Potential buyer wants to pay with bank transfer
Discussion
stolen from another site
There are 3 different types of bank transfers that can be done.
1) CHAPS - this is an instant bank-to-bank transfer between any 2 banks (as long as they are UK based sort codes). It usually costs, anywhere from £5 to £30 depending on your bank and your own charging arrangements with them. CHAPS payments can't be reversed.
2) BACS - this is a bank-to-bank transfer that takes 3 days (sent day, processing day, received day), although some banks add in a lead-in day making it 4. It's usually cheaper than CHAPS, and can be cancelled at anytime up to around 4pm on the "processing" day. Some banks will charge the sender for a BACS recall as the process is that they have to contact the receiving bank and tell them not to accept the payment in. Note that recalled BACS payments can take up to a week to show back in the sender's account!
3) Faster Payments - usually the cheapest option, but with no guaranteed arrival date as it depends on both banks being signed up to the scheme and transferring the money on time. A lot of FPs are instantaneous, especially between the "big" banks. FPs are guaranteed never to take longer than 3 days, and these days usually take less -same day or next day is the norm. Once the instruction has been given and the money leaves the sender account it can't be recalled.
There are 3 different types of bank transfers that can be done.
1) CHAPS - this is an instant bank-to-bank transfer between any 2 banks (as long as they are UK based sort codes). It usually costs, anywhere from £5 to £30 depending on your bank and your own charging arrangements with them. CHAPS payments can't be reversed.
2) BACS - this is a bank-to-bank transfer that takes 3 days (sent day, processing day, received day), although some banks add in a lead-in day making it 4. It's usually cheaper than CHAPS, and can be cancelled at anytime up to around 4pm on the "processing" day. Some banks will charge the sender for a BACS recall as the process is that they have to contact the receiving bank and tell them not to accept the payment in. Note that recalled BACS payments can take up to a week to show back in the sender's account!
3) Faster Payments - usually the cheapest option, but with no guaranteed arrival date as it depends on both banks being signed up to the scheme and transferring the money on time. A lot of FPs are instantaneous, especially between the "big" banks. FPs are guaranteed never to take longer than 3 days, and these days usually take less -same day or next day is the norm. Once the instruction has been given and the money leaves the sender account it can't be recalled.
If he is using the Bank of Uganda or looks like this
http://matookenation.com/wp-content/uploads/2011/0...
But seriously - Check your account when he says the money has gone in. Sometimes it can take a couple of hours to go through.
I had a larger amount to receive for my M3 recently and it took just over 1 hour to go through.
http://matookenation.com/wp-content/uploads/2011/0...
But seriously - Check your account when he says the money has gone in. Sometimes it can take a couple of hours to go through.
I had a larger amount to receive for my M3 recently and it took just over 1 hour to go through.
I had a fella come and buy my Mini, it was £12K the most I've ever sold a car for, he said he was going to bring a bankers draft but turned out his bank was shut or something happened and he rang me on the way to say he'd do a bank transfer at my house on my computer whilst I watched.
I was worried but he was driving a long way and sounded genuine. Anyway he turned up with a Marbella tan and a 6month old RR Vogue, logged into his bank account on my home PC, showed me he had £800,000 in his Nationwide savings account (I s
t you not I nearly fking fainted) and did the transfer, he logged off, I logged on my account (£2k overdrawn) and the money was there pending.
Took two days for my breathing to return to normal I was convinced it was some ellaborate scam to get my log in details or something (I'd logged onto my account with him watching), non of my mates or my missus believe me to this day, obviously he was 100% genuine and a proper gentleman.
I believe only some banks and accounts have instant visibilty of transfers.
I was worried but he was driving a long way and sounded genuine. Anyway he turned up with a Marbella tan and a 6month old RR Vogue, logged into his bank account on my home PC, showed me he had £800,000 in his Nationwide savings account (I s
t you not I nearly fking fainted) and did the transfer, he logged off, I logged on my account (£2k overdrawn) and the money was there pending.Took two days for my breathing to return to normal I was convinced it was some ellaborate scam to get my log in details or something (I'd logged onto my account with him watching), non of my mates or my missus believe me to this day, obviously he was 100% genuine and a proper gentleman.
I believe only some banks and accounts have instant visibilty of transfers.
Dave Hedgehog said:
stolen from another site
There are 3 different types of bank transfers that can be done.
1) CHAPS - this is an instant bank-to-bank transfer between any 2 banks (as long as they are UK based sort codes). It usually costs, anywhere from £5 to £30 depending on your bank and your own charging arrangements with them. CHAPS payments can't be reversed.
2) BACS - this is a bank-to-bank transfer that takes 3 days (sent day, processing day, received day), although some banks add in a lead-in day making it 4. It's usually cheaper than CHAPS, and can be cancelled at anytime up to around 4pm on the "processing" day. Some banks will charge the sender for a BACS recall as the process is that they have to contact the receiving bank and tell them not to accept the payment in. Note that recalled BACS payments can take up to a week to show back in the sender's account!
3) Faster Payments - usually the cheapest option, but with no guaranteed arrival date as it depends on both banks being signed up to the scheme and transferring the money on time. A lot of FPs are instantaneous, especially between the "big" banks. FPs are guaranteed never to take longer than 3 days, and these days usually take less -same day or next day is the norm. Once the instruction has been given and the money leaves the sender account it can't be recalled.
Most banks now can't do BACS due to the payment services regulations (2009) coming into affect.There are 3 different types of bank transfers that can be done.
1) CHAPS - this is an instant bank-to-bank transfer between any 2 banks (as long as they are UK based sort codes). It usually costs, anywhere from £5 to £30 depending on your bank and your own charging arrangements with them. CHAPS payments can't be reversed.
2) BACS - this is a bank-to-bank transfer that takes 3 days (sent day, processing day, received day), although some banks add in a lead-in day making it 4. It's usually cheaper than CHAPS, and can be cancelled at anytime up to around 4pm on the "processing" day. Some banks will charge the sender for a BACS recall as the process is that they have to contact the receiving bank and tell them not to accept the payment in. Note that recalled BACS payments can take up to a week to show back in the sender's account!
3) Faster Payments - usually the cheapest option, but with no guaranteed arrival date as it depends on both banks being signed up to the scheme and transferring the money on time. A lot of FPs are instantaneous, especially between the "big" banks. FPs are guaranteed never to take longer than 3 days, and these days usually take less -same day or next day is the norm. Once the instruction has been given and the money leaves the sender account it can't be recalled.
Ive done this twice, me being the buyer.
Once the moneys in your account they cant take it out, nor can anyone take money out your account with just a sort code and account number.
I was very wary, and rang the bank to check.
That said Ive only done it with people who bank with the same bank as me.
Once the moneys in your account they cant take it out, nor can anyone take money out your account with just a sort code and account number.
I was very wary, and rang the bank to check.
That said Ive only done it with people who bank with the same bank as me.
Just ring the bank when the money is in, ask for confirmation its not a reversible transaction, get a name of who confirms it.
There is a scam where the buyer says he doing a transfer, but goes to a branch and pays a fake cheque in, which later bounces after you have released the car.
There is a scam where the buyer says he doing a transfer, but goes to a branch and pays a fake cheque in, which later bounces after you have released the car.
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