Buying Car From Distant Private Seller ~ £40k
Discussion
What's the best way to make this transaction?
The car's at the other end of the country so it needs to go through quickly and smoothly.
The bank says to use telephone banking rather than phone app and that way they can go through security over the phone and they will then likely call me back shortly after with further security checks & questions - all good so far.
They say that in most cases the funds would be then taken from my account immediately, though some times it takes a few hours and occasionally it's next day - this apparently is more common if the process is started in the afternoon.
In any event, my bank can only tell me when the funds have departed my account and can't confirm the seller has received them!
What's the best process for both parties?
The car's at the other end of the country so it needs to go through quickly and smoothly.
The bank says to use telephone banking rather than phone app and that way they can go through security over the phone and they will then likely call me back shortly after with further security checks & questions - all good so far.
They say that in most cases the funds would be then taken from my account immediately, though some times it takes a few hours and occasionally it's next day - this apparently is more common if the process is started in the afternoon.
In any event, my bank can only tell me when the funds have departed my account and can't confirm the seller has received them!
What's the best process for both parties?
The seller should also inform his bank he will be receiving 40k from you, as I've had it where the money has been sent by my bank but the seller didn't have it showing on his account but it was the sellers bank that had stopped the payment as it may have been fraudulent.
It then normally takes an hour or so for it to clear.
I'm assuming you're having transport collect the car on the same time as the payment clearing?
Personally I'd be there as any issues can be smoothed out while you're there.
It then normally takes an hour or so for it to clear.
I'm assuming you're having transport collect the car on the same time as the payment clearing?
Personally I'd be there as any issues can be smoothed out while you're there.
Find out what your bank’s limit under the Faster Payments regime is.
Some banks offer higher limits for payments initiated online as opposed to verbally / over the phone.
I also once hit a snag with HSBC as in when they said ‘online’, they meant using their website (and a PC) and not their mobile banking app which still has or had a lower limit..
https://www.fasterpayments.org.uk/about-us/persona...
Some banks offer higher limits for payments initiated online as opposed to verbally / over the phone.
I also once hit a snag with HSBC as in when they said ‘online’, they meant using their website (and a PC) and not their mobile banking app which still has or had a lower limit..
https://www.fasterpayments.org.uk/about-us/persona...
Edited by Mogul on Thursday 7th October 17:06
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