Receiving money for car advice please?
Discussion
Guy's coming down to buy my Exige on Monday.
Intends on seeing car, (figure already agreed), then driving somewhere for nice night with his wife, driving back past mine on Tuesday and pick up car.
So, on Monday he will make phonecall/do something to his bank to transfer funds (over £20k if that makes a difference?).
Will he be able to do it just by a phonecall, or is there more to it than that? And if so, is it guaranteed and non returnable?
Thanks!
Intends on seeing car, (figure already agreed), then driving somewhere for nice night with his wife, driving back past mine on Tuesday and pick up car.
So, on Monday he will make phonecall/do something to his bank to transfer funds (over £20k if that makes a difference?).
Will he be able to do it just by a phonecall, or is there more to it than that? And if so, is it guaranteed and non returnable?
Thanks!
A CHAPS transfer is same day but as far as I know it is reversible before close of business. I would check with him exactly what kind of transfer he's planning.
The only thing I'd be happy to accept these days is going to the bank with the buyer and either watching him draw a bankers draft, or draw the cash.
The only thing I'd be happy to accept these days is going to the bank with the buyer and either watching him draw a bankers draft, or draw the cash.
Can certainly do it - I bought my last car from a small trader like this (although only £7K). He happened to use the same bank as me, so I rang up and did an xfr and then drove off. I presume he thought that I was trustworthy because he didnt bat an eyelid when I suggested it. I've bought in the past with SWIFT/CHAPS payments as well.
I would ask your bank about the requirements for it to not be reversable. There is a particular term that they use but I cant remember what it is - so thats not much use is it ?
I would ask your bank about the requirements for it to not be reversable. There is a particular term that they use but I cant remember what it is - so thats not much use is it ?
Neil_H said:
A CHAPS transfer is same day but as far as I know it is reversible before close of business.
That might make sense. When I bought my car I transferred funds on the Monday and collected car on Tuesday - this gives the seller time to confirm the funds are non-reversible.Edited by rfn on Thursday 29th January 10:48
Thanks guys. I recall the guy who bought my Elise did a CHAPS transfer, that was ok (we had to go to the bank to do it though) and was in by the end of the working day.
The guy will come back the following morning to pick up the car so I will have long been able to check the balance by then.
This is all assuming he's not with my bank - in which case it's a doddle (from what I remember last time) of just swapping funds.
The guy will come back the following morning to pick up the car so I will have long been able to check the balance by then.
This is all assuming he's not with my bank - in which case it's a doddle (from what I remember last time) of just swapping funds.
TonyHetherington said:
What about if it's sent AFTER 10am?! As this certainly will be - at what point can I verify it's in there?
Most Banks have a cut off time of 2pm, some up to 3.15 for same day value on CHAPS transfers.Ideally, register for internet banking, you'll be able to check every few minutes to see if the money's arrived.
I sold my 355 2 weeks ago and the buyer, who didn't bank with the same bank as me, did a CHAPS at 12.15. It was in my account as cleared funds within 20 minutes!
Edited by spidermanUK on Thursday 29th January 11:57
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