Accepting payment for car
Discussion
Tried searching bit only bringing up 4+ year old threads.
Just sold a car - buyer collecting Saturday, how is the best way to accept the £20k payment?
Been to the bank today and was advised cash straight into the bank, problem is the bank closes at 12 on Saturday and is a 30min drive away from home and the car!
They said bacs can be returned if from a fraudulent account and there are lots of fake bankers drafts around!
Just sold a car - buyer collecting Saturday, how is the best way to accept the £20k payment?
Been to the bank today and was advised cash straight into the bank, problem is the bank closes at 12 on Saturday and is a 30min drive away from home and the car!
They said bacs can be returned if from a fraudulent account and there are lots of fake bankers drafts around!
Blakeatron said:
They said bacs can be returned if from a fraudulent account and there are lots of fake bankers drafts around!
Bankers drafts are ok if you know they are genuine.The only way to know they're genuine is to be standing next to the guy when he draws it from his bank. (the local branch to you)
If you cant do that because it's a Saturday then tell him to come one day in the week.
Have you spoken to the guy?
Has your gut instinct made you wary?
Said many times that there must surely be a market for a regulated app that brings safety to sellers and buyers for large purchase transactions. Money held in some escrow account that gives risk free to be able to know the source of funds has been pre-cleared and it’s a genuine payment.
I did this the other day, but admittedly it was only £3300. The lady transfered the money on her phone there and then in my house and it showed up in my account immediatly, I was stunned but it worked. Guess you could call the bank and double check but I didnt and the money is safe in my account.
Check your (and their) bank BACS transfer limits. BACS limits are £250k, but most banks impose much lower limits, and some are less than £20k. So you might need to do multiple transactions, or even hit a daily £10k limit.
There is no good answer to this question. It seems like there should be, but banks are closed at weekends, BACS transfers have practical limits. CHAPs doesn't work at weekends... It's a bit of a joke, really.
There is no good answer to this question. It seems like there should be, but banks are closed at weekends, BACS transfers have practical limits. CHAPs doesn't work at weekends... It's a bit of a joke, really.
Norfolk B-roads said:
Check your (and their) bank BACS transfer limits. BACS limits are £250k, but most banks impose much lower limits, and some are less than £20k. So you might need to do multiple transactions, or even hit a daily £10k limit.
There is no good answer to this question. It seems like there should be, but banks are closed at weekends, BACS transfers have practical limits. CHAPs doesn't work at weekends... It's a bit of a joke, really.
This as on my phone it was £10k limit on the internet via pc £50k limit.There is no good answer to this question. It seems like there should be, but banks are closed at weekends, BACS transfers have practical limits. CHAPs doesn't work at weekends... It's a bit of a joke, really.
I sold a car in the last 12 months and he paid via bank transfer once funds shown as cleared I signed it over and off he went.
I sold a car for £25k a couple of years ago. Buyer paid in cash. We counted it together (used £20 notes so it felt like something from Hollywood), we then went to the bank together and paid it in with the bank checking every note for forgery and random numbers for stolen or withdrawn notes.
All was fine. My bank was open on a Saturday morning, but I had to make an appointment with them and counting and checking that many £20's takes a good half hour
All was fine. My bank was open on a Saturday morning, but I had to make an appointment with them and counting and checking that many £20's takes a good half hour
blueg33 said:
I sold a car for £25k a couple of years ago. Buyer paid in cash. We counted it together (used £20 notes so it felt like something from Hollywood), we then went to the bank together and paid it in with the bank checking every note for forgery and random numbers for stolen or withdrawn notes.
All was fine. My bank was open on a Saturday morning, but I had to make an appointment with them and counting and checking that many £20's takes a good half hour
I've had to do similar on a few occasions. Utterly ridiculous really but outside of bank opening hours so have collected £25k+ from a branch, had to carry it in a holdall on trains etc to the seller's location and then proceed to count it out again. All was fine. My bank was open on a Saturday morning, but I had to make an appointment with them and counting and checking that many £20's takes a good half hour
As I say, in the modern world, seems absurd there isn't some subscription escrow service made for this purpose that requires ID to register and confirm who you are, together with a safe method to deposit non-refundable monies that can be legitimately one-way released to a seller any hour of the day.
FFS, how many movies do I see a bank transfer to the Cayman Island account of some baddy that doesn't have the ability to withdraw it as soon as they have left the building. They obviously don't use Paypal.
Shnozz said:
I've had to do similar on a few occasions. Utterly ridiculous really but outside of bank opening hours so have collected £25k+ from a branch, had to carry it in a holdall on trains etc to the seller's location and then proceed to count it out again.
As I say, in the modern world, seems absurd there isn't some subscription escrow service made for this purpose that requires ID to register and confirm who you are, together with a safe method to deposit non-refundable monies that can be legitimately one-way released to a seller any hour of the day.
£10k instalments via app mobile banking works for the vast majority of use cases.As I say, in the modern world, seems absurd there isn't some subscription escrow service made for this purpose that requires ID to register and confirm who you are, together with a safe method to deposit non-refundable monies that can be legitimately one-way released to a seller any hour of the day.
If I was selling something and someone proposed to pay me through some 'subscription escrow service', where I wouldn't receive money in the bank until the next working day I would say hell no!
Just use "Faster Payments" your banking app will support them. They've been around for ages, fast and secure.
