Private sale - money changing hands
Discussion
Just a quickie folks...
If you were selling your P&J privately how would you handle the money transfer so that it is quick and safe:
1) Accompany the buyer to his/her bank and watch a bank draft being raised payable to you. Walk that into your bank and pay it in? (NB The draft is a promise from the bank to pay you I believe so has to be honoured i.e. it could not be raised if the funds were not present)
2) Bank transfer - how quick/safe is this and can you pay to make it quicker i.e. an hour or so?
3) CHAPS - cost money to do but how safe and quick is it?
NB PH search is down again
ta
Oblio
If you were selling your P&J privately how would you handle the money transfer so that it is quick and safe:
1) Accompany the buyer to his/her bank and watch a bank draft being raised payable to you. Walk that into your bank and pay it in? (NB The draft is a promise from the bank to pay you I believe so has to be honoured i.e. it could not be raised if the funds were not present)
2) Bank transfer - how quick/safe is this and can you pay to make it quicker i.e. an hour or so?
3) CHAPS - cost money to do but how safe and quick is it?
NB PH search is down again
ta
Oblio
oblio said:
Just a quickie folks...
If you were selling your P&J privately how would you handle the money transfer so that it is quick and safe:
1) Accompany the buyer to his/her bank and watch a bank draft being raised payable to you. Walk that into your bank and pay it in? (NB The draft is a promise from the bank to pay you I believe so has to be honoured i.e. it could not be raised if the funds were not present)
That used to be the case I believe. But now it's not, so I bank draft is not guaranteed. Having said that, if you're just watched it being written then it must be okay. If you were selling your P&J privately how would you handle the money transfer so that it is quick and safe:
1) Accompany the buyer to his/her bank and watch a bank draft being raised payable to you. Walk that into your bank and pay it in? (NB The draft is a promise from the bank to pay you I believe so has to be honoured i.e. it could not be raised if the funds were not present)
Also, your bank will still wait for it to clear as a normal cheque.
oblio said:
2) Bank transfer - how quick/safe is this and can you pay to make it quicker i.e. an hour or so?
Instant, but you may find their bank limits transfer to £10,000 a day ( mine does ).oblio said:
3) CHAPS - cost money to do but how safe and quick is it?
The best option, as once it's in your account, it's in. I noticed the other day that my bank will now do a CHAPS transfer online, but I don't know what it costs. The last time I did one in my branch it was £25 as I recall.oblio said:
NB PH search is down again
ta
Oblio
I've never know it to be up !ta
Oblio
Used 2 ways recently
1. If the buyer has already visited your house so knows where you live etc, ask him to complete a BACS transfer to your account (same day, sometimes 2 hours and max cost £30) then he can pick it up when you confirm its in your account.
2. Meet the buyer at the bank and see the draft being raised (or in my case he handed the bank clerk the cash to be paid into my account! (it was 9K balance so below cash money laundering limits)
1. If the buyer has already visited your house so knows where you live etc, ask him to complete a BACS transfer to your account (same day, sometimes 2 hours and max cost £30) then he can pick it up when you confirm its in your account.
2. Meet the buyer at the bank and see the draft being raised (or in my case he handed the bank clerk the cash to be paid into my account! (it was 9K balance so below cash money laundering limits)
NixP said:
I would prefer Cash, ( but i never sold a car privately) bought a few and noticed a lot of people are surprised if you pay in cash,
That might be okay if you are talking about a cheap run-around for a couple of grand, but if you are looking at £30k or £40k upwards I can't see you're local branch being too willing to hand over a suitcase full of used fivers ! In my experience the best way is if you (or a family member) happen to both hold accounts with the same bank as the buyer - simply walk in and ask them to do a cash transfer. They don't even have to have the physical cash there - they just "pretend" to take it out of the till and "hand it back over" to be put into another account. Clears instantly and everybody gets to see that nothing dodgy is going on.
Edited by RIB27 on Monday 6th August 17:21
RIB27 said:
In my experience the best way is if you (or a family member) happen to both hold accounts with the same bank as the buyer - simply walk in and ask them to do a cash transfer. They don't even have to have the physical cash there - they just "pretend" to take it out of the till and "hand it back over" to be put into another account. Clears instantly and everybody gets to see that nothing dodgy is going on.
Slightly old thread, but working-out a payment option for my Lingenfelter Z06 that didn't burden either me (buyer) or the seller with an element of risk caused me a few headaches to iron-out. The option suggested above is how we did it and is the easiest to execute.Edited by RIB27 on Monday 6th August 17:21
When I sold my 355, we didn't have accounts with the same banks, so we both went to a branch of the buyer's bank, withdrew a draft with myself present as observer, walked across the road and paid into my bank... job done.
Problem with CHAPS/SWIFT/BACS is there is clearing time involved, which means there's a period of time where the seller holds both the car AND the money (assuming it does eventually clear). As mentioned already, cash is just not practical/safe over a few grand.
Edited by ian_uk1975 on Monday 17th September 12:59
I managed to do this a few years back when I sold my M3. Buyer and I both banked with HSBC and after a bit of chatting up of the pretty bank lady she was happy for the buyer to write a cheque for cash (seeing that he had the funds in the account). I'd then give in a paying in slip with the cash amount on it. Bank would then virtually "issue cash" to me which I'd then pay into my account.
All done in "cash", very quick and no fuss/means of reversing it. Trouble is it took some persuading of the bank to do this as one of the reasons the bank likes to take a few hours doing a CHAPS is it gives them some time to play with it (and everyone else's transfers) on the markets. This method doesn't as it's all cash but rather beautifully no cash actually gets handed over.
All done in "cash", very quick and no fuss/means of reversing it. Trouble is it took some persuading of the bank to do this as one of the reasons the bank likes to take a few hours doing a CHAPS is it gives them some time to play with it (and everyone else's transfers) on the markets. This method doesn't as it's all cash but rather beautifully no cash actually gets handed over.
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