Car Selling - Taking Cash
Discussion
DuraAce said:
Ask for a bank transfer instead.
If it must be cash then bank it with him present before releasing the car. Depending on the amount you might get a lot of questions from the bank. I've paid in 15k before and it was a nightmare.
I can't see why. AML regs only require them to ascertain where it's come from. If the bloke is standing next to you with ID, where's the "nightmare"?If it must be cash then bank it with him present before releasing the car. Depending on the amount you might get a lot of questions from the bank. I've paid in 15k before and it was a nightmare.
Check your limits for app based instant payments. You might find you need a laptop to pay above certain level.
I bought a £15k car on a Friday night at around 5pm. It took a good half hour for the cash to go through. HSBC.
I then bought something on a Saturday evening a bit later and when I got through to the last step, HSBC told me that the funds would only go through tomorrow AM i.e. on Sunday am.
This duly happened nice and early (before 8am) but it would appear that they have warm bodies reviewing transactions.
One thing I have never tried is to pay £1 first to set up the beneficiary well in advance and then pay the balance.
Not sure if this works as planned and the seller might get the heebeegeebees thinking that yo are trying to pull a fast one..
I bought a £15k car on a Friday night at around 5pm. It took a good half hour for the cash to go through. HSBC.
I then bought something on a Saturday evening a bit later and when I got through to the last step, HSBC told me that the funds would only go through tomorrow AM i.e. on Sunday am.
This duly happened nice and early (before 8am) but it would appear that they have warm bodies reviewing transactions.
One thing I have never tried is to pay £1 first to set up the beneficiary well in advance and then pay the balance.
Not sure if this works as planned and the seller might get the heebeegeebees thinking that yo are trying to pull a fast one..
Cash is fine if he is happy to pay it into the bank. £15k is a sum that someone knows that you have in your possession. On that basis I would not accept it at home or at my business.
You are in control.do not let him dictate what happens,if he wants the car,he must do whatever you are comfortable with.
There are things that the forgers cannot do,such as the embossing of the bank of England lettering at the top of the note. But he still would know that you have the money close to hand.
Let him pay it into your account
You are in control.do not let him dictate what happens,if he wants the car,he must do whatever you are comfortable with.
There are things that the forgers cannot do,such as the embossing of the bank of England lettering at the top of the note. But he still would know that you have the money close to hand.
Let him pay it into your account
russy01 said:
DSLiverpool said:
Says he has cash
Who is in control here Dave... Get him to do what you want. I’ve done both, driven to the bank with cash and accepted transfer.
New car nearly ready to go (it happened very fast, they dropped the price and I had to commit)
I have the Rangey and the BM and they need to go, can’t bear to WBAC them.
Pothole said:
I can't see why. AML regs only require them to ascertain where it's come from. If the bloke is standing next to you with ID, where's the "nightmare"?
I paid in @15k following a sale. Had to travel 30 minutes each way to the branch, and pay for parking.
Had to go into the managers office (HSBC if it matters) and had to provide a copy of my driving licence, work ID, V5 and receipt of sale for the transaction. Buyer also had to give copies of his ID and proof of accounts etc.
Took over an hour to deposit money, plus an hours total travelling.
They said if I didn't like it/comply then they would not accept the cash.
That is a nightmare in my book. I won't be taking cash again in the future.
DuraAce said:
Pothole said:
I can't see why. AML regs only require them to ascertain where it's come from. If the bloke is standing next to you with ID, where's the "nightmare"?
I paid in @15k following a sale. Had to travel 30 minutes each way to the branch, and pay for parking.
Had to go into the managers office (HSBC if it matters) and had to provide a copy of my driving licence, work ID, V5 and receipt of sale for the transaction. Buyer also had to give copies of his ID and proof of accounts etc.
Took over an hour to deposit money, plus an hours total travelling.
They said if I didn't like it/comply then they would not accept the cash.
That is a nightmare in my book. I won't be taking cash again in the future.
It may depend on who he banks with!
I have a Virgin One account that is run by RBS and in 2014 and 2016 I was able to transfer up to £10,000 online.
Then they dropped it to £1,000 per payment! Allegedly to combat fraud, but they told me I could still do up to £10,000 per day so just make multiple payments to the same person.
I tried that when I bought a car in 2018, and they stopped the 2nd and 3rd payments. So I had to call their Fraud team, who said it had got referred to them as they were repeat payments to a new payee. Of course it was - I hadn't bought a car from this person before.
So after that experience I think cash might be easier, although perhaps not when it's £15K!
I have a Virgin One account that is run by RBS and in 2014 and 2016 I was able to transfer up to £10,000 online.
Then they dropped it to £1,000 per payment! Allegedly to combat fraud, but they told me I could still do up to £10,000 per day so just make multiple payments to the same person.
I tried that when I bought a car in 2018, and they stopped the 2nd and 3rd payments. So I had to call their Fraud team, who said it had got referred to them as they were repeat payments to a new payee. Of course it was - I hadn't bought a car from this person before.
So after that experience I think cash might be easier, although perhaps not when it's £15K!
Pothole said:
DuraAce said:
Pothole said:
I can't see why. AML regs only require them to ascertain where it's come from. If the bloke is standing next to you with ID, where's the "nightmare"?
I paid in @15k following a sale. Had to travel 30 minutes each way to the branch, and pay for parking.
Had to go into the managers office (HSBC if it matters) and had to provide a copy of my driving licence, work ID, V5 and receipt of sale for the transaction. Buyer also had to give copies of his ID and proof of accounts etc.
Took over an hour to deposit money, plus an hours total travelling.
They said if I didn't like it/comply then they would not accept the cash.
That is a nightmare in my book. I won't be taking cash again in the future.
I tried to take out £400 from Santander in the main business district of leeds, and you would think I was asking them to help me overthrow a small country.
I would be concerned that someone insistent on using cash had acquired if through possibly dubious means (doesn’t want it traced through their bank account), is using forged notes, or plans to rob you of the cash before you get it to the bank.
Any more than a couple of hundred quid and a private, unknown buyer then, I’m not comfortable with cash.
Any more than a couple of hundred quid and a private, unknown buyer then, I’m not comfortable with cash.
Gassing Station | Car Buying | Top of Page | What's New | My Stuff