Paying 4 figure sums - Cash? Bank transfer?
Discussion
Hi folks,
I am in the process of selling a car at the moment and it's more money than I've dealt with before on a car sale. I want it to be safe and secure for both of us.
When the chap comes to collect I think I have 2 choices - bank transfer or cash.
Bank transfer is nice and simple, but what if it doesn't go through straight away? I am worried I have a guy on my drive saying "I've paid you" and it's not in my account. I'm not letting him take the car, he's not going anywhere without it having paid. What next? Also, if it does go through, what happens if it's a stolen account or something? Phone call from the bank a week later saying "we're taking the money back"? Do I have any protection?
Cash has its own problems - however, if we go to the bank together and pay it in to my account, that should be good I think. Will they check it though? What would happen were it to be funny money? Would they just remove the money from my account?
When I bought the car I seem to remember withdrawing the money from my account in front of the chap and paying it into his account over the counter - seems the least risky for all concerned...
Slightly complicated as the buyer is located overseas (Eire) so I don't know if bank transfers will be as fast...
I am in the process of selling a car at the moment and it's more money than I've dealt with before on a car sale. I want it to be safe and secure for both of us.
When the chap comes to collect I think I have 2 choices - bank transfer or cash.
Bank transfer is nice and simple, but what if it doesn't go through straight away? I am worried I have a guy on my drive saying "I've paid you" and it's not in my account. I'm not letting him take the car, he's not going anywhere without it having paid. What next? Also, if it does go through, what happens if it's a stolen account or something? Phone call from the bank a week later saying "we're taking the money back"? Do I have any protection?
Cash has its own problems - however, if we go to the bank together and pay it in to my account, that should be good I think. Will they check it though? What would happen were it to be funny money? Would they just remove the money from my account?
When I bought the car I seem to remember withdrawing the money from my account in front of the chap and paying it into his account over the counter - seems the least risky for all concerned...
Slightly complicated as the buyer is located overseas (Eire) so I don't know if bank transfers will be as fast...
I've done both; buying and selling around the 8-11k via bank payment. I waited while the money cleared, which was instantaneously with the 8k but my payment of nearly 11k took a couple of hours for fraud checks. The seller was happy for me to wait around. As long as you are both satisfied that the money is in transition and are willing to wait, jobs a good un. I did both at the weekend so that wasn't an issue either.
I sold the car before and the buyer brought 8.5k from Sweden, we went to the bank and they checked it and paid it in; he drove off five minutes later.
I sold the car before and the buyer brought 8.5k from Sweden, we went to the bank and they checked it and paid it in; he drove off five minutes later.
If you go to the bank with cash and it is more than £10k have a written sale / receipt document for the car (there is a template one on the what car website) and take lots of ID. Make sure you have copied of the seller's ID too. I did this after I sold a car for just shy of £20k and, to be slight surprise, it was fine. I'd expected HSBC to be a nightmare but they took a copy of the receipt, checked my passport and all was good.
On something like this I would usually do a small transfer first which serves 2 purposes
1) verifies that the details are correct - a typo on an account number isnt good
2) gives an indication of the likely timeframe for the xfr to go through.
I bought a car last week. I did a £1 xfr the day before (it took less than 30 mins) and 7K when picking up the car.
1) verifies that the details are correct - a typo on an account number isnt good
2) gives an indication of the likely timeframe for the xfr to go through.
I bought a car last week. I did a £1 xfr the day before (it took less than 30 mins) and 7K when picking up the car.
Thanks guys. My preference would be for him to withdraw the money at a branch nearby and then go and deposit it at mine. Not sure that's going to be an option though. Second favourite is he brings cash and I pay it in at my branch.
Can the bank come back later and say there's a problem (if it's forged or something)? Or once they've taken it that's it?
To be honest selling the car is a real wrench and I want it over as quickly as I can. I don't want to draw it out with the stress of will it/won't it clear! You've got to be pretty brave to let a car go without the money showing. Not sure I would.
Can the bank come back later and say there's a problem (if it's forged or something)? Or once they've taken it that's it?
To be honest selling the car is a real wrench and I want it over as quickly as I can. I don't want to draw it out with the stress of will it/won't it clear! You've got to be pretty brave to let a car go without the money showing. Not sure I would.
Buy a note checker pen for £5. Also if they come sealed in plastic with bank stamps that's a good sign. Genuine note bands also a good (but not 100%) sign they are legit.
My spidey senses go up when I see generic ebay note bands and very clean crisp money.
50s are hard to forge so I actually prefer them.
My spidey senses go up when I see generic ebay note bands and very clean crisp money.
50s are hard to forge so I actually prefer them.
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