Paying for a car?

[Slow]

Odd one for me as mine are usually sheds so under the 5k limit on the banking app.

Friend is buying a private sale car next week, left a deposit with £19k left to pay. How exactly does he go about making a transaction that size when mobile banking limits him to 5k.

For obvious reasons neither party fancies having that much cash.

I would of told him just pop into his bank down there but there isn’t a RBS in the town that the seller is in.

[Cylon2007]

He should speak to his bank, advise that he is buying a car and needs to pay the 19k balance on collection, they shold then be able to facilitate this.

[HughG]

Plenty of banks with no £5k limit, are you sure it exists and isn’t just for new payees?

[Slow]

HughG said:

Plenty of banks with no £5k limit, are you sure it exists and isn’t just for new payees?

Picture from my RBS mobile app. He is also RBS so same exact things on this page for him.

This is the upper limit at 5k.

[_Mja_]

Make in multiple payments?

[HughG]

Seems strange, must be plenty of times people need to pay more than £5k. As others have said speak to them, or as a starter what does the “read more” link say?

[scoey1001]

Be careful as I checked with my bank (Virgin/Clydesdale) that I would be able to transfer £3500 which they assured me would be no problem whatsoever. It got referred to their anti money laundering team for clearance who weren't back in the office until Monday, wasn't fun dashing for the last train home on a Saturday night 3 hours from home not able to do the deal. Worst thing was they told me the money might still go through at any point between then and the Monday morning!

[HughG]

RBS link, mainly abouts CHAPS payments but also mentions £20k limit near the bottom of the page.

https://www.supportcentre-rbs.co.uk/Searchable/100...

[Slow]

HughG said:

RBS link, mainly abouts CHAPS payments but also mentions £20k limit near the bottom of the page.

https://www.supportcentre-rbs.co.uk/Searchable/100...

Will see how you up it to 20k then! Seems a low limit still but would get him sorted.

Seems awfully low amount of money considering what used cars can cost.

[HughG]

I agree, but if spending more then the £20 for a CHAPS transfer wouldn’t feel quite so much like daylight robbery.

[Superleg48]

If you are doing a bank transfer to a private individual, use telephone banking and speak to a person to make the transaction. The limits for making payments by telephone banking are a good deal higher than on-line.

[village24]

Best thing to do is set up a payee, transfer some money prior to the purchase and then call the bank on the day to make the transfer. I have always done my last few car purchases this way and never had an issue and money always goes through straight away

[Mr Tidy]

I had a Virgin One Account administered by RBS when I bought a car for just under £9K in 2016 and got the money transferred with a phone call - limit at the time was £10k per day/transaction for online or by phone.

Then in 2018 I was buying a car for £3.5K and they had reduced the single transaction limit to £1,000 but still up to £10K per day.

So they told me I could make 4 transfers because that would be covered by the £10K daily limit, so that is what I did.

The first went through fine but the rest got blocked by their Fraud team so I called them and they said they blocked them because I had never made a payment to this person before! I told them that was because I had never bought a car from him before.

So when I was buying a car in December 2019 for more than £10K I called them to arrange picking up cash from my nearest Nat West (also part of RBS) and took a carrier bag!

I'm hoping to move house this year and had to send some money to my solicitor to cover the completion cost. I had the funds in my Barclays account but went to a branch and it seems the limit on a Barclays Personal Account is £50K for online transactions.

So unsurprisingly it seems if you use a mickey mouse bank you get mickey mouse limitations! I'm just relieved I kept the Barclays account I have had since 1977.

[Sslink]

Either call the bank ahead of time or log in to the browser internet banking.

When trying to pay our solicitor the deposit for our house last year we got hamstrung by the app limit with HSBC but there's no such limit on the browser.

[jamiem555]

When I sold my first Focus ST privately for £15k we went into the buyers bank and they transferred the funds straight to mine.

[Wagonwheel555]

If there genuinely is a limit on mobile transfers with their bank, the best bet would be to call the bank and ask what needs to be done to avoid this.

I have transferred £15k before via mobile banking but it likely varies per bank.