Buying car- Faster Payments?
Discussion
Hi, I am hopefully buying a car privately on Friday (Good Friday). The seller won't let me drive it home until the money is in his account, fair enough.
He does not want cash, but bank transfer.
I bank with First Direct, he is with HSBC. What is the quickest way to get the payment to clear, I am getting conflicting information if First Direct does faster payments. The car is less than £10k.
I really want to be able to take the car the same day, as it is over 3 hours away.
Any advice would be appreciated, thanks.
He does not want cash, but bank transfer.
I bank with First Direct, he is with HSBC. What is the quickest way to get the payment to clear, I am getting conflicting information if First Direct does faster payments. The car is less than £10k.
I really want to be able to take the car the same day, as it is over 3 hours away.
Any advice would be appreciated, thanks.
alec.e said:
Hi, I am hopefully buying a car privately on Friday (Good Friday). The seller won't let me drive it home until the money is in his account, fair enough.
He does not want cash, but bank transfer.
I bank with First Direct, he is with HSBC. What is the quickest way to get the payment to clear, I am getting conflicting information if First Direct does faster payments. The car is less than £10k.
I really want to be able to take the car the same day, as it is over 3 hours away.
Any advice would be appreciated, thanks.
After setting up the transfer details, send £1 first to make sure you have the right details and confirm receipt from the seller. Then send the rest.He does not want cash, but bank transfer.
I bank with First Direct, he is with HSBC. What is the quickest way to get the payment to clear, I am getting conflicting information if First Direct does faster payments. The car is less than £10k.
I really want to be able to take the car the same day, as it is over 3 hours away.
Any advice would be appreciated, thanks.
No it wont. Faster payments are basically 24/7. The only thing that might slow things down is if the recipient bank's internet banking is offline for maintenance but they normally do that at about 3am on a Sunday. I'd be very surprised if they were offline on Friday. The send £1 tip is a good one. I am buying a new car tomorrow and sent £431 (out of £20431) as the initial payment for the same reason. The payment was TSB to NatWest and I got a call to say it was there 5 mins after I sent it.
Good luck with the purchase!
Good luck with the purchase!
I bought a car last year from a garage, they wanted a bank transfer too. I assumed it was faster payments but £15,000 was over the limit for my bank (First Direct). It ended up taking 6 hours for it to clear and endless phone calls to the bank's fraud department to try get it pushed through. Was not a fun day!
Be aware, I was caught buying a car. The car was £12k, so the missus sent £2k which arrived instantly to the seller.
I sent £9,999 (As I'd already done the £1 test) to him.
It left my account instantly - this was First Direct - but didn't arrive in his account until the next morning.
His bank had put it in a 'holding' account of some sort; possibly as it was an unusual transfer. My bank could do nothing as the money had gone and even though he spoke to the call centre of his bank they were saying they couldn't see the transfer. It was an awkward afternoon, as I was sitting at his house expecting to drive home! Thankfully he was very trusting and he let me drive off; but the next morning it wasn't credited to his account until mid-morning.
Maybe see if the seller can check to make sure his bank won't 'hold' the money for fraud / AML purposes?
I sent £9,999 (As I'd already done the £1 test) to him.
It left my account instantly - this was First Direct - but didn't arrive in his account until the next morning.
His bank had put it in a 'holding' account of some sort; possibly as it was an unusual transfer. My bank could do nothing as the money had gone and even though he spoke to the call centre of his bank they were saying they couldn't see the transfer. It was an awkward afternoon, as I was sitting at his house expecting to drive home! Thankfully he was very trusting and he let me drive off; but the next morning it wasn't credited to his account until mid-morning.
Maybe see if the seller can check to make sure his bank won't 'hold' the money for fraud / AML purposes?
I was sat in some guys house before after sending £30k and it didn't turn up straight away.
FP limit was £100k so shouldn't have been an issue...after about an hour of sweating as it had left my account and not arrived in his, I rang the bank (Santander) who advised it was just a fraud block.
Answered a couple of questions and it was released straight away. Not sure why they couldn't have contacted me straight away but never mind...!
FP limit was £100k so shouldn't have been an issue...after about an hour of sweating as it had left my account and not arrived in his, I rang the bank (Santander) who advised it was just a fraud block.
Answered a couple of questions and it was released straight away. Not sure why they couldn't have contacted me straight away but never mind...!
I bought a car once and had to send the funds in two instalments on two consecutive days. The first one arrived almost immediately and the second one took an extra 24 hours - for no apparent reason.
Rather stupidly (with the benefit of hindsight!) I'd set up the two instalments for the same amount, rather than making them a little different. This meant that when I rang the bank to chase up the transfer the guy couldn't seem to understand that there were two transfers as opposed to just one so just kept saying "it" had been transferred to the seller. Then when the penny dropped he said there hadn't been enough in my account to make two transfers - he was looking at the balance after the 2nd transfer rather than the 1st one.
Rather stupidly (with the benefit of hindsight!) I'd set up the two instalments for the same amount, rather than making them a little different. This meant that when I rang the bank to chase up the transfer the guy couldn't seem to understand that there were two transfers as opposed to just one so just kept saying "it" had been transferred to the seller. Then when the penny dropped he said there hadn't been enough in my account to make two transfers - he was looking at the balance after the 2nd transfer rather than the 1st one.
Go very careful with this and check with both banks about their operating times for honouring the faster payment scheme! I made this mistake having travelled halfway up country to buy my old R32 back (this was saving grace!) by train, collected from station by seller after he finished work, back to his deal done and phoned bank to transfer money.
They then told me they could send the funds but they wouldn't clear into his bank until the following day - buggar - I considered getting a Premier Inn overnight but luckily he was happy that once the funds were sent they couldn't be reversed and also having dealt with each other before he took some comfort knowing I wasn't a 'complete' stranger.
The following day he received the funds around lunchtime - if the boot was on the other foot I wouldn't have done it so please check before you end up in the same awkward boat.
Si
They then told me they could send the funds but they wouldn't clear into his bank until the following day - buggar - I considered getting a Premier Inn overnight but luckily he was happy that once the funds were sent they couldn't be reversed and also having dealt with each other before he took some comfort knowing I wasn't a 'complete' stranger.
The following day he received the funds around lunchtime - if the boot was on the other foot I wouldn't have done it so please check before you end up in the same awkward boat.
Si
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