Faster Payments
Faster Payments
Bought a car last August, paid £7k by bank transfer in his front room after viewing the car. He gave me his sort code and account and I made the transfer. Took over 30 mins to show in his account which was a worry. I actually rang HSBC to see how long it would take as I was getting worried. They said up to 24 hours!
I was over 500 mile from home and he didn't do B&B!
Last time I accepted cash for a car was a few years ago, (a bit over £7k) I had a special pen to check each note.
If a bank transfer goes into your account I don't believe it can be recalled, can it.
I was over 500 mile from home and he didn't do B&B!
Last time I accepted cash for a car was a few years ago, (a bit over £7k) I had a special pen to check each note.
If a bank transfer goes into your account I don't believe it can be recalled, can it.
Skyedriver said:
Bought a car last August, paid £7k by bank transfer in his front room after viewing the car. He gave me his sort code and account and I made the transfer. Took over 30 mins to show in his account which was a worry. I actually rang HSBC to see how long it would take as I was getting worried. They said up to 24 hours!
I was over 500 mile from home and he didn't do B&B!
If a bank transfer goes into your account I don't believe it can be recalled, can it.
There's the problem.I was over 500 mile from home and he didn't do B&B!
If a bank transfer goes into your account I don't believe it can be recalled, can it.
Most transfers these days are instant.
But they can be delayed, or even blocked, if it's an out of character transaction.
Then you have the problem of the seller not releasing the car until the money hits their bank, and the buyer wanting to take the car as the money's left their account.
Once the transfer is in the account it can't be recalled buy the buyer.
But the bank can recall them if a fraud has occurred. (rare, but possible)
I've bought thousands of cars and I have to say most people are honest.
The dishonest ones I've weeded out on the phone, or quickly once I'd met them.
The best way to do these transactions, if you're worried, is at the bank counter with both parties present.
The bank then has to check the buyers ID, and I'm sure CCTV will be covering it as well. Most criminals would shy away from that.
Edited by Trevor555 on Tuesday 28th January 16:28
Shnozz said:
blueg33 said:
I sold a car for £25k a couple of years ago. Buyer paid in cash. We counted it together (used £20 notes so it felt like something from Hollywood), we then went to the bank together and paid it in with the bank checking every note for forgery and random numbers for stolen or withdrawn notes.
All was fine. My bank was open on a Saturday morning, but I had to make an appointment with them and counting and checking that many £20's takes a good half hour
I've had to do similar on a few occasions. Utterly ridiculous really but outside of bank opening hours so have collected £25k+ from a branch, had to carry it in a holdall on trains etc to the seller's location and then proceed to count it out again. All was fine. My bank was open on a Saturday morning, but I had to make an appointment with them and counting and checking that many £20's takes a good half hour
As I say, in the modern world, seems absurd there isn't some subscription escrow service made for this purpose that requires ID to register and confirm who you are, together with a safe method to deposit non-refundable monies that can be legitimately one-way released to a seller any hour of the day.
FFS, how many movies do I see a bank transfer to the Cayman Island account of some baddy that doesn't have the ability to withdraw it as soon as they have left the building. They obviously don't use Paypal.
Shnozz said:
FFS, how many movies do I see a bank transfer to the Cayman Island account of some baddy that doesn't have the ability to withdraw it as soon as they have left the building. They obviously don't use Paypal.
Yes they are as realistic about banking as they are about: gun fights, explosions, driving, being punch 100 times in the head and still being able to get up etc.My general rule of thumb is that if its in the movies it must be wrong......
blueg33 said:
Shnozz said:
FFS, how many movies do I see a bank transfer to the Cayman Island account of some baddy that doesn't have the ability to withdraw it as soon as they have left the building. They obviously don't use Paypal.
Yes they are as realistic about banking as they are about: gun fights, explosions, driving, being punch 100 times in the head and still being able to get up etc.My general rule of thumb is that if its in the movies it must be wrong......
NickCQ said:
£10k instalments via app mobile banking works for the vast majority of use cases.
If I was selling something and someone proposed to pay me through some 'subscription escrow service', where I wouldn't receive money in the bank until the next working day I would say hell no!
I wasn't talking next day, I was talking about when the buyer was satisfied (ie V5 signed, car delivered, keys in hand - the usual point at which you would hand over a bundle of cash). My reference being held in escrow insofar as the buyer deposits money with a secure, regulated agent who holds that money in escrow. No different to the manner in which completion on a property transaction occurs.If I was selling something and someone proposed to pay me through some 'subscription escrow service', where I wouldn't receive money in the bank until the next working day I would say hell no!
I had to send a dealer £40k for a car so with my online transfer limit being £20k I decided to send £20k on two consecutive evenings. The first transfer was there the following morning. The second transfer took an extra 24 hours, so had obviously been delayed by the bank.
What was really infuriating was when ringing the bank to query the whereabouts of the second £20k when it hadn't arrived they kept referring to the first £20k saying it had been sent to the dealer's bank ok. When laboring the point that there was a second, identical £20k transfer the guy said it hadn't gone because there were insufficient funds in my account! The funds were there in the account before I sent the second transfer!
In future I will never send two identical transfers!
What was really infuriating was when ringing the bank to query the whereabouts of the second £20k when it hadn't arrived they kept referring to the first £20k saying it had been sent to the dealer's bank ok. When laboring the point that there was a second, identical £20k transfer the guy said it hadn't gone because there were insufficient funds in my account! The funds were there in the account before I sent the second transfer!
In future I will never send two identical transfers!
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