payments.

I sold a different motorhome a few months ago and the buyer transferred 32K online from my house, had an instant automated security call which he completed and then we waited (this was santander to santander and we had both checked and confirmed they had a 100K limit). An uncomfortable hour later and the money hadn't left his account. A call to Santander identified it was 'stuck' as the automated security call hadn't been processed. After some discussions that payment was cancelled and he did it again when in went through in a couple of minutes!


jcborden

215 posts

201 months

Thursday 16th October 2014
quotequote all
Worth checking with your bank as some have faster payment limits of 10K and there is nothing worse than the buyer having arranged the transfer but it not having arrived in your account - makes for an uncomfortable situation.

Under 10K is usually no problem although they still say it can take up to a couple of hours to appear.

I brought a motorhome and took 8K cash and did a £9999 transfer at the sellers home on advice from my bank.....we both waited patiently, did the paperwork, drank tea and it still hadn't turned up. In the end the seller was exceptionally trustmg and let me take it away - the money turned up in his account two days later - so much for faster payments.

I sold a different motorhome a few months ago and the buyer transferred 32K online from my house, had an instant automated security call which he completed and then we waited (this was santander to santander and we had both checked and confirmed they had a 100K limit). An uncomfortable hour later and the money hadn't left his account. A call to Santander identified it was 'stuck' as the automated security call hadn't been processed. After some discussions that payment was cancelled and he did it again when in went through in a couple of minutes!


rsv gone!

11,288 posts

240 months

Thursday 16th October 2014
quotequote all
I also had trouble with Santander holding a payment I was trying to make on a car, a couple of months ago.

It meant we couldn't do a simultaneous exchange of car and money. Instead, the money would go to the seller before they would (quite reasonably) release the car. But if you believe Santander, that was for my protection!

btdk5

1,850 posts

189 months

Thursday 16th October 2014
quotequote all
Pay the cash into your bank.

Pay for the new car with your card.

onomatopoeia

3,469 posts

216 months

Thursday 16th October 2014
quotequote all
I paid for my last car with a bank draft. Cost me twenty five quid to get it from the bank. Rang the seller, told him the numbers on it, the name of the person that issued it, the branch that they worked in and suggested he find the branch phone number himself (Rather than relying on the number I told him) then contact them direct to verify all the information before accepting it from me.

Do those not work any more?