Buyer wants to pay by Bank transfer
Discussion
Is this OK a buyer of my car wants to collect and pay by Bank transfer" he is wanting to use my computor and do the transfer at the time of collection showing me the transfer has taken place .
Only a small cash deposit has been taken.
I don't have any concerns about the buyer but not sure if this payment method is secure.
Only a small cash deposit has been taken.
I don't have any concerns about the buyer but not sure if this payment method is secure.
I bought a car like that last weekend.
I setup the transfer and sent £10 to proove we had a the details correct. That went through immediately.
I then sent the balance (<10k) but that took a couple of hours to arrive - so had to wait around.
Do check what the transfer limits are for your account in relation to purchase price.
Ive got two remaining full HPI checks available which I can do for £5 each for anyone (normally £19 each)
I setup the transfer and sent £10 to proove we had a the details correct. That went through immediately.
I then sent the balance (<10k) but that took a couple of hours to arrive - so had to wait around.
Do check what the transfer limits are for your account in relation to purchase price.
Ive got two remaining full HPI checks available which I can do for £5 each for anyone (normally £19 each)
Yup - bought my Cayman this way.
Small deposit to get his details onto my bank's system, then transferred the money on my phone to his outside his house - took 5 minutes - far easier than a big wad of cash.
Worth bearing in mind that I think if you go over £10k for a single payment that it might not go through instantly depending on the banks and account types.
Small deposit to get his details onto my bank's system, then transferred the money on my phone to his outside his house - took 5 minutes - far easier than a big wad of cash.
Worth bearing in mind that I think if you go over £10k for a single payment that it might not go through instantly depending on the banks and account types.
BRISTOL86 said:
Nothing wrong with that. Just log in to your own account afterwards and don't release the keys until you can see he funds in your account.
Most UK to UK bank transfers go through almost instantly.
I think that might be the case for transfers within the same banking group - I think Faster Payments between different banks can take up to 4 hours.Most UK to UK bank transfers go through almost instantly.
Parsnip said:
Yup - bought my Cayman this way.
Small deposit to get his details onto my bank's system, then transferred the money on my phone to his outside his house - took 5 minutes - far easier than a big wad of cash.
Worth bearing in mind that I think if you go over £10k for a single payment that it might not go through instantly depending on the banks and account types.
Snap, with the same type of car. Bank limit was 10k, so did 10k from one bank and the rest from another. Transferred a quid from each the day before. Went through straight away.Small deposit to get his details onto my bank's system, then transferred the money on my phone to his outside his house - took 5 minutes - far easier than a big wad of cash.
Worth bearing in mind that I think if you go over £10k for a single payment that it might not go through instantly depending on the banks and account types.
Just to add a bit of balance to all those who love bank transfers....
What do you do when they've transferred the money and it doesn't appear in your account? Wait... ?Then what? Phone up the sender's bank and they say "well it looks like it's gone through to us - check with the receiver's bank". Phone up the receiver's bank and they say "no sign of the money at this end - check with the sender"
Some bank transfers take a while to go through - not days but maybe 24 hours. Seller won't let it go without money, buyer isn't going to leave without the car which can lead to a slightly unpleasant experience in your living room when you both want to get this done and go to sleep.
I say this speaking from experience selling a car last week. And I did the stupid thing of letting them take the car away before the money had appeared because he seemed trustworthy and well what else could we do. Next day money turned up though so it was fine.
So if you are set on bank transfer I would 1. Do it during working hours; and 2. Work out your contingency plan if it doesn't appear.
Not to mention the risks of keying in the wrong destination account details
What do you do when they've transferred the money and it doesn't appear in your account? Wait... ?Then what? Phone up the sender's bank and they say "well it looks like it's gone through to us - check with the receiver's bank". Phone up the receiver's bank and they say "no sign of the money at this end - check with the sender"
Some bank transfers take a while to go through - not days but maybe 24 hours. Seller won't let it go without money, buyer isn't going to leave without the car which can lead to a slightly unpleasant experience in your living room when you both want to get this done and go to sleep.
I say this speaking from experience selling a car last week. And I did the stupid thing of letting them take the car away before the money had appeared because he seemed trustworthy and well what else could we do. Next day money turned up though so it was fine.
So if you are set on bank transfer I would 1. Do it during working hours; and 2. Work out your contingency plan if it doesn't appear.
Not to mention the risks of keying in the wrong destination account details
TheMonster said:
Some bank transfers take a while to go through - not days but maybe 24 hours. Seller won't let it go without money, buyer isn't going to leave without the car which can lead to a slightly unpleasant experience in your living room when you both want to get this done and go to sleep.
True. And yet when you pay by debit card it's instant. So whay can't bank transfers be instant too?red_slr said:
Years ago I did not like it but these days its fine. I don't know what the limits are but we sold our mini for £14k and it arrived within 60 seconds. We rang Halifax just to check it was ok once the funds arrived and they confirmed it was cleared etc.
yes it was fine for you but it doesn't always work out like that. Do you think the money always arrives within 60 seconds?it's not the times when it goes as expected you need to worry about. It's the times when it doesn't.
Works for me, too.
The only time you have to be vigilant is when they do a remote BT. The scam works as follows: they take a fake banker's draft in to their local bank and pay it as a bank transfer to you. Weeks later, the bank suss something's wrong and withdraw the money from your account. You lose the car. The wording on your statement is slightly different to a normal bank transfer, though.
So the best ways are - they do a BT right in front of you on your computer (so no risk of some fake program on their computer) or you go to a bank and they request a bank transfer, usually they present their debit card.
The only time you have to be vigilant is when they do a remote BT. The scam works as follows: they take a fake banker's draft in to their local bank and pay it as a bank transfer to you. Weeks later, the bank suss something's wrong and withdraw the money from your account. You lose the car. The wording on your statement is slightly different to a normal bank transfer, though.
So the best ways are - they do a BT right in front of you on your computer (so no risk of some fake program on their computer) or you go to a bank and they request a bank transfer, usually they present their debit card.
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